7. Managing Projects I Flashcards
What is a project?
A one-off endeavour to achieve a specific objective
What are the 5 main elements of a project?
- The project stakeholders
- The resources necessary for completion
- Agreed timescale
- Quality requirements
- Risk attached
What is the key thing that a project is not?
Part of day to day operations
What are the 5 distinguishing features of a project?
- Geared towards a one off event
- Defined start and end
- Non routine/specialist work
- Cost/budget constraints
- Staff from different functions
What is project management?
The term given to the process undertaken to ensure that a project is completed on time, to budget, and to the agreed quality standard
What are the 3 points on the project triangle?
- Time
- Quality
- Cost
What are the 4 stages set out in the 4D model of project management?
Define
Design
Deliver
Develop
What is the PMBOK guide?
A guide for standardising project management, with 5 process groups and nine knowledge areas typical of almost all projects
What are the 5 process groups according to the PMBOK guide?
- Initiating
- Planning
- Executing
- Controlling
- Closing
What are the 9 knowledge areas of project management set out in the PMBOK guide?
- Integration
- Scope
- Time
- Cost
- Quality
- Human Resource
- Communication
- Risk
- Procurement
What does PRINCE(2) stand for?
PRojects IN Controlled Environments
What happens in the ‘starting up a project’ stage of the PRINCE2 model?
Create and evaluate the business case
What happens in the ‘directing a project’ stage of the PRINCE2 model?
PM overseeing a project, ensuring good communication
What happens in the ‘initiating a project’ stage of the PRINCE2 model?
Identify how the project will be managed, setting up a PID (proj initiation doc) that sets the terms of reference for the project
What happens in the ‘planning’ stage of the PRINCE2 model?
Plans relating to the project deliverables are produced continuously throughout the project
What happens in the ‘controlling a stage’ stage of the PRINCE2 model?
Creating documents that help to manage the operations
What happens in the ‘managing product delivery’ stage of the PRINCE2 model?
Controlling the work done by specialist teams
What happens in the ‘managing stage boundaries’ stage of the PRINCE2 model?
Formally closing and reviewing one stage before moving on to the next
What happens in the ‘closing a project’ stage of the PRINCE2 model?
Final sign off stating that objectives have been met
What are Gido and Clements four stages of large projects?
- Identify a need, feasibility study
- Develop a proposed solution
- Perform the project
- Complete/close and evaluate
What is a workstream?
The progressive completion of tasks completed by different groups within a company that are required to finish a single project
What is a Work Breakdown Schedule? (WBS)
A visual summary of the project and its key tasks, allowing the total cost to be seen and allowing jobs to be allocated to appropriate staff
What is a Gantt chart?
A graphical representation of the duration of tasks against the progression of time
What are network diagrams?
Breaking down the project into a sequence of tasks, estimating the duration of those tasks and arranging the lines into a logical sequence
What are critical path activities on a network diagram?
When earliest event time = latest event time
What defines the critical path on a network diagram?
EET = LET
Longest path and shortest time to complete
What are floats?
Where there is more time available within the project structure than is required to complete the project
What is free float of an activity?
The delay possible in an activity on the assumption that all preceding and subsequent activities start as early as possible
End EET - Start EET - Duration
What is independent float of an activity?
The delay possible if all preceding activities have finished as late as possible and all succeeding activities are to start as early as possible
End EET - Start LET - Duration
What is the float time for critical path activities?
Zero
What are the times considered in a PERT diagram?
Best possible, worst possible and most probable event time
What is a key example of data visitation used in project management?
Resource histograms
What is a project quality plan?
A plan that would set out the standards that should be adhered to in order to deliver the project at the standard required
What are the 4 advantages of using project management software?
- Time saved
- Easy change to data to see how the end result would change
- Improved control over resources
- Improved communication
What is buffering?
The inclusion of a defined quantity of time within a project schedule to ensure the overall delivery date is met
What is a feeding buffer?
Adding time to non critical tasks that feed critical tasks
When is a capacity buffer used?
In multi-project programmes
When is a resource buffer added?
To key resources to make sure they are available when required
What is a ‘bad’ form of buffering?
Padding - adding slack as a safety net against poor performance
When should risks be identified in a project?
During the planning stage
What are the 3 key sources of risk in a project?
- Delays
- Price rises
- Quality issues
What are the 5 stages of risk management?
- Identify the risk
- Assess the likelihood
- Plan and respond
- Take measure to manage the risk
- Review
What are the 4 options for managing a risk?
- Transference
- Avoidance
- Reduction
- Absorption
What is a project management approach used to enable allowances for risks?
Scenario planning
