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Gavin Walton
- July 22, 2024
Hey there, future project managers! Ready to dive into the world of project management? you have come to the right place then. The one-stop shop for planning, executing, and closing projects like a mastermind is the Business 311: Project Management course on Study.com. If you are planning for a new product launch and need to manage a team or there has been conflict in your current job and operations need to be improved, then this course is for you.
Alright, it is time to describe what this course can offer you. It is like an encyclopedia to the project management world; touching on everything about project management including how to start a project, and how to manage cost, quality, and risks among others. That is why, by the end of this course, you will not only learn the theory of project management but also learn how it can be used in practical working situations. Well, sit back, relax, put your seatbelts on, and let me take you on this amazing ride
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Introduction About the Business 311 Class 📖
Okay, here is what you can look forward to from Study.com’s Business 311: Project Management course. In detail, this course is an organized process aimed at providing you with a tour of project management from initiation to closure. Here’s a sneak peek into the major topics covered:
Project Management Fundamentals: You will begin by learning what a project is; the core competencies required in the management of projects; and the generic phases of a project. This is important as all the other content will build from this and it will act as your starting point in your learning process.
Initiating a Project: The process of execution of any project includes the following critical activities highlighted in this section. It will explain how to create a business justification, how to conduct a preliminary assessment, and how to create a project initialization document known as the charter. I want to stress, the components of the initial steps are probed in the final examination, so make sure you understand them clearly.
Planning a Project: This is where you get to develop project scope statements, resource management plans among others, and work breakdown structures. It especially introduces you to planning of the project’s dependency and contingency, which are very important for managing your project.
Executing a Project: This can be stated as the place where theory and practice go hand in hand. Some significant processes that you would immensely study include time management, cost management as well as quality management. You will learn practical cases to clarify how it is possible to set up such concepts in practice.
Monitoring and Controlling a Project: You will find out how project control tools work, how the cost of a project is estimated, and how risks are managed. Earned value management, which goes to the performance of the project is also discussed in this section.
Closing a Project: Last, you will be taught about various ways, that are used for the project’s closing, documentation, and the process of post-project assessment. This helps to remove all loose ends and gives good points for the following projects.
You are expected to be tested on these topics regularly. The quizzes are basically set to check your understanding and recall; therefore, do not take them lightly. One key attribute is that each of the lessons leads from the previous one; therefore, ensure you are consistent with the set studying plan so that you do not feel overwhelmed regularly.
Week-by-Week Study Guide to Ace Business 311 Exam📝
Having a structured study plan can make all the difference in mastering the content and acing the final proctored exam. Here’s a week-by-week guide to help you stay on track and make the most of your study time.
Week 1: Introduction and Fundamentals
Tasks:
- Watch all lessons in Chapter 1: Project Management Fundamentals.
- Take notes on key concepts like the five stages of project management and essential PM skills.
- Complete the quizzes for Chapter 1 to test your understanding.
External Resources:
Week 2: Initiating a Project
Tasks:
- Study Chapter 2: Initiating a Project.
- Focus on developing business cases and feasibility studies.
- Take the quizzes for this chapter.
External Resources:
- How to Write a Business Case (YouTube)
- Project Feasibility Study Guide (Quizlet)
Week 3: Planning a Project
Tasks:
- Dive into Chapter 3: Planning a Project.
- Pay special attention to creating scope statements and resource management plans.
- Complete quizzes for Chapter 3.
External Resources:
- Work Breakdown Structure (WBS) Tutorial (YouTube)
- Resource Management Techniques (Quizlet)
Week 4: Project Cost Planning & Budget
Tasks:
- Study Chapter 4: Project Cost Planning & Budget.
- Understand cost estimation and cost control processes.
- Take the quizzes for this chapter.
External Resources:
- Cost Estimation Methods (YouTube)
- Cost Management Flashcards (Quizlet)
Week 5: Tools for Project Planning & Management
Tasks:
- Learn about various project management tools in Chapter 5.
- Focus on networking diagrams and critical success factors.
- Complete the quizzes for this chapter.
External Resources:
- Critical Path Method (CPM) Explained (YouTube)
- Project Management Tools (Quizlet)
Week 6: Project Proposals and Contracts
Tasks:
- Study Chapters 6 and 7: Creating Contracts with Vendors.
- Learn about proposal writing and supplier contracts.
- Complete quizzes for these chapters.
External Resources:
- Writing Project Proposals (YouTube)
- Supplier Contract Essentials (Quizlet)
Week 7: Executing and Monitoring Projects
Tasks:
- Cover Chapters 8 and 9: Executing and Monitoring Projects.
- Focus on time management, quality management, and earned value management.
- Complete the quizzes for these chapters.
External Resources:
- Earned Value Management (EVM) Tutorial (YouTube)
- Monitoring Project Progress (Quizlet)
Week 8: Closing a Project and Team Management
Tasks:
- Study Chapters 10 and 11: Closing a Project and The Project Team.
- Learn about project closure procedures and team dynamics.
- Complete quizzes for these chapters.
External Resources:
- Project Closure Process (YouTube)
- Team Development Stages (Quizlet)
Week 9: Project Management Organizations & Certification
Tasks:
- Finish with Chapter 12: Project Management Organizations & Certification.
- Understand the role of PMI and other organizations.
- Complete the final quizzes.
External Resources:
- PMI Certification Overview (YouTube)
- Project Management Certifications (Quizlet)
Week 10: Review and Practice
Tasks:
- Review all chapters and your notes.
- Take practice tests available on Study.com.
- Identify weak areas and revisit those lessons.
External Resources:
- Project Management Practice Tests (Quizlet)
This plan should keep you on track and ensure that you cover all the essential topics thoroughly. Now, let’s move on to the next section: External Resources to Study. Ready?
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Free External Resources to Study📂
While Study.com contains lessons and quizzes Very often, especially when studying for exams or when the material covered is particularly challenging, further reading helps reinforce information from the course and sometimes presents the information from a different angle. Here are some free resources available on the internet that can help you master the content for the Business 311: Project Management course:
YouTube Channels and Videos
Project Management Basics
- Project Management Simplified by LinkedIn Learning: This video breaks down project management into easy-to-understand concepts.
- Gantt Charts Explained by Edspira: A clear explanation of Gantt charts and their uses in project management.
Developing Business Cases and Feasibility Studies
- How to Write a Business Case by Project Management Videos: Detailed steps on crafting a compelling business case.
- Conducting a Feasibility Study by SME Strategy: Learn the key elements of a feasibility study.
Cost Management and Budgeting
- Cost Estimation Techniques by Project Management Videos: Techniques for accurate cost estimation.
- Understanding Earned Value Management (EVM) by APM: A comprehensive guide to EVM.
Closing Projects and Evaluations
- Project Closure Process by EasyProject: Steps to effectively close a project.
Quizlet Flashcards and Study Sets
Project Management Fundamentals
- Project Management Basics Flashcards: A set of flashcards covering fundamental concepts.
Resource Management and WBS
- Resource Management Techniques Flashcards: Key concepts and techniques for managing resources.
Cost Management
- Cost Management Flashcards: Important terms and definitions related to cost management.
Monitoring and Controlling
- Monitoring Project Progress Flashcards: Tools and techniques for monitoring project progress.
Online Articles and Guides
Project Management Institute (PMI) Resources
- PMI Certification Overview: Detailed information about PMI certifications.
Project Management Blogs
- PMI’s Project Management Blog: Insights and updates on the latest trends in project management.
These resources should provide additional clarity and understanding of complex topics, helping you to be well-prepared for the final exam. Now, let’s focus on the key topics you need to concentrate on. Ready to dive into the next section?
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Key Topics to Focus On 🔑
Here, you will find some tips that will help you pass the final exam for Study and get the highest grade. essential in Business 311: Project Management, there are a couple of areas that need to be highlighted. Here are four important topics of science in read and simple English complete with some comparisons treated in such an easy manner that you are sure to have them at your fingertips along with examples excerpted from everyday life.
- Project Management Stages
Table: Five Stages of Project Management
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Stage
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Description
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Key Activities
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|---|---|---|
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Initiation
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Defining the project at a broad level.
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Develop business case, project charter
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Planning
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Detailed planning to guide execution and control.
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Scope statement, work breakdown structure, schedule, budget
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Execution
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Performing the work defined in the project plan to achieve the project’s objectives.
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Direct and manage project work, quality assurance
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Monitoring & Controlling
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Tracking, reviewing, and regulating the progress and performance of the project.
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Performance reports, change control
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Closing
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Finalizing all project activities to formally close the project.
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Project closure, post-project evaluation
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Example: Building a House
- Initiation: Deciding to build a house, securing funding.
- Planning: Creating blueprints, setting a budget, and timelines.
- Execution: Constructing the house.
- Monitoring & Controlling: Regular site visits to ensure everything is on track.
- Closing: Final inspection and moving in.
- Cost Management Techniques
Compare and Contrast: Fixed-Price vs. Cost-Reimbursement Contracts
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Feature
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Fixed-Price Contract
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Cost-Reimbursement Contract
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|---|---|---|
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Risk
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The vendor bears the risk
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Buyer bears the risk
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Budget Control
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Easier to manage and predict
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Can be more challenging to manage and predict
|
|
Flexibility
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Less flexible; changes often mean renegotiation
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More flexible; allows for changes and adjustments
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|
Use Case
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Ideal for well-defined projects with clear scope
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Ideal for projects with uncertain or evolving requirements
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Example:
- Fixed-Price: Contracting a web developer for a $10,000 website build.
- Cost-Reimbursement: Hiring a consultant for ongoing research where costs can vary.
- Risk Management Strategies
Real-World Examples:
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Strategy
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Description
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Example
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|---|---|---|
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Avoidance
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Altering the project plan to eliminate the risk or its impact.
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Choosing not to include a risky feature in a product design.
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Mitigation
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Taking steps to reduce the likelihood or impact of the risk.
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Using high-quality materials to reduce the risk of defects.
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Transfer
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Shifting the impact of a risk to a third party.
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Purchasing insurance for potential project delays.
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Acceptance
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Acknowledging the risk and not taking any action unless it occurs.
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Accepting the risk of minor delays in a software rollout.
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- Earned Value Management (EVM)
Table: Key EVM Metrics
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Metric
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Description
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Formula
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|---|---|---|
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Planned Value (PV)
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The estimated value of the work planned to be done.
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PV = Planned % Complete x Budgeted Cost
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Actual Cost (AC)
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The actual cost incurred for the work completed.
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AC = Actual Spending
|
|
Earned Value (EV)
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The estimated value of the work actually completed.
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EV = % Complete x Budgeted Cost
|
|
Schedule Performance Index (SPI)
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Measures schedule efficiency.
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SPI = EV / PV
|
|
Cost Performance Index (CPI)
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Measures cost efficiency.
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CPI = EV / AC
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Example:
- Project Budget: $100,000
- Planned Completion: 50%
- Actual Completion: 40%
- Actual Cost: $45,000
Calculations:
- PV: $50,000 (50% of $100,000)
- EV: $40,000 (40% of $100,000)
- SPI: 0.8 (40,000 / 50,000) – Behind Schedule
- CPI: 0.89 (40,000 / 45,000) – Over Budget
These key topics form the backbone of your understanding of project management and will be heavily tested in the final exam. Focus on these, practice with real-world examples, and you’ll be well on your way to success.
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FAQ❓
Q: What is the best approach one can take regarding the final proctored exam?
- A: The only thing you can do is follow the week-by-week study plan we offered to you, make sure you comprehend the discussed notions, and take all the quizzes. Watch a video on YouTube or make use of flashcards in Quizlet to refresh what you have learned that is difficult or you did not catch well. Do not forget that on Studying you can take various kinds of practice tests.
Q: How significant are the quizzes in this course?
- A: The quizzes are very important as they form one of the major activities to qualify for the course as they carry 100 out of about 300 marks. They assist in the reinforcement of what you have learned throughout the respective lessons and as a way of preparing for your final examination. Oh, and you can take each quiz three different times and the highest score that you can achieve will be recorded.
Q: What would you consider as the best course of action in the final project assignment?
- A: The last one aims at evaluating the degree of mastery of the course concepts as well as the capacity for analysis and critical thinking. Ensure that you’ve understood how a business case is built, how a feasibility study is conducted, and how project costs and risks are managed. Employ the criticisms of your instructor and employ necessary changes if there is a need to do so.
Q: Are there any tools I can use to help me manage my study schedule?
- A: Of course, with the help of such applications as Google Calendar or Trello, it is possible to manage the schedule of a student which is devoted to studying and meeting all the deadlines. Schedule when to start a week and when quizzes and assignments are due. Organization is a major factor in maintaining study pace with the performance of the classes.
Q: Regarding the proctored exam, what study aids am I allowed to use?
- A: You are not permitted to access any study aid of any form during the proctored exam such as books, notes, calculators, or any electronic gadgets. Therefore, when preparing for the exam one should ensure to go through all the materials in an effort to be well prepared.
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Conclusion📄
Well done for getting through this lengthy note on how to pass the Study.com Business 311: Project Management proctored exam. In analyzing this course, it is therefore important to ensure students gain all the skills and knowledge they need in project management. But all in all, you have managed to understand the basics and learn how to plan your projects, how to allocate and administer costs, and finally, how to implement your plans.
You should also remember that the key to success is regular study and consistent practice. I suggest sticking to the plan and following its weekly schedule, using all the resources given, and relying on the topics we’ve discussed. Never hesitate to go back to practices or concepts that were difficult and apply tools and strategies in managing the classroom.
If you are committed and learn how best to prepare, you will be in a perfect position to secure your final exam and advance your project management career. Good luck, and have fun learning once more. I hope my answer has been helpful, let me know if you have any other questions or concerns. You’ve got this!
