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Managing Projects

Introduction

QuestionAnswer
How does a project, program, sub project relate to an ongoing operation? An ongoing organisation can be viewed as a river or highway. Each of Projects, Program and sub projects can feed into the stream. A program encapsulates multiple projects. And a project encapsulates a sub project.
What is the project life cycle? Initiation --> Planning --> Implementation --> Close out
What is the triple constraint? Time cost scope.
What are some roles and responsibilities of a PM? Defining project scope, clarifying requirements. Selecting, building and leading the project team. Identifying and assessing stakeholders. Developing the project plan. Managing and controlling project risk. Managing change. Managing the project constraint
What are some additional responsibilities of a PM? Monitoring and reporting project status. Managing stakeholder expectations. Watching and reacting to future trends.
What are some Hard PM skills? planning, contracting, budgeting, measuring performance and monitoring, analysing risks, managing technical issues.
What are some soft PM skills? Communications, negotiation and conflict resolution, leading, problem solving, understanding peoples needs, team building, political / cultural awareness.
What are some influences on projects? Key stakeholders i.e project sponsor. Internal factors e.g. cultural and org process, External factors e.g. social and economic
What is Present Value? This is a formula that determines the value today of future cash flow. If a project says it will deliver a cost saving of $10,000 PV can estimate the future real value.
What is the formula for Present Value? PV = Future Dollar Amount / (1+interest rate) to the power of time periods in years from today.
Created by: banjo007
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