Project Management

• Project management involves planning, executing, monitoring, controlling, and closing projects within defined scope, schedule, budget, and quality parameters.
• What is a project?

  A temporary endeavor with a specific goal and defined start and end dates.
• What is the project life cycle?

  Initiation, planning, execution, monitoring and control, and closure.
• What is project scope?

  The defined boundaries and deliverables of a project.
• What does 'out of scope mean'?

  Outside the boundaries or limits of a particular topic or subject.
• What is triple constraint?

  The triple constraint refers to the three key factors that must be balanced in project management: time, cost, and scope.
• What is a goal?

  A long-range target that may be projected into the future.
• What is an objective?

  Short range targets that are specific to one part of the project.
• What is S.M.A.R.T?

  S.M.A.R.T stands for Specific, Measurable, Achievable, Relevant, and Time-bound. It is a framework used for setting goals and objectives.
• What is a strategy?

  A plan or approach to achieve a goal.
• Define strategic management.

  Requires every project to be clearly linked to strategy.
• What is the implementation gap?

  The gap between policy formulation and policy implementation.
• What is Organization Politics?

  The use of power and influence within an organization to achieve personal or group goals.
• Define Benefits of Project Portfolio Management?

  Improved decision-making, resource optimization, risk management, alignment with strategic objectives, and increased project success rates.
• What is the Design of a project portfolio system?

  To manage and prioritize a collection of projects in order to achieve strategic objectives.
• Design of a project portfolio system includes;

  • Selection criteria depending upon classification• Sources of proposals• Evaluating proposals• Managing the portfolio of projects
• Types of project selection criteria.

  1.Financial models: payback method, net present value (NPV)

  2. Non-financial models: projects of strategicimportance to the firm.
• What is Net Present Value NPV Model?


  Uses management’s minimum desired rate-of-return (discount rate) to compute the present value of all net cash inflows