FLORES, RIZZENETTE Y.

MA-432
PROJMGMT

MID Reflection on the ACTIVITIES SECTION

The activities section includes the work breakdown structure as well as the risk register. Both are

essential for figuring out how much time and resources should be allocated to each of the three

aspects of business management. Project managers use work breakdown structures to break

down complex tasks into their component parts.

INITIAL PROJECT ESTIMATE

- Decisions regarding which projects to fund are made with relatively limited information

about such. Choosing or selecting a project to fund is based on estimates of the overall

cost and schedule. Once the project is chosen, confirm the financial, time, and resource

commitments needed to complete it.

- Rough Order of Magnitude measures a project's effort and cost. It's done during a

project's decision and approval phases.

STARTING A PLAN WITH A PROJECT SCHEDULE

- The schedule can serve as a jumping off point for creating the full project plan. The

schedule helps put the entire project plan into context, making its parts more

understandable.

GETTING WORK STARTED WITH THE INITIATION PROCESS GROUP

- A project team's first step in the process is to establish the scope of the project. The

beginning of this scope is the project charter. Sometimes it's clear, while other times it's

only an idea that needs to be fleshed out.

FLORES, RIZZENETTE Y.
MA-432
PROJMGMT

PROJECT CHARTER AND ITS IMPORTANCE

- The purpose of a project charter is to give official approval for everything that will be

done during the project. Some of the elements of a project charter are scope, timing

parameters, team, cost parameters, constraints, sponsor, business case, and comments or

notes.

ANALYSIS OF STAKEHOLDERS

- There are two practical outcomes of conducting an analysis of the stakeholders. The first

deliverable is the "stakeholder register," which ranks each stakeholder and provides

background information relevant to the project team. The second and most useful grid is

the "power or interest" grid.

WHY PLAN?

- A company that plans or follow a specific process are more likely to mature or succeed

than their competitors whose operations are managed on an ad hoc basis. Planning helps

the project team to critically think what needs to be done for the project to become

successful.

- Planning relies heavily on estimates since they help determine how much time and

resources will be required to complete a given task, as well as how those tasks should be

completed to achieve the desired results.