Pmp Study Notes

1 PROJECT MANAGEMENT FRAMEWORK
Definition of a Project : • Temporary endeavour with a beginning and an end. • Creates a unique product, service or result. • Is progressively elaborated-distinguishing characteristics of each unique project will be progressively detailed as the project is better understood How Temporary ? • Has a definite beginning and end and not an ongoing effort. • Ceases whenobjective has been attained. • Team is disbanded upon project completion. How Unique ? • Product characteristics are progressively elaborated. • The product or service is different in some way from other product or services. Example Building a road is an example of a project. The process of building a road takes a finite amount of time, and produces a unique product. Operations on the other handare repetitive. Generating bills every month, and broadcasting news everyday are examples of operations. Progressive elaboration • is a characteristic of projects that accompanies the concepts of temporary and unique. • means developing in steps, and continuing by increments. • should not be confused with scope creep. • needs to be carefully coordinated with proper project Scope Definition,particularly if the project is performed under contract. For example, items might be described in broad terms at the start of the project but be defined in detailed terms by the conclusion of the project – from the Preliminary Project Scope Statement to the verified Project Scope Statement supported by a detailed WBS. Managing a project includes 1) identifying requirements 2) establishing objectives 3)balancing scope, timing and cost 4) adapting the plan to different concerns of stakeholders. Project managers or the organization can divide projects into above phases to provide better management control with appropriate links to the ongoing operations of the performing organization. Collectively, these phases are known as the project life cycle. Product Life Cycle : A collection of generallysequential, nonoverlapping product phases whose name and number are determined by the manufacturing and control needs of the organization. The last product life cycle phase for a product is generally the product’s deterioration and death. Generally, a project life cycle is contained within one or more product life cycles. The product life cycle is “above” the project life cycle – it includesoperations & development (which occur AFTER the project has been completed) and include the business plan, which starts BEFORE the project begins. Project Life Cycle : A collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project. A life cycle can be documented with a methodology. The project lifecycle includes the phases necessary to work a project from beginning to end. The transition from one phase to another is generally recognized by some kind of a deliverable or handoff. These phases generally define 1) work to be done that phase 2) when deliverables are generated 3) resources used in each phase 4) control of each phase Project Phase : A collection of logically related projectactivities, usually culminating in the completion of a major deliverable. Project phases (also called phases) are mainly completed sequentially, but can overlap in some project situations. Phases can be subdivided into sub-phases and then

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the reason for the risk process group is to enhance opportunities and reduce threats to the project objectives things that could negatively impact theproject objectives, such as risk and stakeholders' influence should be watched and tracked projects often require trade-off between the project requirements and the project objectives project objectives are determined in the Initiating process group and refined in the Planning process group one of the purposes of the develop project management plan process is to determine how work will be...