Project Management

Assessment Task #1

1. What is the importance of Project Management?

- Good project management ensures that the goals of projects closely align
with the strategic goals of the business. In identifying a solid business case,
and being methodical about calculating ROI, project management is important
because it can help ensure the right thing is delivered, that’s going to deliver
real value.

2. What are quality standards

- Quality standards are defined as documents that provide requirements,
specifications, guidelines, or characteristics that can be used consistently to
ensure that materials, products, processes, and services are fit for their
purpose.

3. What is the difference between External Versus Internal Benchmarking?

- Benchmarking can be internal or external. When benchmarking internally,
organizations benchmark against their own projects. When benchmarking
externally, organizations seek projects from other companies or perhaps, in
the case of DOE, from separate program offices for comparative analysis.
External benchmarks are generally considered to provide the greater
advantage; however, internal benchmarking can be useful where no external
benchmarks are available. Internal benchmarks are often the starting point for
quantitative process examination.

4. What is a Key Performance Indicator (KPI)?

- A key performance indicator (KPI) is a value used to monitor and measure
effectiveness. Although some, like net profit margin, are nearly universal in
business, most industries have their own key performance indicators as well.
KPIs are intrinsically linked to a firm's strategic goals, Managers use the
indicators to assess whether they're on target as they work toward those
goals. KPIs are intrinsically linked to a firm's strategic goals, Managers use
the indicators to assess whether they're on target as they work toward those
goals.