Summary: Yvor Project Basis

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  • 1 Introduction

  • Describe a project?

    Endeavour where human, financial and material resources are organized in a novel way
  • Describe rol of People are key and the PM

    Teamwork is needed to achieve better results. A team consists of a group of people working together towards a joint goal. The PM is able to control early involvement of all stakeholders to create fully integrated team.
  • Explain why something is a project

    It is non-ongoing or process work with (pre-defined) unique scope and has a begin and end. Needs to done within a budget.
  • 2 Preparation

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  • State the 4 PM stages and activities

    Initiation: Scope, requirements, team, feasibility
    Design: WBS, Schedule, Cost & returns, specifications
    Execute: Status reports, change orders, quality audits, contingencies 
    Delivery: Train user, transfer documents, lessons learned
  • What is a stage gate and who is involved in this

    Stage gate between every project phase, check if all pre-work and necessary tasks have been fulfilled to move on to next stage, PM managers delivers info to project board. They decide
  • Describe FED stages

    FED1: business goals, project objectives, requirements
    FED2: evaluation stage gate 1, basic design
    FED3: evaluations stage gate 2: basic engineering design
    FID: final investment decision (independent org reviews)
  • PM is about making trade offs, explain:

    Each project is unique, and quality of a project is limited between time, budget and scope. Improving time can cost more money (trade off). The goal is to maximize quality. The key is to set priorities depending on the value drivers of the project and then make the right decisions and trade offs.
  • What is the triple constraint triangle?

    Triangle of scope, cost and time. Quality of project always limited with these 3 constraints. Improving one means always at least changing one other as well.
    Scope: tasks required to fulfill goals
    Time: Schedule to reach goals
    Cost: Money to spent. Project budget
  • What is successful PPM

    Control, efficiency, governance, feasibility meet objectives, handles risks
  • Project selection methods

    BCG matrix, based on growth rate of business and market share of business

    bubble diagram, based on probability of technical succes of business and reward of the business. Bubble size displays the size of the risk.
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