Ch 3 Project Management Flashcards
Difference between Operations and Projects
•Run the org. >Change the org.
•Exploitation of current capa. > Exploration of new competencies
• Their objective is performance driven> strategic
• Priorities: efficiency, productivity, speed > innovation, transformation, Agility
• forcus: short term> medium to long
• structure: hierarchical > flat
• culture: command & control > enti. & collaboration
Ways AI will change project mgt
• Better selection & prioritization
• PMO analytics & monitoring automation
• Faster project definition, planning, real time reporting
• Virtual project assistant
• Advanced testing of system & software integration
• Project mgt role shift
According to Standish Group how many projects are successful
Only 35% caused by low level of maturity of tech for PM
Difference between Project, program, portfolio
•Project> manage resources within Project.
Success = time+budget+quality
•Program> group of related projects. Coordinates resources among related projects.
Success = projects successfully executed.
•Portfolio > strategic value of program &project. Invest. benefit & risk optimization.
Success= deliver balanced strategic value
According to Harvard business review there are 4 types of Project management
Can a reliable case be made, is the growth opp. In line with our existing strategy:
Gambler no , yes
Prophet no ,no
Executor yes, yes
Expert yes, no
When should you use waterfall(traditional) & Agile(scrum) project mgt
• Waterfall> widely used, progress flows steadily downwards through these phases. Project implemented at the end when completely finished.
• Agile > growing use, iterative process (repitition) with feedback. Project is gradually implemented
(It is a framework for addressing complex adaptive problems) heavily used in software development
Characteristics of waterfall & Agile
•Delivered@ the end > iteratively
•Low uncertainty > high
•Scope time budget focus> business value focus
•Project focus> product
•Building construction>app development
Project
A series of RELATED JOBS/ACTIVITY usually directed toward some MAJOR OUTPUT and requiring SIG. TIME to perform.
Categories of Project
•Conventional (low tech)
-repitive project
-low uncertainty
-tested methods are preferred
•Innovative (high tech)
-unique projects
-non linear progress high uncertainty
- flexible plans
Project performance evaluation is expanding
Environmental
Social :
Did not expand on economic
Was there a fatality rule of thumb for construction project
The rule of thumb was to expect one fatality for every $1 million in cost (1930) with just 11 workers dying as the net fell off
Pro. Mgt triangle and how can a simple triangle be the key tool for all projects
Cost, schedule and scope (quality should not be variable) > quality should not change.
Tool is used to manage changes during the project, determine if a proposed change should be accepted and rebalance other areas for evaluation purposes
What happened to BP gulf if Mexico spill
BP made decisions that saved them time and money on the project while corresponding increasing the risk of a blowout.
Project mgt Industry & what are the key globally recognized professional certification
• Software >ms project, Primavera (oracle), liquid planner, Monday.com
• Professional Certification > PMP PM Professional(3+ exp), CAMP certified associate in PM(0to3 experience)
Work breakdown Structure
Hierarchical breakdown of the tasks required to accomplish a project
• Project scheduling occurs AFTER the WBS is complete >sequence, duration
Does Amazon have a flying warehouse project
Activity, event, milestone
A task that consumes time & resources, a point in time that rep. the start or finish of 1or more activities , an event of major sig.
Project Scheduling Tools
°Network diagrams
Tasks in circle, arrows show sequence. Then draw your table showing activity and immediate predecessor
°Gantt Chart: schematic rep. of schedule activities with time durations. Shows task duration, task precedence, task start/end date
Critical path method
To determine the project duration and critical tasks. Used for repetitive projects.
Assumption: no uncertainty in duration
- Describe the project(based on WBS) activity & predecessor
- Draw network diagram
- Estimate activity duration
- Determine the Critical path& slack (path and length-duration)
Critical path , Critical activity
Sequence of activities that requires the longest total time from start to finish - more than 1 is not a problem
Activities along the critical path, if any of the act. is delayed, whole project delays.
Slack
Difference between latest or earliest . Earliest start is the largest no.
Latest start is the smallest no.
Conclusion of CPM
It should be applied for projects that are repetitive . Weakness(only one completion date is calculated, no indication of risk or spread of Project bc time estimates are reliable due to previous experience)
Program evaluation &review technique (PERT)
- Uses network diagram like CPM
- Activity duration is now a random variable rather than deterministic
- Each task requires 3 estimates
A( optimistic) B pessimistic C most likely. Probability dist. For each activity: BETA , prob distribution for entire project: NORMAL CENTRAL LIMIT THEOREM
Weakness and conclusion of PERT
Eliciting data, use of Stat., completion time prob. only considers longest path.
PERT SHOULD BE APPLIEDBFOR PROJECT WITH UNCERTAINTY BC OF LIMITED EXPERIENCES
