FAQ About Fundamentals of Project Management

What is Project Management?

Project management is the planning of resources, organizing the team, providing supplies and managing all these situations so that a particular project can achieve its goals and be completed.

In projects, project management is used to achieve predetermined goals and objectives, to provide change or to add value. 

What does RAG status mean?

RAG stands for red, amber and green. R for red, A for amber and G for green. This status statement is used to identify and correct the good and bad parts of the project.

If a step of the project is in very poor condition it is in red, if it is in poor condition but not a priority it is in yellow, if it is in good condition it is in green. 

What is WBS(Work Breakdown Structure)?

This is where you break the project into manageable pieces, have some more understanding about the project and logic around it. In this section there is estimated time, the people who are going to work on any part of this project.

It can be done as a team activity. In this way, better results can be obtained by brainstorming. 

What is a Gantt Chart?

This is a specific way to visualise the work needed to be done to finish the project. This falls down to the work that the team has done with the work breakdown structure. It's basically taking everything the team has done and putting it into a logical flow.

What can be added to the Gantt Chart?

It may vary according to the project and generally; 

  • Estimated start and end dates,
  • Estimated duration,
  • Required effort,
  • Relative progress etc.

What is triple constraint?

It can be represented in a number of ways but usually as a triangle.

  1. Cost,
  2. Time,
  3. Scope,

And while these three features are located at each corner of the triangle, quality is located in the middle of the triangle. Basically this means project manager can't change one of the vertices without affecting the other two.

What methodologies are there in project management?

You can choose the framework you want to manage the project. There are many frameworks to use. Some of them are;

  • PRINCE2(Projects in Controlled Environments),
  • PMBoK(Project Management Body of Knowledge),
  • Agile.

There is also no need to stick to a single methodology. Different frameworks can be used for different areas of the project. 

What are the 5 stages of the project life cycle?

The five stages of the project life cycle are;

  1. Initiation,
  2. Planning,
  3. Execution,
  4. Monitoring and Control,
  5. Closing and Testing.

Who can be a Project Manager?

The qualifications that a person must have to be a project manager are:

  • Have leadership qualities
  • Being aware of your responsibility
  • To be meticulous
  • Have the ability to multitask
  • Being planned
  • Being disciplined
  • Being solution-oriented

What are the challenges of the Project Manager?

The disadvantage of being a project manager can be explained as follows:

  • In some private companies, it is difficult to balance work and life.
  • The probability of working in the public sector is low because the quota is low.
  • People who do not have the ability to multitask may find it difficult to do this job.
  • It is a profession with intense working hours.

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