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Study Guide

[GMS 450] - Final Exam Guide - Everything you need to know! (53 pages long)
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53 Pages
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Department
Global Management Studies
Course Code
GMS 450
Professor
Peter Monkhouse

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Ryerson
GMS 450
FINAL EXAM
STUDY GUIDE
Lecture 1
Chapter 1 The World of Project Management
1.1 What is a project?
Organizations perform work which involves:
Operations
o Semi-permanent charter, organization and goals
o Maiteae of status uo
o Standard product or service
o Homogeneous teams
o Ongoing
Projects
o Performed by individuals
o Limited by constraints including resource constraints
o Planned, executed, monitored, and controlled
o Performed to achieve organizational objectives or strategic plans
Each work activity is unique with a specific deliverable aimed at meeting a specific need or purpose
How are projects different from operations?
Original charter,
organization and goals
Catalyst for change
Unique product or service
Heterogeneous teams
Start and end date
Project: a temporary endeavour undertaken to create a unique product, service, or result.
Projects are unique therefore:
o Vary widely in size and type
o There may be uncertainties about the product, services or results
o Tasks can be new to a project team
o Projects are undertaken at all organizational levels
o Projects can involve a single person, organizational unit or multiple organizational units.
A ogoig ok effot is geeall a epetitie poess eause it follos a ogaizatio’s eistig
procedures. (Not a Project)
They are unique, specific, timely, usually multidisciplinary, and conflict ridden
Do not exist under isolation; often parts of a larger entity or program
Projects are parts of overall programs and may be broken down into tasks, subtasks, and further if
desired.
Attributes of a Project
Has a well-defined objective
Composed of a series of interdependent tasks
Utilizes various resources
Has a specific time frame
Is a unique or one-time endeavor
Has a sponsor or customer
Involves a degree of uncertainty
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Multidisciplinary Nature of Projects:
Require input from people with different kinds of knowledge and expertise
Means that they tend to be complex
Composed of many interconnected elements and requiring input from groups outside the project
Projects are characterized by conflict
Why Projects?
We form projects in order to fix the responsibility and authority for the achievement of an
organizational goal on an individual or small groups when the jobs do not clearly fall within the
definition of routine work
Trends in Project Management
Many recent developments in project management are being driven by quickly changing global
markets, technology, and education
Global competition is putting pressure on prices, response times, and product/service innovation
Trends:
o Achieving strategic goals
o Achieving routine goals
o Improving project effectiveness
o Virtual projects
o Quasi-projects
1.2 Project Management vs. General Management
The naturally high level of conflict present in projects means that the project manager must have special skills
in conflict resolution. The fact that projects are unique means that the project manager must be creative and
flexible, and have the ability to adjust rapidly to changes.
Project Management:
Project Management: the application of knowledge, skills, tools, and techniques to meet the project
requirements
Project Management processes are divided into five Process Groups:
o Initiating
o Planning
o Executing
o Monitoring and Controlling
o Closing
Subprojects are parts of projects
o Often contracted out to another firm or unit
o Managers of subprojects will treat them as projects
Managing a project typically includes:
o Identifying Requirements
o Addressing the various needs, concerns, and expectations of the stakeholders as the project is
planned and carried out
o Balancing the competing project constraints including, but not limited to:
Scope
Quality
Schedule
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find more resources at oneclass.com

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Description
Ryerson GMS 450 FINAL EXAM STUDY GUIDE find more resources at oneclass.com Lecture 1 Chapter 1 The World of Project Management 1.1 What is a project? Organizations perform work which involves: Operations o Semipermanent charter, organization and goals o Maiteae of status uo o Standard product or service o Homogeneous teams o Ongoing Projects o Performed by individuals o Limited by constraints including resource constraints o Planned, executed, monitored, and controlled o Performed to achieve organizational objectives or strategic plans Each work activity is unique with a specific deliverable aimed at meeting a specific need or purpose How are projects different from operations? Original charter, organization and goals Catalyst for change Unique product or service Heterogeneous teams Start and end date Project: a temporary endeavour undertaken to create a unique product, service, or result. Projects are unique therefore: o Vary widely in size and type o There may be uncertainties about the product, services or results o Tasks can be new to a project team o Projects are undertaken at all organizational levels o Projects can involve a single person, organizational unit or multiple organizational units. A ogoig ok effot is geeall a epetitie poess eause it follos a ogaizatios eistig procedures. (Not a Project) They are unique, specific, timely, usually multidisciplinary, and conflict ridden Do not exist under isolation; often parts of a larger entity or program Projects are parts of overall programs and may be broken down into tasks, subtasks, and further if desired. Attributes of a Project Has a welldefined objective Composed of a series of interdependent tasks Utilizes various resources Has a specific time frame Is a unique or onetime endeavor Has a sponsor or customer Involves a degree of uncertainty find more resources at oneclass.com
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