Project

A temporary endeavor that has a definite beginning and ending dates, and it results in a unique product, service, or result.

Program

A group of related projects that are managed together using coordinated processes and techniques.

Portfolios

Collections of programs, sub portfolios, and projects that support strategic business goals or objectives. Unlike programs, portfolios may consist of projects that are not related.

Operations

Ongoing and repetitive activities. They don't have a beginning date or an ending date, unless you're starting a new operation or retiring an old one.

Project Management

A set of tools and techniques - performed by people - to describe, organize, and monitor the work of project activities.

Project Managers

The people responsible for applying project management tools to the various project activities.

PMBOK

Project Management Body of Knowledge Guide, published by the Project Management Institute. PMI sets the global de facto standard in project management.

CAPM

Certified Associate in Project Management.

PMP

Project Management Professional.

Functional Organization

The staff is organized along departmental lines, such as IT, marketing, sales, network, human resources, public relations, customer support, and legal.

Functional Managers

These managers are responsible for assigning work to the employees who report to them. They are also responsible for rating the performance of the employees and determining their raises or bonuses.

Matrix Organization

These organizations are organized along departmental lines, like a functional organization, but resources assigned to a project are accountable to the project manager for all work associated with the project. The project manager is often a peer of the fun

Characteristics of a Matrix Organization

1. Project manager authority ranges from weak to strong.
2. There is a mix of full-time and part-time project resources.
3. Resources are assigned to the project within their respective functional areas by a functional manager.
4. Project managers and fun

Matrix Organization Types

1. Strong Matrix
2. Weak Matrix
3. Balanced Matrix

Strong Matrix

Organizational structure emphasizes project work over functional duties. The project manager has the majority of power in this type of organization.

Weak Matrix

Organizational structure emphasizes functional work over project work and operates more like a functional hierarchy. The functional managers have the majority of power in this type of organization.

Balanced Matrix

Organizational structure that shares equal emphasis between projects and functional work. Both the project manager and the functional manager share power in this type of structure.

Projectized Organization

In this organizational structure the focus of the organization is projects, rather than functional work units. Project managers have the majority of power in this type of structure.

Colocated

Team workers that work at the same physical location.

Advantages of a Projectized Organization

1. Team members are colocated.
2. Project manager has full authority to manager the project and resources.
3. Full-time resources are assigned to the project and report to the project manager.
4. Loyalty is established with the project manager.
5. Other a

Disadvantage of a Projectized Organization

Re-assigning project team members once the project ends.

How Projects Come About

1. Market Demand.
2. Strategic Opportunity/Business Need.
3. Customer Request.
4. Technological Advance.
5. Legal Requirement.

Project Selection Methods

These methods are used to determine which proposed projects should receive approval and move forward.

Decision Model

This is a formal method of project selection that helps managers make decisions regarding the use of limited budgets and human resources.

Benefit measurement methods

Provide a means to compare the benefits obtained from project requests by evaluating them using the same criteria.

Four Common Benefit Measurement Methods

1. Cost-benefit analysis
2. Scoring Model
3. Payback Period
4. Economic Model

Cost-Benefit Analysis

Compares the cost to produce the product or service to the financial gain (or benefit) the organization stands to make as a result of executing the project.

Scoring Model

This is a predefined list of criteria against which each project is rated. Each criterion is given both a scoring range and a weighting factor.

Payback Period

Is a cash flow technique that identifies the length of time it takes for the organization to recover all costs of producing the project.

Economic Model

Is a series of financial calculations, also known as cash flow techniques, which provide data on the overall financials of the project.

Discounted Cash Flow

Compares the value of the future worth of the project's expected cash flows to today's dollars.

Net Present Value

A cash flow technique that calculates the revenues or cash flows the organization expects to receive over the life of the project in today's dollars.

NPV

Net Present Value

Internal Rate of Return

Is the discount rate when the present value of the cash inflows equals the original investment. IRR states the profitability of an investment as an average percent over the life of the investment.

IRR

Internal Rate of Return

Constrained Optimization Models

Mathematical models, some of which are very complicated. They are typically used in very complex projects and require a detailed understanding of statistics and other mathematical concepts.

Expert Judgement

Relies on the expertise of the stakeholders, subject-matter experts, or those who have previous experience to help reach a decision regarding project selection.

Project Management Knowledge Areas

A collection of individual processes that have elements in common.

10 Project Management Knowledge Areas

1. Project Integration Management
2. Project Scope Management
3. Project Time Management
4. Project Cost Management
5. Project Quality Management
6. Project Human Resources Management
7. Project Communications Management
8. Project Risk Management
9. Proj

Project Manager Skills

� Leadership
� Communicating
� Listening
� Organization
� Time management
� Planning
� Problem-solving
� Consensus building
� Resolving Conflict
� Negotiating
� Team building

What is a project?

An activity that brings about a unique product, service, or result and has a definite beginning and ending dates.

What is the difference between a project and ongoing operations?

A project is a temporary endeavor to create a unique product or service. Operational work is ongoing and repetitive.

How are projects and portfolios related?

Portfolios are collections of programs, subportfolios and projects. Programs and projects within the portfolio may not be related to each other.

What are three types of organizational structures?

1. Functional
2. Matrix
3. Projectized

What is the role of a project manager?

To provide project integration. A project manager leads the project team and oversees all the work required to complete the project goals to the satisfaction of the stakeholders.

What are the most common project selection methods?

Benefit measurement tools such as cost-benefit analysis, scoring models, payback period, and economic models, as well as expert judgment.

What are the key project management skills?

- Leadership
- Communication
- Problem-Solving
- Negotiation
- Organization
- Time Management