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LOMA 335 I*STAR > Chapter 14 > Flashcards

Chapter 14 Flashcards

1
Q

What is the preeminent global resource for project management knowledge and information sharing?

A

the project management institute (PMI)

they maintain a body of knowledge, vocabulary and other standards, for the project management conmmunity.

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2
Q

What is represented in the Guide to the Project Management Body of Knowledge

A

represents a standard of generally recognized good practice in the project management profession

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3
Q

What does the Organizational Project management Maturity Model (OPM3) provide?

A

the tools organizations need for measuring their maturity against a comprehensive set of organizational best practices.

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4
Q

What does the Standard for portfolio management provide?

A

a guide to the processes generally recognized as good practices in protfolio management.

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5
Q

What is defined in the practice standards for project risk management?

A

defines the aspects of project risk management that are recognized as good practices on most projects most of the time.

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6
Q

What is described in the practice standard for Earned Value Management

A

details of the elements of Earned Value management (EVM) and expands on the EVM information in the PMOK guide 3rd edition.

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7
Q

what are the 9 characteristics of projects?

A
  1. clear defined objectives
  2. subject to constraints on resources
  3. has a beginning point and an ending point
  4. ends upon completion of a unique accomplisment
  5. requires time to complete
  6. requires the efforts of several individuals
  7. projects change over time and a project manager expects changes-and address them.
  8. the overall performance is evaluated in terms of levels of product quality, satisfaction, adherence to budget, and adherence to schedule.
  9. project can be segmented into a set of squenced activities and events.
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8
Q

What is a project scope?

A

the totality of results that a project will produce.

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9
Q

What is an activity? in terms of a project and/or process?

A

one of a set of actions, that together, accomplish a job or assignment.

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10
Q

True or False

we cannot contrast activities with task and terminal elements in projects.

A

False, we can.
a task if an element smaller than an activity.
they are not analzyed for projects

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11
Q

What is a terminal element?

A

the smallest element of detail in a project plan or an exhibit within the plan.

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12
Q

Relationships between projects activities can be important and thats why activities are classified as independent or dependent. What is an independent activity?

A

pairs of activities that can be undertaken at one time are independent, parallel, or concurrent.

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13
Q

what is an independent project activity?

A

an activity that can progress concurrently with other activities, which involve different resources.

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14
Q

Relationships between projects activities can be important and thats why activities are classified as independent or dependent. What is a dependant activity?

A

when one project activity must be completed before other activities can be started. - these activities are dependent.
- exists because another project activity requires the same resources,

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15
Q

What do you call the existance of a precedent relationship between two activities in project management?

A

logical relationship.

-exists when the outputs from one activity are required inputs for another activity.

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16
Q

What is a milestone?

A

is an important interim goal for a project.

- may take the form of events, activities, or tasks.

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17
Q

What are some examples of events in projects?

A
  1. regulatory approval of a policy form
  2. arrival of a shipment of printal material
  3. arrival of an application for NB
  4. obtaining agent licenses and appointments
  5. obtaining corporate approval for new claim approval auth levels.
  6. obtaining Reinsurance via a treaty
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18
Q

For a given project team, companies usually provide a structure consisting of at least a project sponsor, project manager, and a project team. What is a project sponsor?

A

typically a company executive who authorizes the project, provides suppotive resources, and communicates project information up to the organizational chain of command on behalf of the project.

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19
Q

For a given project team, companies usually provide a structure consisting of at least a project sponsor, project manager, and a project team. What is a project manager?

A

the person accountable for fulfilling the functions of planning, organizing, directing, and controlling resources so as to achieve the projects established goal.

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20
Q

For a given project team, companies usually provide a structure consisting of at least a project sponsor, project manager, and a project team. What is a project team?

A

all the people assembled for accomplishing a project. its temporary and its membership can be fluid.

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21
Q

For a given project team, companies usually provide a structure consisting of at least a project sponsor, project manager, and a project team. What is a project team memeber?

A

person assigned to perform a portion of the project activities.

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22
Q

what is a core team member in projects?

A

a person assigned to perform a significant potion of project activities, with qualifications defined by company policy.

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23
Q

What are project stakeholders?

A

internal and external parties who has an interest in a project and expect to benefit from it.

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24
Q

define project phase

A

a segment of the project lifecycle consisting of a set of related project activites.

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25
Q

What is a project life cycle?

A

the combination of all project phases from project initiation to closure.

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26
Q

Projects moving through the lifecycle phases are required to pass through control points known as Gates. What happens here?

A

where projects must undergo a review and obtain auth to proceed.
- each gate has specific requirements as to documentation, estimation and authorization.

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27
Q

What are the 4 phases of a project’s life cycle?

A
  1. initiation
  2. planing
  3. execution
  4. closure.
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28
Q

In project management, what is the initiation phase?

A

the project lifecycle phase of documenting and evaluating a proposed project before there is any commitment.

  • explire the project
  • baking the business case to move FWD
  • examine feasibility of accomplishing the project within budget
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29
Q

In project managemt, what is the planning phase?

A

the lifecycle phase of preparing to undertake project activities.

  • setting project objectives by negotiation among stakeholders,
  • establish boundaries
  • project planning methods
  • preformance standards and mesurements
  • scheduling activities
  • allocating funding and resources.
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30
Q

For a project. What is a scope statement?

A

a report that clearly states limits on a project for specifying the project size, resoruces, contrainds and deliverables.
- no format, (adaptable to company and project)

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31
Q

What is a project deliverable?

A

a measurable outcome from a project,

32
Q

What information is typically presented in a project scope statement?

A

primary and secondary goals and objectives, deliverables, the timeline, milestones, budget, staff and skill requiremnts, and any other limitations

33
Q

what are project constraints?

A

are circumstances that place limitations on project and traditionally include scope, time, and cost.

34
Q

What are the 3 points in a constrainst triangle for affecting projects?

A

scope
time
cost
- they assume different priority levels within a project either as diriving constraint, middle constraint, or weak constraint.

35
Q

In project management, what is the execution phase?

A

consists of formally launching a project, communicating with key project stakeholders and team members performing activities, meeting objectives and acheiving negotiated outcomes.

36
Q

one potential pitfall to a project’s sucess is scope creep. What is this?

A

refers to gradually modifying features of a project and its objectives without formally addressing a negotiating changes with project stakeholders.

37
Q

What is a project change

A

an acknowledged departure from the original project plan.

38
Q

Name some typical triggers for project changes

A
  1. a more important project arises and takes resources
  2. activity takes longer to complete than estimate
  3. project team encouters new information or unforeseen obstacles
  4. performance indicators show lapses in quality of work already completed.
  5. a required resource does not arrive on time or arrives on time but is defective.
39
Q

When a project change is needed, a project manager has recourse to the what strategies for project change
?

A
  1. deliver part of the project, (narrowing the project scope)
  2. execute some sequential activities, concurrently instead of sequentially
  3. seek additional project team resources and expand the project budget
  4. identify potential alternative team resources, or aggree to expand the budget
  5. delay the project
  6. cancel the project
40
Q

What are some examples of quality assurance and monitoring tools?

A
  1. control charts
  2. pareto charts
  3. root cause analysis
  4. grantt charts
  5. network models
  6. flow charts
  7. quality circles
  8. cost control
  9. time and schedule control
41
Q

In project management, what is the closure phase?

A

the lifecycle phase in which the project manager preforms the administrative activities of winding down and ending a project.
- project maneger formally documents the projects deliverables, reviews with the exec sponser and executres a document formally presenting the deliverables to the sponsor.

42
Q

What os the comprehensive planning document for a project called?

A

a project plan, and its a formally executed document used to guide a project through execution.

  • helps document planning assumptions and decision, objectives, contraints, and standards.
  • helps facilitate communication among stakeholders and record the authorized scope, cost and scheudle.
43
Q

Project plan exhibits typically include what?

A 
project charter
scope statement
organization chart
work breakdown structure, 
activity analsysi 
network analysis
project schedule. w
44
Q

How does a project initially tkae its identity?

A

from either a project charter or contractual agreemend

depending if tis completely internal to one entity or encompasses more than one business entitiy.

45
Q

What is a project charter?

A

a document authorized by the project sponsor and formally establishing the existence of the project.

  • formally acknowledges that a company resources have been allocated to the project.
  • identifies the business purpose of the project and grants appropriate authority to the project manager.
46
Q

What is a project organization chart?

A

records a projects lines of authority, responsibility, accountability, and communication.

47
Q

what is a work break-down structure? WBS

A

a graphical display of project elements and often includes an estimate of the labour effort required for each project activity.

48
Q

what is activity analysis?

A

type of analysis and a report for documenting the results of a study undertaken to identify how a given project activity is accomplished including the tasks constituting that activity

49
Q

What is a network model?

A

a type of flow chart showing a set of programs process or project activities in the appropriate sequence.

50
Q

what is a project schedule?

A

a document that shows links between project elements; notes, dependencies and shows a sequence that satisfies the project’s foals and constraints, inclyding terminal elements with scheduled start dates and finished dates for performing acitivites.

51
Q

What is a project time line?

A

graphical representation of a chronological sequence of a project typically providing only summary information and intended to provide an executive overview.

52
Q

In projects, what are baselines?

A
  • measurable starting points agreed upon by various stakeholders as performance standards for a project.
  • they are a collection of projects performance standards for time, scope, and cost.
53
Q

What is a project scope baseline?

A

formally authorized version of the combination of a projects scope statement and work breakdown structure.

54
Q

what is a project budget?

A

shows the project operational results of the project in its entirety, inclyding standard costs, and times.

55
Q

what is a time requirements budget

A

a type of budget that shows calenar units of time, and the expected amount of staff time required during each specified unit of time.
- used for planing and control.

56
Q

what is a schedule variance?

A

the difference between the scheduled finish date for an acitvity and the actual finish date.

57
Q

Define “expected time” in an activity analsysi?

A

an estimate of the time needed to complete and acitivity.

58
Q

If time requirements are uncertain, the most common approach in financial service companies is to use a weighted average of 3 time estimates. What are they

A
  1. optimistic time
  2. probable time
  3. pessimistic time
59
Q

How does one calculate the expected time?

ie: what is the expected time (Te) formula?

A

its the weighted average of the 3 times estimates.

Te= (To + 4Tm + Tp)/6

60
Q

What is a gant chart?

A

highly popular graphical chart used for scheduling activities in the projects, processes and programs.

61
Q

What is useful about a gantt chart?

A

help comapnies determine if corrective action is needed.

  • help create a network model
  • show dependencies
  • define milesotnes
  • assign staff
  • information transparency
62
Q 
Gatt Chart often incorporate the following:
1. project status
2. milestone schedule
3. project resources
How?
A
  1. chart is regularly brought u pto date by extending the bar for each activity
  2. summary listing of a major activities and key milestones can be incorporated
  3. chart may use initials, numbers, colours to indicate which member is responsible for each activity
63
Q

What are some examples of Gantt charts that financial service companies report using for Project management?

A
  1. daily schedule Gantt chart
  2. Baseline Gantt chart
  3. summary Gantt chart
  4. Earned value Gantt Chart
  5. Stoplight Gantt chart
  6. Stop light Gantt chart
64
Q

Network models are use-full for what applications in project management?

A
  1. illustrate an entire project
  2. identify the activites needed to complete the project on time
  3. highlight activities sequences and relationships that are critical to success and illustrate the role of each activity within the entire project
  4. specify details of the project in the planning phase, and permitting the application of rational techniques of analysis
  5. support monitoring and controlling the project by providing a way to quickly identify departures from the plan
  6. to access company detabases and gather relevant historical dta to air in project plan developemnt
65
Q

Network model include at least 6 fundamental elements. What are they?

A
  1. events: (marks completion of an activity)
  2. activities (a job that requires time and resources
  3. times (network expected times are estimates of the time needed)
  4. network paths (sequence of network activities from project inception and project end)
  5. critical path (the most time consuming chain of acitvities and events in a network model)
  6. noncritical path (path along which a delay would not delay project completion)
66
Q

What is the process used to find the critical path in a network model?

A
  1. divide the project elelvements into activities and events
  2. identify precedence relationships and any other dependencies
  3. construct a network diagram to illustrate the required sequence of activities and events
  4. estimate the expected time for each activity and enter the estimates onto the network diagram
  5. identify all alternative network paths from the stat of the project to the finish
  6. calculate the total expected time for each alternative network path.
  7. identify the network path with the longest expected time. This is the critical path.
67
Q

A network model can be used to identify the presence and amount of float in a project. What is float?

A

the length of time that an activity can be delayed without delaying the entire project

68
Q

Can the critical path have a float?

A

No but any other network activity can. its the subtracted value of the expected time for each noncritical path from the expected time of the critical path.

69
Q

what is the “latest allowable date” in terms of network models?

A

specific to each event it is the latest date on which that event can occur without causing a delay in the project.

70
Q

When a project manager is face with a delay in the critical path, what are his choices?

A
  1. spend more resources to get the project back on schedule
  2. complete the project at a lower level of quality
  3. accept the delay.
71
Q

In a network model, what is a dummy activity?

A

an activity that is assigned a time requirement of 0.

- they are used to maintain the correct sequence of activities in a network model.

72
Q

Enhancements to project management include crashing, project portfolio management and earned value management. what is crashing?

A
  1. goal of focusing attention on trade-offs between time and cost in a network.
    - refers to spending additional resources to shorten the length of time needed to complete a project.
73
Q

To crash the network, it is necessary to calculate crash times for individual activities. What is crash time?

A

the reduced time an activity will take if additional resources are spent on the activity.

74
Q

Enhancements to project management include crashing, project portfolio management and earned value management. what is project portfolio management (PPM) approach?

A

an approach to project management conssit of treating all comapny projects are a project portfolio and coordinating all projects with one another, comapny wide.
- focuses on managing projects in the aggregate in a manner that sypports organizational goals and strategies.

75
Q

Under the PPM apprach a project could be ended before its completion if expected benefits do not seem to outweigh the expected costs. how?

A
  1. project cost overruns render the project more costly
  2. outcomes are less beneficial to the company than anticipated
  3. business objectives have changes
  4. regulatory and legal developemtns require reallocation of resources to project designed to meet new mandates
76
Q

What is Earned Value management (EVM)>

A

project management concepts that involves using monetary values to express performance feedback which has been derived by comparing planned project scope, schedule and costs to actual project performance.

77
Q

What is earned value in terms of EVM for project management?

A

a monetary value assigned incrementally to all project steps with the project earning another increment of monetary value as work is completed.

LOMA 335 I*STAR (14 decks)

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