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OPMA 317 > Ch 3- Project Management and Scheduling > Flashcards

Ch 3- Project Management and Scheduling Flashcards

1
Q

Operations vs Projects

A

Running the org vs. changing/improving the org

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2
Q

Operations characterisitcs
1) what are they
2) how are they done
3) priorities
4) objectives
5) focus (Time line)
6) structure
7) culture

A

1) running the org
2) using the current capabilities
3) prioritizes efficiency, productivity, speed
4) objective: performance driven
5) short term focus
6) hierarchial structure
7) command and control culture

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3
Q

projects characteristics
1) what are they
2) how are they done
3) priorities
4) objectives
5) focus (Time line)
6) structure
7) culture

A

1) chanigng the org
2) exploration of new competencies!
3) prioritizeizes innovation, transofrmaion, and agility
4) objective is to be strategic
5) focuses on medium to long term
6) structure is flat (Team based)
7) culture of entreprenurship and collaboration

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4
Q

6 ways AI changes project management

A

1) better selection and prioritiziation of tasks
2) Project managers office analytics and monitoring automation
3) faster project defintion, planning, and reporting
4) virtual project assistants
5) advanced testing of systems and software integration
6) project manager role shift

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5
Q

How does project, program, and portfolio connect

A

Project is the smallest > program is bigger > portfolio is biggest

Project: manage resources within project
(Success= based on time, budget, quality)
Program: a group of related projects
(separates resoucres among relted projects; success= depends on successfuly executing projects)
Portfolio: strategic value of programs and projects
(success= deliver balacned strtegic value)

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6
Q

What is best practice for innovation

A

having a pool of innovation project funding; support the “type 2” investments

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7
Q

what are the 4 types of project maanger

A

gambler
prophet
executor
expert

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8
Q

4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)

TOP LEFT

A

Gambler: takes a bet as a project manager

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9
Q

4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)

TOP RIGHT

A

Prophet: someone hwo can see the biggest pictures and the grand vision

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10
Q

4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)

Botom right

A

EXPERT: does an anlysis

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11
Q

4 types of project maanger
X-AXIS: growth opp in line with our existing strategy
Y-AXIS: IS SUCCESS GUARANTEED
(no’s on edges)

BOTTOM LEFT

A

Executor: gets things done

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12
Q

2 types of project management

A

waterfall(traiditonal)
agile (Scrum)

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13
Q

Waterfall project management

A

1) widely used
-progress flows steadily downards through phases
-project implemented at end when completely finished

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14
Q

Agile(scrum) project managmeent

A

iterative progress with feedback/changes incomrporated

  • project implemented gradually!<3

GROWING USE

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15
Q

wHEN is agile/scrum project management used

A

addressing complex adaptive probllems

-> usually have a small team and meet regularly
-> iterations are in sprints (2 minutes)

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16
Q

WATERFALL CHARACTERISITCS
-when delivered
-how much uncertainty
-main focus?
-project or product foused?

A

delivered @ end

low uncertainty

scope-time-budget focused

project foct focused

builidng construction

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17
Q

what is the defintion of project

A

series of related jobs (Activities)

usually directed towards some major output

require a lot of time to perform

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18
Q

2 categories of projects

A

conventional (low tech)
- repetitivte projectts
-tasks sequences and duration is known
-tested methods are preffered

innovative (high tech)
-unique projects
-non linear progress, iterations,change is normal
-flexible plans

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19
Q

examples of conventional and innovative projects

A

Conventiinal: home constuctuion, financial auditting

innovative: new product development, unique buildings

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20
Q

how do we measure the success of a project? (6 measures)

A

1) cost: did actual expenses exceed prooject budget
2) time: was the porject done on time
3) quality: did the project deliver what it promised
4) environemantal: how ere environmental concerns addressed
5) social: how were stakeholders impacted
6) SAFETY!!!!!!

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21
Q

THE PROJECT MANAGEMENT TRIANGLE

A

1) SCHEDULE (time)
2) COST (price)
3) SCOPE (the to do list)

you might have to sacrifice some to gain some

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22
Q

use pm triangle
1) if you want to complete project faster

A

schedule: decrease
cost: increase
scope impact: decrease the amount of activtities possible

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23
Q

use pm triangle
2) DESIRE TO CUT PROJECT BUDGET

A

COST: decrease
SCOPE: decreases (less money= less activities)
SCHEDULE: INCREASE (people have to work over time, expediting)

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24
Q

use pm triangle
3) desire to complete additional activities

A

scope: increase
cost: increase
scehudles: increase

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25
Q

why is it schedule, scope, and cost and not schecudle, cost , and quality

A

because QUALITY SHOULD NOT BE VARIABLE!!! it shsould always be so high

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26
Q

certifications in project management

A

CAPM
PMP

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27
Q

2 types of work breakdown structure

A

1) vertical (Tree) form
-think like erd (shapes)

2) indented form
- to do list

1.0
1.1
1.1.1
1.2
2.0

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28
Q

Does project scheudling come first or work breakdown structure

A

Project scheudling occurs after WBS is complete

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29
Q

does the WBS have sequenec and duration

A

no!!!! its just an unorgnaized to do list

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30
Q

Project scheduling:
Activity, Event, Milestone

A

Activity: a task that consumers time and resources

Event: a point in time that representas the start or completion of one or more actitivites

Milestone: an event of majoro significance

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31
Q

Gantt Charts

A

schematic represetation of a scheudle of activities, including their time durations

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32
Q

what does gantt chart display
(3 aspects)

A

1) task duration (length)
2) task precedence (arrows show what comes before what)
3) task start/end date (the dates are vertical columns)

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33
Q

What is the critcal path method? assumptions?

A

used to determine the project duration and WHAT TASKS ARE CRITICAL

-> THIS ONLY WORKS FOR REPETIVITE PROJECTS

Assumption:
1) no uncertatinty in durations
2) no concern about different tasks competing for a limited resource

34
Q

CPM STEPS

A

1) Describe project
2) draw network diagram
3)estimate activity duraitons
4)determine the critcial path and slacks
(how many paths? how long will prject take?)

35
Q

what is the critical path

A

the longeeeest path! you may have more than one critical path

36
Q

critcial activitites

A

activitites aong the critical path (if they are delayed the whole project is delayed)

management should consider devoting additional resources
to these critical activities (perhaps diverting them from non-
critical activities)

37
Q

How to calculate slack

A

1) start from 0, go to end
(when two activities lead to one, go w longer)

2)start from max time, and go to start
(when two activites lead to one, go w shorter)

3)when done, subtract vertically for each circle!! should give u slack

38
Q

strengths of cpm

A

1) allows PMs to allocate resources more productively
2) calculate completion dates and slack times for all activities

39
Q

Weakenesses of COM

A

1) Task times are determinsitic, only one completion date is calculation
2) no indication of risk !!! SO WE USE STATISTICS

40
Q

When sould CPM be appleid

A

for projects/tasks that are repetitive

cuz the time estimates are useful from past experience!

41
Q

What is PERT

A

Program Evaluation and Review technique

42
Q

How does PERT work

A

1) use a netwrok diagram, similar to cpm
2) activity duration is a random variable (probabilistic)
3) eac task requires 3 time estimates
A - OPTIMISTIC
B- PESSIMISTIC
M- MOST LIKELY

43
Q

PERT 1: probabiity distribution for each activity:

A

BETA

44
Q

PERT 2: probability distribution for the entire project

A

NORMAL by CLT

45
Q

How to use PERT

A

1) USE ET formula to calculate ET
2) Use Variance formula to caluclate var
3) calculate probability of completing the project by the required date for EACH path

46
Q

pert: how to calculat expected time to complete path?

A

add up the days that are expected for each task

47
Q

PERT how to calculate the path variance

A

add up the variance for each task

48
Q

why do we want to get the standard deviation

A

because then nwe can do our SD jumps from the mean outwards

49
Q

what do we make the mean value/ centre of curve?

A

THE EXPECTED VALUE OF DAYS1!!!!!!

50
Q

how much percentage in one standard deviation

A

68.3%

51
Q

how much percentage in two standard deviation

A

95.4%

52
Q

how much percentage in three standard deviation

A

99.7%

53
Q

how to calculate the probablility of completing the project in x many days

A

1) Use the z score formula
- fill in desired completeion date with given x value
-fill in tge expected time to completion
- fill in standard deviation
2) solve for the z score
3) look up z score in the table and calculate percentage probability

54
Q

how to caluclate the amount of days needed given x probability

A

1) use the z score formula and isolate for Days the proejct needs
- fill in expected value of days
- fill in probability given
- fill in standard deviation given
2) solve for the formula
3) answer is number of days

55
Q

strength of pert

A

1) under certain assumptions, the pert method may be used to estimate the chance of project being completed by a spefiic time

56
Q

weakness of pert

A

1) elicitng data
2) use of statisitcs
3) completion timeprobability only considers longest path

RISK: what if theres another non critical path that has minimal slack and a higher cumulative duration variance?? calculate prob for all the paths

57
Q

when to use pert

A

when you have procjets/tasks with uncertainty (less experinec completing the tasks)

58
Q

Project Crashing

A

speeding up tasks to reduce projection completion time or costs

59
Q

Save or Spend debate in project crashing

A

IS IT ACTUALLY CHEAPER TO SPEED UP PROJECTS?

Indirect costs: save
reducing duration will reduce costs
(overhead fees, rented facilities, salared)

Direct costs: spend
redducing duration will increase costs
(overtime, expedited materials)

60
Q

how to calculate crash cost per week

A

Crash cost-non crash cost / normal time- crash time

61
Q

How to crash a project: use th emimum cost schedule

A

1) find the ciritcal path
2) determine total direct costs and project duration
3 ) on the critical path, what is the cheapest activity to speed up
4) Then fill oout the crashing chart, reduce the respective path by 1 when it is reduced
**TALLY THE WEEKS YOU CRASH (THERE WILL BE A LIMIT FOR EVERY ACTIVITY)

5) when you have multiple paths as the same amount of time, what you should do is SEE which letter overlaps the fastest paths!! then do combinations of leftover letters (at least one of each)

when net benefit is negative you stop!!! you cant crash anymore

62
Q

why could you still want to know past the negative net benefit area?

A

determine the opporutnity costs, what is the fastest you can do this?

63
Q

why would yoounot want to fully crash the project?

A

1) quality of work
2) safety of the employee
3) employee relations (overworking? quitting?)
4) reduced slack (harder to manage project because real life obstacels come into play)

64
Q

does CPM and PERT acknowledge resource limitaiton

A

NO! they assume unlimited resource for whenevr you ened thme

65
Q

solution to resource limitaiton

A

move start time of tasks with slack

increase capacity

rerallocate resources (Divert form non critical to critical)

aquire more resources

extend project due date

66
Q

critical chain occurs when

A

you have certain people with specailized skillsets

67
Q

when you create that table w/ paths, total expeected times, total var of tasks, sd, z score, prob, which alt do you go with

A

the one that has a lower percentage!!

68
Q

what % of projects are considerd succesfully completed

A

only 35%, bc so much admin!!

69
Q

what was the fatality rule of thumb

A

expect one fatality for 1 million in cost

70
Q

amazon got what kind of patent for its drones?

A

bow and arrow proof!!!

71
Q

what are some softwares commonly used in the industry

A

microsoft project
oracle
liquid planner
monday.com

72
Q

2 certifications

A

PMI (no experience needed)
PMP (36 mos experience eneded)

73
Q

what does the critical path assume

A

unlimited resources

74
Q

what does the critical chain do that improves the CPM

A

includes resource constraints/limitations

75
Q

what are examples of things that could potentially increase a projects duration (create a critical chain)

A

skilled resources (certified employee)

specialize equipment (cranes)

physical space (indoor assembly areas)

76
Q

operations: running the org
Project: solving business problems

A

:D

77
Q
A
78
Q

AGILE CHARACTERISITCS
-when delivered
-how much uncertainty
-main focus?
-project or product foused?

A

deilivered iteratively
high uncertainty
business value focus
product focused
app dev is an exmalpe

79
Q

what does PO mean

A

always purchase order

80
Q

what is the discount clearance % meaning?

A

this is the holding cost

OPMA 317 (7 decks)

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