Ch1-2 Midterm Flashcards
What is a project?
an activity with a start and endpoint managed with finite resources achieved by a collective team effort
Features of a project
Project must
- have a start and an end
- be unique
- involves team, budget, time, scope, roles, objectives
Waterfall
- requirements analysis to execution
- step by step process (no iterations)
- previous task must be completed to move to next task
- no room for change
- example: building a house, or plane
List of Traditional Methodologies
- Waterfall
- Critical Path Method (CPM)
- PMI Method (sequential)
Agile Family
- Agile
- Scrum (clear all obstacles from projects; 2 week sprints)
- Kanban (visual sticky notes; team capacity)
- Extreme Programming (XP) short sprints, frequent iterations
- Adaptive Project Framework - RBS; iterative stages; learn from each iteration
Main characteristics of a project
- one time occurrence
- unique
- finite duration (start and end)
What is risk?
unknown threat, uncertainty about the ability to meet project goals (time, cost, scope) CTS
Quasi project
when any of the project goals (CTS) are not defined properly
3 forces driving Project Management
- competition
- growing demand for complex products
- expansion of human knowledge
Project Challenges
- delays
- lack of resources
- inefficient resource utilization
Project Maturity Levels (IRDMO)
Initial Repeatable Defined Managed Optimizing
Basic Types of Project Selection Models
Numeric and non-numeric
Examples of Nonnumeric Models (6)
- Sacred Cow - projects suggested by top management and take a life of its own
- Operating Necessity- projects taken in order to keep the firm operating
- Competitive Necessity - in order to keep up with competition or maintain position in market
- Product Line Extension
- Sustainability - projects for long term benefit for the short term payoff
- Comparative Benefit Model; uses Q-sort to order projects in order of benefit
Examples of Numeric Models: Profitability (6)
Payback period
payback period = cost of project/ annual cash flow
Discounted Cash Flow
Initial rate of return (IRR)
- higher the IRR, the better
Scoring Models
Window of Opportunity Analysis
Discovery-Driven Analysis
Types of Scoring Model
Unweighted 0-1 factor - yes or no to each factor
Unweighted factor -
Weight Factor model - each factor weighted based on its relevance
