Introducing Project Management - Examining Related Areas of Project Management
15 important questions on Introducing Project Management - Examining Related Areas of Project Management
Why is the scope of the portfolio review board at a higher level than regular projects and programs?
How are investments being monitored? And how can an organization observe a positive return of investment?
What are characteristics of a portfolio?
- A portfolio is often a mix of projects and programs
- A portfolio could be within one line of business, be based on strategies within an organization or could follow the guidance of one director within an organization
- There is often a balance of risk in the program and projects selection
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What is the definition of program management?
How are project and program different?
- Programs have larger scope
- Program plan are more high level and less detailed than project plans
- Programs allow change to happen (where projects are more resistant to change)
What define a successful program?
What could be reasons for a 'Subproject Implementation?'
- When projects are large enough, it might not be needed to create a full-blown program, but a seperate subproject could be beneficial
- When certain areas of the project could be outsourced to vendors.
What are key characteristics of a sub-project?
- It follows it's own schedule of completion
- They may be outsourced, assigned to other project managers or managed by the current project manager with a different project team
- Often areas of a project that are outsourced to vendors
- The deliverable is included in the overall project plan, whereas the actual work done is not in the plan.
- They follow the same quality guidelines and expectations as the overall project.
What is the role of a PMO?
- A project management office organizes and manages control over all projects within an organization.
- Provides a uniform approach to project management
- Provides support to project management
What types of PMO are there? And what is the PMO control level for each
- Directive PMO - manages and controls all projects -high
- Controlling PMO - defines project governance - moderate
- Supportive PMO - provides a consulting role - low
What is the advantage of PMO over decentralized project management
- central communication and risk management.
- A PMO can centrally track and monitor all risks within all projects and take advantage of this by carefully planning.
- A PMO can centrally manage communication with all stakeholders which puts less demand on project managers
What is the key factor that differentiates a project from ongoing operations?
- A project has an end-date and it's unique from other activities within the organization. These are short-term endeavors that fall outside of the normal day-to-day operations an organization offers.
- Operations are the day-to-day work that goes on in the organization. (e.g. manufacturing, research and development, sales and marketing). Operations are the heart of organizations.
What are common factors across projects and operations?
- Both involve employees.
- Both typically have limited resources: people, money, both.
- Both are designed, executed and managed by someone in charge.
Who is the most important person in any project? Why?
What is the key relation between projects and business value?
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