All Flashcards
1
Q
Three essential drivers that must be achieved to generate positive characteristics in project teams
A
Cohesiveness, Trust, Motivation
2
Q
The five stages Dr. Bruce Tuckman (1965) introduced of group development
A
Forming, Storming, Norming, Performing, Adjorning
3
Q
Forming
A
In this stage, team members may be meeting for the first time. Often, no one really knows much about anyone else on the team. It may be premature to refer to this group of individuals as a team. It is a time of introduction and forming relationships and understanding from exchange of information.
4
Q
Storming
A
Team members are beginning to know about each other, but they do not yet understand how to work together. Members may “jockey for position” within the team. The dynamics of working together beyond any written statement of “roles and responsibilities” are being established. Personalities surface, showing the strengths, weaknesses, and personal needs of each individual on the team. Integration into a team may come with some struggle and conflict.
5
Q
Norming
A
Team members have “figured out” how they will interact with each other. Working relationships are beginning to form. Trust and understanding is beginning to form between team members. They are beginning to feel comfortable working together and openly and willingly sharing information.
6
Q
Performing
A
Team members are fully comfortable working together. Trust has been developed. Working relationships have jelled. Work is being conducted and project progress is occurring.
7
Q
Adjourning
A
This only occurs when all the team’s work has been completed and the team is no longer required. This may occur at any time in the project life cycle.
8
Q
Co-located Teams
A
involves team members physically working at the same location or holding project meetings together in a common setup.
9
Q
Virtual Teams
A
are teams whose members interact primarily through electronic communications. Members of a virtual team may be within the same building or across continents.
10
Q
Two common situations occur that may prompt a change to the baseline scope
A
The scope may be expanded to include additional functionality or the scope may be diminished due to changes in the project environment such as reduced funding or requirements or changing time/due date.
11
Q
Scope creep
A
occurs when the project team integrates enhancements to the scope without proper evaluation and approval.
12
Q
work performance data
A
will identify the work activities that are completed, partially completed, or not started.
13
Q
risk register
A
is a list of potential risks, how the risks will be monitored, and what action will be taken should the risk event occur.
14
Q
corrective action
A
is a document issued to identify quality failures and how they will be corrected. The deliverable itself may need to be reworked and the project plan may need to be revised to ensure that future deliverables do not include the same error.
15
Q
The Four Categories of Change
A
Contingency plans, improvement changes, external events, scope change
16
Q
The change management system
A
is in place to formally identify, evaluate, decide, and communicate project changes.
17
Q
Recording
A
is the process of documenting and archiving project-related information.
18
Q
Reporting
A
is a key nonverbal communications methodology used to inform and to document project information.
19
Q
Weekly status reports that are often working documents for the team to communicate:
A
Accomplishments, Issues, Schedules, Resource utilization
20
Q
Monthly status reports for senior stakeholders that would include:
A
Project overview bragging about progress, Issues including red light (critical) problems needing immediate resolution, yellow light items that are warning flags, and resolved issues, Current accomplishments, Future plans for the next month, Resource utilization and plans
21
Q
Monthly Financial Report
A
showing progress against the budget quantifying monies spent and planned to be spent and identifying issues with recommendations for resolution
22
Q
Change management reporting
A
showing changes identified, requiring approval, and resolution.
23
Q
Project controls
A
are the data gathering, management, and analytical processes used to predict, understand, and constructively influence the time and cost outcomes of a project or program.
24
Q
Three Aspects of Project Quality
A
quality management, quality assurance, and quality control.
25
Quality management
is the process of identifying the customer's requirements and how they will be measured.
26
Quality assurance
is the process of validating that the requirements and measurements are appropriate for the project environment.
27
Quality control
is the process of monitoring and changing project execution to ensure that activities are being executed as planned and will result in meeting the customer requirements. It is the monitoring and controlling process that occurs during project execution.
28
Standards
are requirements that are generally accepted by a group of firms that produce similar products or services.
29
Requirements
are what the customer needs to achieve from the completed project.
30
Quality audits
are rigorous reviews of the project performance. These reviews are often completed by groups of experts outside of the project team such as a company's quality assurance (QA) department or an outside consultant.
31
positive outcomes of the audit
Identifying issues before we go into production
Identifying best practices that can be adopted by future project teams
Identifying lessons learned that can improve performance on other projects
Identifying problems that can be corrected before additional costs are incurred
32
Checklists
are one way of monitoring that activities/tasks have been addressed and one method of assuring that all needed documents are written.
33
Project charters
contain enough information to understand who the project sponsor and project manager are, the purpose the project, a general idea of the scope, budget, and schedule.
34
Statement of Work (SOW)
defines the project's outcomes in terms of objectives, specific deliverables, acceptance criteria, technical requirements, milestones, constraints, and assumptions.
35
Work Breakdown Structure (WBS)
is a methodical deconstruction of deliverables into activities and then tasks to be performed. It details each activity that must be completed.
36
living documents
are all planning documents
37
project scope
describes how the project outcomes will be created. Documents the customer's expectations with regard to when the project will be completed (the time/schedule constraint) and how much the completed project will cost (the budget or cost constraint).
38
Evolution of the Scope Statement
Initial Scope (defining phase), Approved Scope Statement (planning phase), scope management (executing phase), scope verification (closing phase)
39
product scope
is used to describe the portion of the scope statement that defines the features and functions of the project outcome or deliverables.
40
project scope statement
represents a mutual understanding between the customer and the project team.
41
project requirement
is a characteristic, function, or capability that must be present in the project final outcome.
42
Project deliverables
are the features and functions of the project outcome that form the product scope.
43
Resource Responsibility Matrix
the resources needed are identified and the roles and responsibilities are detailed
44
histogram
is a graph of a frequency distribution in which rectangles with bases on the horizontal axis are given widths equal to the class intervals and heights equal to the corresponding frequencies.
45
Knowledge, Skills, and Abilities (KSAs)
skills required by the project team
46
resource leveling
The act of leveling the amount of resources needed to be constant over a period of time
47
deliverable
is a specific product or functionality that the project will provide.
48
Activities are connected to two types of deliverables:
Project management - communications, planning, execution, etc.
Project specific to the desired end result of this project
49
8/80 rule
do not assign anything that takes less than eight hours so we allow resources sufficient work to occupy them and we don't micromanage
50
Project management deliverables
the concrete items we need to manage this project. They are usually generic to a business or methodology adopted by a PM for use to manage the team and create sound communications.
51
Project specific deliverables
project specific deliverables are required tasks
52
Risk Appetite
is the degree of uncertainty an entity is willing to take on in anticipation of a reward.
53
Risk Tolerance
is the degree, amount, or volume of risk that an organization or individual will withstand.
54
Risk Threshold
refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk. Above that risk threshold, the organization will not tolerate the risk (PMBOK, 2015).
55
Risk Planning
is the process of reviewing every aspect of the project to identify what risks may occur.
56
Risk Breakdown Structure (RBS)
which follows the WBS and insures that each activity and task in the WBS is reviewed for risk and opportunity and documented as identified.
57
Risk Management Options
Avoid, mitigate, transfer and accept.
58
Risk Avoidance
During our planning, the team identifies the risk and sets a path to avoid the risk.
59
Transfer of the risk
transfer risk to someone else
60
Mitigation
is when the team acts in some fashion to reduce the impact or likelihood of the risk occurring.
61
Accepting
the risk is a response strategy where we recognize the risk and say that it is a part of the project, normal business practice and the team will plan to accept it accordingly.
62
Opportunity Management
Acceptance, Enhancing the opportunity and Sharing the opportunity
63
risk register
lists all risks (external, technical, or organizational) and assigns scores for probability and severity.
64
Probability Severity (P*S) score
helps us prioritize the risks appropriately.
65
top-down estimation methods
These estimates are often provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered
66
Bottom-up estimation methods
require that estimates be made at the detailed work activity level of the WBS.
67
parametric estimating
top-down methods are based on the relationship between the current project and historical data
68
ratio method
uses experience from prior projects to estimate the overall cost of the current project.
69
apportion method
is based on the ratio method but takes into consideration specific functionality or types of work that will be required.
70
Cost management
is the process of measuring how close actual costs are to the budget and then making changes in project execution as needed.
71
baseline budget
is the approved budget and will be used as the standard for comparison of actual costs throughout the life of the project and identifying variances.
72
Direct costs
are costs that are directly attributable to completing the project work.
73
Direct overhead costs
are costs from the project that are shared across the work activities.
74
General and administrative costs (G&A)
are overhead costs from the project organization.
75
padding
people tend to add in extra time or money "just in case."
76
Contingency reserves
are costs included in the budget to cover situations that may occur. If the project requires the use of lumber, and lumber prices are known to fluctuate, then some portion of the lumber costs may be included in a contingency reserve. In a restaurant, food costs are very volatile and so the project must budget for those variances that can occur
77
management reserve
is an amount added to the overall project budget to cover unknown risks.
78
Realistic
Accurately reflects the way the organization does business.
| Appropriate for the level of resources, capabilities, and external environment of the organization.
79
Capable
Uses factors that are relevant to the organization.
We would not expect one model to cover all dimensions of a project, we would want to use models that cover their dimension comprehensively.
80
Flexible
The model should provide accurate measures across a reasonable range of conditions.
81
Easy to use
Provide results in a reasonable amount of time.
| Results should be easily understood by the decision makers.
82
Low cost
The costs of gathering data and running the model should be low relative to the scale of the project.
83
Comparable
The model should be usable across a range of projects such that the outcomes of the model can be used to compare projects.
84
Non-numeric project selection models
focus on selection criteria that are not limited to traditional numeric performance measures (return on Investment [ROI], profit, revenue, etc.).
85
competitive necessity model
require a project proposal, which includes justification, cost, and time estimates, as well as documented outcomes.
86
Operating necessity
evaluates a project based on whether it will ensure ongoing operations with the understanding that not executing the project will result in operations being interrupted.
87
Sacred cow projects
are suggested by senior leadership or a powerful constituent of the company.
88
Numeric project selection models
use financial and other quantitative measures to drive decision making. Types are: internal rate of return, net present value, payback period.
89
time value of money
suggests that money is worth more to an organization now than in the future.
90
payback period
calculates the amount of time required to earn back the cost of doing the project.
91
payback period formula
(months) =Estimated Project Cost / Monthly Return
| (annual) =Cost / Savings
92
internal rate of return (IRR)
evaluates potential projects as if they were financial investments. It calculates the rate of return for a project.
93
Net present value (NPV)
is a financial measure of the total future benefits of a project minus the costs of the project.
94
future net cash flows
need to know the costs (cash outflows) and benefits (cash inflows) for the entire working life of the project outcome.
95
Checklist project selection model
use a series of questions to evaluate each potential project and then the answers to the questions would be compared to determine whether a project is accepted or rejected.
96
Profit/profitability-based
measure the financial returns of the project and include: payback period, net present value, and internal rate of return as possible measure.
97
Scoring project selection model
extends the benefits to the checklist approach and uses quantitative or qualitative criteria that are using a scale.
98
Weighted factor scoring model
senior management assigns a level of importance of each criterion which then assigns a value based on that level when calculating the total project score.
99
operations
are the ongoing, daily activities of an organization that produces revenue and expense.
100
project
is an activity or group of activities to generate a new, unique product, service, or results to support that program. However, it is possible that not all projects will be part of a larger program. There could, for example, be a project to develop a new battery that is more adaptable to more extreme temperature conditions. The product of this project could be applicable to all existing automobiles and not strictly a single program.
101
portfolio
is a group of related programs that support a long-term company goal or objective. The projects in a portfolio may individually address separate initiatives within the organization but collectively move the organization toward meeting a long-term goal or objective.
102
business strategy
consists of the activities, methods, tactics, etc. that will be employed to meet the business's goals.
103
program
is a group of related projects.
104
project management
the application of knowledge, skills, tools and techniques to project activities.
105
Phases of the Project Life Cycle
Defining (intializing), Planning, executing and closing
106
Defining
Defining (intializing), Planning, executing and closing
107
Planning
```
Technology
Business process
Staffing
Training
Testing
Communications
Budget constraints
Integration of the project with operations and other projects
```
108
Executing
Unexpected changes that may present themselves in the competitive environment
New organizational priorities
Loss of key project resources
Previously unidentified risks surfacing that puts the project plans in jeopardy
109
Closing
The closing phase of the project occurs when the project is completed to the customers' satisfaction.
110
triple constraint
cost (budget), schedule (time), and scope (deliverables).
111
Project Manager (PM)
is responsible and accountable for managing the project to maximize its success
112
"working" project manager
a functional manager
113
"dedicated" project manager
role in life is to be a project manager regardless of the operational needs of the business.
114
Functional (Departmentalized)
is the oldest and most basic form of organization. It is the type of organization most often represented in corporation shareholder reports
115
Projectized
is the oldest and most basic form of organization. It is the type of organization most often represented in corporation shareholder reports
116
Matrix
has less clearly defined lines of reporting.
117
Business scenario
represents an important business need or issue and provides an opportunity for others to create an appropriate, valuable solution
118
Project objectives
the following are typically determined by the project sponsor and are intended to be very specific in order to appropriately communicate project expectations. SMART
119
Active listening
the following is important to understanding what others are saying both verbally and nonverbally and for effective project management
120
Stakeholder engagement
the following is the process of communicating and interacting with stakeholders in a way that keeps them interested and focused on their involvement in the project
121
Team status reports
reports are often updated in an online collaboration tool and published weekly
122
Work breakdown schedules
ensures that everyone understands what has to be delivered and who is responsible to do what when
123
8 and 80 Rule
a project manager should avoid controlling tasks that take less than eight hours and should not let more than two weeks go by without checking in
124
project management maturity model (OPM3) five levels
1. "Ad Hoc" No formal standards, processes, methods, procedures, or staff to constitute a project management discipline. Standard technologies and reporting are sporadic
2."Planned" Project management standards, processes, methods, procedures, and staff exist in the organization, but are not considered to be an organizational standard. Basic documentation exists, inconsistent management support rarely/occasionally applied.
3."Managed" All project management standards, processes, methods, procedures, and staff are in place as organizational standards. Formal documentation exists, consistent management support, execution irregularly/inconsistently applied.
4."Integrated" More refined project management standards, processes, methods,
procedures, and staff are in place. More refined documentation, consistent management support, consistent execution, and efficiency exist across all projects. Metrics are in place to collect performance data across all projects.
5."Sustained" Lessons learned and best practices are applied to continuously improve existing standards, processes, methods, procedures, and staff. Metrics are collected and applied at the project, portfolio, and
organizational levels. The organization is in a position to evaluate future decisions based on past performance and maximize its competitive advantage in the industry.
125
Weekly internal status meeting
kind of meeting each leader speak to the status of their work and project risks, and explain the status of any mitigation activities.
126
Advantages of Functional (Departmentalized)
Lines of authority are clear.
Departmental work is easily prioritized by identified departmental authority.
There is flexibility in the use of staff.
Subject matter experts (SME) available to work on multiple projects.
Knowledge and experience readily shared between functional specialists.
Technical continuity exists within the organization.
Professional growth and career paths for the staff are clearly defined.
127
disadvantages of Functional (Departmentalized)
Utilizing resources across functions can be difficult.
Requests for assistance from other departments not easily prioritized.
It is inefficient for projects requiring collaboration/cooperation between departments.
Project customer is not the only focus.
Organization does not focus on solving project business issues.
Project does not have a single individual responsible for all aspects of the project.
Response to customer needs is slow and difficult.
Project issues are not all given the same level of attention.
Project is not managed holistically.
128
Advantages of Projectized
Clear lines of authority, the project manager has full authority.
Once SMEs are assigned, there is less need to negotiate availability of resources.
Project is managed holistically.
Response to customer and stakeholder issues is faster and clearer.
Skilled project team can support several successive projects of the same type.
Timely decision making on project issues.
Organizational structure is simple, flexible, and easy to understand.
129
disadvantages of Projectized
PM must have enough work to keep SMEs busy full-time or risk loss to another project or functional area.
SME assigned may not have the most appropriate knowledge or expertise for the project.
Approach is expensive because of the duplication of personnel.
Equipment and personnel may be hoarded to ensure access to those resources.
Team members lose access to a repository of functional or technical expertise.
Policies and procedures may be applied inconsistently.
Team members may be anxious about post-project work.
130
Advantages of Matrix
Central focus is the project.
Project managers have access to a large reservoir of technically skilled people. Potentially more access to SMEs as needed. More chance to get the most appropriate SME.
Project team members have less anxiety about the future.
Customer issues are responded to quickly.
Administrative personnel are not duplicated in each project team.
Resource balancing between projects is simpler and more efficient.
Project team organization is more flexible.
131
Disadvantages of Matrix
Requires cooperation and coordination between and among functional departments and project managers.
SMEs not in daily contact with other SMEs for sharing of technical knowledge.
Person with decision-making power is not always clearly identified.
Resource balancing between projects can lead to friction.
Project closeout tasks are often difficult in strong matrix organizations.
Division of authority and responsibility is complex.
132
project defining phase
the idea for the project is formalized into a project proposal and the decision on whether the project will be selected for implementation is made. It begins when an idea for a project is identified by a company.
133
planning phase
when detailed planning occurs. It will require additional resources since people with specific knowledge about the work will need to provide input to the plan.
134
executing phase
is when the bulk of the work to complete the project outcomes occurs. Based on the plans created during the project planning phase, the project team completes the required work activities.
135
project closing phase
is when the project outcomes are delivered to the customer and/or sponsor and the customer and/or sponsor evaluates them to determine if they are acceptable - deliverables are ready, the budget and time requirements are met and quality is achieved, and lessons learned are documented. When the customer and/or sponsor accepts the project outcome(s), the PM must ensure that all the loose ends are tied up.
136
project charter
summarizes all of the key information about the project and authorizes the project manager to assemble the team and begin detailed planning.
137
collecting customer requirements
The process of gathering information from the customer and stakeholders in order to define the high level project outcomes
138
project justification/business case
is a statement explaining the business need for the project.
139
Project Selection Process
During the defining stage, the customer and project organization must determine whether the project is worthy of moving forward.
140
project sponsor
The person in the project organization who has authority to expend resources for projects
141
Integration Management Plan
Documents how the various processes and planning areas will be kept in sync throughout the project life cycle.
142
Scope Management Plan
Documents how the scope will be initially developed, maintained during project execution, and verified at project closure.
143
Risk Management Plan
Documents how risk events will be identified in advance, monitored, potentially mitigated, and managed across the project life cycle.
144
Procurement Management Plan
Identifies how the project team will acquire products and services from outside organizations.
145
Communications Management Plan
Documents which information will be communicated, when it will be communicated, how it will be communicated, and to whom.
146
Human Resource Management Plan
Defines the roles, skills, and knowledge needed by project team members. Identifies when the human resource will be needed and how the person will be identified, trained, and integrated with the team.
147
Stakeholder Management Plan
Explains how stakeholders will be identified along with their level of interest in the project and influence over the project. This is closely tied to the communications plan since stakeholders will need varying levels and frequency of information.
148
Quality Management Plan
Documents how the quality of the project deliverables will be measured and what steps will be taken to monitor and assure that the quality meets the customer requirement.
149
Cost Management Plan
Explains how costs will be estimated, monitored, controlled during the project.
150
Time Management Plan
Explains how the schedule will be developed, monitored and controlled.
151
Configuration Management Plan
Documents how the project team and stakeholders will keep track of the versions of project documents to ensure that the most up-to-date document is in use.
152
Change Management Plan
Documents how changes to the project outcomes will be managed, approved, implemented, and monitored.
153
Process Improvement Plan
Describes how the processes and procedures used on the project will be evaluated to ensure that the most efficient methods are implemented.
154
Requirements Management Plan
Documents how the customer and stakeholder requirements will be identified, integrated to the project scope, tracked throughout the project, and verified at closure.
155
monitoring and controlling
It is central to the PM's role to know the status of the project work (monitor) and take action as needed to ensure the project plan is completed as planned (control).
156
lessons learned
have great value to the project organization because they provide guidance for future projects.
157
The triple constraint concept
It is not possible to change any one side of a triangle without affecting the other two characteristics
158
The triple constraints are:
Time, Cost, Scope
159
project scope
is, simply put, what the result of the project is desired to be.
160
statement of work (SOW)
It defines the product of the project.
161
Scope creep
occurs when there are any—but particularly small—incremental additions to the project scope that are not subject to the formal scope change process.
162
critical path
is defined as the path with the longest duration from the start of the project to its completion.
163
Float time/slack time
is the amount of time an activity can be delayed without affecting the completion date of the project.
164
Administrative activities
during the project closing phase include performance report preparation, return of assets to the sponsoring organizations, archival of records, and documentation of lessons learned.
165
Customer delivery activities
project closing phase include returning excess materials, reconciling accounts payable, and preparing required financial reports.
166
Milestones
in a project schedule identify critical events and other activities that must be performed by specific dates before the project may proceed.
167
Iterative planning processes
allows the project to move forward in phases when not enough information is known to plan the entire project
168
common components of project scope statements
Project constraints, project acceptance criteria and technical requirements
169
Project schedule
A timeline that specifies when the project begins and when it is supposed to end
170
Project cost
The sum total of all expenses directly charged to the project
171
Traditional project management methods
PERT, CPM, critical chain, waterfall, and PRINCE2
172
Project evaluation and review technique (PERT)
was developed in the 1950s to support the U.S. Navy's Polaris missile project. It uses a statistical approach to estimate the time that will be required to complete project work activities.
173
Critical path method (CPM)Critical chain project management (CCPM)
was developed for the DuPont Corporation to help with projects in their manufacturing plants. It used for estimating project activity durations but CPM assumes that the estimates do not vary and time can be reliably estimated.
174
Critical chain project management (CCPM)
focuses on managing the uncertainties of a project. It assumes that resources available to complete the project are in limited supply and it specifically plans to ensure resource availability.
175
Waterfall
is a traditional practice which found its best use in software and hardware development.
176
Extreme
addresses issues of extraordinary uncertainty or complexity.
177
PRINCE2
is a highly structured project management method which focuses on the specification of the outputs rather than the coordination of activities
178
duration
describe the number of time periods required to complete some portion of the work.
179
activities
are the starting point for developing the project schedule because they identify specific work that will need to occur in order to execute the project.
180
Deterministic duration estimation techniques
are appropriate when the activity durations are very predictable.
181
Probabilistic duration estimation techniques
are used when there is uncertainty in how long an activity will take.
182
one-point estimate
requires that the team expert provide a reliable estimate of the time necessary to complete the activity.
183
triangular distribution
Activity Duration=O+M+P/3
184
beta distribution
uses the three estimates (optimistic, most likely, and pessimistic) but places emphasis on the most likely estimate. Activity Duration=O+4M+P/6
185
learning curves
that as a person repeats a task, the time required to complete the task decreases.
186
Other factors that can influence the impact of learning curves
The complexity of the activity
The level of human input required
The duration of the activity
The skill level required
187
Activity Estimate Standard Deviation
P−O/6
188
Activity Estimate Range
(P−O)
189
rill down in the Operations Plan, three specific activities have been identified
Design Procedures, Create Training Guide, and Write Job Descriptions
190
single-point calculation
M*D
191
network diagram
visually shows the team and stakeholders how the schedule will unfold.
192
precedence diagram
show our understanding in a graphic representation for how the project will proceed.
193
node label
its unique identifier for every activity.
194
immediate predecessor
If a task is needed immediately
195
Serial activities
are done in a single stream of tasks.
196
Concurrent Activities
sets of activities can be done at the same time.
197
Discretionary dependencies
where the PM can choose based on resource availability, including people, money/budget, and other materials
198
Mandatory or logical dependencies
dependencies of one activity or task to another or legal requirements
199
Internal dependencies
dependencies such as impact on milestones as defined by the project requirements or under management control
200
External dependencies
dependencies that rely on external resources or forces
201
Physical dependencies
where primer must be applied before the final paint or where the plumber and electrician cannot work in the same utility closet at the same time
202
project schedule network diagram
A graphic representation of recognized dependencies.
203
Finish-to-Start Relationships (FS)
is a logical relationship in which a successor activity cannot start until a predecessor has finished.
204
Finish-to-Finish Relationships (FF)
is logical relationship where the successor task cannot be completed until the first task is completed.
205
Start-to-Start Relationships (SS)
we cannot start the successor activity until the predecessor activity has started.
206
Start-to-Finish Relationships
is where we cannot end the first task until the second task has started.
207
Gantt Chart
visually depict relationships on a project
208
lead Time
so that the successor task starts before its predecessor ends
209
lag time
makes the successor task start some time after its predecessor ends.
210
examples of resources used in project tasks
Money, supplies, humans
211
Float or slack
is the amount of time an activity, network path, or project can be delayed from the early start without changing the completion date of the project.
212
Total float
is the difference between the finish date of the last activity on the critical path and the project completion date.
213
negative float
which means the calculated completion date of the last activity is later than the targeted completion date established at the beginning of the project.
214
free float
activities that are not on the critical path have a difference between their early start date and their late start date, those activities can be delayed without affecting the project completion date.
215
forward pass
is when we start assigning dates based on the earliest start date, adding dates based on our estimates for each task in the diagram.
216
backward pass
know the required end date of the project, we can start from the end date
217
Reduce critical path
Inspect the tasks to identify if the tasks can be made shorter or if the estimate is too long. Have the experts review all of the estimates.
218
crash
is to obtain the greatest amount of compression of the schedule/critical path for the least incremental cost or time.
219
critical chain
builds on the critical path method by going a step further adding time buffers to account for limited resources.
220
Fast-tracking
is the term for tasks when they overlap despite their dependencies
221
Schedule compression
is the reduction of the overall project timeline to the least possible length for the least cost to the project.
222
Schedule Compression Techniques
Do the work faster — using more or better resources often results in more costs or reducing quality.
Do less work — finish the tasks with less functionality.
Reduce the quality of the work, accepting the potential consequences.
223
EV
Earned Value
| Dollar value of work completed
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AC
Actual Cost
Total dollar value of costs to date, includes work and invoices already paid as well as expenses that have been incurred but not invoiced or paid
225
BAC
Budget at Completion
| Approved total baseline budget approved for completed project
226
50-50 Rule
Assigns 50% compete once activity is started, and 100% upon completion. No in between, every task is marked with either a 0%, 50%, or 100%
227
0-100 Rule
Every task is marked as 0% completed until it is finished, then marked as 100%
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Cost Variance
Determines if a project is meeting budget expectations
229
Equation to determine if a project is meeting budget expectations
Cost Variance
| CV = EV-AC
Earned Value - Actual Cost
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Schedule Variance
Determines if a project is meeting schedule expectations
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Equation to determine if a project is meeting schedule expectations
Schedule Variance
| SV = EV-PV
Earned Value - Planned Value
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CPI
Cost performance index
Measures cost efficiency
CPI = EV/AC
(Earned Value / Actual Cost)
233
CPI > 1 or 100%
| CPI < 1 or 100%
CPI>1
Project team is completing more work at less cost than expected
CPI<1
Project team is accomplishing less work for the money spent and is behind budget
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SPI
Schedule performance index
Measures time efficiency
SPI = EV/PV
(Earned Value / Planned Value)
235
SPI > 1 or 100%
| SPI < 1 or 100%
SPI > 1
Project team is completing more work in less time than expected
SPI < 1
Project team is completing less work than what is required in the time allowed and is behind schedule
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What is TCPI
To complete performance index
What the CPI (cost performance index) will need to be for the remainder of the project if the team intends to finish on budget
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TCPI Equation
TCPI = (BAC - EV) / (BAC - AC)
| Budget at Completion - Earned Value)/
(Budget at Completion - Actual Cost
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TCPI when project is over-budget and customer approves new EAC (estimated cost at completion):
TCPI = (BAC - EV) / (EAC - AC)
| Budget at Completion - Earned Value)/
(New budget aka Estimated Cost at Completion - Actual Cost
239
PCIB
Percent complete Index Budget
How much work has been completed
PCIB = EV / BAC
Earned Value / Budget at Completion
240
What is PCIC
Percent complete index - cost
| Used when customer agrees to a new BAC (budget at completion)
241
PCIC Equation
PCIC = AC / EAC
| Actual Cost / Estimated Cost at Completion
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ETC
Estimate to Completion
How much money will need to complete the project
ETC = (BAC - EV)/CPI
(Budget at Completion - Earned Value) /
Cost Performance Index
CPI = EV/AC
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EAC
Estimate at Completion
Forecast of how much more the project is expected to cost to complete
EAC = AC + ETC
Actual Cost = Estimate to Completion
```
ETC = (BAC - EV)/CPI [Cost performance index]
CPI = EV/AC
```
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EVA
Earned Value Assessment
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EVA Process Step 1
Collect measures from project records:
1. AC - Actual Cost
2. EV - Earned Value
3. PV - Planned Value
4. BAC - Budget at Completion
246
EVA Process Step 2
Calculate Variances:
1. CV - Cost Variance
2. SV - Schedule Variance
3. PCIB - Percent complete index budget
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EVA Process Step 3
Calculate Performance Factors
1. CPI - Cost Performance Index
2. SPI - Schedule Performance Index
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EVA Process Step 4
Calculate Estimates or Identifying Performance Factors
1. ETC - Estimate to completion
2. EAC - Estimate at completion
3. TCPI - To complete performance Index
4. PCIB - Percent complete index budget or
PCIC - (Percent complete index - cost)
249
operations
are the ongoing, daily activities of an organization that produces revenue and expense.
250
project
is an activity or group of activities to generate a new, unique product, service, or results to support that program. However, it is possible that not all projects will be part of a larger program. There could, for example, be a project to develop a new battery that is more adaptable to more extreme temperature conditions. The product of this project could be applicable to all existing automobiles and not strictly a single program.
251
portfolio
is a group of related programs that support a long-term company goal or objective. The projects in a portfolio may individually address separate initiatives within the organization but collectively move the organization toward meeting a long-term goal or objective.
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business strategy
consists of the activities, methods, tactics, etc. that will be employed to meet the business's goals.
253
program
is a group of related projects.
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project management
the application of knowledge, skills, tools and techniques to project activities.
255
Phases of the Project Life Cycle
Defining (intializing), Planning, executing and closing
256
Defining
Determining the project's sponsor and the project's manager
Creating a project charter. The charter is a document that, like a contract, is agreed upon by the sponsor and key stakeholders. It defines the project and authorizes the resources, roles, responsibilities, authorities, and scope for the project.
257
Planning
```
Technology
Business process
Staffing
Training
Testing
Communications
Budget constraints
Integration of the project with operations and other projects
```
258
Executing
Unexpected changes that may present themselves in the competitive environment
New organizational priorities
Loss of key project resources
Previously unidentified risks surfacing that puts the project plans in jeopardy
259
Closing
The closing phase of the project occurs when the project is completed to the customers' satisfaction.
260
triple constraint
cost (budget), schedule (time), and scope (deliverables).
261
Project Manager (PM)
is responsible and accountable for managing the project to maximize its success
262
"working" project manager
a functional manager
263
"dedicated" project manager
role in life is to be a project manager regardless of the operational needs of the business.
264
Functional (Departmentalized)
is the oldest and most basic form of organization. It is the type of organization most often represented in corporation shareholder reports
265
Projectized
subject matter experts (SMEs) from different functional areas are assigned to directly report to the project manager (PM) for a specific project.
266
Matrix
has less clearly defined lines of reporting.
267
Business scenario
represents an important business need or issue and provides an opportunity for others to create an appropriate, valuable solution
268
Project objectives
the following are typically determined by the project sponsor and are intended to be very specific in order to appropriately communicate project expectations. SMART
269
Active listening
the following is important to understanding what others are saying both verbally and nonverbally and for effective project management
270
Stakeholder engagement
the following is the process of communicating and interacting with stakeholders in a way that keeps them interested and focused on their involvement in the project
271
Team status reports
reports are often updated in an online collaboration tool and published weekly
272
Work breakdown schedules
ensures that everyone understands what has to be delivered and who is responsible to do what when
273
8 and 80 Rule
a project manager should avoid controlling tasks that take less than eight hours and should not let more than two weeks go by without checking in
274
project management maturity model (OPM3) five levels
1. "Ad Hoc" No formal standards, processes, methods, procedures, or staff to constitute a project management discipline. Standard technologies and reporting are sporadic
2."Planned" Project management standards, processes, methods, procedures, and staff exist in the organization, but are not considered to be an organizational standard. Basic documentation exists, inconsistent management support rarely/occasionally applied.
3."Managed" All project management standards, processes, methods, procedures, and staff are in place as organizational standards. Formal documentation exists, consistent management support, execution irregularly/inconsistently applied.
4."Integrated" More refined project management standards, processes, methods,
procedures, and staff are in place. More refined documentation, consistent management support, consistent execution, and efficiency exist across all projects. Metrics are in place to collect performance data across all projects.
5."Sustained" Lessons learned and best practices are applied to continuously improve existing standards, processes, methods, procedures, and staff. Metrics are collected and applied at the project, portfolio, and
organizational levels. The organization is in a position to evaluate future decisions based on past performance and maximize its competitive advantage in the industry.
275
Weekly internal status meeting
kind of meeting each leader speak to the status of their work and project risks, and explain the status of any mitigation activities.
276
Advantages of Functional (Departmentalized)
Lines of authority are clear.
Departmental work is easily prioritized by identified departmental authority.
There is flexibility in the use of staff.
Subject matter experts (SME) available to work on multiple projects.
Knowledge and experience readily shared between functional specialists.
Technical continuity exists within the organization.
Professional growth and career paths for the staff are clearly defined.
277
disadvantages of Functional (Departmentalized)
Utilizing resources across functions can be difficult.
Requests for assistance from other departments not easily prioritized.
It is inefficient for projects requiring collaboration/cooperation between departments.
Project customer is not the only focus.
Organization does not focus on solving project business issues.
Project does not have a single individual responsible for all aspects of the project.
Response to customer needs is slow and difficult.
Project issues are not all given the same level of attention.
Project is not managed holistically.
Advantages of Projectized
Clear lines of authority, the project manager has full authority.
Once SMEs are assigned, there is less need to negotiate availability of resources.
Project is managed holistically.
Response to customer and stakeholder issues is faster and clearer.
Skilled project team can support several successive projects of the same type.
Timely decision making on project issues.
Organizational structure is simple, flexible, and easy to understand.
disadvantages of Projectized
PM must have enough work to keep SMEs busy full-time or risk loss to another project or functional area.
SME assigned may not have the most appropriate knowledge or expertise for the project.
Approach is expensive because of the duplication of personnel.
Equipment and personnel may be hoarded to ensure access to those resources.
Team members lose access to a repository of functional or technical expertise.
Policies and procedures may be applied inconsistently.
Team members may be anxious about post-project work.
278
Advantages of Matrix
Central focus is the project.
Project managers have access to a large reservoir of technically skilled people. Potentially more access to SMEs as needed. More chance to get the most appropriate SME.
Project team members have less anxiety about the future.
Customer issues are responded to quickly.
Administrative personnel are not duplicated in each project team.
Resource balancing between projects is simpler and more efficient.
Project team organization is more flexible.
279
Disadvantages of Matrix
Requires cooperation and coordination between and among functional departments and project managers.
SMEs not in daily contact with other SMEs for sharing of technical knowledge.
Person with decision-making power is not always clearly identified.
Resource balancing between projects can lead to friction.
Project closeout tasks are often difficult in strong matrix organizations.
Division of authority and responsibility is complex.
