MGD428H5 Study Guide - Final Guide: Project Manager, Project Charter, Risk Assessment
1 May 2018
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EXAM NOTES
Chapter 1
-Project is an endeavour to accomplish a specific objective through a unique set of
interrelated tasks and the effective utilization of resources
- Attributes help define a project:
1. Clear objective that establishes what is t be accomplished. It is the
tangible end product that the project team must produce and deliver.
** The project objective is usually defined in terms of end product or
deliverable, schedule and budget.
May also include a statement of the expected benefits or outcomes that
will be achieved from implementing the project
2. A project is carried out through a series of interdependent tasks
3. A project utilizes various resources to carry out the tasks
4. A project has a specific time frame or finite life span
5. A project may be a unique or one-time endeavor
6. A project has a sponsor or customer
7. A project involves a degree of uncertainty
- Balancing Project Constraints
1. Scope
- All the work that must be done in order to produce all the project
deliverables
2. Quality
- Quality expectations must be defined from the onset of the project
- Work scope must be accomplished in a quality manner and meet
specifications
3. Schedule
- The timetable that specifies when each task or activity should start and
finish
4. Budget
- The amount the sponsor or customer has agreed to pay for acceptable
project deliverables
5. Resources
- Need to perform the project tasks and accomplish the project objectives
- Includes people, materials equipment, facilities, and etc.
6. Risk
- There could be risks that adversely affect accomplishing the project
objective
7. Customer Satisfaction
- PM goes beyond just completing the project scope within dudge and on
schedule or asking if the customer’s expectations but also developing and
maintaining an excellent working relationship throughout the project
-Project Life Cycle has four phases
1. Initiating - Projects are identified and selected
a. The authorized, using a doc called Project charter
2. Planning - defining the project scope, identifying resources, developing a
schedule and budget, and identifying risks
a. All of planning then makes the baseline plan for doing the project
work
3. Performing - Project plan is executed, and work tasks are carried out
a. To produce all the project deliverables and accomplish the
project objectives
4. Closing - Project evaluations are conducted, lessons learned are identified
and documented to help improve performance on future projects and
project documents->archived
-Project Management is planning, organizing, coordinating, leading, and controlling
resources to accomplish the project objective
-Planning the work and then working the plan
- Project management process involves two major functions:
1. Establishing a Plan
2. Executing that Plan
= accomplish the project objective
-Planning process determines
-What needs to be done (scope, deliverables)
- How it will get done (activities, sequence)
- Who will do it (Resources, Responsibility)
- How long it will take (duractions, schedule)
- How much it will cost (budget)
1. Establish Project Objective
a. Objective must be agreed upon by the sponsor or customer and the organization
what will perform the project
2. Define Scope
a. Must include customer requirements, define the major work tasks or elements,
also provide a list of deliverables and associated acceptance criteria that can be
used to verify that the work and deliverables meet specifications
3. Create a work breakdown structure
a. Subdivie the project scope into work packages.
b. Work breakdown structure (WBS)- hierarchical decomposition of the project
scope into work elements or items to be executed by the project team that will
produce the project deliverables
4. Assign responsibilities
a. person/org responsible for each work item in the WBS must be identified in order
to inform the project team who is responsible and accountable for the
performance of each work package and any associated deliverables.
5. Define specific activities
a. Review each work package in the WBS and develop a list of activities that need
to be performed for each work package and any deliverables that need to be
produced
6. Sequence Activities
a. Create network diagram - that shows the necessary sequence and dependent
relationships of the detailed activities that need to be performed
7. Estimate activity resources
a. Determine types of resources/skills needed
8. Estimate Activity
a. Estimated time for completion of each activity based on the estimate of the
resources that will be applied
9. Develop Project Schedule
a. Based on estimate durations or each activity, when it will start and finish
10. Estimate Activity Costs
a. Based on the types and quantities of resources estimated for each activity as well
as labour cost
11. Determine Budget
a. Total budget for the project (all activities, including admin, ect) and then a
time-phased budget needs to be developed to distribute the budget over the
duration of the project
Chapter 2
- Initiating phase of the project life cycle starts with the recognition of a need, problem, or
opportunity.
- Project Selection involves evaluating potential projects and then deciding which of these
should move forward to be implement
Document Summary
Project is an endeavour to accomplish a specific objective through a unique set of. Attributes help define a project: interrelated tasks and the effective utilization of resources: clear objective that establishes what is t be accomplished. It is the tangible end product that the project team must produce and deliver. ** the project objective is usually defined in terms of end product or deliverable, schedule and budget. All the work that must be done in order to produce all the project deliverables: quality. Quality expectations must be defined from the onset of the project. Work scope must be accomplished in a quality manner and meet specifications: schedule. The timetable that specifies when each task or activity should start and finish: budget. The amount the sponsor or customer has agreed to pay for acceptable project deliverables: resources, risk. Need to perform the project tasks and accomplish the project objectives.
