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Summary Business Management (obs220) exam
- Course
- Business Management (OBS220)
- Institution
- University Of Pretoria (UP)
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OBS 220Chapter 1: Introduction to Project Management
Project- a temporary endeavour undertaken to create a unique product, service, or
result
Require:
o organized set of work efforts
o progressively elaborated detail
o defined beginning and ending
o unique combination of stakeholders
subject to time and resource limitations
stakeholders- an individual, or organization who may affect, be affected by, or
perceive itself to be affected by a decision, activity, or outcome of a project
Project management (PM)- the application of knowledge, skills, tools and techniques
to project activities to meet project requirements
work process- initiate, plan, execute, monitor/control, close
trade-offs among- scope, schedule, quality, resources, cost, risks
administrative tasks- planning, documenting controlling
leadership tasks for work associates- visioning, motivating, promoting
knowledge, skills, and methods apply for most projects
How can a project work be described?
- Projects versus operations
- Soft skills and hard skills
- Authority and responsibility
- Project Life Cycle
- Agile (adaptive) vs. Waterfall (predictive) approach
Project versus operations
Projects are temporary + have routine and unique characteristics
Operations are ongoing work
Soft skills and Hard skills
Soft skills
Communication
Leadership
Conflict resolution
Megan Meiring
, Hard skills
Risk analysis
Quality control
Scheduling work
Budgeting work
Authority and Responsibility
One person being assigned accountability
Project managers negotiate with functional managers
Strong communication and leadership skills to persuade subordinates
Functional manager- someone with management authority over an
organizational unit.…the manager of any group that actually makes a product
or performs a service
Project Life Cycle (PLC)
the series of phases that a project goes through from its initiation to its closure
vary among different disciplines but generally are comprised of the same
general stages
Stages:
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
ends when all stakeholders accept the entire detailed plan
Executing- when the plan is accepted, and includes authorizing,
executing, monitoring, and controlling work until the customer accepts
the project deliverables
Closing and realizing- all activities after customer acceptance to ensure
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
Projects are measured at additional points:
Selection
Progress reporting
Benefits realization
Agile VS Waterfall:
Megan Meiring
, Midland insurance PLC for quality improvement projects
Initiation- 1. define problem, 2. actually describe situation, 3. analyse causes
Planning & execution- 4. solution planning and implementation
Close cut- 5. Evaluation of effects, 6. Sustain results, 7. Share results
Understanding projects
o Project Management Institute (PMI)
largest professional organization
Produces A Guide to the Project Management Body of Knowledge
Talent Triangle—Technical PM, Leadership, & Strategic and Business
Management
o Project Management Body of Knowledge (PMBOK)
Project Life Cycle
5 process groups:
Initiating- define a project or a new phase by obtaining
authorization
Planning- establish the project scope, refine objectives and
define actions to attain objectives
Executing- complete the work defined to satisfy project
specifications
Monitoring and controlling- track, review, and regulate progress
and performance, identify changes required, and initiate
changes
Closing- finalize all activities to formally close project of phase
10 knowledge areas:
Integration management- processes and activities to identify,
define, combine, unify, and coordinate the various processes
and project management activities
Scope management- processes to ensure that the project
includes all the work required, and only the work required, to
complete the project successfully
Schedule management- processes to manage timely completion
of the project
Cost management- processes involved in planning, estimating,
budgeting, financing, funding, managing, and controlling costs
so that the project can be completed within the approved budget
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,
retrieval, management, control, monitoring, and ultimate
disposition of project information
Risk management- processes of conducting risk management
planning, identification, analysis, response planning, and
control…to increase the likelihood and impact of positive events
and decrease the likelihood and impact of negative events in the
project
Procurement management- processes to purchase or acquire
products, services, or results from outside the project team
Stakeholder management- processes to identify the people,
groups, or organizations, that could impact or be impacted by
the project, analyse their expectations and impact, and develop
strategies for engaging them and managing conflicting interests
Project management process group– a logical grouping of the project
management inputs, tools and techniques, and outputs
o PMI Talent Triangle
o Selecting and Prioritizing Projects
All parts of the organization are involved
Determine which projects align best with organizational goals
Organizational priorities: understood, communicated, accepted
o Project Goals and Constraints
Projects are undertaken to accomplish specific goals
Scope (the sum of the products, services, and results to be provided as
a project) and quality (the degree to which a set of inherent
characteristics fulfils requirements) are performance goals
Product scope- what will be present in the actual project deliverables
Project scope- what will and will not be done to meet specified
requirements
Subject to constraints of time and cost
Obstacles or challenges may limit ability to perform
Opportunities may allow projects to exceed original expectations.
Additional constraints
Amount of resources available
Decision maker’s risk tolerance
o Defining Project Success and Failure
Completed without heroics
Learn new and/or refine skills
Organizational learning
Megan Meiring
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