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