Show After project planning is complete, and a strong project plan is in place that manages the stakeholders’ expectations, the project work must begin. The resources are acquired, the people are trained and the project moves into the execution phase. At this point all of the project plans are put into motion, and any changes must be reflected back in a revised project plan. This phase is generally where project management transitions from a science to an art. Although there are still many structured project management tasks during project execution, balancing the needs of diverse stakeholders, project team members, and executives can only be described as an art form. Dealing with the inevitable project changes and negotiating delicate compromises are not optional skills – They are par for the course. The Project TeamDuring project execution, the project team is a biggest consideration since they are carrying out the technical work of the project. This is demonstrated by the fact that three out of eight processes within the execution group in the PMBOK guide are within the Project Human Resources knowledge area. Since the project team are not robots (at least not on my projects), their needs and wants are difficult to itemize in a structured way. That being said, there is a basic framework for treating employees which can be referenced by the project manager. To ensure the best possible project outcome, the acquisition, development and management of the project team is one of the most important parts of the project manager’s job description. The project manager must ensure that:
Project team members need job satisfaction, which sometimes seems like a highly elusive goal. Educated professionals need continual learning possibilities and challenging work. Managers need to know they have decision making authority without being undermined. Workers need to know they have job security. Everyone wants to make a difference and their contributions should be recognized. Most people value work-life balance, which has no single definition. It could mean flexible work arrangements to allow for time with children. Or it could mean a shorter commute. The environment in which people work is also important. The relationships between co-workers, bosses, and subordinates should be monitored to make sure there are no conflicts. If someone feels they need to leave the project to be happier, the cost is almost always higher to train someone new than to keep what is already there. StakeholdersThere are many examples of project managers thinking they did a fantastic job and the project was a rousing success because it was on time or budget only to find out that a client wasn’t satisfied. Indeed, it is the stakeholders, not the project manager, that decides the success or failure of a project. For this reason, stakeholder management is essential. The project management plan should identify all stakeholders and identify how their expectations will be managed. During execution it is very important that stakeholders are managed according to the plan. If necessary, project deliverables can be vetted and approved, or the project can hold back from entering the next phase. When information surfaces that a stakeholder is not satisfied, appropriate action must be taken to get them back on side. If the management of a stakeholder must change during the project, the project management plan should be updated. CommunicationThe communication plan, developed during the planning phase as part of the project management plan, identifies the communication requirements for the project. Things such as progress reporting, investor updates, and the like must be carried out according to plan. Furthermore, any communication above and beyond that is still necessary, especially when unexpected issues pop up. Quality AssuranceDuring the execution phase, the project manager must audit the systems in use by the project as it relates to quality. This can range from basic reviews and inspections for small projects to full external audits for large projects. Quality Assurance is performed in tandem with Quality Control, which seeks to measure the quality of the finished results produced by the project. 1) When creating a budget, a project manager must do which of the following? Select all that apply. Ans:
2) As a project manager, you’re seeking a procurement approach that outlines clear workstreams, hard deadlines, and financially protects your project against unforeseen circumstances. Which procurement approach should you choose? Ans: Traditional 3) Which of the following are examples of resource cost rates? Select all that apply. Ans:
4) Which scenario is an example of planned cost versus actual cost? Ans: When planning your project budget, you document the planned cost of labor. To do this, you use the estimated number of hours your team needs to complete the project. As your project progresses, you document the total hours your team works to determine the total cost of labor for your project. This number may be different from your original cost of labor. 5) Which of the following are steps in the procurement process? Select all that apply. Ans:
6) At what phase in the procurement process would a project manager define project resources and make the case for obtaining them? Ans: Initiating 7) Fill in the blank: Typically, a project manager organizes a budget by _____. Then, the project manager lists tasks alongside each task’s associated costs. Ans: Milestones 8) Which of the following is an example of using historical data to develop your project budget? Ans: Reviewing past projects that are similar to yours to get an idea of what your budget could entail 9) As a project manager creating a budget, you proactively identify factors that may impact expenses. You then take action to minimize the budgetary impact of these factors. What is this task called? Ans: Cost Control 10) A document that keeps confidential information within the organization is known as what? Ans: Non-disclosure agreement (NDA) 11) Which of the following may impact ethics in procurement? Select all that apply. Ans:
12) When budgeting a project, you should consider additional expenses such as warranties, supplies, add-ons, and upgrades. Which budgeting term refers to this concept? Ans: Total cost of ownership 13) Fill in the blank: In project management, the budget is considered a _____—it is a success metric. Ans: deliverable 14) Which scenario is an example of proactive budget management? Ans: While planning your project budget, you gather historical data and consult with industry experts. You consider fixed costs, add relevant line items, and set aside a 5% reserve for unexpected costs. 15) As a project manager, you research and source for a specific service. You then have to manage that relationship. This is known as what type of procurement? Ans: Vendor management 16) Which of the following factors can lead to scope creep and negatively affect the budget? Select all that apply. Ans:
17) Which of the following justifies sole-supplier sourcing? Ans: The company is cautious about exposing trade secrets 18) At what phase in the procurement process would a project manager check a vendor’s reputation for delivering quality work, and make a site visit? Ans: Selecting 19) As a project manager creating a budget, you’re thinking about all the parts of a project from beginning to end—making a list of every material, resource, and contract worker. What do you call this type of budgeting? Ans: Bottom-up approach 20) After receiving multiple bids for your project, you select a vendor you’d like to work with. You’re ready to start the contracting process. Which procurement document do you fill out and send the vendor? Ans: Statement of work (SoW) 21) To create a well-organized budget, a project manager includes different types of expenses. Which type of budget expense includes costs for day-to-day tasks within a company? Ans: Operating expenses (OPEX) Watch This Video For Check All the Questions Answer of Week 3What is project management with reference?Definition. Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters. Project management has final deliverables that are constrained to a finite timescale and budget.
What is referred for the project management as project team?What is a project team? The project team is the group of people responsible for executing the tasks and producing deliverables outlined in the project plan and schedule, as directed by the project manager, at whatever level of effort or participation defined for them.
What is a stakeholder in a project?A formal definition of a stakeholder is: “individuals and organizations who are actively involved in the project, or whose interests may be positively or negatively affected as a result of project execution or successful project completion” (Project Management Institute (PMI®), 1996).
Who is called stakeholder?A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers, and suppliers.
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In project management, the people who help execute the project are also referenced as what
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