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Management Case Study > E2 - 7. Managing Projects (I) > Flashcards

E2 - 7. Managing Projects (I) Flashcards

1
Q

What is a project?

A

A one-off endeavour to achieve a specific objective

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2
Q

What are the 5 elements of a project that distinguish it from day to day operations?

A
  1. Geared towards a one off event
  2. Defined start and end time
  3. Non routine/specialist work
  4. Cost/budgetary constraints
  5. Staff from different functions
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3
Q

What is project management?

A

The process undertaken to ensure that a project is completed on time to and agreed quality

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4
Q

What are the 3 elements of the project traingle?

A
  1. Quality
  2. Time
  3. Cost (budget)
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5
Q

What are the 4 stages in the 4D project model?

A
  1. Define project & goals
  2. Design to address goals
  3. Deliver project with adequate resources
  4. Develop the process
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6
Q

What are the PMBOK 5 process groups of a project?

A
  1. Initiating
  2. Planning
  3. Executing
  4. Controlling
  5. Closing
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7
Q

What are the 9 project knowledge areas?

A
  1. Integration
  2. Scope
  3. Time
  4. Cost
  5. Quality
  6. Human resources
  7. Communication
  8. Risk
  9. Procurement
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8
Q

What does PRINCE2 stand for?

A

Projects in Controlled Environments (2)

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9
Q

What are the 5 sequential steps in the PRINCE2 methodology?

A
  1. Starting up a project
  2. Initiating a project (PID)
  3. Controlling a stage
  4. Managing stage boundaries
  5. Closing a project
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10
Q

What are the 2 overarching elements of the PRINCE2 methodology?

A
  1. Directing a project

2. Planning

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11
Q

What is the specialist element of the PRINCE2 methodology?

A

Managing project delivery

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12
Q

What are Gido and Clements’ 4 stages of the project life cycle?

A
  1. Identifying a need
  2. Developing a proposed solution
  3. Implementing the project
  4. Project closure
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13
Q

What are the 3 types of feasibility study that are undertaken at the first stage of the project life cycle?

A
  1. Technical
  2. Social/Ecological
  3. Financial (Cost/Benefit)
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14
Q

What is a workstream?

A

The progressive completion of tasks completed by different groups within a company that are required to finish a single project

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15
Q

What is a Work Breakdown Structure?

A

A visual summary of the project and its key tasks

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16
Q

What are the 5 key benefits of using WBS?

A
  1. Summarising all activities that make up the project, including support
  2. Estimating project cost, split into components
  3. Identifying which part of the project holds the most risk
  4. Allows an entity to arrange for work to be carried out in a sequence and ensure all jobs are completed
  5. Assists in overall monitoring and control (checklist)
17
Q

What is a Gantt chart?

A

A graphical representation of the duration of tasks against the progression of time (plan vs actual)

18
Q

What is a network diagram?

A

A planning and controlling technique breaking projects into a sequence of tasks, estimating duration and arranging in a logical sequence

19
Q

What is the Earliest Event Time in a network diagram?

A

The earliest time an activity can be completed by

20
Q

What is the Latest Event Time in a network diagram?

A

The latest time any preceding activity can be completed by if the project is to be finished by its required completion date

21
Q

What is the critical path in a network diagram?

A

The path where any delay in activities will lead to a delay in the overall project - EET = LET

The longest path through the network and the shortest time to complete the project

22
Q

What is a float in a project?

A

Where there is more time available within the project structure than is required to complete the project

23
Q

What are the 3 benefits of data visualisation?

A
  1. Display data is visually appealing ways
  2. Better understanding of data
  3. Improved decision making
24
Q

What are the 4 benefits of project management software?

A
  1. Time saved performing routine operations
  2. Quick and easy to change parameters and see effect
  3. Improved control over resources
  4. Improved communications
25
Q

What are the 3 types of buffer in a project?

A
  1. Feeding buffer
  2. Capacity buffer
  3. Resource buffer
26
Q

What is padding?

A

Adding additional time to estimates as slack/safety net against poor performance

27
Q

What are the 5 steps in risk management?

A
  1. Identify
  2. Assess likelihood
  3. Plan and respond
  4. Take measures to manage
  5. Review the approach for future reference
28
Q

What are the 4 measures to manage risk in projects?

A
  1. Transfer (low prob, high impact)
  2. Accept (low prob, low impact)
  3. Reduce (high prob, low impact)
  4. Avoid (high prob, high impact)

Management Case Study (36 decks)

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