Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Project Mgmt > Ch 1 - Initiating the Project > Flashcards

Ch 1 - Initiating the Project Flashcards

1
Q

Define project mgmt

A

brings together a set of tools and techniques, performed by people, to describe, organize, and monitor the work of project activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the three fundamental questions of project mgmt?

A
  1. what makes a new assignment a project
  2. How do you know if you’re working on a project
  3. what distinguishes a project from an operational activity
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Define project

A

temporary endeavor that has a definite beginning and end, and results in a unique product/service/result

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are the four criteria for something to be a project?

A
  1. unique
  2. temporary
  3. resources and quality
  4. stakeholder satisfaction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

when does a project start? (3)

A
  1. once it’s been identified
  2. objectives have been outlined in project charter
  3. appropriate stakeholders have approved project plan
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is a program?

A

group of related projects managed together using coordinated processes and techniques

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the responsibilities of a program mgmt office (PMO)?

A

responsible for:

  1. maintaining standards
  2. processes
  3. procedures related to mgmt of projects
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

define project mgr

A

people responsible for applying tools to various projects and activities, with primary purpose to integrate all components of project to bring it to successful conclusion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what are the three different types of organizational structures?

A
  1. functional
  2. matrix
  3. project-based organization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is a functional organization

A

staff is organized along departmental lines, with each dept managed independently with limited span of control, hierarchical in nature

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what are three advantages to a functional organization?

A
  1. growth potential and career path for employees
  2. opportunity for those w/unique skills to flourish
  3. clear chain of command
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what are five disadvantages to a functional organization

A
  1. project mgrs have limited authority
  2. multiple projects compete for the same limited resources
  3. resources are generally committed part-time to projects rather than full-time
  4. issue resolution must follow the dept chain of command
  5. project team members are loyal to the functional manager
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

what is a matrix organization?

A

organizations typically organized along departmental lines, bu resources assigned to project are accountable to project mgr for all work associated with the project.
Team members have two or more supervisors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What two items does the project mgr need to be clear about re: the project resources in a matrix organization

A
  1. outcomes for which team members is accountable to project mgr
  2. outcomes for which team member is accountable to functional mgr
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are three typical characteristics of a matrix org?

A
  1. low to moderate authority for project mgr
  2. mix of full-time and part-time project resources
  3. better interdepartmental communication
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the three types of matrix organizations?

A
  1. strong matrix
  2. weak matrix
  3. balanced matrix
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the advantages to project based organizations?

A
  1. team members are co-located
  2. project mgr has high authority level
  3. full-time resources are assigned to the project
  4. loyalty is established with project mgr rather than functional mgr
  5. dedicated project support staff
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what are drawbacks to project based organizations?

A

reassigning project team members once project ends

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what two steps are involved with validating a project

A
  1. preparing the business case

2. identifying and analyzing the project stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What are the seven needs or demands that bring about a project?

A
  1. market demand
  2. strategic opportunity/business need
  3. customer request
  4. technological advance
  5. legal requirement
  6. ecological impact
  7. social need
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what are some external considerations when implementing a tech-based project

A
  1. legal & regulatory conditions (personal ID info storage)
  2. licensing terms
  3. industry standards
22
Q

What is a business case?

A

a written document that helps exec mgmt and key stakeholders determine the benefits and rewards of a project

23
Q

What sort of justifying details does a business case include?

A
  1. feasibility study
  2. justification
  3. alignment to the strategic plan
24
Q

in what instances is a feasibility needed for a business case?

A

when the proposed project is highly complex, has high potential for risk, or is new type of project the org has never undertaken before

25
Q

what does the justification section of the business case include?

A

describes benefits to org for undertaking project

26
Q

what is a project sponsor?

A

the exec in the org who authorizes the project to begin and is someone who has ability to assign funds an resources to the project

27
Q

what are the steps in validating a project?

A
  1. preparing and validating the business case
  2. identifying stakeholders
  3. then project selection
28
Q

what is a decision model?

A

uses fixed set of criteria agreed on by the project selection committee to evaluate project requests

29
Q

what are the two primary categories of decision models?

A
  1. benefit measurement methods

2. constrained-optimization methods

30
Q

what is a benefit measurement method?

A

a means to compare benefits obtained from project requests by evaluating them using the same criteria

31
Q

what are four common benefit measurement methods

A
  1. cost-benefit analysis
  2. scoring model
  3. payback period
  4. economic model
32
Q

what costs should be included in a cost-benefit analysis?

A

development costs of product/service
marketing costs
tech costs
ongoing support

33
Q

when is cost-benefit model a good choice

A

if project selection decision is based on how quickly project investment will be recouped from either decreased expenses or increased revenue

34
Q

what is the weakness of using cost-benefit analysis

A

it doesn’t account for other important factors, such as strategic value

35
Q

Who is the person responsible for integrating all components of a project and applying various tools and techniques to bring about a successful conclusion to the project

A

project manager

36
Q

what are soft skills?

A

skills used on a daily basis to manage resources, solve problems, meet goals, etc

37
Q 
The following activities would be hard or soft skills? 
leadership
listening
organization
time mgmt
planning 
problem solving
consensus building
resolving conflict
negotiating 
team building
A

soft skills

38
Q

what five critical components must be included in a communication strategy?

A
  1. what you want to communicate
  2. how often you’ll communicate
  3. audience receiving the communication
  4. medium used for communicating
  5. monitoring the outcome of the communicaiton
39
Q

What is the role of a project manager?

A

core function is project integration. PM leads project team and oversees all work required to complete project goals to satisfaction of stakeholders.

40
Q

What are the most common project selection methods

A
  1. benefit measurement methods (cost-benefit analysis, scoring models, payback period, ecobomic modles [discounted cash flows, NPV and IRR]
  2. expert judgementd
41
Q

what is the constrained optimization method or model?

A

mathematical model used in complex project requiring detailed understanding of statistics and other math concepts

42
Q

What is a cost-benefit analysis?

A

compares cost to produce product or service to the financial gain (or benefit the org stands to make as a result of executing the project

43
Q

what is a feasibility study?

A

formal endeavor undertaken to determine whether there is a compelling reason to preform the proposed project.
Examines viability of project.
Examines whether it’s feasible, reliable and easily assimilarted into orgs existing structure

44
Q

what is the Project Mgmt Institute (PMI)

A

organization that sets global standard in project mgmt with more than 400K members worldwide

45
Q

what are the 9 Project Mgmt Knowledge Areas

A
  1. project integration mgmt
  2. project scope mgmt
  3. project time mgmt
  4. cost mgmt
  5. project quality mgmt
  6. project HR mgmt
  7. project communication mgmt
    8 project risk mgmt
  8. project procurement mgmt
46
Q

what is a scoring model?

A
  1. a benefit measurement method used for project selection.
  2. contains predetermined list of criteria against which each project is ranked. Each criterion has scoring range and weighting factor.
47
Q

what are the steps in validating a business plan?

A
  1. justification
  2. feasibility
  3. alignment to the strategic plan
48
Q

Formula for NPV using only initial investment and PV of cash inflows

A

PV of cash inflows - initial investment

49
Q

What are the three steps required to complete pre-project setup?

A
  1. identify the project
  2. validate the project
  3. write project charter & obtain approval for the charter
50
Q

what is required to validate a business case?

A
  1. justify the project

2. align it to the strategic plan

Project Mgmt (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions