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
Subjective outcomes
Estimates of probabilities of outcomes
Three Areas of Uncertainty in Projects
uncertainty about
- timing
- direct outcomes
- side effects
of the project
Project Portfolio Management
monitoring and controlling the organization’s strategic projects
Symptoms of Misaligned Portfolio
- more projects than the company can handle
- lack of risk analysis
- cost > benefits
- projects don’t align with parent org strategy
Project Portfolio Process Steps (8)
Create Project Council
Identify Project Criteria
Collect Project Data
Assess Resource Availability
Reduce project criteria and set
- cancel ongoing projects, replace with new etc
Prioritize projects within categories
- benefits> resource costs
Select Projects to be funded and held in Reserve
- select a mix of projects across categories
- leave some resources free for future opportunities
Implement
- communicate and improve on existing process
Project Categories
Derivative Projects - new version of the existing laptop
Platform Projects - new tablet or laptop or OS
Breakthrough Projects - apply AI/Machine learning
R&D Projects - developing new technology
What’s in a project proposal and what it addresses?
Executive summary
Cover Letter
Addresses:
problem and the solution technical approach implementation plan ongoing support of project past experiences
