Chapter 14 Project Management Flashcards

1
Q

Project

A

temporary endeavor undertaken to create a unique product service or result

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2
Q

Project management

A

application of knowledge, skills, tools and techniques to meet project requirements

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3
Q

Triple constraint

A

projects are limited in scope, time, cost (continuous balance between the three)

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4
Q

PMBOK list

A

projects are constrained by scope, time, cost, quality, resources, and risk

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5
Q

Stakeholders

A

people who are involved or affected by the project

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6
Q

Program

A

group of related projects that are managed in a coordinated way which results in benefits which could not be obtained if projects were managed separately

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7
Q

Systems

A

sets of interacting parts which work together to achieve some purpose

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8
Q

Systems analysis

A

approach which involves defining the scope of the system, diving it into components, and identifying its problems, constraints, and needs

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9
Q

Systems management

A

involves the work of creating, maintaining, and upgrading a system
-involves 3 spheres:
=Business
=Technology
=Organization (4 frames: structural frame, Human Resources frame, political frame, symbolic frame)

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10
Q

Functional versus Project versus Matrix organization structure

A

-Functional: each member’s role is defined by their function and who they report to in organization
-Project: project managers report directly to CEO and staff report to them
-Matrix: hybrid of the two, staff manage reports to both a project manager as well as functional manager

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11
Q

Project life cycle

A

-set of phases through which a project passes on its way to completion

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12
Q

Process groups for project life cycle

A

-initiating process, planning process, executing process, closing process
-monitoring and controlling process runs throughout
-each of the 10 knowledge areas has tasks that are related to each of the 5 process cycle (integration, scope, time, cost, quality HR, communications, risk, procurement, stakeholder)

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13
Q

Project charter

A

document that formally authorizes the project and gives project managers access to organization assets

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14
Q

Preliminary project scope statement

A

describes in broad strokes what work will be done

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15
Q

Project management plan

A

describes what resources will be needed and when they will be used

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16
Q

Work breakdown structure

A

deliverable-oriented grouping of the work involved in a project
-work package is the smallest level of task on the WBS
-part of scope management plan

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17
Q

Responsibility assignment matrix

A

2-dimensional chart which shows the degree of responsibility each team has to each work package

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18
Q

Procurement (or outsourcing)

A

acquiring goods or services from an outside agency

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19
Q

Request for information

A

simply asks for suppliers’ capabilities and timelines

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20
Q

Request for quote

A

when particulates of job are known and various suppliers complete for contract

21
Q

Request for proposal

A

most detailed request, buyer submits a statement of need and supplier complete to find innovative solutions

22
Q

Activity

A

defined portion of work that has an expected duration, cost and resource requirement

23
Q

Activity sequencing

A

defining these activities and then deciding which must be done in which order

24
Q

Types of Dependencies

A

-Finish to Start: Task B cannot begin until Task A is completed
-Finish to Finish: Task B cannot finish before Task A is finished
-Start to Start: Task B cannot start until Task A is started
-Start to Finish: Task B cannot finish until Task A is started

25
Q

Earned Value Management

A

technique for estimating progress of a project

26
Q

Planned value

A

amount of money budgeted to a given activity at a certain time

27
Q

Actual cost

A

total direct and indirect costs incurred

28
Q

Earned value

A

estimate of what the work so far is actually worth

29
Q

Schedule and cost variance

A

when project progresses faster or slower than expected, differences between earned value and planned value
if positive then called positive schedule variance or cost variance

30
Q

Network diagrams or process diagrams

A

schedule to estimate total number of resources and durations
-Circles or nodes: start and endpoints for tasks
-Bursts: nodes that have multiple activities dependent on them
-Merges: nodes that depend on multiple activities

31
Q

Critical path

A

minimum time required to complete the project: represents the longest path from beginning to end

32
Q

Gantt Chart

A

-common method of diagramming a schedule
-Summary tasks: task groups are depected with heavy umbrella-shaped lines and extend from beginning of earliest task to end of latest task in group
-Milestone: significant event on schedule that has no duration of its own but represents completion of some important part of project, usually drawn as a diamond shape
-activities that are not along critical path often have built in leeway when they can start or finish
-slack or float: is the variability in starting time

33
Q

Resource leveling

A

planning resources depending on project schedule

34
Q

Monte Carlo analysis

A

attempts to estimate total risk based on the risk of its components

35
Q

Sensitivity analysis

A

allows us to vary input parameters to determine the optimum result

36
Q

Scope creep

A

-exer-expanding expectations
-overseen by integrated change control, or change control system, or change control board

37
Q

Variance

A

difference between planned and actual performance
-positive variance: project is ahead of schedule, negative variance: project is being scheduleS

38
Q

Schedule control

A

adjusting the schedule to account for variances and other changes

39
Q

Configuration management

A

process which ensures that descriptions of all products are up to date

40
Q

Baseline

A

project management combined with approved changes
-corrective actions and preventive actions

41
Q

Cost estimating, budging, control

A

-process of developing approximate cost for project
-allocating overall cost to individual work items
-keeping project within its budget

42
Q

Project portfolio management

A

process of selecting projects and programs deemed beneficial for an organization’s success and evaluating projects from a strategic standpoint

43
Q

Run chart

A

way to monitor quality
-graphs variation of process over time

44
Q

Control chart

A

similar to run chart
-depicts results of a process over time

45
Q

Pareto chart

A

particular type of histogram that shows problems in decreasing order of occurrence
-useful to help prioritize efforts on finding solutions

46
Q

Risk management

A

risk is an uncertainty that can lead to a positive or negative impact on a project
-usually plot probability/impact chart
-high-impact and high-probability risks are given highest priority

47
Q

Responses to negative risk

A

-risk avoidance, risk acceptance, risk transference, risk mitigation

48
Q

Responses to positive risk

A

-risk exploitation, risk sharing, risk enhancement, risk acceptance