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Summary Business Management (OBS220) semester test1
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Semester test 1 chapter 1,2,3,6
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OBS 220 Hard skills
Risk analysis
Chapter 1: Introduction to Project Management Quality control
Scheduling work
Project- a temporary endeavour undertaken to create a unique product, service, or Budgeting work
result
Require:
o organized set of work efforts Authority and Responsibility
o progressively elaborated detail One person being assigned accountability
o defined beginning and ending Project managers negotiate with functional managers
o unique combination of stakeholders
Strong communication and leadership skills to persuade subordinates
subject to time and resource limitations
Functional manager- someone with management authority over an
stakeholders- an individual, or organization who may affect, be affected by, or
organizational unit.…the manager of any group that actually makes a product
perceive itself to be affected by a decision, activity, or outcome of a project
or performs a service
Project management (PM)- the application of knowledge, skills, tools and techniques
Project Life Cycle (PLC)
to project activities to meet project requirements
the series of phases that a project goes through from its initiation to its closure
work process- initiate, plan, execute, monitor/control, close
vary among different disciplines but generally are comprised of the same
trade-offs among- scope, schedule, quality, resources, cost, risks
administrative tasks- planning, documenting controlling general stages
leadership tasks for work associates- visioning, motivating, promoting Stages:
knowledge, skills, and methods apply for most projects Selecting and initiating- idea for a project first emerges and the projects
selected and planned at a high level and ends when key participants
commit to it in broad terms
Planning- after the initial commitment, includes detailed planning, and
How can a project work be described?
ends when all stakeholders accept the entire detailed plan
- Projects versus operations Executing- when the plan is accepted, and includes authorizing,
- Soft skills and hard skills executing, monitoring, and controlling work until the customer accepts
- Authority and responsibility the project deliverables
- Project Life Cycle Closing and realizing- all activities after customer acceptance to ensure
- Agile (adaptive) vs. Waterfall (predictive) approach the project is completed, lessons are learned, resources are
reassigned, contributions are recognized, and benefits are realized
A project must gain approval to move from one stage to the next
Project versus operations Projects are measured at additional points:
Selection
Projects are temporary + have routine and unique characteristics Progress reporting
Operations are ongoing work Benefits realization
Soft skills and Hard skills
Soft skills
Communication
Leadership Agile VS Waterfall:
Conflict resolution
Megan Meiring Megan Meiring
, Quality management- processes and activities of the performing
organization that determine quality policies, objectives, and
responsibilities so that the project will satisfy the needs for which
it was undertaken
Resource management- processes that organize, manage, and
lead the project team
Communications management- processes to ensure timely and
appropriate planning, collection, creation, distribution, storage,
Midland insurance PLC for quality improvement projects retrieval, management, control, monitoring, and ultimate
disposition of project information
Initiation- 1. define problem, 2. actually describe situation, 3. analyse causes
Risk management- processes of conducting risk management
Planning & execution- 4. solution planning and implementation
planning, identification, analysis, response planning, and
Close cut- 5. Evaluation of effects, 6. Sustain results, 7. Share results
control…to increase the likelihood and impact of positive events
and decrease the likelihood and impact of negative events in the
project
Understanding projects
Procurement management- processes to purchase or acquire
o Project Management Institute (PMI) products, services, or results from outside the project team
largest professional organization Stakeholder management- processes to identify the people,
Produces A Guide to the Project Management Body of Knowledge groups, or organizations, that could impact or be impacted by
Talent Triangle—Technical PM, Leadership, & Strategic and Business the project, analyse their expectations and impact, and develop
Management strategies for engaging them and managing conflicting interests
o Project Management Body of Knowledge (PMBOK) Project management process group– a logical grouping of the project
Project Life Cycle management inputs, tools and techniques, and outputs
5 process groups: o PMI Talent Triangle
Initiating- define a project or a new phase by obtaining o Selecting and Prioritizing Projects
authorization All parts of the organization are involved
Planning- establish the project scope, refine objectives and Determine which projects align best with organizational goals
define actions to attain objectives Organizational priorities: understood, communicated, accepted
Executing- complete the work defined to satisfy project o Project Goals and Constraints
specifications Projects are undertaken to accomplish specific goals
Monitoring and controlling- track, review, and regulate progress Scope (the sum of the products, services, and results to be provided as
and performance, identify changes required, and initiate a project) and quality (the degree to which a set of inherent
changes characteristics fulfils requirements) are performance goals
Closing- finalize all activities to formally close project of phase Product scope- what will be present in the actual project deliverables
10 knowledge areas: Project scope- what will and will not be done to meet specified
Integration management- processes and activities to identify, requirements
define, combine, unify, and coordinate the various processes Subject to constraints of time and cost
and project management activities Obstacles or challenges may limit ability to perform
Scope management- processes to ensure that the project Opportunities may allow projects to exceed original expectations.
includes all the work required, and only the work required, to Additional constraints
complete the project successfully Amount of resources available
Schedule management- processes to manage timely completion Decision maker’s risk tolerance
of the project o Defining Project Success and Failure
Cost management- processes involved in planning, estimating, Completed without heroics
budgeting, financing, funding, managing, and controlling costs Learn new and/or refine skills
so that the project can be completed within the approved budget Organizational learning
Megan Meiring Megan Meiring
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