Exam #2 Flashcards
intrinsic motivation
internal motivation for internal reward
ex. learning to play piano yourself
extrinsic motivation
external reward or to avoid punishment
ex. learn to play piano bc your sister is learning to play it
maslows hierarchy of needs
pyramid chart:
self-actualization ( self-fulfilment)
esteem needs and beloningness and love needs (psychological needs)
safety needs and physiological needs (basic needs)
hygiene factors
provided then removed if dissatisfied
do not motivate intrensically but rather are just expected
example: health benefits, larger salaries, job security
motivators
internal and produce job satisfaction
example: responsibilities, growth, recognition, achievement
empathetic listener
active listening, increases ability to understand others
tuckman model - 5 phases
forming, storming, norming, performing, adjourning
forming
leaders direct
storming
leaders coach. decisions do not come easily
norming
leaders facilitate and enable. agreement
performing
strategically aware of what they are doing
adjourning
the end what have you learned
three types of resoureces
- work - time put into a project
- materials - supplies consumed
- cost - just cost
types of reserves
management
contigency
contingency
for future situations that are partially planned in a project cost
management
for future situations that are unpredictable
RACI Chart
R = responsible A = accountable C = consulted I = informed
over allocation
assinging more tasks without increasing time
fixing
reassing tasks to another resouces with the same timline
move task to a different date and resource
reschedule task when resource is available
8 Key Items to motivate a team
- clear communication and responsibilities
- specific achievable goals
- provide support
- respect team
- provide feedback
- tell the truth
- communicate regularly
- handle people problem quickly
project budget
amount of money for a project
what is the purpose of a budget
- estimate and control project costs withing approved budget
effort driven scheduling
add or remove resources will lengthen or shorten the duration of the task does not change total amount of work for that task
cost
resource sacrificed
tangible
money measured
intagible
cannot be money measured
operating expense OPEX
expense for day to day
capital expense CAPEX
expense to create benefit for future
Net present Value
discount future cash flows back into today’s dollar comparison
how do you deal with impossible asked tasks?
speak with sponsor to get a bigger budget
cut back on the project scope
dont cut back on quality late is better than over budget
11 things of procurement
purchasing planning standards determination specifications development supplier research value analysis financing price negotiations making the purchase supply contract admin inventory control disposals
addressing over budget
check for errors such as task durations cost per use salaries
shorten schedule
look for less expensive resources
outsourcing
purchase services instead of providing
example: purchasing cloud computing
pros of outsourcing
savings on overhead and labor costs
improve efficiency and productiity
cons of outsourcing
possible loss of control over company’s business processes
slow response time
shortcomings in performance
contracts
agreement betweent two parties, seller obligated to provide product or service buyer obligated to pay
SLA - service legal agreement
between service provider and user specifically define what the customer will receive. simplest of contacts
ex. server is up 99% of the time, receive service within 24 hours
SOW - statement of work
document routinely employed in the field of PM. defines specific activities, deliverables and timelines.
type of scope statement
Who assumes more risk customer or vendor when working with fixed contracts or time and material/hourly?
fixed- vendor assumes more risk
time and materials - customer assumes more risk
proposal
doc prepared by seller when different approaches for meeting the buyers needs
bid
quote prepared by sellers providing pricings
request for proposals RFP
proposal from prospective sellers
request for quotation RFQ
inviting suppliers into a bidding process for products or services
critical path
the longest sequence of tasks in the project
slack time
amount of time a task finish date can change without affecting another part of the project
suggestions for slack time
keep resources on critical tasks focused
use least expensive resources
use faster resources
techniques on shortinging a schedule
adjust resource assignments - sharing resources
split tasks into smaller pieces - only working in sequence
fast tracking - overlapping tasks to accelerate the schedule
shortening lag time - when you are not working
crashing - shortening the schedule by adding more resources
reducing the scope - need approval in writing
crash table
how much each option will cost and how much time it wil save
earned value management (EVM)
single measure that integrate time cost and scope
requires baseline and actuals for comparison
do you need a signoff page for sponsor
yes
if your project is under budget is that always good
may not be a good thing
best way s to collet info of project progress
project report - excel
time sheet
email
status meeting
baseline
approved schedule and cost info
why do we need actuals
compare with the baseline
variance
difference between planned and actual performance
common used reports
budget reports - actual compare to baseline
cash flow reports - total cost by week
what does EVM do?
integrates time, cost, scope, requires actuals and baselines
8 EVM terms
planned value (PV) baseline costs Actual Costs (AC) rate of performance (RP) (actual work/ work planner) Earned Value (EV) - RP*PV Cost Variance (CV) Schedule Variance (SV) Cost Performance Index (CPI) Schedule Performance Index ( SPI)
example of plan
install new web server takes one week and costs $10,00
example of actual
took two weeks and cost 20K (15K in week 1 and 5K in week 2)
example of earned value
assume the server installation was halfway completed by the end of week one
EV = ?*?
PV*RP
PV = ?
planner
what are reserves
dollars included in a cost for unpredicatable futures
