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COMM 225: Operations management > Ch 17 book: Project Management > Flashcards

Ch 17 book: Project Management Flashcards

1
Q

A project

A

work designed to accomplish a specific objective (deliverable) in a limited time frame

unique, multi-person, large, one-time work

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2
Q

A program

A

a set of projects

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3
Q

project performance goals that all projects are expected to achieve

A

to be completed within time/schedule

cost and budget

quality and scope guidelines

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4
Q

what happens when, during the execution of a project one of the performance goals (schedule, cost, quality), becomes unacceptable?

A

one or both of the other performance goals should be adjusted (traded off) to bring the project on track

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5
Q

the project management triangle

A

A model of the three opposing performance goals or constraints of project management

–> schedule, cost, quality

shows that they should be traded off

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6
Q

project phases or stages

A

initiating the project (conception, feasibility study, etc.)

planning and scheduling

execution

monitoring

controlling

closing

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7
Q

In an organization, who is usually a project initiator or sponsor?

A

a senior manager or vice-president

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8
Q

the project scope

A

The major document used in project initiation

the work that needs to be accomplished to deliver the specified objective

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9
Q

project portfolio selection

A

Deciding which projects to implement

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10
Q

what factors does project portfolio selection involve?

A

budget

availability of personnel with appropriate knowledge and skill

cost benefit considerations

financial benefits

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11
Q

steps for project selection

A
  1. Establish a project council

–> ex: the executive committee

  1. Identify some project categories and criteria

–> ex: long-term vs. short-term, minor vs. major)

–> ex: business value, customer satisfaction, process effectiveness, employee satisfaction

  1. Collect project data.
  2. Assess resources availability.
  3. Prioritize the projects within categories
  4. Select projects to be funded
  5. Communicate the results to stakeholders and provide the reasons for selection or non selection of each project
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12
Q

work breakdown structure (WBS)

A

breaking the job down into smaller components

A hierarchical listing of the components of a project

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13
Q

project-based organizational structure

A

companies that have a lot of projects and its basically their business

A type of organizational structure where a company’s departments and personnel are organized around each particular project

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14
Q

what type of project organization do most companies use?

A

a matrix organization

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15
Q

a matrix organization

A

temporarily groups together specialists from different departments to work on special projects

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16
Q

project management office (PMO)

A

a group or department within an organization

defines and maintains standards for project management within the organization

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17
Q

the project manager

A

the person responsible for:

planning a project

scheduling a project

executing a project

controlling a project

meeting the project’s requirements

ensuring completion on time, within budget, and to the required quality standards

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18
Q

who bears the ultimate responsibility for the success or failure of the project?

A

The project manager

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19
Q

Project planning

A

further elaboration of the project scope (the work to be done)

includes:

breaking the project down into smaller components

planning for risk management

estimating the required resources for the activities

estimating costs

budgeting

human resource planning

project scheduling

quality

communications

purchases

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20
Q

Quality planning in a project

A

determining how project quality is to be assured and controlled

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21
Q

Communications planning in a project

A

determining the nature of information needed by stakeholders and how to satisfy these needs

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22
Q

Purchase planning in a project

A

determining what to purchase

determining the statement of work or the specification of the item

determining supplier evaluation and selection

determining the award of contract

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23
Q

The probability of occurrence of risk events in a project is highest when?

A

near the beginning of a project

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24
Q

The probability of occurrence of risk events in a project is lowest when?

A

near the end of a project

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25
Q

the cost associated with risk events tends to be lowest when?

A

near the beginning of a project

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26
Q

the cost associated with risk events tends to be highest when?

A

near the end of a project

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27
Q

The first step for risk management planning

A

identify the risk

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28
Q

risk register

A

stores the list of risks and other information obtained

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29
Q

Once risks have been identified in a project, what must be done?

A

each risk must be evaluated to determine its probability of occurrence and the potential consequences if it does occur

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30
Q

possible risk responses (things to lower the impact of risk)?

A

Redundant (backup) systems

Using a less complex process or a more stable supplier

Frequent monitoring of critical project aspects

Transferring risks

Risk-sharing

Extending the schedule, creating contingency funds, reducing project scope, clarifying the requirements, obtaining information, and improving communication

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31
Q

the steps of work breakdown structure (WBS)

A
  1. to identify the major components of the project
  2. to identify the major sub-components for each of the major components
  3. if necessary each major sub component may be broken down further

etc

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32
Q

work package

A

A group of related tasks within a project

The smallest unit of work that a project can be broken down to
when creating your work breakdown structure

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33
Q

activity

A

Another name for a work package in a project

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34
Q

the major rule when it comes to work packages and activities?

A

the bottom of the WBS should be small enough that it can be done by a subcontractor in a few days or weeks

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35
Q

The work packages or activities in the bottom of the WBS are used for what?

A

planning

including developing time and cost estimates

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36
Q

Project scheduling

A

determining the start and end times of activities and work packages in the work breakdown structure (WBS)

any sequential dependencies of pairs of activities and work packages should be identified

the resources needed for each activity and work package should be identified

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37
Q

A schedule Gantt chart

A

used at the end of project scheduling

used as a visual aid for scheduling and control of the activities and work packages

for simple projects

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38
Q

advantages of a schedule Gantt chart

A

a visual tool

simplicity

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39
Q

disadvantages of a schedule Gantt chart

A

fails to reveal relationships among activities/work packages that can affect the performance of work

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40
Q

what is used instead of a schedule Gantt chart in more complex projects?

A

a precedence network

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41
Q

two of the most widely used tools for scheduling and control of large-scale projects

A

program evaluation and review technique (PERT)

critical path method (CPM)

42
Q

program evaluation and review technique (PERT)

A

A technique used for scheduling and control of large projects

managers can obtain a graphical display of project activities/work packages and their sequential relationship

managers can obtain an estimate of how long the project will take

managers can obtain indication of which activities/work packages are most critical to timely project completion

managers can obtain indication of how long any activity/work package can be delayed without delaying the project

43
Q

critical path method (CPM)

A

A technique used for scheduling and control of large projects

managers can obtain a graphical display of project activities/work packages and their sequential relationship

managers can obtain an estimate of how long the project will take

managers can obtain indication of which activities/work packages are most critical to timely project completion

managers can obtain indication of how long any activity/work package can be delayed without delaying the project

44
Q

Precedence Network

A

One of the main features of PERT/CPM

depicts project activities/work packages and their sequential relationships by use of arrows and nodes

45
Q

the two precedence network conventions

A

activity-on-arrow (AOA)

activity-on-node (AON)

46
Q

activity-on-arrow (AOA)

A

the original precedence network convention

the arrows designate activities

47
Q

activity-on-node (AON)

A

the new precedence network convention

the nodes designate activities

has a start node

only has one ending node

48
Q

A path in a precedence network diagram

A

A sequence of activities/ work packages that leads from the start node to the end node

they reveal sequential relationships

49
Q

importance of sequential relationships in a precedence network diagram

A

If one activity in a sequence is delayed (i.e., is late) or is done incorrectly, all of the following activities/work packages on that path will be delayed

50
Q

importance of the length of a path in a precedence network diagram

A

can be determined by summing the expected duration of the activities on it

51
Q

the most important path in precedence network diagram

why?

A

the critical path (the longest path)

it governs the project completion time

expected project duration equals the expected duration of the longest path

if there are any delays along the longest path, there will be corresponding delays in the project completion time

52
Q

Attempts to shorten project completion must focus on the activities/work packages on which precedence network path?

A

the critical path (the longest path)

53
Q

the critical path in a precedence network diagram

A

The longest path from start to end

determines the expected project du ration

54
Q

criticaI activities

A

Activities on the critical (longest) path

55
Q

path slack time

A

the allowable slippage for any path in a precedence network diagram

reflects the difference between the length of the path and the length of the critical path

56
Q

how much slack time does the critical path have?

A

none bruv

57
Q

The main determinant of the way PERT/CPM networks are used

A

whether activity/work package durations are proballistic or deterministic

58
Q

probabilistic durations

A

if durations are subject to random variation

59
Q

deterministic durations

A

If durations are fairly certain

60
Q

four values for each activity when using PERT/CPM for extremely large (more realistic) precedence networks

what can we find after the four values have been found?

A

ES (the earliest time the activity can start)

EF (the earliest time the activity can finish)

LS (the lαtest time the activity can start and not delay the project)

LF (the latest time the activity can finish and not delay the project)

we can find:

  1. the expected project duration
  2. Activity slack times
  3. The critical path
61
Q

The earliest finish time for any activity/work package formula

A

EF = ES + t

EF: the earliest time the activity can finish

ES: the earliest time the activity can start

t: the expected activity duration

62
Q

two basic rules to calculate the earliest start and finish times for each activity

A
  1. EF = ES + t

2. ES of the following node = EF of the node in question

63
Q

two basic rules to calculate the lates start and finish times for each activity

A
  1. LS = LF - t

2. LS of the following now = LF of the node in question

64
Q

Activity slack time

definition and calculation

A

the amount of time that an activity can be delayed without causing a delay in the project completion date

Activity slack time = LS - ES or LF - EF

65
Q

is the slack time for one activity the same for the total path if the following activity has the same slack time?

A

yeee

f two activities are both on the same path and have the same slack, this will be the total slack available to both

66
Q

the three-point estimation method

A

The probabilistic PERT/CPM approach

involves three duration estimates for each activity/work package instead of one

67
Q

the three duration estimates in the the three-point estimation method

A
  1. Optimistic duration
  2. Pessimistic duration
  3. Most likely duration
68
Q

Optimistic duration in the the three-point estimation method

A

The length of time under the best conditions

represented by “to”

69
Q

pessimistic duration in the the three-point estimation method

A

The length of time under the worst conditions

represented by “tp”

70
Q

most likely duration in the the three-point estimation method

A

The most probable length of time

represented by “tm”

71
Q

The Beta distribution

A

a family of continuous positive distributions

used to describe the inherent variability of an activity/work package’s duration

can be symmetrical or skewed to either the right or the left depending on its shape parameters

the mean and variance of the distribution can be readily obtained from the three-point estimation method

shape parameters can be chosen so that the distribution is unimodal with a high concentration of probability surrounding the most likely dura也 t10n estimate

72
Q

The expected duration of an activity using the three-point estimation method

formula and meaning

A

te = (to + (4)tm +tp) / 6

te: the average or expected duration for each activity/work package
to: optimistic duration
tm: realistic duration
tp: pessimistic duration

73
Q

The standard deviation of each activity’s duration using the three-point estimation method

formula and meaning

A

estimated as one-sixth of the difference between the pessimistic and optimistic estimates

σ^2 = ((tp - to)^2) / 36

The size of the variance reflects the degree of uncertainty associated with an activity/work package’s duration

The larger the variance, the greater the uncertainty

74
Q

the standard deviation of the duration of a pαth

formula and meaning

A

σpath = [E(Variances of activity durations on path)]^(1/2)

75
Q

the central limit theorem

A

using the three-point estimation method, it states that a path’s duration is approximately a Normal distribution (after doing beta distributions for activities and shit)

76
Q

the formula to determine the probability that a given path will be completed in a specified length of time

A

z =

Specified length of time - Expected path duration
/
(Standard deviation of path duration)

77
Q

what does a negative z value indicate when we want to find the probability that a given path will be completed in a specified length of time?

A

indicates that the specified time is earlier than the expected path duration

it means there are less chances that this happens

78
Q

how to calculate the probability that the project will be completed by the specified time?

what do we assume?

A

find the probability that each path will finish by the specified time

then multiply those probabilities

we assume independence of path durations

79
Q

two conditions for independence of path durations

A

(a) that the activity/work package durations are independent of each other
(b) that each activity/work package is on only one path

80
Q

when do we use simulation to find the desired probabilities in the three-point estimation method?

how do we use it?

A

when paths are not independent

a form of repeated sampling

many passes are made through the precedence network

a random value for each activity/work package’s duration is selected from the probability distribution of its duration in each pass

After each pass, the project duration is determined

81
Q

crashing a project

A

Reducing the length of a project by using additional resources

82
Q

which activities are potential candidates for project crashing? why?

A

Only activities on the critical path

because shortening non-critical activities would not have an impact on the project duration

83
Q

from an economic standpoint, critical activities should be crashed according to what?

what does this mean?

A

according to crashing cost per period

crash those with the lowest crash cost per period first

84
Q

The general procedure for crashing is:

A
  1. Obtain estimates of regular and crash durations and crash cost per period for each activity, and indirect project costs per period
  2. Determine the lengths of all paths
  3. Determine the critical activities
  4. Crash critical activities, starting from the cheapest, as long as crashing cost per period does not exceed the benefits of crashing
85
Q

when crashing projects, what can happen to the number of critical paths?

A

we could be getting more than one critical path the more we shorten the longest path already

86
Q

Project execution

A

involves the actual performance of the activities/work packages that were planned in project planning

87
Q

the critical chain approach for project execution

A

used when multiple projects are underway and require joint resources

used to combat student’s syndrome and Pαrkinson’s law

88
Q

student’s syndrome

A

a student tends to delay the start of an assignment until the last possible time

89
Q

Pαrkinson’s law

A

states that work expands to fill the time available for its completion

90
Q

how does the critical chain approach for project execution combat student’s syndrome and Pαrkinson’s law?

A

does not disclose the due dates of activities to the project workers

activities are prioritized, scheduled accordingly, and done as soon as possible

91
Q

Project control

A

involves assessing a project’s progress against plans

taking corrective actions, if necessary, in order to bring the project on track

controlling the changes to a project or to the project’s scope

92
Q

scope creep

A

The problem of uncontrolled changes to a project’s scope

93
Q

Earned value analysis

A

a standard method of measuring a project’s progress at any given point in time

forecasting the project’s completion date and final cost

analyzing variances in the schedule and budget as the project proceeds

94
Q

how to measure the progress of a project at any given time (t)?

A

with EV: budgeted cost of work performed up to t (Earned Value)

do not do it with PV: cost of work scheduled up to t (Planned Value)

95
Q

how to measure the scheduled time overrun (in dollars) at time t?

A

PV (planned value) - EV (earned value)

96
Q

how to measure the cost estimate at completion (EAC)?

A

EAC = BAC / (EV/AC)

EAC: cost estimate at completion

BAC: budget at completion

EV: earned value

AC: actual cost

97
Q

how to measure the cost overrun (in dollars) at time t?

A

AC (actual cost) - EV (earned value)

98
Q

what do we use for quality control?

A

involves using quality tools such as the control chart and cause and effect diagram

we want to identify quality “variance” and the cause to implement corrective action

99
Q

advantages to using project management software

A

It imposes a methodology and common project management terminology

It provides alogical planning structure

It enhances communication among team members

It flags the occurrence of a problem

It automatically formats reports

It generates multiple levels of summary reports and detailed reports

It enables “what-if’ scenarios

It generates various charts, including a basic schedule Gantt chart

100
Q

A major limitation of using Gantt charts for project management is that they do not:

a. Indicate all the major activities involved.
b. Indicate the closeout phase.
c. Show the timing of activities.
d. Show relationships among activities.

A

d. Show relationships among activities.

COMM 225: Operations management (17 decks)

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