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๐Ÿ“…Project Management Unit 1 Review

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1.1 Fundamentals of Project Management

๐Ÿ“…Project Management
Unit 1 Review

1.1 Fundamentals of Project Management

Written by the Fiveable Content Team โ€ข Last updated September 2025
Written by the Fiveable Content Team โ€ข Last updated September 2025
๐Ÿ“…Project Management
Unit & Topic Study Guides

Project management is all about getting things done efficiently. It's like planning a big party, but for work. You've got to figure out what needs to happen, when it needs to happen, and who's going to make it happen.

This section breaks down the basics of project management. It covers what projects are, how to plan them, and who's involved. It's the foundation for understanding how to turn ideas into reality in a structured way.

Project Fundamentals

Defining Projects and Project Management

  • Project encompasses temporary endeavor undertaken to create unique product, service, or result
  • Project management involves application of knowledge, skills, tools, and techniques to project activities to meet requirements
  • Project objectives outline specific, measurable goals project aims to achieve
  • Project success criteria establish measurable standards used to evaluate project outcomes

Key Characteristics of Projects

  • Temporary nature with defined beginning and end
  • Unique outputs differentiate projects from ongoing operations
  • Progressive elaboration involves incremental development of project plans
  • Constraints limit project options (time, budget, resources)
  • Cross-functional teams often required to complete project work

Project Lifecycle and Phases

  • Initiation phase identifies project need and defines high-level objectives
  • Planning phase develops detailed project plans and schedules
  • Execution phase carries out project work according to plans
  • Monitoring and controlling phase tracks progress and makes adjustments
  • Closing phase formally concludes project and captures lessons learned

Project Scope and Constraints

Defining and Managing Project Scope

  • Project scope outlines specific work required to complete project successfully
  • Scope statement documents project boundaries, deliverables, and exclusions
  • Work Breakdown Structure (WBS) decomposes project scope into manageable components
  • Scope creep refers to uncontrolled expansion of project scope without adjustments to time, cost, or resources

Deliverables and Project Outputs

  • Deliverables represent tangible or intangible project outputs
  • Internal deliverables support project team (project charter, risk register)
  • External deliverables fulfill customer or stakeholder requirements (product, service)
  • Milestones mark significant points or events in project timeline

Triple Constraint and Project Trade-offs

  • Triple constraint balances scope, time, and cost in project management
  • Scope defines work to be completed (features, functions)
  • Time represents project schedule and deadlines
  • Cost encompasses budget and resources allocated to project
  • Changes to one constraint impact others (increasing scope may require more time or cost)
  • Quality often considered fourth constraint, influenced by other three

Project Stakeholders

Identifying and Analyzing Stakeholders

  • Stakeholders include individuals, groups, or organizations impacted by or influencing project
  • Internal stakeholders work within project organization (team members, executives)
  • External stakeholders exist outside project organization (customers, suppliers, regulators)
  • Stakeholder analysis identifies key players and their interests, influence, and expectations
  • Power/interest grid maps stakeholders based on their level of authority and concern for project outcomes

Stakeholder Engagement and Communication

  • Stakeholder engagement plan outlines strategies for involving and managing stakeholders
  • Communication management plan details how project information will be shared with stakeholders
  • Tailoring communication approaches to meet diverse stakeholder needs and preferences
  • Managing stakeholder expectations throughout project lifecycle
  • Resolving conflicts and addressing concerns to maintain stakeholder support

Stakeholder Roles and Responsibilities

  • Project sponsor provides resources and champions project at executive level
  • Project manager oversees day-to-day project activities and team management
  • Team members contribute specialized skills and expertise to project tasks
  • Functional managers allocate resources and provide domain knowledge
  • End-users or customers benefit from project deliverables
  • Steering committee guides project direction and makes key decisions