Business 6: Operations Management - Project Management Flashcards
What is a project?
Temporary undertaking intended to produce a unique service, product, or result
Project management consists of what five major processes carried out by a project manager tasked w/ balancing the needs and expectations of various stakeholders against the organization’s constraints?
IPEMC
1) Initiating
2) Planning
3) Executing
4) Monitoring and controlling
5) Closing
What is the first step in project management?
Initiating
What is the second step in project management?
Planning
What is the third step in project management?
Executing
What is the fourth step in project management?
Monitoring and controlling
What is the fifth step in project management?
Closing
What happens during the initiating process phase?
- project scope defined
- project authorized
- initial financial resources committed
What is the document that contains a business justification to fulfill the needs and expectations of initial stakeholders by carrying out a statement of work that will achieve the project objectives?
Project charter
What is the name of the document that formally establishes a partnership b/w the requesting organization and the receiving organization?
Project charter
In which phase of the project management process is the project charter established?
Phase 1: Initiating
What does the statement of work describe?
Describes the products or services the project must deliver at completion
What does the planning process of project management involve?
Involves all the activities necessary to:
- further detail the scope of the project
- refine the project objectives
- define the course of action required to attain the project objectives
Is planning a one-time thing?
NO (it’s an ongoing process)
True or false.
You define and document stakeholders’ requirements in the initiating process phase.
False (in the PLANNING process phase)
True or false.
One step in planning activities includes defining what a quality outcome is or defining the standard of quality for the project.
True
What activities are associated w/ completing the work that has been specified in the project plan and producing the deliverables?
3) Execution activities
What does monitoring and controlling consist of?
- procedures that are performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken to ensure the completion of the project
Which process group verifies that all defined project phases are complete, closes the project, and closes all procurement relationships?
Closing process group
Who is responsible for project admin on a day-to-day basis?
Project manager
Who is responsible for achieving all of the project objectives while balancing the project constraints of budget, time and resources?
Project manager
Who is responsible for id and managing internal and external stakeholder expectations?
Project manager
Who performs the project tasks?
Project members
Who carries out the work and produces the deliverables that have been defined by the project manager?
Project members
Who is the individual or group who is responsible for providing resources and support to the project as well as enabling the success of the project?
Project sponsor
Who chairs the steering committee?
Project sponsor
Who is responsible for overall project delivery?
Project sponsor
Who reviews the project work w/ the broader goals of the organization in mind?
Project sponsor
An _____ _____ ______ is to a project what the BOD is to a company; both groups direct, but they do not manage on a daily basis.
Executive steering committee
Who is charged w/ regular oversight of a project/
Executive steering committee
