Project Management Final

Front 1

project charter

Back 1

is a statement of the scope, objectives and participants in a project. It provides a preliminary delineation of roles and responsibilities, outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager. It serves as a reference of authority for the future of the project.

Front 2

Scope Statement

Back 2

shows the project objective, deliverables, milestones, limits and customer review of a project

Front 3

Project Priority Matrix

Back 3

deals with the three main functions of a project, scope-time-cost and gives each a description and what we can expect in the project

Front 4

Work Breakdown Structure

Back 4

a deliverable oriented decomposition of a project into smaller components. It defines and groups a project's discrete work elements in a way that helps organize and define the total work scope of the project. smallest is work package.

Front 5

Organization Breakdown Structure

Back 5

shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

Front 6

Cost Breakdown

Back 6

Breaks down each part of the project into individual assigned times and dollar values to get a better estimate on cost/scope/time bottom up

Front 7

Risk Assessment Form

Back 7

takes the possible unfortunate outcomes that could happen so the project can overcome them if they occur

Front 8

why are projects important

Back 8

lots of money (30% of gdp), failure rates are more common

Front 9

PM knowledge areas

Back 9

time, cost, scope, quality, hr, communications, risk, procurement, integration

Front 10

Project Lifecycle

Back 10

planning occurs most of the project, executing doesnt start right away but is the largest part, controlling occurs the complete time of the project. Defining , planning, executing, closing, controlling

Front 11

PM triple constraint

Back 11

Time, Cost, Scope

Front 12

Project Oversight

Back 12

selecting projects with highest value to org, spreading resources appropriately, balancing risk of all projects, have a diverse portfolio

Front 13

weighted factor model

Back 13

uses weighted factors of importance to the organization to develop a score of each project and if they fit the companies criteria

Front 14

Capital Budgeting

Back 14

payback period, Internal Rate of Return, Net Present Value, Discounted Cash flow

Front 15

NPV

Back 15

gold standard, irr is more often used but has obvious problems

Front 16

Problem with Payback Period

Back 16

only figures out when you get your money back

Front 17

NPV problems

Back 17

ignores risk adjustment, is very hard to determine the longer the project

Front 18

Planning Horizon

Back 18

the estimates of the project become easier to make towards the end of the project

Front 19

Multiple critical paths

Back 19

no slacks, very time sensitive

Front 20

work packages

Back 20

include:work to accomplish, time, time-phased budget, resources needed, single person responsible

Front 21

Resource Loading

Back 21

the amount of resources an existing schedule requires during specific time periods

Front 22

Resource Overallocation

Back 22

more resources than available are assigned to perform work at a given time

Front 23

Leveling

Back 23

using a consistent amount of workers/resources throughout a project

Front 24

Crashing

Back 24

reducing the time of a critical activity resulting in additional costs

Front 25

Project Indirect Costs

Back 25

supervision, admin, consultants, interest

Front 26

Project Direct Costs

Back 26

labor, materials, equipment, subcontractors, crashing activites

Front 27

functional organization projects advantages

Back 27

no structural change, flexibility, in depth expertise, easy post project transition

Front 28

functional organization of projects disadvantages

Back 28

lack of focus, poor integration, slow, lack of ownership

Front 29

having a dedicated team advantages

Back 29

fast, simple, cohesive

Front 30

having a dedicated team disadvantages

Back 30

expensive, internal strife, limited technological expertise

Front 31

PM matrix arrangement advantages and disadvantages

Back 31

advan: efficient, strong focus, easy post-project transition. Disadvan: dysfunctional conflict, infighting, stressful, slow

Front 32

Hybrid organization structure

Back 32

two chains of command (functional and project). participants report to both. allows for participation on multiple projects, achieves greater integration of expertise

Front 33

Matrix weak form

Back 33

the authority of the functional manager predominates and PM has indirect authority

Front 34

matrix balanced form

Back 34

PM sets overall plan, functional manager determines how work will be done

Front 35

matrix strong form

Back 35

PM has broad control and functional departments act as subcontractors to project

Front 36

Organizational Culture

Back 36

member identity, team emphasis, management focus, unit integration, control, risk tolerance, reward criteria, conflict tolerance, means vs ends, open-system focus

Front 37

why does culture matter

Back 37

can slow process, lack of innovation..you can select people, introduce people, make a team name, practice team building, or fire people

Front 38

Hofstedes cultural factors

Back 38

made to know how to interact in global market

Front 39

power distance factor

Back 39

less powerful members expect and accept unequal power distribution

Front 40

self factors

Back 40

the individual environment and their rights are more important than groups that they belong to

Front 41

gender factor

Back 41

"traditional" roles, women are expected to be homemakers

Front 42

predictability factor

Back 42

the extent to which ha culture values predictability

Front 43

time factor

Back 43

the extent to which a group invests for the future

Front 44

Project stakeholders

Back 44

PM, Project team, admin support, customers, community, environmental groups, govt agencies

Front 45

Thamhain & wilemons ways to influence projects

Back 45

authority, assignment, budget, promotion, money, penalty, work challenge, expertise, friendship