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