What Are The Five Major Project Fundamentals

What Are The Five Major Project Fundamentals

The core fundamentals of project management encompass several essential components that ensure the successful initiation, planning, execution, monitoring, and completion of projects. According to Kendall and Kendall (2014), the five major project fundamentals are:

1. Scope Management: Clearly defining and controlling what is included and excluded in the project to prevent scope creep and ensure stakeholder expectations are met.
2. Time Management: Establishing realistic timelines, scheduling activities efficiently, and monitoring progress to complete the project on time.
3. Cost Management: Budgeting appropriately, controlling costs throughout the project, and ensuring financial resources are allocated effectively.
4. Quality Management: Ensuring that project deliverables meet the required standards and stakeholder expectations, emphasizing continuous improvement.
5. Stakeholder Management: Identifying, understanding, and communicating with all stakeholders to garner support and reduce conflicts.

In my perspective, these fundamentals are interconnected; neglecting one aspect could jeopardize the project’s success. For example, poor scope management often leads to schedule delays and budget overruns, illustrating the importance of a balanced approach to all five fundamentals.

List The Five Criteria for Systems Project Selection

The selection of systems projects is critical for aligning IT initiatives with organizational goals. Kendall and Kendall (2014) identify five criteria for evaluating potential systems projects:

1. Alignment with Strategic Goals: Ensuring the project supports the organization’s long-term strategic objectives.
2. Feasibility: Assessing technical, operational, economic, and schedule feasibility to determine if the project can be successfully executed.
3. Expected Benefits: Evaluating the tangible and intangible benefits the project will deliver upon completion.
4. Cost: Comparing the projected costs against available resources and expected ROI.
5. Risk: Analyzing the potential risks involved and their possible impact on the organization.

In my experience, prioritizing these criteria ensures that resources are allocated efficiently to projects with the highest organizational impact while minimizing exposure to unforeseen risks.

What Does COTS Stand For?

COTS stands for “Commercial Off-The-Shelf” products. These are ready-made software or hardware solutions commercially available for purchase and use by organizations without modifications, significantly reducing development time and costs (Kendall & Kendall, 2014). For instance, enterprise resource planning (ERP) software like SAP or Oracle ERP are typical COTS products integrated into organizational processes.

Define Tangible Costs and Benefits. Give an Example of Each One

Tangible costs are direct, quantifiable expenses associated with a project, such as hardware, software, labor, and materials (Kendall & Kendall, 2014). For example, purchasing new servers for a data center constitutes a tangible cost. Conversely, tangible benefits are measurable outcomes or improvements resulting from the project, such as increased productivity or cost savings. An example of a tangible benefit is a reduction in operational costs due to automation of manual tasks, directly impacting the organization's financials.

From my perspective, understanding these tangible elements helps organizations make informed investment decisions, especially when conducting cost-benefit analyses.

When is Break-Even Analysis Useful?

Break-even analysis determines the point at which total costs equal total benefits, indicating no net loss or gain. This analysis is particularly useful during project evaluation to assess feasibility and profitability (Kendall & Kendall, 2014). For example, a company considering investing in a new product line would perform a break-even analysis to identify how many units need to be sold to cover all associated costs.

In my opinion, break-even analysis is a vital decision-making tool in financial planning, enabling organizations to set realistic sales targets and evaluate the risk associated with potential projects or investments.

List the Five Steps in Interview Preparation

Effective interview preparation enhances the quality of information gathered and ensures clarity during the process. Kendall and Kendall (2014) outline five steps:

1. Define Objectives: Clarify the information needed and the purpose of the interview.
2. Develop Questions: Prepare structured questions tailored to elicit relevant data.
3. Research the Interviewee: Understand the interviewee’s background, role, and potential insights.
4. Arrange Logistics: Schedule the interview at an appropriate time and place, ensuring all necessary resources are available.
5. Prepare Environment: Ensure a comfortable, interruption-free setting to facilitate open communication.

In my view, thorough preparation reduces the likelihood of unproductive interviews and fosters a more professional and engaging environment that encourages honest dialogue.

When are Open-Ended Questions Appropriate for Use in Interviewing?

Open-ended questions are appropriate when seeking detailed, qualitative responses that provide insights into a respondent’s thoughts, feelings, or experiences. These questions encourage elaboration and exploration of ideas, making them ideal in early interview stages or when uncovering underlying issues (Kendall & Kendall, 2014). For example, asking “Can you describe your experience with the current system?” invites expansive responses that reveal problems and opportunities.

In my opinion, open-ended questions are valuable for establishing rapport and gaining comprehensive perspectives, especially when exploring complex topics.

When are Closed Questions Appropriate for Use in Interviewing?

Closed questions are suitable for gathering specific, straightforward information, such as factual data or confirming understanding. They are efficient for obtaining yes/no answers or precise details, particularly in later interview stages or when validating facts (Kendall & Kendall, 2014). For instance, asking “Did you experience downtime last month?” provides a clear yes/no answer.

I believe that combining closed questions with open-ended questions creates a balanced interview approach, helping to confirm information while also capturing detailed insights.

Define What is Meant by Diamond-Shaped Structure. When is it Useful to Employ It in Interviews?

The diamond-shaped structure refers to a conversational flow in interviews where questioning starts broadly (open-ended), narrows down to specific details (closed-ended), and then broadens again for further elaboration or clarification. This approach optimizes information gathering by transitioning smoothly between different question types (Kendall & Kendall, 2014).

Employing this structure is particularly useful in complex interviews, such as requirement gathering or problem analysis, where understanding the full context is essential. It ensures that interviewees provide a comprehensive narrative while also addressing precise information needs.

From my perspective, using the diamond-shaped structure demonstrates active listening and flexibility, fostering a more natural and productive interview environment.

References

• Kendall, K. E., & Kendall, J. E. (2014). Systems analysis and design. Boston: Pearson.
• Checkland, P., & Scholes, J. (1990). Soft systems methodology in action. John Wiley & Sons.
• Pressman, R. S. (2014). Software engineering: A practitioner's approach. McGraw-Hill Education.
• Galliers, R. D., & Currie, W. L. (Eds.). (2013). Strategic information management: Theory and practice. Routledge.
• Leffingwell, D. (2011). Agile software development: Principles, patterns, and practices. Pearson Education.
• Schwalbe, K. (2015). Information technology project management. Cengage Learning.
• Schmidt, R., & Lyytinen, K. (2010). “A design theory for systems analysis and design,”. MIS Quarterly
• McLeod, R., & Schell, G. P. (2013). Management and organizational behavior. Pearson.
• Larsson, J., & Johansson, D. (2018). “Evaluating project selection methods: Approaches and criteria,”. International Journal of Project Management
• Ward, J., & Peppard, J. (2016). The strategic management of information systems. Wiley.