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81 Cards in this Set
- Front
- Back
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Explain types of Estimating |
Top-down (macro) Bottom-up (micro) |
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quality of estimates (7 things) |
- planning horizon
- project duration - people - project structure - padding - culture - other |
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How to make good estimates |
1. have people familiar with task make estimates 2. use several people 3. base on normal conditions 4. consistent time units 5. treat each test as independent 6. don't make allowance for contingencies 7. add risk assessment to avoid surprises |
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Top-down methods (5) |
- consensus - ratios - apportion (follow past) - function point method - learning curves method |
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Bottom-up methods (4) |
- template method - parametric procedures applied to specific tasks - range estimates for wbs work packages - phase estimating |
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what is a project network |
a flow chart that graphically depicts the sequence inter-dependencies and start and finish times of the project job |
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what is resource smoothing |
use slack to smooth out resources |
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types of constraints |
technical physical resource |
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time-constrained project approach |
- use of leveling techniques - use of positive slack - loss of flexibility - increase criticality |
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Resource Constrained projects |
1. min slack 2. smallest duration 3. I/D number |
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Multiple project resource schedule problems |
- project slippage - inefficient resource application - resource bottlenecks |
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5 areas of project management process |
- initiating - planning - executing - monitoring and control |
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How does management support project |
- provide resource - approve projects in a timely manner - encourage cooperation - mentor and coach - develop and enforce organization standards - support project management office |
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what is the PMO's roles |
- organnizational entity created to assist project managers in achieving project goals - help develop standard methodology provide career paths for project managers and assists PM with training and certification |
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What is a key component to project charter |
sign off on project |
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Who are project stakeholders |
project sponsor project team support staff internal customers customers competitors suppliers |
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methodology |
how to objective is achieved |
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5 project management groups |
- initiating - planning - executing - monitor and control - closing |
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difference between project management and project portfolio management |
PM address tactical goals PPM address strategic goals |
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What is a project Program |
group of projects in the same category developed to gain synergies, efficiencies in project management
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10 Project management knowledge areas |
scope management time management cost management cost management quality management hr management communications management stakeholder management risk management project procurement integration |
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What is a project portfolio |
grouping and managing of projects and programs as a portfolio of investments that contribute to the entire enterprises success |
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5 project constraints |
risk cost time scope quality |
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3 key project initiating tasks |
identifying and understanding project stakeholders creating the project charter holding a kick off meeting |
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what is a project |
a temporary endeavor undertake to create a unique product service or result |
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5 characteristics of a project |
has an objective lifespan several departments never been done before time, cost and performance requirements |
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project life cycle |
defining planning executing closing |
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drivers of popularity of PM |
compression of product life cycle knowledge explosion triple bottom line corporate downsizing increased customer focus small projects represent big problems |
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function of portfolio management |
oversee project selection monitor resource level and skills encourage best use of practices balance projects according to risk improve communication among stakeholders |
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4 activities of strategic management |
review and define organization mission analyze and formulate strategies set objectives to achieve strategies implement strategies through projects |
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financial selection for projects |
payback time to recover investment net present value |
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non-financial selection for projects |
capture large market share difficult for companies to enter develop enabler product develop core technology reduce dependency on unreliable supplier prevent government intervention restore corporate image show commitment to corporate development checklist model multi-weighted scoring model |
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governance team responsibilities |
publish priority of projects project selection is open and free of politics re-asses goals and priorities evaluate progress of projects scan external environment |
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bread and butter projects |
evolutionary improvements produce modest commercial values |
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pearl projects |
high payoff |
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oysters |
high risk, high value |
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white elephants |
once showed promise but no longer viable |
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type of organizational structure |
functional: each unit is responsible for completing its segment of project dedicated teams: operate as separate units matrix: weak authority of functional manager predominates balanced project manager sets overall plan strong project manager has broader control |
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project consideration |
size importance need for innovation need for integration environmental complexity budget and time stability of resource |
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what is organizational culture |
system of shared norms, beliefs, values and assumptions which bind people together |
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Defining project scope |
includes: project objective deliverable milestones technical requirements limits and exclusions reviews with customers |
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Establishing project priorities |
budget - cost schedule - time performance - scope |
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Work breakdown structure |
hierarchical outline that identifies project and work elements involved |
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integrating WBS with organization |
depicts how the firm is organized to discharge its work responsibility for project |
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coding the WBS |
responsibility matrix (linear responsibility chart) says who is in charge of what |
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project communication |
what info when who gets info gather and store info who has access when told how told |
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Reasons for imposed project duration dates (6) |
time-to-market pressure unforseen delays incentive contracts imposed deadlines overhead and public goodwill costs pressure to move resources to other projects |
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Options to accelerate a project when resources are constrained |
fast-tracking critical chain reducing project scope compromise quality |
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Options to accelerate a project when resources are NOT constrained |
adding resources outsourcing project work scheduling overtime establishing project team do it twice crashing |
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What to assume in project cost duration graph |
cost relationship is linear normal time crash time represents a limit - the greatest time reduction possible under realistic conditions slope represents a constant cost per unit of time all accelerations must occur within normal crash times |
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What are common options for cutting costs |
reduce project scope having owner take on more responsibility outsourcing project activities or even entire project brainstorming cost-saving options |
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Risk Assessment steps |
1. Identify Risk 2. Risk Assessment 3. Risk Response Development 4. Risk Response Control |
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4 Types of ways of dealing with risk |
Mitigating - reduce likelihood &
Retaining risk - accept Avoid risk Transferring risk - paying premium to pass risk |
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4 Types of risks |
1. Technical risks 2. Schedule risks 3. Cost risks 4. Funding risks |
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What is a contingency |
alternative plan that will be used if a possible foreseen risk event actually occurs |
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What is a risk register |
document that contains the results of various risk management processes & is often displayed in a table or spreadsheet |
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Characteristics of high-performance teams |
share a common purpose good use of each talents balanced and shared roles problem solving focus accept differences encourage risk taking set high standards identify with team |
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5-stage team development model |
1. Forming (oritentation) 2. Storming (group conflict) 3. Norming (exchange info) 4. Performing (emergence of solution) 5. Adjourning (dissolution of group) |
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How to make good teams |
10 or fewer people voluntary continuous service full-time assignment cooperation and trust report solely to PM all functional areas represented on team involves compelling objective in close communication |
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Steps in the decision making process |
problem identification generating alternatives reaching a decision follow-up |
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Factors favor partnership |
existence of common goals high costs of adversarial approach shared benefits of the collaborative approach |
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Advantages of outsourcing |
cost reduction faster project completion high level of expertise flexibility |
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Disadvantages of outsourcing |
coordination breakdown loss of control interpersonal conflict security issues political hot potato |
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Why project partnering efforts fail |
senior management doesn't address problems cultural differences not dealt with no formal evaluation process in place to identify problems lack of incentive |
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how to create project monitoring system |
what date to collect how,when and who will collect data how to analyze data how to report current progress to management |
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What to include in project progress report |
progress since last report
current status of project cumulative trends problems and issues since last report corrective action planned |
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4 Control steps |
1. Setting baseline plan 2. Measuring progress and performance 3. Comparing 4. Taking action |
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What is am earned value cost schedule system |
integrated project management system based on the earned value concept that uses a time phased budget baseline to compare actual and planned costs
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Steps to develop integrated cost/schedule system |
1. Define work using WBS 2. Develop work & resource schedule 3. Develop a time-phased budget 4. At the work package level collect the actual costs for the work performed 5. Compute the schedule and cost variance |
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3 Deliverables for project closure |
1. Approval and acceptance by customer 2. Evaluation 3. Ret lessons learned |
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5 types of project closure |
1. Normal 2. Pre-mature 3. Perpetual 4. Failed 5. Changed Priority |
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Implementing project closedown |
1. Delivery acceptance from customer 2. Shutting down resources and releasing 3. Evaluate and reassign teams 4. Closing accounts and paying bills 5. Delivering project to a customer 6. Creating Final Report |
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Things to include final report |
Executive summary Review and analysis Recommendations Lessons learned Appendix |
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Barriers to organizational learning |
lack of post project time for developing lessons no post project direction or support teams lessons become blame sessions lessons applied in other locations organizational culture doesn't value learning |
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How to classify projects |
type size staffing technology level strategic support issues and problems project mission and objectives procedures and systems used organization resources used |
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Types of outsourcing |
domestic foreign overseas global |
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Positives of outsourcing |
increased income increased responsibilities career opportunities foreign travel new lifetime friends |
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Negatives of outsourcing |
absence from home, friends and family personal security risks missed career opportunities difficulties with foreign country |
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Environmental factors affecting international projects |
economic legal/political geography security infrastructure culture |
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Cross-cultural orientations |
relation to nature time orientation activity orientation basic nature of people relationships amongst people |
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Culture shock |
The natural psychological disorientation that people suffer when they move into a difference culture |
