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Midterm

MGT 3920 Midterm: Project Management Midterm 1 Notes


Department
Management
Course Code
MGT 3920
Professor
Ken Mcinnes
Study Guide
Midterm

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Project Management- Midterm 1
Project management is the appliatio of koledge, skills, tools ad tehiues to pojet
atiities to eet pojet euieets.*
The P i PM is as uh aout PEOPLE MANAGEMENT as it is aout PROJECT
MANAGMENT
***A project is a tepoay edeao udetake to eate a uiue product, service, or
esult.
Operations is work done to sustain the business.
Projects end when their objectives have been reached, or the project has been
terminated.
A project:
Has a unique purpose.
Is temporary.
Is developed using progressive elaboration or in an iterative fashion.
Requires resources, often from various areas.
Should have a primary customer or sponsor.
The project sponsor usually provides the direction and funding for the
project.
Involves uncertainty.
GOOD PROJECT MANAGEMENT SKILLS
Leadership and professionalism are crucial.
Know what your sponsor expects from the project, and learn from your mistakes.
Trust your team, and delegate decisions.
Know the business.
Stand up for yourself.
Be a team player.
Dot e oely eotioal ad stay ogaized.
Work on projects and for people you believe in.
Think outside of the box
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Some luck is involved in project management, and you should always aim high.
IMPORTANCE OF LEADERSHIP SKILLS
Effective project managers provide leadership by example.
A leader focuses on long-term goals and big-picture objectives while inspiring people to
reach those goals.
A manager deals with the day-to-day details of meeting specific goals.
Project managers often take on the role of both leader and manager.
10 MOST IMPORTANT SKILLS AND COMPETENCIES FOR PROJECT MANAGERS
-most important is listening
DIFFERENT SKILLS NEEDED IN DIFFERENT SITUATIONS
Large projects: leadership, relevant prior experience, planning, people skills, verbal
communication, and team-building skills are most important
High uncertainty projects: risk management, expectation management, leadership,
people skills, and planning skills are most important
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Very novel projects: leadership, people skills, having vision and goals, self-confidence,
expectations management, and listening skills are most important
Program managers normally have experience as project managers. They often rely on
their past experience, strong business knowledge, leadership capability, and
communication skills to manage programs.
Portfolio managers must have strong financial and analytical skills and understand how
projects and programs can contribute to meeting strategic goals.
ETHICS IN PROJECT MANAGEMENT
Ethics is an important part of all professions.
Project managers often face ethical dilemmas.
In order to earn PMP certification, applicants must agree to the PMP code of
professional conduct.
Several questions on the PMP exam are related to professional responsibility, including
ethics.
PROJECT MANAGEMENT INSTITUTE (PMI)
PMI is the leading not-for-profit professional membership association for the project
management profession.
Sets global standards for project, program and portfolio management.
Offers 8 certifications including Project Management Professional (PMP).
PMI published a manual entitled "A Guide to the Project Management Body of
Knowledge (PMBOK® Guide)"
PMBOK
The essence of PMBOK is to identify the recurring elements for project management
process.
The complete Project Management Body of Knowledge includes proven traditional
practices that are widely applied, as well as innovative emerging practices for the
profession with widespread consensus as to their value and usefulness.
An attempt to standardize PM practices.
The PMBOK® Guide provides a basic foundation of the knowledge areas required for a
project manager to be successful, but is not a methodology that you can utilize to
manage a project directly.
I othe ods it is a guide to est paties ut ot a ho-to aual.
10 KNOWLEDGE AREAS, 5 PROCESS GROUPS, 47 PM PROCESSES
PROJECT MANAGEMENT KNOWLEDGE AREAS ******
Four core knowledge areas (out of 10) lead to specific project objectives.
Project scope management involves defining and managing all the work required
to complete the project successfully.
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find more resources at oneclass.com
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