Chapter 4 - Integration Mgmt Flashcards
What process group is Manage project knowledge part of?
Executing
Prior to project authorisation, how might the business decide to select the project?
- Benefit measurement method
- a murder board
- peer review
- scoring models
- economic measures - Constrained optimisation approach: linear, integer, dynamic, multi objective programming
What are the economic measures that can be used for selecting a project?
- return on investment
- present value
- net present value (value minus costs)
- internal rate of return
- payback period
- cost benefit analysis (benefit cost ratio is revenue over costs, not profit!)
What is working capital?
Organisation’s current assets minus its current liabilities
What two types of depreciation exist?
- straight line depreciation
- accelerated depreciation
Who should write the project charter and what is in it?
In the case of a buyer and a seller, BOTH should write the charter
- description
- project manager assigned
- business case
- resources reassigned
- key stakeholder list & known stakeholder requirements
- key deliverables
- high level assumptions & constraints
- measurable project objectives
- project approval requirements
- overall project risks
- project exit criteria
- project sponsor
What is in the project mgmt plan?
- project life cycle
- development approach
- management reviews
- project mgmt processes to be used (tailoring description)
- knowledge area mgmt plans
- performance measurement baseline (scope, schedule, cost)
- requirements mgmt plan (produced during scope mgmt, how will requirements for the project be collected and prioritised and controlled)
- change mgmt plan
- change control system (often part of pmis, an eef)
- configuration mgmt plan (how does everyone know what the latest version of the baselines and plans are)
- configuration mgmt system
What is often the cause of change requests?
Inadequate risk mgmt
What is typically the difference between the project mgmt plan and project documents?
Plans are approved by sponsor, documents typically are not
What is a work authorisation system?
A system for the project manager to authorise the start of work packages or activities
What are the inputs to the manage project knowledge process?
- project mgmt plan (all components)
- project documents (lessons learned, team assignments, resource breakdown structure, stakeholder register)
- deliverables
- eef and opa
What does the monitor and control project work process do?
Aggregates the work performance information from monitoring and controlling knowledge area processes to evaluate how their individual results are impacting the other ares and their plans and the baselines
What should a project manager do if a work activity takes longer than estimated?
Request a corrective action through the change process to make up for the delay (so don’t change the baseline unless strictly necessary)
What is the typical process for making changes?
- Identify need for the change
- Evaluate the impact - on ALL knowledge areas
- Identify options, e.g. crashing, fast tracking, re-estimating
- Get the change request approved internally
- Get customer buy-in
- Update change log
- Adjust relevant documents
- Manage stakeholders expectations
- Implement change
Note 1: if a reserve has been allocated to a risk, it does not have to go through change control
Note 2: the project manager may be able to approve some changes, but does that affect project mgmt plans, baseline, charter likely via sponsor or change control board
What is the internal rate of return?
The internal rate of return is a measure of an investment’s rate of return. The term internal refers to the fact that the calculation excludes external factors, such as the risk-free rate, inflation, the cost of capital, or various financial risks. It is also called the discounted cash flow rate of return.
