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94 Cards in this Set
- Front
- Back
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Project Manager or Project Sponsor?
Major decision making role and participation in the sales effort and contract negotiation |
Project Sponsor
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Project Manager or Project Sponsor?
Prepare detailed project reports |
Project Manager
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Project Manager or Project Sponsor?
Provides assistance in getting the project underway by communicating processes and procedures and securing appropriate staffing |
Both
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Project Manager or Project Sponsor?
Liaison to executive committees and steering committees |
Project Sponsor
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Project Manager or Project Sponsor?
Prepare detailed project budget estimate |
Project Manager
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Project Manager or Project Sponsor?
Prepares performance appraisals for project team members |
Project Manager
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Project Manager or Project Sponsor?
Interprets company policies and communicates information about organizational process assets |
Project Sponsor
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Project Manager or Project Sponsor?
Becomes involved in solving major project related problems |
Project Sponsor
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Project Manager or Functional Manager?
Set project goals and objectives |
Project Manager
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Project Manager or Functional Manager?
Develop detailed task descriptions |
Functional Manager
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Project Manager or Functional Manager?
Communicate/Establish major milestones |
Project Manager
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Project Manager or Functional Manager?
Set high-level requirements |
Project Manager
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Project Manager or Functional Manager?
Provide detailed schedules |
Functional Manager
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Project Manager or Functional Manager?
Identify areas of risk, uncertainty, and conflict |
Functional Manager
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Project Manager or Functional Manager?
Establish ground rules and provide assumptions |
Project Manager
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Project Manager or Functional Manager?
Define project constraints |
Project Manager
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Project Manager or Functional Manager?
Provide summary status reports for the sponsor |
Project Manager
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Planning or forecasting?
Give a complete definition of the work |
Planning
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Planning or forecasting?
Lay out a proposed schedule |
Planning
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Planning or forecasting?
Establish project milestones |
Planning
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Planning or forecasting?
Determine the need for different resources |
Forecasting
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Planning or forecasting?
Determine the skills required for each WBS task or element |
Planning
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Planning or forecasting?
Change the scope of the effort and obtain new estimates |
Planning
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Planning or forecasting?
Estimate the total time to complete the required work |
Planning
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Planning or forecasting?
Consider changing resources |
Forecasting
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Planning or forecasting?
Assign appropriate personnel to each WBS element |
Planning
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Planning or forecasting?
Reschedule project resources |
Planning
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Which chart displays logic and dependencies?
(Gantt, GERT, Network Diagram, Pareto Diagram, Flow Chart) |
Network diagram - shows dependencies
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Which chart displays process steps and sequences?
(Gantt, GERT, Network Diagram, Pareto Diagram, Flow Chart) |
Flow chart - complete process flow, allows for identification of gaps; effective in communicating process information
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Which chart indicates project progress?
(Gantt, GERT, Network Diagram, Pareto Diagram, Flow Chart) |
Gantt
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Which chart displays feedback loops, conditional branches and alternative paths?
(Gantt, GERT, Network Diagram, Pareto Diagram, Flow Chart) |
GERT - addresses different possible outcomes
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Which chart has displays causes in order of frequency of occurrence?
(Gantt, GERT, Network Diagram, Pareto Diagram, Flow Chart) |
Pareto diagram - identifies and prioritizes items that warrant immediate attention
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What are is the type, WBS relationship and accuracy of a parametric estimate?
*Type - ROM, Budget, Definitive *WBS - Top down or bottom up *Accuracy - (25%) - 75% (10%) -25% (5%) - 10% |
*ROM - rough order of magnitude - no engineering estimates; may use past experience
*Top-down estimate *Accuracy - (25%) - 75% >Takes days |
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What are is the type, WBS relationship and accuracy of a analogy estimate?
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*Budget
*Top-down estimate *Accuracy - (10%) - 25% >Takes weeks |
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What are is the type, WBS relationship and accuracy of a engineering estimate?
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*Definitive
*Bottom up estimate *Accuracy - (5%) -10% >Takes months |
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Direct or indirect cost?
PM travel expenses |
Direct
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Direct or indirect cost?
Project team labor rates |
Direct
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Direct or indirect cost?
Equipment costs |
Direct
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Direct or indirect cost?
Taxes |
Indirect
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Direct or indirect cost?
Maintenance/janitorial |
Indirect
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Direct or indirect cost?
Reward and recognition of project team |
Direct
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Direct or indirect cost?
Company benefits |
Indirect
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Direct or indirect cost?
Materials |
Direct
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Direct or indirect cost?
Accounting services |
Indirect
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Direct or indirect cost?
Utilities |
Indirect
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Product life cycle, project life cycle or both cost?
R&D |
Product
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Product life cycle, project life cycle or both cost?
Production |
Both
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Product life cycle, project life cycle or both cost?
Construction |
Both
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Product life cycle, project life cycle or both cost?
Operation and Maintenance |
Product
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Product life cycle, project life cycle or both cost?
Product Retirement |
Product
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What is the revised estimate for the final cost at the completion of the project?
PV, EV, AC, BAC, SV, CV, EAC, ETC |
EAC
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How much money was expended thus far
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AC
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How much physical work was actually accomplished thus far
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EV
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How much money was originally budgeted
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BAC
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From where we are today, how much money is needed to complete the work
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ETC
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By how much have we deviated from the schedule baseline, favorably or unfavorably
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SV
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By how much have we deviated from the cost baseline, favorable or unfavorably
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CV
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What is the planned cost or value of the work accomplished thus far
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PV
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What factors are associated with a management reserve?
Labor rate escalations Estimating Errors Overhead Escalations Material Price Escalations Workmanship errors Flood, natural disaster Scope changes Previously documented schedule delays |
Management reserves are intended for unknown unknowns that cannot be planned or anticipated for.
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What factors are associated with a management reserve?
Labor rate escalations Estimating Errors Overhead Escalations Material Price Escalations Workmanship errors Flood, natural disaster |
Contingency reserves deal with known unknowns; issues and risks that can be planned for.
Scope changes Previously documented schedule delays |
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What metrics answer the question, "Where are we at today"?
PV, EV, AC, EAC, ETC, VAC, SPI, CPI |
PV, EV, AC
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What metrics answer the question, "Where will we end up?
PV, EV, AC, EAC, ETC, VAC, SPI, CPI |
EAC, ETC, VAC, SPI, CPI
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Which terms belong in a progress report?
PV, EV, AC, EAC, ETC, SPI, CPI, SV, CV |
PV, EV, AC
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Which terms belong in a status report?
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SV, CV
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Which terms belong in a forecast report?
PV, EV, AC, EAC, ETC, SPI, CPI, SV, CV |
EAC, ETC, VAC, SPI, CPI
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Is this risk response Assumption/Acceptance, Transfer, Mitigation, Avoidance?
"I know we have three different designs we can select from in order to satisfy the customers’ requirements. However, I am very reluctant to consider the second option, because if we are wrong, there exists the chance of imminent damage to the project” |
Avoidance
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“This design has a very high possibility of creating a severe financial problem for us. I have asked the design team to develop an alternate that will minimize our risk exposure”
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Assumption/acceptance
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“I know we can manufacture the product ourselves, but there are a number of potential risks to consider. I would rather award a fixed-price contract to Alpha company and have them do the manufacturing instead. They have a strong record of success in this area”
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Transfer
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“I have set up a management reserve just in case there are escalations in the costs of the raw materials we must purchase”
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Mitigation
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“There is a strong possibility that one of my team members may leave the project for better paying job assignment so I have added an end of project bonus to retain the employee”
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Mitigation
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“I have arranged for an insurance company to handle any direct property damage and any worker injuries during the project”
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Transfer
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“We have assessed the risk and are aware that it may occur within the next phase of the project. We have developed a contingency to manage the risk of it occurs”
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Assumption/acceptance
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Who has more risk - buyer or seller?
Cost + percentage of cost |
Buyer
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Who has more risk - buyer or seller?
Fixed price with economic price adjustments? |
Seller
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Who has more risk - buyer or seller?
Fixed price incentive fee |
Seller
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Who has more risk - buyer or seller?
Cost plus incentive fee |
Buyer
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Who has more risk - buyer or seller?
Time and materials not to exceed certain amount |
Seller
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Who has more risk - buyer or seller?
Cost plus fixed fee - in dollars |
Buyer
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Who has more risk - buyer or seller?
Cost plus award fee - % |
Buyer
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Who has more risk - buyer or seller?
Firm fixed price |
Seller
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Who has more risk - buyer or seller?
Cost sharing |
Buyer
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Who has the greatest risk in a firm fixed price or lump sum contract?
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Seller
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Who has the greatest risk in a cost plus contract?
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Buyer
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Who has the potential to benefit from a cost plus incentive fee contract?
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Seller & Buyer
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In a cost plus fixed fee contract, who pays for all project costs?
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Buyer
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In the cost reimbursable type contracts, who generally has the greatest risks?
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Buyer
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The cost plus percentage of cost contract reduces the motivation of the _____ to complete the contract and may result in enormous cost to the _____
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Seller, buyer
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An almost bottomless pit of funds whereby the seller is reimbursed all costs as well as a profit for all the money spent
Firm fixed price, cost plus incentive fee, fixed price incentive fee, cost sharing, cost plus percentage of cost, cost plus fixed fee, cost plus award fee |
Cost plus percentage of cost (CPPC)
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A sharing formula for the costs above and below a target as well as a ceiling and floor on profits
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Cost plus incentive fee (CPIF)
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A profit fixed in dollars rather than percent
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Cost plus fixed fee (CPFF)
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A profit based upon how well the buyer likes the end result
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Cost plus award fee (CPAF)
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A contract which does not allow for profits and where the seller pays part of the cost
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Cost sharing (CS)
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A contract with a point of total assumption
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Fixed price incentive fee (FPIF)
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A contact where the maximum risk resides with the seller
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Firm Fixed Price (FFP)
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