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15 Cards in this Set
- Front
- Back
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Define a Project Charter. |
Authorizes the existence of a project and provides authority to the Project Manager. In order to create a project charter you need a project selection. |
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What are the 2 common approaches to Project Selection? |
- Benefit Measurement Methods - Constrained Optimization Methods |
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Give 4 examples of Benefit Measurement Methods. |
- Murder Board - Peer Review - Scoring Models - Economic Models |
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Give 4 examples of Constrained Optimization Methods. |
- Linear Programming - Integer Programming - Dynamic Programming - Multi-Objective Programming |
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Define benefit-cost ratio |
The ratio compares the benefits to the costs of the project. (Benefits can be considered as revenue) >1 Benefits >Costs =1 Benefits = Costs <1 Benefits < Costs If benefit-cost ratio is <1, project should do be executed. |
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Define Economic Value Added (EVA). |
EVA is the amount of added value the project produces for the company’s shareholders above the cost of project. |
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Define Opportunity Costs. |
Opportunity given up by picking one project over another. |
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Define Sunker Costs. |
Sunk costs are costs that have been used up. This is not considered when deciding whether to continue a troubled project. |
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Define Law of Diminishing. |
After a certain point, adding more input will not produce proportional increase in productivity. |
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Define Working Capital. |
Amount of money available to invest for a company. Working Capital = Current Assets - Current Liabilities |
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Define Depreciation. |
Large assets purchased by a company that lose value over time. - Straight line - Same amount of depreciation is taken each year. - Accelerated - Depreciation is higher during the first years or periods in accelerated depreciation. |
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Define Statement of Work (SOW). |
Created by the client to describe their needs, product scope, and how the project fits into their strategic plan. |
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Define Scope Baseline. |
Includes project scope statement, WBS, and WBS dictionary. |
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Define Schedule Baseline. |
An agreed upon schedule. |
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Define Cost Baseline. |
Time- phased cost budget. |
