Business Process Management: Project Management Flashcards
Operations Management
ongoing production of goods and services and ensuring that a company’s operations function efficiently by using the optimal resources necessary to meet the sales demand of its customers
Project
temporary undertaking intended to produce a unique service, product or result
Project Management- 5 major processes carried out by a project manager tasked with balancing the needs and expectations of all stakeholders against the organization’s constraints
1) Initiating
2) Planning
3) Executing-Assure Quality
4) Monitoring and controlling-Control the costs
5) Closing
Project charter
is a document that contains a business jurisdiction to fulfill the needs and expectations of initial stakeholders carrying out a statement of work that will achieve the project objectives
Stakholders
Project team Sponsors Executive Steering Committee Customers Customer coworkers Customer managers
Statement of work
Describes the product or services the project must deliver at completion
Planning consists of
1) Develop the initial project management plan
2) Define and document stakeholder’s requirements
3) Define the scope of the project
4) Create a work breakdown sequence
5) Define the activities that must be performed in order to produce the project deliverables
6) Sequence the activities
etc
Project Risk
represents an uncertain condition or event that could have a negative (or positive) effect on one or several project objectives
Inputs used for Planning for Risk
Risk management plan Cost management plan Schedule management plan Risk Register Enterprise Environmental factors Organizational process assets
Conflict Resolution Strategies
Retreat Focus Compromise Offer a direct win-lose Build Consensus Actively engage the team to solve problems through discussions
Scope-Challenges
challenge in managing scope is to include all the work required to complete a project and nothing else
Scope baseline
formal written approved statement of the project scope and work breakdown structure.
Project Cost Management Process
a) Planning for cost management
b) Estimating the costs necessary for the project
c) Determining the budget
d) Controlling project costs
Cost Estimation Methods
a) Judgement
b) Parametric Estimating- statistical relationship between historical cost and other variables
c) Analogous Estimating
d) Work breakdown structure estimation
e) Three-Point Estimates- Optimistic or Pessimistic assumptions
f) Reserve Analysis
g) Project Management Software
h) Vendor Bid Analysis
i) Earned Value Management
Quality Management
1) Plan Quality Management
2) Perform Quality Assurrance
3) Quality Control
4) Quality Tools
