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Project Planning > EXAM > Flashcards

EXAM Flashcards

1
Q

5 Project Characteristics

A

1) Establish Objective
2) Defined Lifespan w/ start & end
3) Several Dept. & professionals involved
4) Non-routine, unique
5) Specific Time, Cost & Performance

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2
Q

4 cycles in Project

A
  1. Project Definition
  2. ’’ Planning
  3. ’’ Execution
  4. ’’ Delivery
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3
Q

What consists in an Integrated Proj Mngmt System?

A
  1. Organisation Strategic Plan

2. Intgr. w/in the process of managing proj., (in terms of Technical & Socio-culture side)

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4
Q

Is low or high NPV better ?

A

Higher NPV

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5
Q

What is Payback model ?

A

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

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6
Q

What are the 3 types of Organization Structures in project?

A
  1. Functional
  2. Dedicated
  3. Matrix
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7
Q

What is the pros/cons of functional orgz str?

A

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
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8
Q

What is the pros/cons of dedicated project team?

A 
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
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9
Q

What is a balanced Matrix team?

A
  • Is of traditional mix
    PM = overall planner
    FM = Decides how would to be done
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10
Q

What is the pros/cons of Matrix team?

A

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
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11
Q

What is PMO for?

A

PMO is

1) Establish proj administration procedures
2) Instill good proj mngmt practices

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12
Q

What are the types of PMO

A

Supportive
Controlling
Directive

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13
Q

What are the 5 stages of Team Development ?

A 
Forming
Storming 
Norming 
Performing
Adjourning
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14
Q

What is Project Authorisation?

A

It defines the boundary of proj btwn preparations, theory stages & practicality.

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15
Q

What are the outputs in Project Authorisation?

A
  • PID: Project Initiation Doc
  • Project Charter
  • Project no.
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16
Q

What are the 6 elements in a scope statement?

A 
Objective
Deliverable
Milestone
Limits & Exclusion
Technical Requirements
Review with customers
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17
Q

Project Priority consists of ?

A

Project priority consist of time, cost and performance

18
Q

What are the levels in WBS?

A

In a WBS:

Project > Deliverable > Sub-deliverable > Work Packages

19
Q

Why is a WBS good for?

A
  • It gives framework for tracking cost and work performance

- Provides mngmt information in each level

20
Q

What is OBS?

A

OBS - Organisation Breakdown Structure
shows organisation units responsible for different works.
Orgz. depts.(left) + WBS (right)

21
Q

What are the two methods to estimate a time and cost?

A
  1. Macro Estimating

2. Micro Estimating

22
Q

What is Macro estimating? Good or bad?

A

Macro estimating requires experience personnel to estimate during conceptual stage. Where WBS is unavailable,
Hence a rough estimate = quick
Suitable for high uncertainty

23
Q

What is Micro estimating? Good or bad?

A

Micro estimating is estimated from WBS. hence more accurate. But is time consuming.
Suitable for fixed price project

24
Q

What are the factors which influences quality of estimates?

A 
project Duration
planning Horizon
Organisation culture
People
Padding estimates 
project Structure and Orgz
25
Q

What is the baseline of a project?

A
  1. Project Startup
  2. Project Authorisation
  3. Project Definition
26
Q

What are the elements in Project Definition?

A

A. Scope statement
B. Project Priority
C. WBS
D. OBS

27
Q

What is total slack?

A

Total slack is the amount of time activity can be delayed = will affect following activity

28
Q

What is free slack?

A

Free slack - where it is free to slack

Next activity wont be affected

29
Q

When are critical paths formed?

A

When there is least total float in common.

30
Q

What are the documents in Procurement/Purchasing?

A
  • Specifications
  • Request for Enquiry
  • Invitation to Tender
  • Bid Summary
  • Purchase Requisition
  • Purchase Order
31
Q

What is in a Close Loop Control System

A
  1. Baseline
  2. Measure progress & performance
  3. Compare plan against actual
  4. Take Action
32
Q

What consists in Project Audit & Closure?

A

(a) Purpose
(b) Timing
(c) Staffing
(d) Audit Report
(e) Project closure

33
Q

What is in an Audit Report?

A 
Classification
Analysis 
Recommendation
Lesson learnt
Appendix
34
Q

What is typical purchasing cycle?

A 
Project User
Specify goods
Vendors shortlisted
Invite tenders>
Choose vendor & order goods
Monitor progress
Receive & Inspect goods
35
Q

What does Project risk consist of ?

A
  1. Risk Identification
  2. Risk Assessment
  3. Risk Response Development
  4. Risk Response Control
36
Q

How can one develop the risk response?

A

Mitigate
Transfer
Share
Retain

37
Q

How to control a risk response?

A

Execute risk response strategy
Monitor triggering events
Initiating contingency plans
Watching for new risk

38
Q

Forward pass is decided through shortest or longest duration?

A

Longest duration

39
Q

Backward pass is decided through shortest or longest duration?

A

Shortest

40
Q

What is the drawback of the Payback method?

A

1) Payback doesn’t consider time value= hence suitable fort short duration projects
2) Payback doesn’t consider the cash flows after the payback period

Project Planning (3 decks)

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