Tiêu đề BME 23 Reviewer ✅

BME 23: Project Management Cao & Bulatao 1. Defining – specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned 2. Planning – level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be 3. Executing – major portion of the project work takes place; physical product is produced; time, cost, and specification measures are used for control 4. Closing – includes three activities: a. Delivering the project – customer training and transferring documents b. Redeploying project resources – releasing project equipment/materials to other projects and finding new assignments for team members c. Transferring documents – assessing performance and capturing lessons learned Product Life Cycle 1. Introduction - launch and awareness building 2. Growth - rising sales and market share 3. Maturity - sales peak and plateau 4. Decline - falling sales and demand Project Manager – manages temporary, non-repetitive activities to complete a fixed life project – must work with a diverse troupe of characters (customers, managers, vendors, suppliers, subcontractors) to complete projects – good decision maker – not for the timid, working on projects can be an extremely rewarding experience Importance of Project Management 1. Compression of the Product Life Cycle – one of the most significant driving forces behind the demand for project management is the shortening of the product life cycle 2. Knowledge Explosion – growth in new knowledge has increased the complexity of projects because projects encompass the latest advances 3. Triple Bottom Line (planet, people, profit) – threat of global warming has brought sustainable business practices to the forefront – efforts to reduce carbon imprint and utilize renewable resources are realized 4. Corporate Downsizing – or “rightsizing” if you are still employed – strategic reduction of workforce or operations, often to cut costs or improve efficiency 5. Increased Customer Focus – increased competition has placed a premium on customer satisfaction 6. Small Projects Represent Big Problems – the velocity of change required to remain competitive or simply keep up has created an organizational climate in which hundreds of projects are implemented concurrently Project Management Process: Technical and Sociocultural Dimensions Technical Dimension – consists of the formal, disciplined, purely logical parts of the process – planning, scheduling, and controlling projects Sociocultural Dimension – involves a messier, often contradictory, and paradoxical world of implementation

BME 23: Project Management Cao & Bulatao Multitasking – starting and stopping work on one task to go and work on another project, and then returning to the work on the original task – people become far less efficient – adds delays and costs Benefits of Portfolio Management 1. Builds discipline into project selection process 2. Links project selection to strategic metrics 3. Prioritizes project proposals across a common set of criteria, rather than on politics and emotions 4. Allocates resources to projects that align with strategic direction 5. Balances risk across all projects 6. Justifies killing projects that do not support organization strategy 7. Improves communication and supports agreements on project goals Portfolio Management System Aim: To ensure that projects are aligned with strategic goals and prioritized appropriately Inclusions: 1. Classification of a project ● Compliance & emergency – “must do” – those needed to meet regulatory conditions required to operate in a region ● Operational – those that are needed to support current operations – designed to improve efficiency of delivery systems, reduce product costs, and improve performance (ex: TQM) ● Strategic – directly supports the organization’s long-run mission – ex: new products, R&D 2. Selection criteria ● Financial Criteria – appropriate when there is a high level of confidence associated with estimates of future cash flows ● Nonfinancial Criteria Two Multi-Criteria Selection Models: ● Checklist Model – uses a list of questions to review potential projects and to determine their acceptance or rejection ● Multi-weighted Scoring Model – uses several weighted selection criteria (qualitative and/or quantitative) to evaluate project proposals 3. Sources and solicitation of proposals – search for sponsors and bidders 4. Evaluating proposals – ranking; responsibility of priorities 5. Managing the portfolio of projects – balancing risks and types of projects CH3: STRUCTURE AND CULTURE Project Management Structure – provides a framework for launching and implementing project activities within a parent organization 3 Project Management Structures 1. Functional Organization 2. Dedicated Project Teams 3. Matrix Structure Organizing Projects w/in Functional Organization – authority is on the Functional Manager – Coordination is maintained once the project are delegated to the respective functional units with each unit responsible for completing its project segment – suitable for organizations that have ongoing operations such as manufacturing and production – advantages: 1. No change 2. Flexibility 3. In-depth expertise 4. Easy post-project transition – disadvantages: 1. Lack of focus 2. Poor integration 3. Slow 4. Lack of ownership Organizing Projects as Dedicated Teams