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Project management > Finals > Flashcards

Finals Flashcards

1
Q

any agreement between two or more
parties where one party agrees to provide certain
deliveries or services, and the other party agrees to
pay for those deliveries or services.

A

Contract

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2
Q

Ways to get a contract

A
  1. Offer by the company + Acceptance by the customer
  2. Offer by the company + negotiation with customer + acceptance by the company
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3
Q

Elements of legally binding contracts (7)

A
  1. Scope of work
  2. Project Timeline
  3. Payment terms
  4. Change Management
  5. Risk Management
  6. Confidentiality & Intellectual Property
  7. Termination
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4
Q

3 types of contracts in project management

A
  1. Fixed price contracts
  2. Cost reimbursable contracts
  3. Time and Material Contracts
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5
Q

The seller and the buyer
agree on a fixed price for the
project. The seller often accepts a
high level of risk in this type of
contract. The buyer is in the least
risk category since the price the
seller agreed to is fixed.

A

Fixed price contracts

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6
Q

used when the project scope is uncertain,
or the project is high risk. The buyer
pays all costs, so the buyer bears all
the risk.

A

Cost reimbursable Contracts

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7
Q

This type of contract is a
hybrid of a cost-reimbursable and
fixed-price contract.

A

Time and Material Contracts

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8
Q

the process of managing contracts.
This includes deliverables, deadlines, and the terms and
conditions of the contract.

A

Contract Management

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9
Q

Stages of contract management process (7)

A
  1. Planning
  2. Drafting
  3. Approving
  4. Negotiating
  5. Signing
  6. Revising
  7. Renewing
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10
Q

Contract Management Activities (4)

A
  1. Service delivery management
  2. Relationship management
  3. Contract Administration
  4. Contract Management Software
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11
Q

ensures that the
service is being delivered as agreed, to the
required level of performance and quality.

A

Service delivery management

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12
Q

keeps the relationship
between the two parties open and constructive,
aiming to resolve or ease tensions and identify
problems early.

A

Relationship management

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13
Q

handles the formal
governance of the contract and changes to the
contract documentation.

A

Contract Administration

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14
Q

is an electronic
the approach of managing contracts manually. it can organize all contract
paperwork.

A

Contract Management Software

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15
Q

Why do organizations fail to manage contracts? (8)

A
  1. Poorly drafted contracts
  2. Inadequate resources
  3. The wrong people are put in place
  4. Failure to check provider assumptions
  5. Failure to monitor and manage retained risks
  6. Lack of performance measurements by the customer
  7. Authorities or responsibilities relating to commercial decisions are not clear
  8. The intended benefits are not realized
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16
Q

Ensures that the project will satisfy the needs for
which it was undertaken.

A

Project Quality Management

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17
Q

Process of Quality Management

A
  1. Plan Quality (Planning)
  2. Perform Quality Assurance (Executing)
  3. Perform Quality Control (Control/Monitor)
18
Q

It implies the ability to
anticipate situations and
prepare actions to bring
about the desired outcome.

A

Plan Quality

19
Q

– includes all the
activities related to satisfying the relevant
quality standards of a project.

A

Quality Assurance

20
Q

How to perform Quality assurance

A
  1. Benchmarking
  2. Quality Audit
21
Q

Generates ideas for quality improvements by comparing
specific project practices or product characteristics to those
of other projects or products within or outside the
performing organization.

A

Benchmarking

22
Q

A structured review of specific quality management activities
that help identify lessons learned that could improve
performance on current or future projects.

A

Quality Audit

23
Q

Main outputs of quality control (3)

A
  1. Acceptance
  2. Rework
  3. Process adjustments
24
Q

Basic tools of quality (7)

A
  1. FLOWCHART
  2. RUNCHART
  3. SCATTER DIAGRAM
  4. HISTOGRAM
  5. PARETO DIAGRAM
  6. CONTROL CHART
  7. CAUSE AND EFFECT DIAGRAM
25
Q

graphic displays of the logic
and flow of processes that help you analyze
how problems occur and how processes can
be improved.

A

Flowchart

26
Q

displays the history and
pattern of variation of a process over
time

A

Run chart

27
Q

helps to show if there
is a relationship between two variables

A

Scatter diagram

28
Q

bar graph of a
distribution of variables.

A

Histogram

29
Q

s a histogram that can
help you identify and prioritize problem
areas

A

Pareto chart

30
Q

a graphic display of
data that illustrates the results of a
process over time.

A

A control chart

31
Q

They help you find the root cause of a
problem

A

The cause-and-effect diagrams

32
Q

Who is responsible for the quality of project?

A

Project managers

33
Q

Costs of quality types (2)

A
  1. Cost of conformance
  2. Cost of Non-conformance
34
Q

Cost of conformance

A
  1. Prevention cost
  2. Appraisal cost
35
Q

The cost of any action taken to investigate, prevent or reduce the risk of a non-conformity

A

Prevention cost

36
Q

The cost associated with measuring, checking or evaluating products services to assure conformance to quality requirements

A

Appraisal cost

37
Q

Costs of non-conformance (2)

A
  1. Internal Failure cost
  2. External failure cost
38
Q

The cost incurred when products and services do not conform to specification

A

Internal failure cost

39
Q

The cost incurred when products and services do not conform to specification

A

External Failure Cost

40
Q

Importance of good quality (5)

A
  1. Improved quality
  2. Company reputation
  3. Product liability
  4. Higher price
  5. Higher productivity
41
Q

Consequence of poor quality

A
  1. Lost revenue
  2. Lost productivity
  3. Lost customers
  4. Lower profile
  5. Increased costs
  6. Disliked brand

Project management (3 decks)

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