Key Concepts of Project Management

Jul 8, 2024

Review flashcards

Project Management Notes

Introduction to Project Management

  • Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
  • The objective is to make final deliverables on time and within budget.
  • Six main constraints: Scope, Time, Quality, Cost, Risk, Resources.
  • PMI defines a project as a temporary endeavor to create a unique product, service, or result.
  • A project has a definite start and end, often broken down into phases or lifecycles.

Project Lifecycle

  • Five main stages: Initiation, Planning, Execution, Monitoring and Controlling, Closing.
  • Initiation: Define the project and appoint the project manager.
  • Planning: Outlining the scope, schedule, cost, quality, resources, risk, procurement, and stakeholder management plans.
  • Execution: Directing and managing project work, and implementing approved changes.
  • Monitoring and Controlling: Track, review, and regulate project progress and performance.
  • Closing: Finalize all activities, officially close the project, hand over deliverables, and disband project resources.

Key Concepts and Definitions

Project Charter

  • Establishes the project, formally appoints the project manager, and outlines initial requirements.

Scope Management

  • Encompasses product and project scope which involve deliverables and the processes, tools, and resources used for the project.
  • Five processes: Plan Scope Management, Collect Requirements, Define Scope, Create WBS, Validate Scope, Control Scope.

Schedule Management

  • Involves defining, sequencing, and estimating activity durations, developing, and controlling the project schedule.
  • Key terms: Critical Path, Network Diagram, Gantt Chart, Float/Slack.

Cost Management

  • Involves planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within the approved budget.
  • Tools: Earned Value Management (EVM), Cost Performance Index (CPI), Schedule Performance Index (SPI).

Quality Management

  • Ensures that the project meets defined needs through quality planning, assurance, and control.

Resource Management

  • Involves planning, estimating, acquiring, managing, and deploying project resources.

Communication Management

  • Ensures timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, and disposition of project information.
  • Channels of communication: Formal (written/verbal), Informal (written/verbal).

Risk Management

  • Conducting risk assessment and mitigation, identifying potential risks, analyzing their impact, and preparing response strategies.

Procurement Management

  • Acquiring goods and services from external sources and managing vendor relationships.

Stakeholder Management

  • Identifying stakeholders, planning engagement, managing expectations, and monitoring their engagement levels.

PMP Exam Preparation

  • Eligibility: Secondary degree with 7,500 hours of leading projects, or a four-year degree with 4,500 hours of leading projects.
  • Exam Pattern: 200 questions, 175 scored, multiple types: formula-based, situational, and knowledge-based.

PMBOK Guide (6th Edition)

  • Comprehensive guide outlining best practices, processes, and standards in project management.
  • Consists of 5 process groups and 10 knowledge areas divided into 49 processes.
  • Key frameworks: Agile, Kanban, Scrum, etc.

Project Management Roles and Responsibilities

  • Project Manager: Leads the project team, plans, executes, monitors, controls, and closes project activities, ensuring stakeholder satisfaction.
  • Skills: Strong communication, leadership, team management, negotiation, critical thinking, and risk management.

Tools for Project Management

  • Popular tools: Monday.com, Wrike, JIRA, Trello, Asana, Teamwork, MS Project, Basecamp, Oracle Primavera.
  • Features: Collaboration, customization, integration with third-party apps, real-time reporting, and risk management capabilities.

Conclusion

  • Successful project management requires a blend of extensive planning, skilled execution, robust monitoring, and effective communication.
  • Mastery of PM tools and techniques, as well as stakeholder and risk management, are crucial for project success.