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Study Guide

[GMS 450] - Midterm Exam Guide - Everything you need to know! (37 pages long)Premium

37 pages319 viewsWinter 2017

Department
Global Management Studies
Course Code
GMS 450
Professor
Peter Monkhouse
Study Guide
Midterm

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Ryerson
GMS 450
MIDTERM EXAM
STUDY GUIDE
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Chapter 1: The World of Project Management
What is a Project?
-Interrelated set of activities with a definite stat and end point, which results in a unique
outcome for a specific allocation of resources
-Each task is specific and unique with a specific deliverable aimed at meeting a specific
need or purpose. These are projects.
-Project Management Institute (PMI) defines a project as “A temporary endeavour
undertaken to create a unique product or service”
-Projects are characterized by conflict. The project schedule, budget, and specification
conflict with each other
Trends in Project Management
-Achieving Strategic Goals
-Achieving Routine Goals
-Improving Project Effectiveness
-Virtual Projects
-Quasi-Projects
Project Management Vs General Management
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What Is Managed? The Three Goals of A Project
-The performance of a project is measured by three criteria
—>Is the project on time or early?
—>Is the project on or under budget?
—>Does the project deliver the agreed-upon outputs to the satisfaction of
the customer?
The Life Cycles of Projects
-A projects life cycle measures project completion as a function of either time (schedule)
or resources (budget)
-Some projects follow and S-shaped curve
—>They start slowly, develop momentum, and then finish slow
-Other projects follow as J-shaped curve
—>They start slowly, proceed slowly, and then finish rapidly
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