EXAM Flashcards
5 Project Characteristics
1) Establish Objective
2) Defined Lifespan w/ start & end
3) Several Dept. & professionals involved
4) Non-routine, unique
5) Specific Time, Cost & Performance
4 cycles in Project
- Project Definition
- ’’ Planning
- ’’ Execution
- ’’ Delivery
What consists in an Integrated Proj Mngmt System?
- Organisation Strategic Plan
2. Intgr. w/in the process of managing proj., (in terms of Technical & Socio-culture side)
Is low or high NPV better ?
Higher NPV
What is Payback model ?
Payback model is calculation of shortest time to recover the project investment.
Note: Payback model ignores any cash flows after the payback period
Formula: Investment/Savings
What are the 3 types of Organization Structures in project?
- Functional
- Dedicated
- Matrix
What is the pros/cons of functional orgz str?
Pros:
+ Maximum flexibility = Ppl can switch btwn diff proj
+In-depth expertise, gd for specific project
+ Easy post-project transition
Cons:
- Poor integration across depts.
- Longer time to finish project due to slow response
What is the pros/cons of dedicated project team?
Pros: \+ High level motivation \+ Project done quickly \+ PM has high authority = strong project focus \+ ideal for new product
Cons:
- $$$ Expensive to create project team
- Strong we-they divisiveness
What is a balanced Matrix team?
- Is of traditional mix
PM = overall planner
FM = Decides how would to be done
What is the pros/cons of Matrix team?
Pros:
+ Retain engineering info banks = future projs can benefit
+ Reasonable access to resources & expertise functional decision
Cons:
- Dysfunctional conflicrs btwn PM & FM
- Decision making slowed down
What is PMO for?
PMO is
1) Establish proj administration procedures
2) Instill good proj mngmt practices
What are the types of PMO
Supportive
Controlling
Directive
What are the 5 stages of Team Development ?
Forming Storming Norming Performing Adjourning
What is Project Authorisation?
It defines the boundary of proj btwn preparations, theory stages & practicality.
What are the outputs in Project Authorisation?
- PID: Project Initiation Doc
- Project Charter
- Project no.
What are the 6 elements in a scope statement?
Objective Deliverable Milestone Limits & Exclusion Technical Requirements Review with customers
Project Priority consists of ?
Project priority consist of time, cost and performance
What are the levels in WBS?
In a WBS:
Project > Deliverable > Sub-deliverable > Work Packages
Why is a WBS good for?
- It gives framework for tracking cost and work performance
- Provides mngmt information in each level
What is OBS?
OBS - Organisation Breakdown Structure
shows organisation units responsible for different works.
Orgz. depts.(left) + WBS (right)
What are the two methods to estimate a time and cost?
- Macro Estimating
2. Micro Estimating
What is Macro estimating? Good or bad?
Macro estimating requires experience personnel to estimate during conceptual stage. Where WBS is unavailable,
Hence a rough estimate = quick
Suitable for high uncertainty
What is Micro estimating? Good or bad?
Micro estimating is estimated from WBS. hence more accurate. But is time consuming.
Suitable for fixed price project
What are the factors which influences quality of estimates?
project Duration planning Horizon Organisation culture People Padding estimates project Structure and Orgz
