WGU D324 Lesson 1 in CompTia+

WGU D324 Lesson 1 in CompTia+ Leave the first rating Students also studied Terms in this set (49) Western Governors UniversityD 324 Save CBT Nuggets CompTIA Project+ Ter...413 terms kchermaPreview Project+ Certmaster 234 terms juststudyingalittle Preview CompTIA Project+ PK0-005 Study G...Teacher 587 terms CostcoCheddar Preview D324 135 term Jos Practice questions for this set Learn1 / 7Study using Learn

• Unique
• Specific Purpose
• Temporary (beginning and end)

What is project management?Project management turns an idea into a tangible goal, then systematically implements it Business Casesummarizes the business project and serves as the first project proposal. Is used to secure funcing and resources Choose an answer 1What 3 factors describe Project Work?2What is project management?3Financial Overview4Execution Phase Don't know?

Discovery Phasefilters out potential projects. Is it a good Idea or not?Planning Phaseoutline, goals, project end result look like, identity helpers/worker Execution PhaseWork happens, monitor progress & measure performance and make reports, meet goals Closing Phasecheck everything to make sure it is good, approval to close Benefits of Project Management- adds exceptional value

• Saves money
• Optimize results

Executive SummaryA brief recounting of the key points contained in a business plan with a short problem and solution statement Problem StatementMore details about the problem and current situation Problem Analysisincludes why should the problem be a priority and can include performance data OptionsDescribes Several approaches to solving the problem. 3-5 options max Project DefinitionContains relevant info about the project such as project scope Financial OverviewCovers financial information like project cost,funding,ROI RecommendationNarrows down the best solution and justifies why this approach is the best business case A good problem statementDoes not focus on technology but rather presents a problem and expected outcome with multiple options Business case should have what?Current State and Future State ROI(revenue - cost)/cost * 100 Net Profitrevenue - cost Current Statedescribes what problem is happening now Future Stateanswers the question how will the business be impacted after the project Operational Workroutine, predictable and repetitive. You expect it to happen Environmental Factorshow the organization impacts the natural world Social Factorshow the organization treats people, employees, community and groups impacted by the companies products and services

Governance Factorsdescribes how the company operates via policies

Examples:

• Boards diversity
• lobbying activities

political donations Corporate Identityvision, mission statement, values, brand and position on ESG factors Project Workaccomplishes something new What 3 factors describe Project Work?1. Unique

• Specific Purpose
• Temporary (beginning and end)

Organizations: Functional OrganizationDivides the organization by areas of expertise and may not have a PM but rather other titles assume this role. It has a president and vice presidents Organizations: Project OrganizationOrganizations are divided by projects and have PMs that manage each project Matrix OrganizationOrganization divided into a grid. PM does not manage people but can assign work. PM has shared responsibilities with the functional manager (FM) Weak MatrixFunctional Managers have power of hires and budget. PMs do not Strong MatrixPMs have power of hires and budget Programa cluster of several projects Difference between a project and a PortfolioPortfolio has lots of projects and can contain unrelated projects.

Responsibilities: PMPlan,organize, keep teams on track

Program Manager- Lead programs

• make sure program is on buidget

-overseeing a collection of related projects and ensuring they align with the organizational strategy Project Management Office (PMO)Department for all PMs. Evaluates projects and assigns them to a PM Supportive PMOLibrary of project info; may not assign or evaluate projects Controlling PMOActively monitors project performance Coordinates resource selection and assigns PMs to projects Directive PMOMost controlling;Sets rules for everybody;Full authority over projects, standards and procedures StakeholderAnybody with a vested interest in a project which can impact them positively or negatively

Senior ManagementHighest level of leadership that influence the projects success even when not directly involved in the project.SponsorThey pay for the project, give PMs insight, open and close projects CustomerParties who receive the benefits from the projects Internal CustomerA person who provides feedback during the project External CustomerEverybody outside the organization who must pay to use the project.End userPerson who interacts with the projects final output. Can be customer but not always.Enterprise Portfoliocontains all the programs and projects in an organization and might also have sub-portfolios.What makes a successful portfolio management process? limit the total number of projects