003-Project management Flashcards
A short term task that goes beyond the routine of daily operations.
Examples are: relocating offices, creating websites, etc.
It is:
- unique, temporary, and output focused.
Project
The life cycle of a project
- Project Initiation
- Project Planning
- Project Execution
- Monitoring and Controlling
- Project Closure
- The act of coordinating and overseeing the work of others to achieve organizational goals efficiently and effectively.
- Uses people time and resources.
- 4k functions: planning, organizing, leading, and controlling.
Management
Using specific processes, methods, skills, knowledge and experience to meet the goals within a specific time and budget
Project Management
- The second stage.
- The management creates a project plan, which maps out the project requirements.
- Setting goals, designating project resources, and mapping out schedules.
Project Planning
Making critical “decisions” that influence project outcomes.
Involves reviewing options, analyzing the risk and benefits
Project Management Decisions
Organized, goal oriented professionals who use innovation, creativity and collaboration to lead projects.
Responsible for the success and failure of the project
Project Manager
A fundamental tool.
Provides hierarchical and visual representation of all task required to complete a project.
Breakdown the overall project scope to smaller and more manageable components
Work Breakdown Schedule
A management technique for scheduling and planning smaller projects
A graph bar enumerating activities with time for each project.
Shows project duration, duration of activities, overlapping activities, and dependencies
Gantt Chart
Used for planning and controlling complex projects where “duration of activity is uncertain”
Performance Evaluation and Review Technology (PERT)
Used to identify the “sequence of task” that must be completed on time within a given time frame
Critical Path Method
Refers to the differences between plan durations of task and the actual time taken to complete
Variability in Activity Times
A type of variability.
Measures the plan versus actual “project progress”.
Schedule Variance
A types of variability.
Measures the discrepancies between budgeted versus actual cost
Cost Variance
A type of variability.
Measures the actual quality versus the expectations.
Quality Variance
