Intro to Project Management: Introduction to Project Management - The Project, Manager Role Responsibilities Competencies

What This Is

The Project Manager is the person responsible for leading and directing a project from initiation to closure. Their role is to ensure the project is completed on time, within budget, and meets the required quality standards. A project manager is like the conductor of an orchestra, ensuring all team members work together to create a harmonious and successful outcome. For example, imagine building a new hospital wing – the project manager would oversee the entire process, from designing the layout to hiring contractors and ensuring the project is completed on schedule.

Key Terms & Formulas

• Project Manager (PM): The person responsible for leading and directing a project.
• Project Management Office (PMO): A department or team that oversees and coordinates multiple projects within an organization.
• Project Management Knowledge Areas: Nine areas of expertise, including Integration, Scope, Time, Cost, Quality, Resource, Communications, Risk, and Procurement.
• Triple Constraint: Scope, Time, Cost – changes to one affect the others.
• Earned Value (EV): EV = % complete × BAC (Earned Value = percent complete times Budget at Completion).
• Cost Performance Index (CPI): CPI = EV ÷ AC (Cost Performance Index = Earned Value divided by Actual Cost).
• Schedule Performance Index (SPI): SPI = EV ÷ AC (Schedule Performance Index = Earned Value divided by Actual Cost).
• Project Management Information System (PMIS): A system used to collect, store, and analyze project data.
• Project Management Plan: A document that outlines how the project will be managed and executed.
• Stakeholder Management: Identifying, analyzing, and responding to the needs and expectations of stakeholders.

Step-by-Step / Process Flow

1. Identify stakeholders: Determine who is impacted by the project and their level of interest.
2. Develop a stakeholder management plan: Outline how to engage and communicate with stakeholders.
3. Establish a project management plan: Create a document that outlines how the project will be managed and executed.
4. Develop a project schedule: Create a detailed schedule that outlines tasks, timelines, and dependencies.
5. Establish a budget: Determine the financial resources required to complete the project.
6. Develop a risk management plan: Identify, analyze, and respond to potential risks that could impact the project.

Common Mistakes

• Mistake: Assuming that project management is only about planning and executing tasks.
• Correction: Project management involves a wide range of activities, including stakeholder management, risk management, and quality assurance.
• Mistake: Failing to communicate effectively with stakeholders.
• Correction: Regular communication is essential to ensure that stakeholders are informed and engaged throughout the project.
• Mistake: Not having a contingency plan in place.
• Correction: A contingency plan should be developed to address potential risks and ensure that the project can recover from unexpected setbacks.

Exam Tips

• Distinguish between project management knowledge areas: Be able to explain the differences between Integration, Scope, Time, Cost, Quality, Resource, Communications, Risk, and Procurement.
• Understand the concept of earned value: Be able to calculate and interpret earned value, and understand its relationship to cost and schedule performance.
• Recognize the importance of stakeholder management: Be able to identify and analyze stakeholders, and develop a plan to engage and communicate with them.

Quick Practice Questions

1. If the CPI is 0.8, is the project under or over budget? Answer: Under budget. Explanation: A CPI of 0.8 indicates that the project is earning 80% of its budgeted value, which means it is under budget.
2. If the EV is $100,000 and the BAC is $200,000, what is the percent complete? Answer: 50%. Explanation: Using the formula EV = % complete × BAC, we can calculate the percent complete as 100,000 ÷ 200,000 = 0.5 or 50%.
3. If the SPI is 1.2, is the project ahead or behind schedule? Answer: Ahead schedule. Explanation: A SPI of 1.2 indicates that the project is earning 120% of its budgeted value, which means it is ahead schedule.

Last-Minute Cram Sheet

• A project manager is responsible for leading and directing a project.
• The triple constraint is scope, time, and cost – changes to one affect the others.
• Earned value is EV = % complete × BAC.
• The cost performance index is CPI = EV ÷ AC.
• The schedule performance index is SPI = EV ÷ AC.
• Stakeholder management involves identifying, analyzing, and responding to the needs and expectations of stakeholders.
• A project management plan outlines how the project will be managed and executed.
• Risk management involves identifying, analyzing, and responding to potential risks that could impact the project.
• Quality assurance involves ensuring that the project meets the required quality standards.
• Decomposition breaks down work, not activities – it creates the WBS, not the activity list.
• Scope creep occurs when the project scope is changed without a corresponding change to the budget or schedule.
• Scope statement is a document that outlines the project scope, including the work to be performed and the deliverables.