Problem Set #1

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School

Purdue University *

*We aren’t endorsed by this school

Course

GM594

Subject

Information Systems

Date

Dec 6, 2023

Type

docx

Pages

Uploaded by ChancellorHeron3694

Problem Set #1 #1 Back to basics to start this course: 1. A project is a clearly defined task or assignment with a specific start and end date to achieve a particular goal. It usually involves a sequence of planned activities, the distribution of resources, and the cooperation of individuals or teams. 2. Five Project Process Areas:  Initiation : This is the stage where the project members decide to work together for a specific goal. It involves clearly defining the project's purpose and scope and determining its feasibility.  Planning : Detailed project planning involves setting objectives, creating a schedule, budgeting, and assigning tasks and responsibilities.  Execution : This is where the project plan is executed. Resources are utilized, and tasks are completed as planned.  Monitoring and Controlling : Project progress is closely monitored to ensure it stays on track, with changes made as needed.  Closing : Upon completion of the project and achievement of its goals, this phase involves an official review and closure of the project. 3. Ten Project Knowledge Areas:  Integration Management: To achieve success in a project, it is critical to coordinate all aspects of it.  Scope Management: Focuses on defining and controlling what is included and what is not in the project.

 Time Management: This process focuses on scheduling and managing project timelines.  Cost Management: This process deals with budgeting and controlling project expenses.  Quality Management: This process helps to ensure the project meets quality standards and goals.  Human Resource Management: It addresses staffing, team dynamics, and development.  Communications Management: This process focuses on effective project communication to keep everyone informed.  Risk Management: This process identifies, analyzes, and deals with project risks.  Procurement Management: This process involves acquiring external goods and services.  Stakeholder Management: This process addresses identifying and working with project stakeholders. 4. In project management, project risk refers to the possibility of adverse events, conditions, or situations that could impact a project. The key processes involved in managing project risks include identifying threats, assessing their potential impact, taking steps to mitigate them, and continuously monitoring and responding to any changes. 5. Quality in a project refers to delivering work that meets predefined standards and satisfies customer expectations. It involves practices and measures that ensure the project outcomes' accuracy, reliability, and compliance. 6. Project risks are not static but dynamic, continuously evolving and changing throughout the project. As the project progresses, new risks may arise, while existing risks may become significant. Several factors, such as market shifts, technological advancements, or changes in stakeholder dynamics, can significantly affect the development of risks.

7. Risk is not always associated with adverse events. Sometimes, it can also be linked to positive outcomes, also known as opportunity risks. These types of risks arise when there is a possibility of achieving a more advantageous result than initially anticipated. For instance, although investing in new technology may be costly, it can increase efficiency and profits. Proper management of these risks can lead to the realization of such positive events. #2 What is Agile? Agile project management, such as Scrum, uses an iterative process to manage risk. Agile teams regularly assess and adapt to potential risks, allowing for timely identification and mitigation. In Agile, transparency is emphasized, enabling team members to open end discussions. Collaboration is also encouraged, making risk management a collective effort rather than relying solely on designated risk managers. The Agile mindset prioritizes continuous improvement and delivering customer value, contributing to proactive risk management. Risk handling in Agile is more flexible and responsive, addressing risks in smaller, incremental steps rather than relying on extensive upfront planning. Activities as Projects or Routine Business Activities: Reading a chapter before attending a university lecture:  As a Project: When preparing for an exam, reading a chapter before a lecture can be seen as a short-term, focused project.  As a Routine: Reading assigned material is a routine academic activity for intellectual growth without a distinct, time-bound objective. Taking a bus to work each day:

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