Week 11: Product Management
1) Explain the triple constraint and its importance in project management.
The triple constraint involves making trade-offs between scope, time and cost for a project. It is inevitable in a project life cycle that there will be changes to the scope, time or cost of the project.
2) Describe two primary diagrams most frequently used in project planning.
GANTT Charts - a simple bar chart that depicts project tasks against a calendar
PERT Chart - a graphical network model that depicts a project’s tasks and the relationships between those tasks
3) Identify three primary areas a project manager must focus on managing to ensure success.
- Managing People
- Managing Communications
- Managing Change
4) Outline the two reasons why projects fail and two reasons why they succeed.
Why they fail:
- Unrealistic expectations; whilst aiming high is a good thing, businesses who aim too high without the correct resources (money, staff, time) will have their projects fail.
- Politics; internal factor where not everyone agrees successfully get along
Why they succeed:
- Team Members are working towards a common goal
- Good communication
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