Project Management

Front 1

What are the big 3

Back 1

Scope cost schedule

Front 2

What does it mean to choose 2?

Back 2

Two come at the cost of the third. Realistically you can get 2 of the 3

Front 3

3 main reasons project management has taken off

Back 3

Global competitive markets

Exponential expansion of knowledge

Demand for specific tailored products

Front 4

Definition of a project

Back 4

A temporary endeavor undertaken to create a unique product service or result.

(Temporary, brings value, unique)

Front 5

Difference between a portfolio, program and project

Back 5

Portfolio - projects, programs, and operations managed as a group to achieve strategic objectives

Program - a group of projects or activities managed in a coordinated way to obtain benefits not available from managing then individually

Project - a temporary endeavor undertaken to create a unique product service or result.

Front 6

What is the definition of project management

Back 6

The application of knowledge, skills, tools and techniques to project activities to meet the project requirements.

Front 7

10 knowledge management areas - PMBOK

Back 7

Project Integration Management.

Project Scope Management.

Project Time Management.

Project Cost Management.

Project Quality Management.

Project Human Resource Management.

Project Communications Management.

Project Risk Management.

Project Procurement Management.

Project Shareholder Management.

Front 8

Different types of dependencies

Back 8

Discretionary, external, and mandatory.

Mandatory Dependencies: Contractually required or inherent in nature of the work.

Often involve physical limitations or constraints.

Discretionary Dependencies: Used where a specific sequence is desired even though there are other acceptable sequences.

Based on knowledge of best practices.

External Dependencies: Involve relationships between project activities and non-project activities.

Outside project team’s control. Waiting on a hardware delivery. Government or public environmental hearing.

Front 9

7-8 different ways to collect and manage requirements (know at least 3)

Back 9

Interviews

Focus Groups

Facilitated Workshops

Front 10

When is the greatest opportunity to influence cost

Back 10

The very beginning

Front 11

How many control accounts should a work package have

Back 11

1

Control account can have multiple work packages

Work Package: the work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated and managed.

Control Account: A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.

Front 12

When should a manager address conflict

Back 12

Program manager should address conflict immediately and asap. Does not get better with time.

Front 13

When did program management start to develop

Back 13

World War 2

Front 14

What is a Network diagram

Back 14

A graphical representation of the logical relationships among the project schedule activities. (AON, Gantt)

Front 15

Know what a Scope document is

Back 15

Project Scope Statement: the description of the project scope, major deliverables, assumptions and constraints

Scope Baseline: the approved version of a scope statement, WBS, and its associated WBS Dictionary, that can be changed only through formal change control procedures and is used as a basis for comparison.

Front 16

What is a Critical path

Back 16

The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.

Front 17

Difference between slope and slack

Back 17

None.

Total Slack - the amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint.

Free slack - the amount of time that a schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint.

Front 18

Purpose of a charter

Back 18

A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

Front 19

3 point method

Back 19

Pessimistic + 4* realistic + optimistic /6

Front 20

Payback Period

Back 20

Intial fixed investment/estimated annual net cash inflows

Front 21

Net Present Value

Back 21

NPV = Initial cash investment + net cash flow/(1+required rate of return)^year

Front 22

Net Present Value with inflation

Back 22

NPV = Initial cash investment + net cash flow/(1+required rate of return+inflation rate)^year