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80 Cards in this Set
- Front
- Back
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what is a project? |
a complex, nonroutine, one time effort limited by time money etc. designed to meet cust needs |
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major characteristics of a project? |
has an established objective defined lifespan w beginning and end requires across the organizational par. involves doing something never been done b4 has specific time,cost,and performance requirements |
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what is a program? |
a series of multiple related projects that continue over a long period of time - intended to achieve a goal. |
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completion of a required course in project management is an example of a project or program ? |
project |
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completion of all courses required for a business major is an example of a project or program? |
program |
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what is the (4 part) project life cycle in order? |
defining, planning, executing, closure. |
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goals, specifications, tasks, and responsibilities are outlined in what stage of the project lifecycle ? |
defining stage |
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schedules, budgets, resources, risks, and staffing are outlined in what stage of the project lifecycle? |
planning stage |
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status reports, changes, quality, and forecasts are addressed in what stage of the project lifecycle? |
executing stage |
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train customer, transfer documents, release resources, evaluation and lessons learned are addressed during what stage of the product life cycle ? |
closure stage |
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Factors leading to the increased use of project mgmt |
compression of product life cycle knowlege explosion triple bottom line (planet , people, profit) corporate downsizing increased cust focus small project represent bug problems |
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sociocultural dimensions of the project mgmt process... |
leadership problem solving teamwork negotiation politics customer expectation |
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technical dimensions of the project mgmt process |
scope WBS schedules resource allocation baseline budgets status reports |
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Integrated PM systems: problems resulting from the use of piecemeal project mgmt systems: |
do not tie together the overall strategies of firm fail to prioritize selection of projects by importance |
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benefits of an integrative portfolio approach to PM |
an overview of all PM activities a big picture of how organizational resources are used risk assessment |
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strategic management process in order: |
1.review mission 2. SWOT 3. goals/objectives 4. portfolio of strategic choices (analyze formulate strategies) 5. strategy implementation 6. project selection 7. projects |
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SMART |
specific measurable assignable realistic time related |
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project portfolio mgmt problems: |
implementation gap organization politics resource conflicts and multitasking |
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portfolio projects by type |
compliance (must do) projects strategic projects operational projects |
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what is a multi-weighted scoring model? |
uses several weighted selection criteria to evaluate project proposals |
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selection criteria : |
financial - payback non-financial - projects of strategic importance to firm |
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multi-criteria selection models and what they mean: |
checklist model: uses list of questions to review potential projects and determine their acceptance or rejection multi-weighted scoring model: uses several weighted qualitative and/or quantitative selection criteria to evaluate - allows for comparison of projects with other potential projects |
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what multi-criteria selection model is good for comparing projects with other potential projects ? |
multi weighted scoring model |
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sources of project proposals |
within organization request for proposal from external sources |
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managing the portfolio - senior management input, the priority team responsibilities/ |
senior mgmt input: -provide guidance in selecting criteria that line up w company -decide how to balance available resources amung current projects the priority team responsibilities: -publish priority of every project -open and free of power politics -reassess organizations goals and priorities -evaluate progress of current projects |
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challanges to organizing projects : |
the uniqueness and short duration the authority and responsibility dilemmas |
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T or F the best system balances the needs of the project with the needs of the organization |
T |
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define functional organization structure: |
different segments of the project are delegated to respective functional units coordination is maintained through normal management channels used when the interest of one functional area dominates the project or one functional area has a dominant interest in the projects success |
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Advantages of Functional organization structure : |
no structural change flexibility in-depth expertise easy post-project transition |
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disadvantages of functional organization structure: |
lack of focus poor integration slow lack of ownership |
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what is a dedicated team structure: |
teams operating as seperate units under the full time project manager |
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dedicated team advantages: |
simple fast cohesive cross-functional integration |
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dedicated team disadvantages |
expensive internal strife limited tech expertise difficult post-project transition |
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projectized organization structure : |
projects are the dominant form of business project teams operate under the leadership of project managers the functional departments are responsible for providing support for its teams |
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matrix structure: |
two chains of command project participants report simultaneously to both functional and project managers |
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-which project mgmt structure allows for participation on multiple projects while performing normal functional duties -and also achieves a greater integration of expertise and project requirements |
matrix |
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what are the different matrix forms and what do they mean? |
weak form: the authority of the functional manager predominates and project manager was direct authority balanced form: the project manager sets the overall plan and the functional manager determines how work to be done strong form: the project manager has broader control and functional departments act as subcontractors to the project |
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advantages of matrix structure : |
efficient strng project focus easier post project transition flexible |
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disadvantages of matrix structure: |
dysfunctional conflict infighting stressful slow |
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what to consider when choosing the appropriate organization form... |
how important is the project to the firms success what percentage of core work involves projects what level of resourses (human physical) are available size strategic importace novelty/need for innovstion need for integration (number of departments involved) environmental complexity budget/time contraints stability of resource requirements |
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define organizational culture |
a system of shares norms, beliefs, values, and assumptions which bind people together - creating shared meanings the "personality of the organization that sets it apart from other organizations |
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what is a project scope |
a definition of the end result or mission of the project in specific, tangible, and measurable terms |
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what is the project scope checklist (6 checks) |
1project objective 2 deliverables 3 milestones 4 technical requirements 5. limits and exclusions 6. reviews with customer |
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what is the purpose of the scope statement? |
to clearly define the deliverables for the end user to focus project on successful completion of its goals to be used by project owner and participants as planning tool and measuring for project success |
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SOW? |
statements of work (AKA scope statements) |
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what is a project charter? |
can contain expanded version of scope statement a document authorizing the project manager to initiate and lead the project |
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what is the scope creep? |
the tendency for the project scope to expand over time due to changing requirements, specifications, and priorities |
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prject management trade-offs |
scope, cost, time. ( a triangle around..)quality in center |
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causes of project tradeoffs |
shifts in the relitive importance of criterions related to cost, time, and performance parameters |
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what does constrain mean? |
a parameter is fixed and cannot change |
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enhance means.. |
a parameter can be optimizing by adding extra value or shorten the time or reducing costs |
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accept means. |
accepting a reduction in quality or increase in cost or going over budget |
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what is WBS |
work breakdown structure. - a hierarchical outline map that identifies the products and work elements involved in a project - defines the relationship of the final deliverable to its sub deliverables, and in turn, their relationships to work packages -best suited for design and build projects that have tangible outcomes rather then process oriented projects |
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what is best suited for design and build projects that have tangible outcomes rather then process oriented projects ? |
WBS |
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hierarchical breakdown of the wbs : |
project deliverable subdeliverable lowest subdeliverable cost account work package: DEFINES WORK, time to completem time phase budget, resources, single person responsible, milestones, usually under 10 days in durration** |
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how does wbs help the project manager ? |
facilitates evaluation of cost, time, and technical preformance of the organization on a project provides mgmt with info appropriate to each organizational level helps development of OBS which assigns project responsibilities helps manage plan schedule, and budget |
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what is a work package ? |
the lowest level of the WBS It is output oriented in that it: defines work identifies how long identifies cost identifies how much identifies a person responsible for units if work identifies milestones for measuring success |
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what is OBS? |
organizational breakdown structure - depicts how the firm is organized to discharge its work responsibility for a project |
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what provides a framework to summarize organization work unit performance and ties the original units to cost control accounts |
OBS |
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WBS defines: |
levels and elements of the WBS organization elements work packages budget and cost information - allows reports to be consolidated at any level in the organization structure |
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define RM |
responsibility matrix AKA linear responsibility chart : summarizes the task to be accomplished and who is responsible for what project |
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what aids these questions: what info needs to be collected and when? who will recieve the information? what methods will be used to gather info? etc.. |
the project communication plan |
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information needs: |
project status report deliverable issues changes in scope team status meetings milestone reports etc |
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developing a communication plan : steps 1-5 |
1. stakeholder analysis 2. info needs 3. sources of info 4. dissemination modes 5. responsibility and timing |
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the _____ lays out the individual building blocks that will construct the project |
WBS |
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define deliverable |
any measurable, tangible, verifiable outcome, result or item that must be produced to complete a project or part of a project |
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define work ackage |
lowest level in the WBS composed of short durration tasks that have a begining and an end, are assigned costs, and consume some resources (people, material and money) |
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define estimating |
forecasting or approximating the TIME AND COST of completing project deliverables the task of balancing expectations of stakeholders and need for control while the project is implimented |
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types of estimates?? |
top-down (macro) estimates: analogy, group consensus, or mathematical relationshps bottom up (micro) estimates: estimates of elements of the WBS |
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factors influencing the quality of estimates : |
planning horizon project duration people project structure and organization padding estimates organization culture other (non project) factors |
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top down vs bottom up estimating |
top down estimates: -usually derrived from someone who uses experience or information to determine time and cost -made by top managers who have little knowlege of the processes used to complete the project bottom up approach -can serve as a check on cost elements in the WBS |
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top down approaches for estimating project time and costs |
-consensus method -ratio methods -apportion method -learning curves |
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bottom up approaches for estimating poject times and costs |
-template -parametric -range estimates for the WBS work packages -phase estimating: A hybrid |
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T or F Level of detail in the WBS varies with the complexity of the project |
T |
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T or F exessive detail AND insufficient detail are both costly |
T |
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define direct costs |
costs that are clearly chargable to a specific work package ie: labour, materials, equiptment, etc. |
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define direct overhead costs: |
cost incurred that are directly ties to an identifiable project deliverable or work package ie; slary, rent, supplies, specialized machinery, toilets etc. |
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G&A overhead costs (general and administrative) |
organization costs indirectly linked to a specific package that are apportioned to the project (%basis) sales, accounting, hr, senior management |
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reasons for adjusting estimates |
-interaction costs are hidden in estimates -normal conditions do not apply -things go wrong -changes in project scope and plans |
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define cost account : |
a control point of one or more work packages used to plan, schedule, and control the project. the sum of all the project cost accounts represents the total cost of the project |
