3. Integration Management Flashcards
What is the process of integration management?
Develop Project Charter
Develop Project Management Plan
Direct and Manage Project Work
Manage Project Knowledge
Monitor and Control Project Work
Perform Integrated Change Control
Close Project or Phase
What is the Develop Project Charter process?
What are it’s outputs?
“Creating the project charter which involves planning the project at a high level to assess whether it is feasible within the given constraints
Outputs:
Project charter
Assumption log”
What is the Develop Project Management Plan process?
What is it’s output?
“A process of creating a project management plan is bought into approved, realistic, and formal
Output: Project management plan”
What are the key outputs of the Direct and Manage Project Work process?
“Issue log
Deliverables
Work performance data
Change requests
Updates to the project management plan and project documents
Updates to organizational process assets”
What is the key output of the Manage Project Knowledge process?
The lessons learned register
What are the key outputs of the Monitor and Control Project Work process?
“Change requests
Work performance reports
Updates to the project management plan and project documents”
What are the key outputs of the Close Project or Phase process?
A project manager must get formal acceptance of the project and its deliverables, issue a final report that shows the project has been successful, issue the final lessons learned, and index and archive all the project records
Explain the project manager’s role as an integrator.
Pulling all of the pieces of the project into a cohesive whole that gets the project done faster, cheaper, and with fewer resources, while meeting project objectives
What are the two major categories of the project selection methods?
“Benefit measurement methods (comparative)
Constrained optimization methods (mathematical)”
What are the economic measures for selecting a project?
“Return on investment
Present value
Net present value
Internal rate of return
Payback period
Cost-benefit analysis”
“Define present value.
Define net persent value (NPV). How is it interpreted?”
“Present value: The value today of future cash flows
Net present value: The present value of total benefits (income or revenue) minus costs over many time periods
Generally, if the net present value of a project is positive, the investment is a good choice - unless an even better investment opportunity exists”
“Define internal rate of return (IRR).
How is it interpreted?”
“The rate at which a project’s inflows and outflows are equal (i.e., the rate of return of an investment in a project)
The higher the IRR, the better”
“Define payback period.
How it is interpreted?”
“The length of time it takes for the organization to recover its investment in the project before it starts accumulating profit
Payback period is likely to be one of only several financial factors used in selecting a project; in some cases, the best choice might be a project that has a longer payback period”
“Define cost-benefit analysis.
What is the result if this analysis?
How it is interpreted?”
“Comparing the expected costs of a project to the potential benefits it could bring the organization
The benefit-cost ratio (BCR)
The higher the BCR, the better”
What concept is concerned with whether the project returns to the company more value than the initiative costs?
Economic value added (EVA)
“Define opportunity cost.
Define sunk costs.”
“Opportunity cost: The opportunity given up by selecting one project over another (i.e., the value of the project not selected)
Sunk costs: Expended costs
Sunk costs should not be considered when deciding whether to continue with a troubled project”
“Define the law of diminishing returns.
Define working capital.”
“Law of diminising returns: After a certain point, adding more input will not result in a proportional increase in productivity
Working capital: An organization’s current assets minus it’s current liabilities (e.g., the amount of money the company has available to invest, including investing in projects)”
What are the two types of depriciation?
“Straight-line depriciation: Depriciate the same amount each time period
Accelerated depriciation: Depriciates faster than straight-line depriciation”
What is a business case?
“The justification for a project or initiative
Explains why the project was selected, how it fits into the organization’s strategic goals, and how it will bring value to the organization”
What is the purpose of a benefits management plan?
To capture the organization’s desired benefits from a project, whether economic or intangible, and how those benefits will be maximized and sustained
“What are constraints?
What are assumptions?”
“Constraints: Factors that limit the team’s options, such as limits on resources, budget, schedule, and scope
Assumptions: Things that are assumed to be true but may not be true”
What is included in a project charter?
"Project title description Project manager assigned and authority level Business case Preassigned resources Key stakeholder list Stakeholder requirements as known High-level product description and key deliverables High-level assumptions High-Level constraints Links the project to the ongoing work of the organization Project approval requirements Overall project risks Project exit criteria"
What is included in an assumption log?
An assumption log contains a list of all assumptions and constraints that relate to the project
What is included in a project management plan?
"Project life cycle Project management processes that will be used on the project Development approach Management reviews Knowledge area management plan Scope, schedule, and cost baselines Requirements management plan Change management plan Change control system Configuration management plan Configuration management system"
“What are baselines?
What threee elements make up the performance measurement baseline?”
“The parts of the project management plan that are used to compare the project’s actual performance against planned performance
Schedule baseline
Scope baseline
Cost baseline”
What is a change management plan?
The change management plan describes how changes will be managed and controlled
“What is a configuration management system?
What is the purpose of a change control system?”
“Configuration management system:
Contains the organization’s standarized configuration management tools, processes, and procedures that can be used to track and control the evolution of the project documentation
Change control system: To track and control changes and includes standarized forms, reports, processes, procedures, and software
Both of these are part of the project management information system (PMIS)”
What is a configuration management plan?
“A plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versions
It defines the naming conventions, the version control system, document storage and retrieval system, and how you will manage the changes to the documentation”
What are project documents?
“Any project-related documents that aren’t part of the project management plan, including:
Assumption log Issue log Cost and duration estimates Lessons learned register Project schedule and resource calendars Quality reports Resource requirements and requirements documentation Any other such documentation"
“What is a kickoff meeting?
When does it occur?”
“A meeting of the key parties involved in the project (customers, sellers, the project team, senior management, functional management, and the sponsor) to make sure everyone is ““on the same page””
Before the Develop Project Management Plan process is completed”
What is a work authorization system?
“The project manager’s system for authorizing the start of work packages or activities
It ensures work is only started when a formal authorization is given”
“What is required for successful knowledge management?
What are the types of knowledge?”
“An organization culture of trust in which the project manager and stakeholders exchange knowledge without fear of judgement
Types of knowledge
Explicit knowledge: Fact-based, and can be easily communicated through words and symbols
Tacit knowledge: Includes emotions, experience, and ability, which are more difficult to communicate clearly”
Information management tools and techniques apply to which type of knowledge?
Explicit
What do lessons learned describe?
What went right, what went wrong, and what would be done differently if the project could be redone
“What are change requests?
What are the threee main categories of change requests?”
“Formal requests to change parts of the project after the project management plan is approved
Corrective action, preventive action, defect repair”
“What are corrective actions?
What are preventive actions?”
“Corrective: Actions taken to bring expected future project performance in line with the project management plan
Preventive: Actions taken to deal with anticipated or possible deviations from the performance measurement baseline and other metrics”
What is defect repair?
Rework required when a component of the project does not meet specifications
“What is a change control board?
Who might be on a change control board?”
“The group responsible for reviewing and analyzing change requests in accordance with the change management plan for the project
May include the project manager, customer, experts, sponsor, functional managers, and others
For the exam, assume that most projects have change control boards, with the exception of change-driven projects”
What steps are involved in the process for making changes to a project?
“• Evaluate the impact: Evaluate (assess) the impact of the change on all aspects of the project
• Identify options: This can include cutting other activities, compressing the schedule by crashing or fast tracking, or looking at other options
• Get the change request approved internally
• Get customer buy-in (if-required)”
