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30 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Importance of Project life cycle |
-demonstrates logic that governs a project -helps develop plans for carrying out a project -decides how to devote resources to a project -serves as a function of project timing and project requirements that allow team members to better focus on what and when resources are needed -also helps in visualising the activity is and challenges within a project |
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Project life cycle stage 1 |
Conceptualisation -development of the initial goal and technical specs of a project -scope of work is determined, necessary resources identified, and important organisational contributors or stakeholders are signed on |
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Project life cycle stage 2 |
Planning- this is the stage where all detailed specifications, schematic schedules and other plans are developed -individual pieces of the project, often called work packages are broken down and individual assignments are made with the completion date clearly identified. |
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Project life cycle stage 3 |
Execution -stage where the actual work is performed, the system is developed or the product is created and fabricated -bulk of the project team labour is performed -high project cost area |
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Project life cycle stage 4 |
Termination -when the completed project is transferred to the customer -project resources are reassigned and the project is formally closed out |
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S-Curve analysis |
-Is a basis for evaluating project control techniques --the classic s-curve project represents the typical form of such a relationship - the s-curve figure represents the project budget baseline against which actual budget expenditures are evaluated -once a project baseline has been established it is important to evaluate it against the original budget projections. |
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Advantages of s-curve analysis |
Simplicity -because the project baseline is established in advance so the only additional data shown are the actual project baseline expenditures
-project information can be visualised immediately and adapted continuously, so s-curves offer an easy to read evaluation of the projects status in a timely manner.
-the s-curve is a good visual method for linking project costs(both budgeted and actual) over the projects schedule. |
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Disadvantages of s-curve analysis |
S-curves can identify positive or negative variance, however they don't allow us to make reasonable interpretations as to the cause of variance
Evaluating a projects status according to its performance on time versus budget expenditures may easily lead us into making inappropriate assumptions about project performance |
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Milestone analysis |
An event or a stage in a project that represents a significant accomplishment on the road to the projects completion |
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Advantages of milestone analysis |
- milestones signal the completion of important project steps -milestones can motivate the project team in long term projects - milestones can be reevaluation points for clients where they can confirm they are clear on the projects status - milestones help coordinate schedules with vendors and suppliers so there isn't s delay in project activities etc - milestones identify key project review gates such as approximate completion of event points etc -milestones signal other team members when their participation is expected to begin |
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Disadvantages of milestone analysis |
They are a reactive control system, which means that you must first engage in project activities and then evaluate them relative to your goal. E.g. It doesn't constantly track your project, doing you fall behind you won't know until you reach the milestone next. |
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Risk management |
Risk management consists of anticipating at the beginning of a project, unexpected situations that may arise out of the project managers control
Risk- any possible event that can negatively affect the viability of a project. |
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Stage one of risk management |
Risk identification -process of determining the specific risk factors that can reasonably be expected to affect your project -financial, technical, commercial, execution and contractual/legal risk -other types of risk in regards to staff such as absenteeism etc |
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Second stage of risk management |
Analysis of probability and consequences -the potential impact of test risk factors, determined by how likely they are to occur and the effect they would have on the project if they did occur -use tools such as risk impact matrix, quantitive table method, project risk score calculation |
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Stage 3 of risk management |
Risk mitigation strategies - steps taken to minimise the potential impact of those risk factors deemed sufficiently threatening to the project -accept risk -minimise risk -share risk -transfer risk |
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Mitigation strategies in risk management |
Use of contingency reserves - financial and managerial forms are among the most common methods to mitigate project risks -they're defined as the specific provision for unforeseen elements of cost within the defined project scope -task contingency -managerial contingency -mentoring -cross training |
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Stage four of risk management |
Control and documentation |
-creating a knowledge base for future projects based on lessons learnt -these control and document methods help managers classify and codify the stupid risks the firm faces, as well as responses and outcomes |
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Cost estimation |
Contains four estimation techniques that allow you to more clearly define the projects various costs in the beginning leading a less of a chance of it making estimating errors - also the more accurate your initial cost estimations, the more likely it is is you'll prepare an accurate reflection of reality for a project and the greeter your chance of completing the project within its estimates. |
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Ballpark estimate |
-Used when time or information is scarce -preliminary estimates for a job - 30% |
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Comparative estimates |
-Used as a frame of reference for current estimates on similar projects -parametric estimation, by using previous estimates of similar jobs and inserting a multiplier to account for costs - 15% |
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Feasibility estimates |
-based on a guideline of real numbers after the completion of preliminary project design - 10% |
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Definitive estimates |
-Given only on the completion of all design work -all major purchase orders have been processed - 5% only for unforeseen circumstances |
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Scope management |
The function of controlling a project in terms of its goals and objectives through the process of conceptual development, full definition, execution and termination
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Goal of scope managemebt |
Maximum efficiency through the formulation and execution of plans or systems that leave as little as possible to chance |
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Scope management 1-conceptual development |
The process that addresses project objectives by finding the best way to meet them -problem/need statement -info gathering -constraints -alternative analysis -project objectives |
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Scope management 2- the scope statement |
Reflects a project teams best efforts at creating the documentation and approval of all important project parameters prior to development -establishes project goal criteria -developing the management plan for the project -establishing the work breakdown structure -creating a scope baseline |
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Scope management 3- work authorisation |
Where the formal 'go ahead' is given to commence work |
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Scope management 4-scope reporting |
Determines the type of information that will be regularly reported, who will recover copies of this information and how this information will be acquired and disseminated |
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Scope management 5- control systems |
-Vital to ensure that any changes to the project baseline are conducted in a systematic and throughout manner
- configuration control, design control, trend monitoring, acquisition control, specification control |
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Scope management 6- project closeout |
Where project managers consider the type of reports they and their clients require at the completion of the project. |
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