Project Management: Achieving Competitive Advantage 3rd Edition

Benchmarking (18)
To systematically manage the process improvements of project delivery by a single organization.
Client acceptance (16)
Argues that projects are developed with customers and their purpose is to satisfy customers’ needs. A key variable, then we must also ask whether the completed project
Clients (13)
General: Customer of a professional service provider, or the principal of an agent or contractor.
Computing: Hardware device (such as a personal computer) or a software application (such as a word-processor) that requests and makes use of services (such as file-transfer and storage) provided by another computer called the server. Normally, a user interacts (interfaces) only with a client whereas the server might be out of sight. A user logged on to a website is using a client computer (with the browser as the client software) that is connected via internet to a server (website’s computer).
Budget (15)
An estimate of costs, revenues, and resources over a specified period, reflecting a reading of future financial conditions and goals.
One of the most important administrative tools, a budget serves also as a (1) plan of action for achieving quantified objectives, (2) standard for measuring performance, and (3) device for coping with foreseeable adverse situations.

A second key constraint for all projects is a limited budget. Projects must meet budgeted allowances in order to use resources as efficiently as possible. Thus the second limit on a project raises the question: Was the project completed within budget guidelines?

Deliverables (5)
The nature of the project and that of its team. (goals)
Performance (15)
All projects are developed in order to adhere to some initially determined technical specifications. determining whether the finished product operates according to specifications. The project’s clients naturally expect that the project being developed on their behalf will work as expected. Applying this thrid criterion is often referred to as conducting a “quality” check.
Process (5)
Ongoing, day-to-day activities in which an organization engages while rpoducing goods or services.
Project (5)
A unique venture with a beginning and end, conducted by people to meet established goals within parameters of cost, schedule, and quality. Goal oriented, involve the coordinated undertaking of interrelated activities, are of finite duration, and are all, to a degree, unique. They can be considered to be any series of activities and tasks that:
Specific objectives to be completed within certain specifications
Defined start and end dates
Funding limits
Consume human and nonhuman resources
Are multifunctional
Project life cycle (12)
The stages in a project’s development. They demonstrate the logic that governs a project. They help us develop our plans for carrying out the project.
Project management (8)
The body of knowledge concerned with principles, techniques, and tools used in planning, control, monitoring, and review of projects.
Project management maturity models (18)
Used to allow organizations to benchmark the best practices of successful project management firms. They recognize that different organizations are currently at different levels of sophistication in their best practices for managing projects.
Project success (15)
Project success has been historically defined as a project that meets its objectives under budget and under schedule. This evaluation criterion has remained as the most common measure in many industries. But for a development project, success goes beyond meeting schedule and budget goals, it includes delivering the benefits and meeting expectations of beneficiaries, stakeholders, donors or funding agencies. But defining these dimensions of success is more difficult and some can only be evaluated years after the project has been completed, and for many organizations these types of evaluations are difficult to do due to lack of funding.

·Level 1: Project completion success: this level details the criteria by which the process of delivering the project outputs is successful. This criteria addresses the four project constraints, scope, schedule, budget and quality. The criteria is limited to the duration of the project and success can be measured during the life of the project and as soon as the project is officially completed. This measures the efficiency of how the project used its resources to deliver the project outputs.
Level 2: Results success: this is about defining the criteria by which the product or service delivered is deemed successful. These criteria need to be measured once the product/service is implemented and over a defined period.
·Level 3: Development success: this is about defining the criteria by which the product/service delivered brings value to the beneficiaries, and how it contributes to their well being

Stakeholders (12)
A person, group or organization that has interest or concern in an organization.
Stakeholders can affect or be affected by the organization’s actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
Not all stakeholders are equal. A company’s customers are entitled to fair trading practices but they are not entitled to the same consideration as the company’s employees.
Time (15)
(schedule adherence), budget, functionality/quality, and customer satisfaction. Projects are constrained by a specified time frame during which they must be completed. They aren’t supposed to continue indefinitely. The first constraint that governs project management involves the basic requirement: The project should come in on or before its established schedule.
Triple constraint (15)
The challenge of every project is to make it work and be successful within the Triple Constraint; the Triple Constraint being quality (scope), cost (resources) and schedule (time). These three elements of a project are known to work in tandem with one another. Where one of these elements is restricted or extended, the other two elements will then also need to be either extended/increased in some way or restricted/reduced in some way. There is a balancing of the three elements that only when fully understood by the Project Manager, allows for the successful planning, resourcing and execution of a project. At the end of the day, these are the key elements of a successful project and these are the things that will determine whether or not you have successfully managed a project.

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