WGU C722 Project Management (highlighted study guide + JO's tips + practice test)

C722 Project Management (highlighted study guide + JO's tips + practice test) 14 studiers recently Leave the first rating Students also studied Terms in this set (199) Western Governors UniversityC 722 Save Project Management C722 185 terms blankenship226 Preview

WGU - C722

281 terms LearningChuPreview Project Management- C722 154 terms deldanegadoPreview Practic 71 terms Jacq ProjectA temporary activity that creates a unique result.Initiatives with specific goals and start and end dates. Develop a new product or service, reduce costs, add technology, etc.

Examples:

A car company developing a new passenger car.A freight company adding a computer program to optimize cargo carrying capacity.A construction company building a new facility for a customer.Project Life Cycle PhasesDefining, Planning, Executing, Closing Defining phaseIdea for the project is generated and formalized into a project proposal and the decision on whether the project will be selected for implementation is made Planning phaseWhere detailed planning occurs. Level of detail aligns with complexity of project.Use Work Breakdown Structure to identify outcomes needed.Can require significant time for large projects.Typically ends when baselines for scope, budget, and schedule are approved by customer and/or sponsor and project team.

Executing phaseWhere most of the work is done.Deliverables are completed. Progress is monitored and actions taken as needed to stay on track.May return to planning phase as needed if objectives can't be met, to modify budget, schedule, or scope.Critical to be careful of scope creep - don't add functionality without considering impact.This phase is complete when all work activities and deliverables are ready to be delivered to customer/sponsor.Closing phaseWhen project outcomes are delivered to the customer and/or sponsor.

Project Manager ties up loose ends:

• Reassign project resources back to company
• Document project results and lessons learned
• Close out procurement activities
• Verify completed project is transitioned to customer

Triple Constraints of Project ManagementDescribes the required balance of time, cost, and scope for a project.Change Control Board (CCB)Those with authority to approve changes.Ensures change doesn't negatively impact the project's triple constraint of time, cost, and scope.Can be a small group of individuals from within a project team.PMBOKProject Management Body of Knowledge Functional/Departmentalized OrgOldest & most basic form.

PROS Clear lines of authority.SMEs can work on multiple projects.Flexible use of staff within unit.Easy to prioritize dept work within unit.Clear paths for career growth.

CONS Low project manager authority.Ineffective for projects.Org doesn't focus on solving business-wide issues.Sharing resources across functions can be difficult.Project customer not only focus; customer response can be slow.Can lead to information silos.

Matrix OrgThe principal differentiation between a matrix structure and either a functional or a projectized structure is that a matrix has less clearly defined lines of reporting.

PROS Project is central focus PMs have access to lots of technically skilled people, SMEs as needed Team members have less anxiety about futures Customer response is fast No duplication in admin personnel Team organization is flexible CONS Requires cooperation, coordination among managers SMEs not in daily contact with other SMEs to share knowledge Decision making authority not always clear Resource balancing is simpler, but can lead to friction Closeouts can be difficult Division of authority is complex Strong Matrix OrganizationThere are attempts to provide the appearance of project teams in the matrix organization.The project manager has much more control over various project aspects than in

other organizational forms, including:

*Scope, including trade-offs *Schedule *Budget *Assignments of functional personnel Balanced Matrix OrganizationRecognizes the need for a project manager, it does not provide the project manager with the full authority over the project and project funding The project manager defines what needs to be accomplished and establishes the

overall:

plan, schedule, budget, etc.The functional manager determines how the project will be accomplished. The

functional manager:

assigns personnel and executes plans in accordance with schedule and standards defined by the PM, which requires close cooperation between the PM and the functional manager.Weak Matrix OrganizationMaintains many of the characteristics of a functional organization, and the project manager role is more of a coordinator or expediter than that of a true project manager.The project managers are designated to coordinate project activities and essentially act as a coordinator between different functions and departments.The functional managers remain responsible for their own portions of the projects.

Projectized OrgPM is manager/leader for specific projects.SMEs from different functional units report to PMs for specific projects Cross-functional cooperation promoted.At project end, resources return to home depts.Collaboration is KEY PROS PM has full authority Response to customers/stakeholders faster, clearer Timely decisions on project issues Org structure simple, flexible, easy to understand CONS Must keep SMEs busy or risk losing to another project Can be expensive - duplication of personnel Policies/procedures may be inconsistent Team members may be anxious when released from project Realistic project selection modelAccurately reflects the way organization does business. Appropriate for resources, capabilities, external environment Capable project selection modelUses factors that are relevant to organization For organizations with a long-term value perspective, the net present value model provides a rigorous evaluation of a project's future cash flows.Flexible project selection modelUses factors that are relevant to organization Allow for changing conditions, such as factoring in cost of new govt regulations Competitive Necessity ModelThe decision of whether to approve or disapprove the project is based on whether implementing the project will ensure the viability of the company in the competitive market.Operating NecessityApproval is based on whether a project will ensure ongoing operations - not doing it would interrupt operations.Sacred CowProjects suggested by senior leadership or powerful constituents. Done to satisfy leaders without regard for project viability or contribution to strategic/operational needs. Existence not questioned.Checklist ModelFrequently used non-numeric method.Series of questions to evaluate each potential project. Answers are compared to determine whether projects are selected or rejected.Highly flexible - Questions can cover a wide range of organizational and strategic issues.Cost, time, outcomes, alignment with strategy, innovation, business issues addressed measurement, risks, internal resources needed, etc.The operational impact has been built in.The strategic impact has been integrated