Ch.4 Integration Flashcards
What is the process of integration management?
- Develop project charter
- Develop project management plan
- Direct and manage project work
- Monitor and control project work
- Preform integrated change control
- Close project or phase
What is the develop project charter process?
What is its key output?
Creating the project charter, which formally establishes the project and gives the project manager authority to spend money to commit resources to the project.
Output: Project charter
What is the develop project management plan process?
What is its output?
The process of creating a project management plan that bought into, approved, realistic, and formal
output: project management plan
What are the key outputs of the direct and manage project work process?
- Deliverables
- Work performance data
- Change requests
- Update to the project management plan and project documents
What are the key output of the monitor and control project work process?
- Change requests
- Work performance reports
- Update to the project management plan and project documents
What are the key outputs of the perform integrated change control process?
- Approved change requests
- Change log
- Update to the project management plan and project documents
What are the key outputs of the close project or phase process?
- Final product or service
- Formal acceptance of project or phase
- Lessons learned and other organizational process assets updates.
Explain the project manager’s role as an integrator.
Making sure all the pieces of the project are properly coordinated and put together into one cohesive whole.
What are the two major categories of project selection methods?
- Benefit measurement (comparative)
- Constrained optimization (mathematical)
What are the economic models for selecting project?
- Present value
- Net present value
- Internal rate of return
- Payback period
- Cost-benefit analysis
Define present value
The value in today’s dollars of a future cash flow
Define net present value (NPV).
How is it interpreted?
The present value of total benefits (income or revenue) minus costs over a series of time periods.
Generally, if the NPV of a project is positive, the investment is a good choice unless an event better investment opportunity exists.
Define internal rate of return (IRR)
How is it interpreted?
The rate at which a project’s inflows and outflows are equal (i.e, the rate an investment in the project will return)
The higher the IRR, the better
Define payback period
How is it interpreted?
The length of time required for the organization to recover its investment in the project (before the project starts yielding profit)
The shorter the payback period, the better.
Dine cost-benefit analysis.
What is the result of this analysis?
How it interpreted?
Comparing the expected costs of a project to its potential benefits (revenue)
The benefit cost ratio (BCR)
The higher the BCR, the better
Define opportunity cost
The opportunity given up by selecting one project over another (i.e., the value of the project not selected)
What are sunk costs?
Expended costs
Sunk costs should not be considered when deciding whether to continue a troubled project?
Define the law of diminishing returns?
After a certain point, adding more inputs will not results i a proportional increase in productivity
Define working capital
Current assets minus current liabilities.
The amount of money the company has available to invest, including investment in projects.
What are two types of depreciation?
Straight line depreciation: Depreciate the same amount each time period.
Accelerated depreciation: Depreciate an amount greater than straight line each time period.
What is the project statement of work?
Describes needs, product scope, and how the project fits into the organization’s or the customer’s strategic plan.
Created by the customer/sponsor before the project starts.
Later refined in the project scope statement.
What is a project charter?
A document issued by the sponsor during project initiating that:
- Formally recognizes (authorizes) the existence of the project.
- Gives the project manager authority to spend money and commit resources to the project.
- Provides the objectives, high-level requirements, and success criteria for the project.
- Identifies the constraints and high-level risks for the project.
- Uncovers assumptions about the project.
- Link the project to the ongoing work of the organization.
What is the business case?
The project purpose and the justifications.
Explains why the project was selected, how it fits into the organization’s strategic goals, and how it will bring business value to the organization.
What is included in a project management plan?
- Project management processes for the project
- Management plans for knowledge areas
- Scope, schedule, and cost baselines
- Requirements management plan
- Change management plan
- Configuration management plan
- Process improvement plan
What are project documents?
Any documents used to mange a project aren’t part of the project management plan, including:
- Project charter
- Project statement of work
- Procurement statement of work
- Agreement and contracts
- Stakeholder register
- Requirement documentation
- Activity list
- Quality metrics
- Risk register
- Issue log
- Change log
- Any other such documentation
What are baselines?
The part of the project management plan against which actual project performance is measured
What three elements make up the performance measurements baselines?
Schedule baseline
Scope baseline
Cost baseline
What is a configuration management plan?
A plan to make sure everyone knows what version of scope, schedule, and other components of the project management plan are the least version.
It defines how you will manage changes to the deliverables and process and the results documentation
What is a change management plan?
A system of formal procedures, set up in advance defining how project deliverable and documentation are controlled, change, and approved
What is a change control board?
Who might be on a change control board?
The group of responsible for reviewing and approved or rejecting change requests
May include project manager, customer, experts, sponsor, functional managers and others
For the exam, assume that all projects have change control boards
What are change requests?
When are they approved?
Formal requests to change parts of the project after project management plan is approved
Perform integrated change control
What are corrective actions?
Actions taken to bring expected future project performance in line with the project management plan
What are preventive actions?
Actions taken to deal with anticipated or possible deviations from the performance measurement baseline and other metrics
What is defect repairs?
Rework required when a component of the project does not meet specifications
What is a kickoff meeting?
When does it occur?
A meeting of all parties to the project (all project stakeholders, including sellers) to make sure everyone is “on the same project”
At the end of the planning process group
What is work authorization system?
The project manager’s system for authorization the start of work packages or activities
It ensures work is done at the right time and in the proper sequence
Process for making change (7)
- Prevent the root cause of changes
- Identify changes
- Look at the impact of the change within the knowledge area.
- Create change request
- Perform integrated change control:
A. Access the change
B. Look for options
C. The change is approved or rejected
D. Update the statues in the change log
E. Adjust the project management plan, project documents and baselines. - Communicate the change with the stakeholders affected by change.
- Manage the project to revise project management plan and project documents.
