What is project management?

Which conditions of the contract are met by both planning, execution, and delivery of the objectives. This can be done by creating
factors is decided the success of project? parties, that the project is delivered on time project, and may include project a risk matrix, which maps the risks based
Project management is the practice of and within budget, and that any disputes are managers, developers, testers, designers, on their likelihood and severity.
planning, organizing, and executing a project resolved in a timely and fair manner. and other specialists. They have a direct 3. Risk response planning: Based on the
from start to finish. It involves managing Contract managers are responsible for the influence on the project's outcomes and assessment, the project team should
resources, timelines, budgets, and negotiation and execution of contracts, as deliverables, and may be affected by develop a plan to address the identified
stakeholders to ensure that a project is well as ongoing contract administration and project risks or changes. risks. This can include strategies such as
completed successfully within the given monitoring of contract performance. 3. Project sponsors: These are the people or avoidance (eliminating the risk),
constraints. On the other hand, technical management is organizations that provide funding or mitigation (reducing the likelihood or
The success of a project is determined by the process of managing the technical aspects resources for the project, and have a impact of the risk), transfer (shifting the
various factors, including: of a project, including the design, strategic interest in the project's success. risk to another party), or acceptance
1. Clear goals and objectives: A project development, and implementation of They may provide guidance, direction, or (acknowledging and monitoring the risk).
must have clear and specific goals and technical solutions. Technical managers are oversight to the project, and may have 4. Risk monitoring and control: Throughout
objectives that are understood and agreed responsible for the planning and influence over project decisions or the project, risks should be monitored and
upon by all stakeholders. These goals coordination of technical activities, such as outcomes. reviewed regularly to ensure that the risk
must be achievable and measurable. software development, system integration, 4. Suppliers: These are the people or management plan is effective and the
2. Project planning: A well-planned project and testing, to ensure that the project meets organizations that provide goods or risks are being managed appropriately.
sets the foundation for success. Planning technical requirements and quality standards. services to the project, such as materials, This may involve updating the risk
includes defining the scope of the project, They also manage the technical resources, equipment, or software. They may have a register, assessing new risks as they arise,
creating a schedule, and identifying including the development team, hardware, financial interest in the project's success, and taking corrective action as necessary.
resources needed to complete the project. and software. and may be affected by project delays or Example: Let's say a software development
3. Resource allocation: Proper allocation of In summary, the main difference between changes. project team identifies the risk of the project
resources, such as people, time, and contract management and technical 5. Regulators: These are the people or being delayed due to unanticipated bugs or
money, is critical to the success of a management is their respective focus areas. organizations that have regulatory or defects. They assess this risk as having a high
project. Resources must be allocated Contract management focuses on the legal authority over the project, and may likelihood and a high impact on the project
based on the project's priorities and management of contractual agreements require compliance with specific schedule. To address this risk, the team
available resources. between parties, while technical standards or regulations. They may have might develop a risk response plan that
4. Communication: Effective management focuses on managing the a direct influence on the project's design, includes regular code reviews, testing, and
communication is vital to ensure that technical aspects of the project, including its development, or delivery, and may need quality assurance processes to catch and fix
everyone involved in the project is on the design, development, and implementation. to be consulted or informed of project any bugs or defects early in the development
same page. Communication must be Mention the five levels of work breakdown changes or risks. process. They might also allocate additional
timely, clear, and accurate. structure. Mention significance of critical What are the stages to become a team? resources to address any issues that arise.
5. Risk management: Risks must be path method? Explain Throughout the project, the team will
identified, assessed, and managed Five levels of work breakdown structure Building a team involves several stages, each monitor the development process and adjust
throughout the project to ensure that (WBS): of which is important for creating a cohesive, the risk response plan as necessary to keep
potential problems are identified and 1. Level 1 - Project: This is the top level of collaborative group of individuals who can the project on track.
mitigated. the WBS, representing the entire project work together effectively. The stages to What is risk evaluation? Explain the use
Mention the characteristics of software as a whole. become a team are as follows: of decision trees in risk evaluation.
project. What are the activities covered by 2. Level 2 - Major Deliverables: This level 1. Forming: This is the first stage, where Risk evaluation is a process of determining
SPM? represents the major deliverables of the team members get to know one another, the potential impact of identified risks on
Characteristics of Software Project: project, which are usually the end establish their roles and responsibilities, project objectives and the likelihood of those
1. Complexity: Software projects can be products or services that the project will and begin to build trust and rapport. At risks occurring. The goal of risk evaluation is
highly complex, with numerous produce. this stage, team members are often polite to prioritize risks based on their potential
components and interdependencies, 3. Level 3 - Project Phases: This level and cautious in their interactions with one impact and probability so that the project
making them challenging to manage. represents the different phases of the another. team can focus on managing the most critical
2. Uncertainty: Software projects are often project, such as design, development, 2. Storming: During this stage, team risks.
subject to uncertainty due to the rapidly testing, and implementation. members begin to express their opinions One tool that can be used for risk evaluation
changing nature of technology and the 4. Level 4 - Tasks: This level represents the and ideas more freely, which can is a decision tree. A decision tree is a
evolving needs of users. specific tasks that need to be completed sometimes lead to conflict and graphical representation of the possible
3. Teamwork: Software projects involve within each phase of the project. disagreements. At this stage, team outcomes of a decision or event and the
teams of people with diverse skill sets, 5. Level 5 - Sub-Tasks: This level members are trying to establish their likelihood of each outcome. In risk
which requires effective communication represents the sub-tasks that need to be position and influence within the team, management, decision trees can be used to
and collaboration. completed within each task. and may challenge one another's ideas evaluate the impact and probability of risks
4. Time constraints: Software projects often Significance of Critical Path Method (CPM): and approaches. and to make decisions about risk response
have strict deadlines, which can add The Critical Path Method is a project 3. Norming: Once the team has resolved its strategies.
pressure to the project team. management technique used to identify the initial conflicts and established its roles To create a decision tree for risk evaluation,
5. Quality focus: Software projects must critical path, which is the sequence of tasks and responsibilities, it can move into the the following steps can be followed:
deliver high-quality products that meet that must be completed on time in order to norming stage, where team members 1. Identify the decision or event: Start by
customer needs and are free of errors and meet the project deadline. The critical path is begin to develop a sense of camaraderie identifying the decision or event that you
defects. the longest sequence of tasks in the project, and shared purpose. At this stage, team want to analyze. For example, the
6. Scalability: Software projects should be and any delays in completing tasks on the members are more willing to collaborate decision could be whether to invest in a
designed to accommodate growth and critical path will delay the entire project. and support one another. new project or the event could be a
change, with the ability to adapt to new The significance of CPM is that it allows 4. Performing: This is the stage where the potential risk that could impact the
technologies and business requirements. project managers to identify the critical tasks team is functioning at its highest level, project.
Activities covered by SPM (Software Project and the project's overall duration. This with team members working together 2. Identify the possible outcomes: Next,
Management): information can be used to manage the seamlessly to achieve the project goals. identify all the possible outcomes of the
1. Project planning: Establishing project project's schedule and resources more At this stage, team members are able to decision or event. These outcomes should
goals, identifying project scope, effectively, and to identify areas where the leverage one another's strengths and work be mutually exclusive and collectively
determining project schedule, and project can be optimized to reduce overall together to overcome challenges and exhaustive. For example, if the decision
identifying resources needed. duration. CPM also helps project managers solve problems. is whether to invest in a new project, the
2. Project monitoring and control: Tracking to identify the tasks that are not on the critical 5. Adjourning: This final stage is the possible outcomes could be to invest and
project progress, analyzing metrics, path and have more flexibility in their winding down of the team, either at the make a profit, invest and lose money, or
managing risks, and adjusting the project scheduling. Finally, CPM provides a basis end of a project or when a team member not invest at all.
plan as needed. for analyzing and managing the impact of leaves the group. At this stage, team 3. Assign probabilities and values: Assign a
3. Requirements management: Gathering, changes to the project schedule or scope. members reflect on their probability and value to each outcome
defining, and managing requirements Who are stake holders? Explain with accomplishments and successes, and may based on the risk assessment. For
throughout the project lifecycle. example begin to transition to new roles or example, if the probability of making a
4. Quality management: Establishing Stakeholders are individuals or groups who projects. profit is high, the value assigned to that
quality standards and processes, have an interest or stake in a project or Explain in detail, how risks are handle in outcome may be high as well. If the
performing testing and quality assurance organization, and can be affected by the project. Give example probability of losing money is low, the
activities, and managing defects. outcomes or outputs of the project. Risk management is a critical part of project value assigned to that outcome may be
5. Change management: Managing changes Stakeholders can be both internal and management that involves identifying, low.
to the project scope, requirements, or external to the organization, and may have assessing, and managing risks that could 4. Analyze the decision tree: Once the
schedule, and communicating those different levels of influence and interest in impact the project's success. Here is a general decision tree is created, analyze the tree
changes to stakeholders. the project. process for handling risks in a project: to determine the best course of action.
Difference between contract management Examples of stakeholders in a project may 1. Risk identification: The first step is to This may involve calculating the
and technical management. include: identify potential risks that could impact expected value of each decision or
Contract management and technical 1. Customers: These are the people or the project. This can be done through identifying the most favorable outcomes.
management are two distinct areas of project organizations that will benefit from the brainstorming sessions, checklists, Using decision trees in risk evaluation can
management that have different focuses and project outputs or deliverables, such as historical data, or expert opinions. The help project teams make more informed
responsibilities. products, services, or results. They may identified risks should be documented in decisions by providing a visual
Contract management is the process of have a financial or strategic interest in the a risk register. representation of the potential outcomes of a
managing the agreements between two or project's success, and may provide 2. Risk assessment: Once the risks are decision or event.
more parties, including vendors, suppliers, feedback or input during the project. identified, the next step is to assess them
and contractors. The goal of contract 2. Project team members: These are the in terms of their probability of occurrence
management is to ensure that the terms and people who are directly involved in the and potential impact on the project