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59 Cards in this Set

  • Front
  • Back

Project Selection Methods - 1

1. Benefit measurement methods (comparative approach)


- Murder board


- Peer review


- Scoring models


- Economic Models(


> Present Value


> Net Present Value


> Internal Rate of Return


> Payback period


> Cost-Benefit analysis


)


Project Selection Methods - 2

Constrained optimization methods (mathematical approach)


- Linear programming


- Integer programming


- Dynamic programming


- Multi-objective programming

Seven basic quality tools

1. Cause effect diagrams


2. Flow charts


3. Check sheets


4. Scatter diagrams


5. Histograms


6. Pareto diagram


7. Control charts

PERT

Program Evaluation and Review Technique / Beta Distribution method of 3 point estimating

GERT

Graphical Evaluation and Review Technique - think about PERT - activity network diagram

Preceding Diagramming Method

aka: Activity on Node

Types of Costs

- Fixed


- Variable (aka Marginal cost)


- Direct


- Indirect

Contingency Reserves

Reserves for known, identified risks. Included in the performance measurement baseline (PMB)

Management Reserves

Reserves for unknown, unforeseen work that is within scope. Not included in performance measurement baseline (PMB)

Accuracy of Estimates

- Rough Order of Magnitude (ROM) estimate (-25/+75%)


- Preliminary Estimate (-15/+50%)


- Budget Estimate (-10/+25%)


- Definitive Estimate (-10/+10% or -5/+10%)


- Final Estimate (0%)


Performance Measurement Baselines

Scope Baseline


Schedule Baseline


Cost Baseline

Seven sources of conflicts in order of frequency

1. Schedule


2. Project Priority


3. Resources


4. Technical opinions


5. Administrative procedures


6. Cost


7. Personality

Main conflict resolution techniques

Collaboration (Problem Solving, Confronting) - win-win


Compromising (Reconciling) - lose-lose


Withdrawal (Avoidance) - postpone


Smoothing (Accommodating) - agreement


Forcing (Directing) - win-lose

Power of Project Manager

Formal (Legitimate)


Reward


Penalty (Coercive)


Expert


Referent

Motivation Theories

McGregor’s Theory of X and Y


Maslow's Hierarchy of Needs


David McClelland's Theory of Needs


Herzberg's Theory


Maslow's Hierarchy of Needs

1. Physiologic (need for air)


2. Safety (stability)


3. Social (friendship, love)


4. Esteem (recognition)


5. Self improvement (learning, growth)

David McClelland's Theory of Needs

1. Achievement


2. Affiliation


3. Power

Herzberg's Theory

- Hygiene Factors (salary, status, work conditions, personal life, relationships, security)


- Motivating Agents


> Responsibility


> Self actualization


> Professional Growth


> Recognition

Tuckman Ladder

1. Forming


2. Storming


3. Norming


4. Performing


5. Mourning (Adjourning)

Risk Response Strategies

For Threats


> Avoid


> Mitigate


> Transfer



For Opportunities


> Exploit


> Enhance


> Share



For both Threats and Opportunities


> Accept (active and passive acceptance)

Main Contract Types

Fixed Price Contracts (FF)


Time and Material Contracts (T&M)


Cost Reimbursable Contracts (CR)

Fixed Price Contract Types

Firm Fixed Price (FFP)


Fixed Price Incentive Fee (FPIF)


Fixed Price Award Fee (FPAF)


Fixed Price Economic Price Adjustment (FP-EPA)


Purchase Order (PO)

Cost Reimbursable Contract Types

- Cost Contract


- Cost Plus Fee (CPF) or Cost Plus Percentage of Cost (CPPC)


- Cost Plus Fixed Fee (CPFF)


- Cost Plus Incentive Fee (CPIF)


- Cost Plus Award Fee (CPAF)

Code of Ethics and Professional Conduct

1. Responsibility


2. Respect


3. Fairness


4. Honesity

Stakeholder Engagement Levels

Unaware


Resistant


Neutral


Supportive


Leading

Salience Model Criteria (Stakeholder)

Power


Urgency


Legitimacy (involvement in project)

Revenue and Price

Profit = Revenue - Cost


Price = Cost + Fee

Types of Floats/Slacks

- Total Float


- Free Float


- Project Float

Project Budget Components

What is Quality?

The degree to which the project fulfills requirements.

Depreciation Forms

1. Straight Line Depreciation


2. Accelerated Depreciation


- Double declining balance


- Sum of the years digits

Design of experiments

Determine statistically what variables improve quality. Eg. which combination of materials, construction and structure will produce highest quality product.

Theory Z

Permanent job offer. Developed by Dr. William Ouchi, this theory results in increased productivity, it puts an emphasis on the well-being of the employees both at work and outside of work, it encourages steady employment, and it leads to high employee satisfaction and morale.

W. Edward Deming

- Organizations can increase quality and reduce costs by practicing continuous process improvement and by thinking of manufacturing as a system, not as bits and pieces.



- PDCA cycle was proposed by Deming



- TQM - Fourteen points of management that call for awareness of quality in all processes.



- Defined theory of Seven Deadly Diseases

Joseph Juran

- Applied the Pareto principle to quality issues (80/20)

- Developed “Juran’s Trilogy”: quality planning, quality control, and quality improvement.

- Believed cultural resistance or resistance to change is the primary reason for quality problems.

- Six Sigma is based on statistical work by Joseph Juran (Six sigma = 3.4 defects per million

- Quality - Fitness of use

Philip B. Crosby

Considered the following to be the Absolutes of Quality Management:
- Quality is conformance to requirements
- Defect prevention is preferable to quality inspection and correction
- Zero Defects is the quality standard
- Quality is measured in monetary terms – the Price of Nonconformance (PONC)



Crosby’s response to the quality crisis was the principle of Doing It Right the First Time (DIRFT).


Merrill and Reid motivational theory

Merrill and Reid identified four personal styles that motivate people.


- Driver: prefer to control and tell


- Expressive: prefer to involve others and disallow isolation


- Amiable: favor association


- Analytical: need time to reflect before taking an action

F.C. Moore

Delegation means assigning work to the others and giving them authority to do so. (Other pioneers: O. S. Miner, Louis Allen)

Peter Principle

Halo Effect

Correspondence

Contract terms and conditions often require written documentation of certain aspects of buyer/seller communications, such as the need for warnings of unsatisfactory performance and requests for contract changes or clarification. This can include the reported results of buyer audits and inspections that indicate weaknesses the seller needs to correct.

Contingency Theory

Fred Fiedler’s Contingency Theory states that effectiveness of a leader’s management style is dependent upon the situation.

Expectancy Theory

Expectancy Theory is from Victor H. Vroom

Nominal Group Technique

- One of group creativity technique


- Enhances brainstorming with voting process for useful ideas to further brainstorming or prioritization

Plurality vs. Majority

Plurality take most voted even 1 person


Majority requires 50% support at least

100 % Rule

In WBS total work at lowest levels should roll-up to the higher levels so that nothing is left out and no extra work is performed. This is called 100% rule.

Working Capital

Working Capital is money available to the company for day-to-day operations

Liquidated damages

In contracts these are estimated damages for specific defaults, described in advance

Retainage

This is an amount of money usually 5-10% withheld from each payment to ensure work is complete. It is paid when all the final work is complete.

Journey to Abilene

Means that most people agree to do certain things as a group, or an organization, which they personally do not agree or believe in, just to be a team player, to save face, and/or to avoid conflict.

Direct costs

Team training, team travel, team salary

Indirect costs

Fringe benefits, manager's salary, taxes

Fixed costs

Rent of office, bulldozer

Variable costs

Fuel for bulldozer

Autocratic

PM makes decision without soliciting information from team

Assertive Project Management Style

Confronts issues and displays confidence; establishes authority with respect

Global literacy

Global literacy is an axiom used for ability to succeed in cross cultural environment

Ethnocentrism

Ethnocentrism refers to belief that one’s culture is superior to other cultures.

Sociocentrism

Sociocentrism refers to belief that one’s social group is superior to others.

Elapsed time

Elapsed time includes non-working days in a given work week.