Mis 448 Test 2 Ch 4

Front 1

What are the Project Integration Management Processes

Back 1

Develop the project charter:
Develop the preliminary project scope statement:
Develop the project management plan:
Direct and manage project execution
Monitor and control the project work:
Perform integrated change control:
Close the project:

Front 2

What is Strategic planning

Back 2

this involves determining long-term objectives, predicting future trends, and projecting the need for new products and services.

Front 3

What is a SWOT analysis

Back 3

Strengths, Weaknesses, Opportunities, and Threats

Front 4

As part of strategic planning, organizations should

Back 4

Identify potential projects.

Use realistic methods to select which projects to work on.

Formalize project initiation by issuing a project charter.

Front 5

What is mind mapping

Back 5

a technique that uses branches radiating out from a core idea to structure thoughts and ideas.

Note some people use mind mapping to preform a SWOT analysis.

Front 6

What are the 4 planning stages in an IT road map?

Back 6

1. IT strategy planning - Tie information technology strategy to mission and vision of organization, identify key business areas.

2. Business Area Analysis - Document key business processes that could benefit from information technology.

3. Project Planning - Define potential projects. Define project scope, benefits and constraints.

4. Resource Allocation - select information technology projects. Assign resources.

Front 7

What are the Three important criteria for projects:

Back 7

There is a need for the project
There are funds available
There’s a strong will to make the project succeed

Front 8

What are the Three primary methods for determining the projected financial value of projects

Back 8

Net present value (NPV) analysis
Return on investment (ROI)
Payback analysis

Front 9

When does a project manager need to know about NPV

Back 9

Projects with a positive NPV should be considered if financial value is a key criterion.
The higher the NPV, the better.

Front 10

What does a PM need to know about ROI

Back 10

The higher the ROI, the better.
Many organizations have a required rate of return or minimum acceptable rate of return on investment for projects.
Internal rate of return (IRR) can by calculated by setting the NPV to zero.

Front 11

What does a PM need to know about payback period

Back 11

Payback occurs when the cumulative benefits and costs are greater than zero. (simple & discounted)
Many organizations want IT projects to have a fairly short payback period.

Front 12

What is A weighted scoring model

Back 12

it is a tool that provides a systematic process for selecting projects based on many criteria.

Front 13

What are the Steps in identifying a weighted scoring model:

Back 13

Identify criteria important to the project selection process.
Assign weights (percentages) to each criterion so they add up to 100 percent.

The higher the weighted score, the better.

Assign scores to each criterion for each project.
Multiply the scores by the weights to get the total weighted scores.

Front 14

What are 5 techniques used in selecting among possible projects

Back 14

1. focusing on broad organizational needs
2. Categorizing IT projects
3. Preforming a PV or other financial analysis.
4. Using a weighted scoring model
5. implementing a balanced score card

Front 15

What is the formula for ROI

Back 15

ROI = [(Payback or benefits - Investment)/Investment)]*100

Front 16

What is the formula for NPV

Back 16

NPV = Rt / (1 + i) to the t

Do this for every year and then add them together.

t - the time of the cash flow
i - the discount rate (the rate of return that could be earned on an investment in the financial markets with similar risk.)
Rt - the net cash flow (the amount of cash, inflow minus outflow) at time t (for educational purposes, R0 is commonly placed to the left of the sum to emphasize its role as (minus the) investment.

Front 17

What is a balanced scorecard.

Back 17

it is a methodology that converts an organizations value drivers, such as customer service, innovation, operational efficiency, and financial performance to a series of defined metrics.

Front 18

What is A project charter

Back 18

it is a document that formally recognizes the existence of a project and provides direction on the project’s objectives and management.

Front 19

What should Key project stakeholders do with a project charter

Back 19

Key project stakeholders should sign a project charter to acknowledge agreement on the need and intent of the project; a signed charter is a key output of project integration management.