E2 - 7. Managing Projects (I) Flashcards
What is a project?
A one-off endeavour to achieve a specific objective
What are the 5 elements of a project that distinguish it from day to day operations?
- Geared towards a one off event
- Defined start and end time
- Non routine/specialist work
- Cost/budgetary constraints
- Staff from different functions
What is project management?
The process undertaken to ensure that a project is completed on time to and agreed quality
What are the 3 elements of the project traingle?
- Quality
- Time
- Cost (budget)
What are the 4 stages in the 4D project model?
- Define project & goals
- Design to address goals
- Deliver project with adequate resources
- Develop the process
What are the PMBOK 5 process groups of a project?
- Initiating
- Planning
- Executing
- Controlling
- Closing
What are the 9 project knowledge areas?
- Integration
- Scope
- Time
- Cost
- Quality
- Human resources
- Communication
- Risk
- Procurement
What does PRINCE2 stand for?
Projects in Controlled Environments (2)
What are the 5 sequential steps in the PRINCE2 methodology?
- Starting up a project
- Initiating a project (PID)
- Controlling a stage
- Managing stage boundaries
- Closing a project
What are the 2 overarching elements of the PRINCE2 methodology?
- Directing a project
2. Planning
What is the specialist element of the PRINCE2 methodology?
Managing project delivery
What are Gido and Clements’ 4 stages of the project life cycle?
- Identifying a need
- Developing a proposed solution
- Implementing the project
- Project closure
What are the 3 types of feasibility study that are undertaken at the first stage of the project life cycle?
- Technical
- Social/Ecological
- Financial (Cost/Benefit)
What is a workstream?
The progressive completion of tasks completed by different groups within a company that are required to finish a single project
What is a Work Breakdown Structure?
A visual summary of the project and its key tasks
What are the 5 key benefits of using WBS?
- Summarising all activities that make up the project, including support
- Estimating project cost, split into components
- Identifying which part of the project holds the most risk
- Allows an entity to arrange for work to be carried out in a sequence and ensure all jobs are completed
- Assists in overall monitoring and control (checklist)
What is a Gantt chart?
A graphical representation of the duration of tasks against the progression of time (plan vs actual)
What is a network diagram?
A planning and controlling technique breaking projects into a sequence of tasks, estimating duration and arranging in a logical sequence
What is the Earliest Event Time in a network diagram?
The earliest time an activity can be completed by
What is the Latest Event Time in a network diagram?
The latest time any preceding activity can be completed by if the project is to be finished by its required completion date
What is the critical path in a network diagram?
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
What is a float in a project?
Where there is more time available within the project structure than is required to complete the project
What are the 3 benefits of data visualisation?
- Display data is visually appealing ways
- Better understanding of data
- Improved decision making
What are the 4 benefits of project management software?
- Time saved performing routine operations
- Quick and easy to change parameters and see effect
- Improved control over resources
- Improved communications
What are the 3 types of buffer in a project?
- Feeding buffer
- Capacity buffer
- Resource buffer
What is padding?
Adding additional time to estimates as slack/safety net against poor performance
What are the 5 steps in risk management?
- Identify
- Assess likelihood
- Plan and respond
- Take measures to manage
- Review the approach for future reference
What are the 4 measures to manage risk in projects?
- Transfer (low prob, high impact)
- Accept (low prob, low impact)
- Reduce (high prob, low impact)
- Avoid (high prob, high impact)
