- Characteristics of a project that differentiate it from operations work:
- Temporary: projects have a defined start and end date, while operations are ongoing.
- Unique: projects are one-time endeavors, while operations are routine.
- Specific goals: projects have specific objectives to achieve, while operations are focused on maintaining a status quo.
- Cross-functional: projects involve people from different departments, while operations are usually handled by the same team.
- Uncertainty: projects often have unknowns and require a higher degree of risk management compared to operations work.
- The most important characteristics of project success are:
- Deliverables: projects must achieve their objectives and deliver the agreed-upon outcomes within the specified time frame.
- Budget: projects must be completed within the allocated budget.
- Stakeholder satisfaction: projects must meet or exceed stakeholder expectations.
- Quality: projects must meet or exceed agreed-upon quality standards.
These are the most important because they represent the primary goals of a project and determine its overall success or failure.
- A project is a temporary endeavor aimed at delivering specific objectives, while a program is a collection of related projects that together achieve a strategic goal, and a portfolio is a group of programs and projects that align with an organization’s objectives. The distinction is important because it helps organizations manage and prioritize their initiatives and allocate resources effectively.
- A project constraint is any limitation or restriction that affects the project’s ability to achieve its objectives, such as time, budget, scope, quality, resources, and risks. Project constraints are important because they help project managers identify and manage project risks, allocate resources effectively, and ensure that the project remains aligned with its goals.
- Businesses select projects based on a variety of factors, including strategic alignment, financial feasibility, risk management, and resource availability. It is important for project managers to know how projects are selected because it provides insight into the project’s purpose and goals, helps them understand the expectations and priorities of stakeholders, and informs the project planning process. Additionally, understanding the selection process can help project managers identify potential risks and constraints that may affect the project’s success.
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