(1, 2) – Major Programmes and Projects: Resources & Project Life Cycles Flashcards
What are the main types of resources which need to be considered when setting up a project or programme?
Personnel ICT Equipment Plant Premises Financial budgets and funding sources
What is resource loading and resource levelling?
- Assigning resources to activities based on individual resources that are required during specific periods
- Resource levelling is scheduling and reorganising activities so demand can be met efficiently
When resourcing a project, what three criteria can be used to assess the effectiveness of the resource deployment?
- Resource utilisation managing peaks and troughs
- Schedule slippage time delivered after due date
- Resource effectiveness work delivered compared to resources utilised
What problems did Eli Goldratt note in the way projects can run?
Safety margin - is built in which may not be necessary
Student syndrome - things take as long as the estimate
Passing on - late finishes get passed on
Postponements - activities which can be postponed generally do
What is Eli Goldratts ‘Critical Chain’?
An approach to project management to combat behavioural issues:
- Identify constraints - e.g. capacity of a machine required for all parts
- Remove buffers - build a general buffer into the project rather than into activities
- Manage critical activities - ones which prevent the project being completed
What is Cash Burn?
Cash burn is in the early stages when projects have a high rate of expenditure to get started and resources mobilised.
What options are there for financing a project?
Debt finance – typically from banks, usually has interest
Equity finance – a form of capital injected by investors who own a stake in the business
What is the Weiss and Wysocki proposed 5 stages of a life cycle?
Definition (project overview and objective definition) >
Planning (focuses on providing a work breakdown, identifying the critical path, estimating costs) >
Organising (obtaining resources, recruitment, undertaking work assignments) > Controlling (estalishes >
Controlling (establishes control tools and mechanisms, carry out reviews and understand variance) >
Closing (installing deliverables, issuing final report, conducting a review)
What 3 key elements must be identified at the “Definition” of a project?
Objectives – clear, measurable and quantifiable
Scope – what will be covered, what won’t be?
Strategy – how the objectives will be met
How can projects be “Organised”, give 3 examples?
Functional – project assigned to function with PM reporting into Head of Function
Project – team is separated from organisation and a self-contained unit, PM has authority over workforce
Matrix – cross functional teams with staff from over organisation
What is RACI?
RACI is a commonly used tool for assigning roles and responsibilities during a project. A person is assigned to each box:
Responsible – responsible for performing task
Accountable – ultimately accountable for the task being done
Consulted – people whos input is needed to complete the task
Informed – people who are informed of the status of the task
Control within a project is essential to ensure resources are used effectively; activities are undertaken and completed on time. What 3 types of control system are there?
- Cybernetic control System (Based on measuring outputs compared to standards and reporting deviations)
- Go/no-go control system (Based on checking whether particular conditions/standards have been met. If they are met then project is allowed to continue)
- Post-control (Takes place after the event to ensure actions have been taken)
The final stage of a project is closing, what is involved in closing a project? Why might projects terminate early?
A project should be measured against agreed targets to see if it met the original objectives. Some projects terminate early because:
- A cut in funding
- Personnel being withdrawn
- Objectives are no longer relevant
