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PM Midterm > Chapter 1-2 > Flashcards

Chapter 1-2 Flashcards

1
Q

Aspects of a Project

A
  • Identifiable objective
  • Deadline or delivery date
  • Budget
  • Performance criteria
  • Resources
  • Stakeholders
  • Authority and reporting structure
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2
Q

project vs. program

A

Project- a temporary endeavor undertaken to create a unique product, service, or result.

Program- a group of related projects designed to accomplish a common goal over an extended period of time

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3
Q

Triple Bottom Line

A

planet, people, profit

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4
Q

project management

A

the process of managing a group of ongoing, interdependent, related projects in a coordinated way to achieve strategic objectives

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5
Q

the project life cycle

A

stage 1- defining
stage 2- planning
stage 3- executing
stage 4- closing

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6
Q

defining stage of the project life cycle

A

specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned

(objectives, specifications (specs), organization, responsibilities)

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7
Q

planning stage of the project life cycle

A

the level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be

(schedule, budget, resources, risks)

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8
Q

executing stage of the project life cycle

A

a major portion of the project work takes place (physical and mental). A physical product is produced (abridge, report, software). Time, cost and specification measures are used for control. Is the project on schedule, on budget, and meeting specifications? What are the forecasts of each of these measures? What revisions/changes are necessary?

(oversight, monitoring, reporting, changes, quality, adjustments)

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9
Q

closing stage of the project life cycle

A

closing includes three activities: delivering the project product to the customer, redeploying project resources, and post-project review. Delivery of the project might include customer training and transferring documents. Redeployment usually involves releasing project equipment/materials to other projects and assessing performance but also lessons learned.

(training, delivery, debrief, redeployment)

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10
Q

Socio-technical Approach to Project Management:

A

Sociocultural (intangible aspects): leadership, problem solving, teamwork, negotiation, politics, customer expectations

Technical (logical aspects): scope, WBS, schedules, resource allocation, baseline budgets, status reports

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11
Q

process losses

A

interaction issues, interaction slows the process and is inefficient

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12
Q

Organization

A

An organization is a collection of resources (physical, financial, human, intellectual, etc.) that are brought together in a deliberate manner for a particular purpose or goal

an organization is a tool to coordinate actions to achieve a goal

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13
Q

organizational structure

A
  • Indicate how employees coordinate resources to achieve organizational goals
  • formal: a system of authorities, roles, and responsibilities
  • tangible
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14
Q

organizational culture

A
  • intangible

- informal: a set of shared values & norms that guide member behaviour

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15
Q

espoused culture

A

stated values philosophy, standards, vision, mission

  • Provides a sense of identity to its members
  • Helps legitimize the management system of the organization
  • Helps create social order
  • Clarifies and reinforces standards of behaviour
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16
Q

enacted culture

A

the actual personality

shown through day-to-day decisions and activities

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17
Q

Elements of Strategies

A
  • Vision: Ideal view of the future state of the organization (WHY)
  • Mission: what the organization intends to accomplish (WHAT)
  • Strategy: guides the decisions regarding priorities, planning, resources, and action to achieve the mission or move toward the vision (HOW)
  • Stakeholders (WHO)
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18
Q

Core Competencies

A

a combination of resources and capabilities that offer “unique” value. Examples: knowledge management (Google, Facebook), Logistics (Amazon, Costco), Culture (Spotify)

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19
Q

Competitive Advantage

A

when one company outperforms another because they are able to create
greater value from their resources

20
Q

Examples of competitive advantages

A
  • Cost strategy (Walmart, Costco)
  • Product Differentiation strategy (Tesla, Uber, Etsy)
  • Brand Differentiation strategy (Apple, Coca Cola, Nike)
  • Focus Strategy (Lamborghini, Big and Tall)
21
Q

Strategic Planning Process

A
  • Situation analysis (SWOT, PESTLE)
  • Review mission and vision
  • Develop goals
  • Formulate strategies and objectives to achieve goals
  • Select initiatives and projects that align with objectives (ongoing)
22
Q

Strategic Management

A

Strategic goals and objectives set out the framework under which managers make decisions.

Examples:
- Select projects that align with the organization’s strategy

  • Prioritize between competing demands
  • Allocate resources
  • Define success criteria
23
Q

Sacred Cow

A

used to denote a project that a powerful, high-ranking official is advocating.

24
Q

Project Sponsors

A

high-ranking managers who endorse and lend political support for the completion of a specific project.

25
Q

Strategy

A

Strategy describes how an organization intends to compete with the resources available in the existing and perceived future environment.

26
Q

Activities of Strategic Process

A
  • Review and define the organizational mission
  • Analyze and formulate strategies
  • Set objectives to achieve strategy
  • Implement strategies through projects
27
Q

SMART goals

A 
Specific 
Measurable
Assignable 
Realistic 
Time related
28
Q

Problems from not having a Project Priority System

A
  1. Implementation Gap- the lack of understanding and consensus of organization strategy among top and middle level managers.
  2. Organization Politics- politics exists in every organization and can have a significant influence on which projects receive funding and high priority.
  3. Resource Conflicts and Multitasking- multi-project environments creates the problems of project interdependency and the need to share resources.
29
Q

Portfolio Management

A

to ensure that projects are aligned with strategic goals and prioritized appropriately.

Design of a project portfolio system should include classification of a project, selection criteria depending upon classification, sources of proposals, evaluating proposals, and managing the portfolio of projects.

30
Q

Types of Projects

A
  • compliance
  • operational
  • strategic
31
Q

Compliance Projects

A

needed to meet regulatory conditions required to operate in a region; they are also called must do projects.

32
Q

Operational Projects

A

projects needed to support current operations.

Designed to improve efficiency of delivery systems, reduce product costs, and improve performance.

These projects, given their limited scope and cost, require only immediate manager approval, while bigger, more expensive projects need extensive review.

(Total Quality Management projects are an example of operational projects)

33
Q

Strategic Projects

A

supports the company’s long-term mission objectives.

Typically directed towards increasing market share and revenue.

34
Q

Payback Model

A

measures the time it will take to recover the project investment, the shorter the payback period the more desirable.

Payback period = estimated project cost / annual savings

35
Q

Limitations of the Payback model

A

it ignores the time value of money, assumes cash inflows for the investment period (not beyond), and doesn’t consider profitability.

36
Q

Net Present Value Method

A

uses management’s minimum desired rate-of-return (example discount rate 20%) to compute the present value of all net cash inflows. If the result is positive (the project meets the minimum desired rate of return) it is eligible for consideration, if negative the project is rejected.

37
Q

Reasons to support projects that are strategic even without large profit margins

A
  • To capture a larger market share
  • Make it difficult for competitors to enter the market
  • To develop an enabler product, which by its introduction will increase sales in more profitable products
  • To develop core technology that will be used in next-generation products
  • To reduce dependency on unreliable suppliers
  • To prevent government intervention or regulation
38
Q

Multi-Criteria Selection Models

A
  • checklist models

- multi-weighted scoring models

39
Q

Checklist Models

A

Lists questions to review potential projects to determine if they will accept or reject them.

  • Allows for flexibility
  • Fails to answer relative importance or value of potential project
40
Q

Multi-Weighted Scoring Models

A

uses several weighted selection criteria to evaluate project proposals. Each selection criterion is assigned a weight. Scores are assigned to each criterion for the project, the weights and scores are multiplied to get a total weighted score for the project.

  • Selection criteria should match the critical success factors of the organization.
  • Scored from 0-10 (10 being the best)
41
Q

Types of R&D Projects

A
  • Bread-and-butter
  • Pearls
  • Oysters
  • White Elephants
42
Q

Bread-and-butter (R&D Projects)

A

relatively easy projects to accomplish and produce modest commercial value. Usually involves evolutionary improvements to current products and services. (Example: software upgrades)

43
Q

Pearls (R&D Projects)

A

low risk development projects with high commercial payoffs. Revolutionary commercial advances using proven technology. (Example: subsurface imaging to locate oil and gas)

44
Q

Oysters (R&D Projects)

A

high risk and high-value projects. These involve technological breakthroughs with lots of commercial potential. (Example: new kinds of metal alloys)

45
Q

White Elephants (R&D Projects)

A

projects that at one time showed promise but are no longer viable. (Example: potent energy source with toxic side effects)

PM Midterm (5 decks)

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