Read the summary and the most important questions on Financial Project Management

• Introduction to projects

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• What is a project?

  A project is a planned temporary endeavour undertaken to create a unique product or service or other complete and definite outcome (deliverable) within a limited time scale and budget.

• What are the steps in the Value Creation Framework?

  1. Strategy->
     
  2. identify->
     
  3. Opportunity 1,2,3->
     
  4. select->
     
  5. Projects->
     
  6. contribute->
     
  7. Benefits   
     

• What different activities are there in the PBO Value Chain?

  Directing Activities (strategic & marketing management f.e.)
  Primary Activities (project initiation & execution f.e.)
  Support Activities (Financial & HR management f.e.)

• What is the project hierarchy?

  • Projects within the programme or portfolio
  • Sub-projects or sub-contracts
  • Work packages
  • Activities

• What are the aspects of the Project Quality Framework?

  • Realising the product
  • Quality of the delivery process
  • Methodology/body of knowledge
  • Management standards

• Project Life Cycle & Stakeholders

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• What are the characteristics of a project life cycle?

  • Defines the beginning and end of a project and is typically divided into phases/stages
  • Determines transaction action to take place at beginning and end of the project or stages (overlapping/fast tracking)
  • Level of uncertainty & risk
  • Resource allocation
  • Stakeholder influences

• What are the five phases in the project life cycle?

  1. Need/Idea/Task ->
     
  2. Investigation -> Proposal to management/sponsor
     
  3. definition -> Project plan of execution
     
  4. mobilisation -> Funciontal project team |
     
  5. implementation -> implement and functional project
     
  6. close-out -> close out and review project
     

• What are the characteristics of the project phases and stages?

  Marked by completion of deliverables and review to decide on continuation and detect and correct errors cost effectively

• What are project stakeholders?

  People or organizations:
  • Who are affected by the project.
  • Who have influence or power over the project.
  • Who have interest in its success or unsuccessful conclusion.

• Initiate, Define and Authorise

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• What does defining a project entail?

  Planning a project through the following steps:
  

  • Initiate and authorise the project. (Why) 
    
  • Define the projects scope. (What & Where) 
    
  • Defining the work. (How) 
    
  • Estimate time and cost efforts. (How long/much) 
    
  • Allocate responsibilities. (Who) 
    
  • Sequence the activities. (When) 
    
  • Plan control measures.