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CIMA - E2 > 7. Managing Projects I > Flashcards

7. Managing Projects I Flashcards

1
Q

What is a project?

A

A one-off endeavour to achieve a specific objective

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2
Q

What are the 5 main elements of a project?

A
  1. The project stakeholders
  2. The resources necessary for completion
  3. Agreed timescale
  4. Quality requirements
  5. Risk attached
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3
Q

What is the key thing that a project is not?

A

Part of day to day operations

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4
Q

What are the 5 distinguishing features of a project?

A
  1. Geared towards a one off event
  2. Defined start and end
  3. Non routine/specialist work
  4. Cost/budget constraints
  5. Staff from different functions
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5
Q

What is project management?

A

The term given to the process undertaken to ensure that a project is completed on time, to budget, and to the agreed quality standard

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6
Q

What are the 3 points on the project triangle?

A
  1. Time
  2. Quality
  3. Cost
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7
Q

What are the 4 stages set out in the 4D model of project management?

A

Define
Design
Deliver
Develop

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8
Q

What is the PMBOK guide?

A

A guide for standardising project management, with 5 process groups and nine knowledge areas typical of almost all projects

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9
Q

What are the 5 process groups according to the PMBOK guide?

A
  1. Initiating
  2. Planning
  3. Executing
  4. Controlling
  5. Closing
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10
Q

What are the 9 knowledge areas of project management set out in the PMBOK guide?

A
  1. Integration
  2. Scope
  3. Time
  4. Cost
  5. Quality
  6. Human Resource
  7. Communication
  8. Risk
  9. Procurement
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11
Q

What does PRINCE(2) stand for?

A

PRojects IN Controlled Environments

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12
Q

What happens in the ‘starting up a project’ stage of the PRINCE2 model?

A

Create and evaluate the business case

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13
Q

What happens in the ‘directing a project’ stage of the PRINCE2 model?

A

PM overseeing a project, ensuring good communication

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14
Q

What happens in the ‘initiating a project’ stage of the PRINCE2 model?

A

Identify how the project will be managed, setting up a PID (proj initiation doc) that sets the terms of reference for the project

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15
Q

What happens in the ‘planning’ stage of the PRINCE2 model?

A

Plans relating to the project deliverables are produced continuously throughout the project

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16
Q

What happens in the ‘controlling a stage’ stage of the PRINCE2 model?

A

Creating documents that help to manage the operations

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17
Q

What happens in the ‘managing product delivery’ stage of the PRINCE2 model?

A

Controlling the work done by specialist teams

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18
Q

What happens in the ‘managing stage boundaries’ stage of the PRINCE2 model?

A

Formally closing and reviewing one stage before moving on to the next

19
Q

What happens in the ‘closing a project’ stage of the PRINCE2 model?

A

Final sign off stating that objectives have been met

20
Q

What are Gido and Clements four stages of large projects?

A
  1. Identify a need, feasibility study
  2. Develop a proposed solution
  3. Perform the project
  4. Complete/close and evaluate
21
Q

What is a workstream?

A

The progressive completion of tasks completed by different groups within a company that are required to finish a single project

22
Q

What is a Work Breakdown Schedule? (WBS)

A

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

23
Q

What is a Gantt chart?

A

A graphical representation of the duration of tasks against the progression of time

24
Q

What are network diagrams?

A

Breaking down the project into a sequence of tasks, estimating the duration of those tasks and arranging the lines into a logical sequence

25
Q

What are critical path activities on a network diagram?

A

When earliest event time = latest event time

26
Q

What defines the critical path on a network diagram?

A

EET = LET

Longest path and shortest time to complete

27
Q

What are floats?

A

Where there is more time available within the project structure than is required to complete the project

28
Q

What is free float of an activity?

A

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

29
Q

What is independent float of an activity?

A

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

30
Q

What is the float time for critical path activities?

A

Zero

31
Q

What are the times considered in a PERT diagram?

A

Best possible, worst possible and most probable event time

32
Q

What is a key example of data visitation used in project management?

A

Resource histograms

33
Q

What is a project quality plan?

A

A plan that would set out the standards that should be adhered to in order to deliver the project at the standard required

34
Q

What are the 4 advantages of using project management software?

A
  1. Time saved
  2. Easy change to data to see how the end result would change
  3. Improved control over resources
  4. Improved communication
35
Q

What is buffering?

A

The inclusion of a defined quantity of time within a project schedule to ensure the overall delivery date is met

36
Q

What is a feeding buffer?

A

Adding time to non critical tasks that feed critical tasks

37
Q

When is a capacity buffer used?

A

In multi-project programmes

38
Q

When is a resource buffer added?

A

To key resources to make sure they are available when required

39
Q

What is a ‘bad’ form of buffering?

A

Padding - adding slack as a safety net against poor performance

40
Q

When should risks be identified in a project?

A

During the planning stage

41
Q

What are the 3 key sources of risk in a project?

A
  • Delays
  • Price rises
  • Quality issues
42
Q

What are the 5 stages of risk management?

A
  1. Identify the risk
  2. Assess the likelihood
  3. Plan and respond
  4. Take measure to manage the risk
  5. Review
43
Q

What are the 4 options for managing a risk?

A
  1. Transference
  2. Avoidance
  3. Reduction
  4. Absorption
44
Q

What is a project management approach used to enable allowances for risks?

A

Scenario planning

CIMA - E2 (8 decks)

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