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OL 481: Project Management > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

What is the initiating process

A
  • Needs or demands create requests for projects
  • Initiation process starts
  • Output is the project charter
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2
Q

Business needs or strategic opportunities

A

A need from inside the business

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3
Q

Market Demand

A

Changes in the economy, supply and demand cycles can create demands

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4
Q

Customer Requests

A

clients asking for a project to be done

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5
Q

Legal Requirements

A

Laws changing that need to be addressed in businesses

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6
Q

Technological advances

A

Upgrading technology in an office

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7
Q

Social Needs

A

Needs or demands that benefit society

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8
Q

Ecological impact

A

Green initiatives

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9
Q

What is the project request process

A
  1. Project is submitted to a review committee on a project request form
  2. Review and prioritize the requested project.
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10
Q

Project concept document

A

Outlines the objectives and high-level goals of the project.

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11
Q

Elements of a Project Concept Document

A
  • Project requestor information
  • Date
  • Project Name
  • Business Justification
  • Project Description
  • Project costs
  • Required completion date
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12
Q

Business Case

A

A document designed to understand the business need for the project and to determine whether the investment in the project is worthwhile.

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13
Q

Elements of a business case

A
  • Project description
  • high-level deliverables
  • Name of stakeholders
  • analysis of need or demand
  • high-level risks
  • alternative
  • recommendations
  • Evaluation statement
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14
Q

Critical success factors

A

the project deliverables or requirements that absolutely must be completed and completed correctly to consider the project a success

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15
Q

Calculating return

A

determines if the time and resources being used is worth the effort

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16
Q

Payback period

A

The amount of time it takes to recoup the original investment.

17
Q

Discounted cash flow

A

A financial calculation used to determine the project worth or profitability in today’s value.

18
Q

Cost-benefit analysis

A

type of analysis that compares the costs to produce the product or service of the project to the financial benefits gained from doing so

19
Q

internal Rate of Return

A

The discount rate when the present value of the cash inflows or the value of the investment in today’s dollar, equals the original investment.

20
Q

Return on investment (ROI)

A

Measures the amount of saving or profit that the project will generate.

21
Q

Feasibility Study

A

A preliminary study that examines the profitability of the project, the soundness of the product, the marketability of the product, alternative solutions, and the business demands that generated the request.

22
Q

Project Sponsor

A

An executive within the organization who has the authority to make decisions, assign resources, and assign a budget to the project.

23
Q

Responsibilities of a PM

A
  • Manages project
  • creates project plans
  • creates management plans
  • measures project performance
  • takes corrective action
  • controls project outcomes
  • manages project team
  • Reports status
24
Q

Responsibilities of Project Sponsor

A
  • Oversees project
  • adviser to the PM
  • Makes decisions
  • issues project charter
  • assigns resources and budget
25
Q

Responsibilities of Function Managers

A
  • Completing projects activities and producing deliverables
26
Q

Responsibilities of customers

A
  • Provides project requirements
  • Approves project deliverables and verifies that they meet requirements
  • serves on project oversight and steering committee
27
Q

Project Charter

A

The official written acknowledgement and recognition that a project exists.

28
Q

Purpose of the project charter

A
  • To acknowledge that the project should begin
  • Assign and empower PM
  • Commits resources to project
  • Ensures that everyone is on the same page
  • Appoints PM
  • Provides an overview of the project and it’s goals
29
Q

Elements of the Project Charter

A
  • Project overview
  • Project objectives
  • High-level requirements
  • business justification
  • resource and cost estimates
  • roles and responsibilities
  • sign off
  • attachments
30
Q

Tips for a kickoff meeting

A
  • Create agenda
  • introduce key players
  • Project Overview
  • Cover each section of the charter one at a time
  • Take time with roles and responsibilities
  • Close meeting with a Q&A

OL 481: Project Management (11 decks)

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