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MIS 3535 EXAM #1 > HELP > Flashcards

HELP Flashcards

1
Q

What is a project?

A

unique endeavor with clear-cut objectives, a starting point, and ending point, and usually a budget.

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2
Q

what does it mean to be temporary?

A

having a defined beginning and end

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3
Q

what is a unique goal

A

product, service, or outcome

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4
Q

what is a budget?

A

money, resources, and time

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5
Q

what differentiates a project from operational work activities?

A

operational work activities is work done to sustain the business, same work or task day after day, producing the same result

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6
Q

what is a product?

A

offered to the market to solve a problem or satisfy a need. Does not have a specific endpoint but rather life cycles and stages.

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7
Q

why do we manage projects?

A

Manage projects to:

  • achieve happy customers
  • achieve objectives
  • timely completion
  • flexibility
  • better financial performance
  • happier more productive workers.
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8
Q

What percentage of IT projects are successful?

A

32 percent successful, 68 percent not successful.

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9
Q

What percent of corporations consistently meet their targets of scope, time, and cost goals for all types of projects?

A

Only 2.5 percent

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10
Q

What are the key factors that influence the success of a project?

A
  • executive support
  • user involvement
  • experienced PM
  • clear business objectives
  • minimized scope
  • planning
  • firm basic requirements
  • formal methodology
  • reliable estimates
  • milestones, competent staff, and ownership
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11
Q

what is project management?

A

the art of balancing project objectives against the constraints of time, budget, quality, and scope.

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12
Q

Most important skills and competencies of an excellent PMs?

A
  • people skills
  • interpersonal skills
  • strong leadership
  • listening, empathy
  • integrity, ethical behavior, consistent
  • strong at building trust
  • verbal communication
  • strong at building teams
  • conflict resolution, conflict management
  • critical thinking, problem solving
  • technology and business skills
  • understands, balance priorities
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13
Q

what is an alpha PM?

A

highest paid and the highest skilled project manager. Been in the industry for years and who has been through the most.

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14
Q

What are the five phases of PM?

A
  1. initiating
  2. planning
  3. executing
  4. monitoring + controlling
  5. closing
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15
Q

What do alpha mangers spend their time on compared to new project managers?

A

Mostly on planning and executing.

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16
Q

what is PMP?

A

project management professional certification

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17
Q

what is a PMI?

A

Project Management Institute

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18
Q

what is PMBOK?

A

Project Management Body of Knowledge

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19
Q

what is a triple constraint?

A

Combination of three most restrictions on a project:

  1. schedule/time
  2. scope/quality
  3. cost/resources
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20
Q

Can you increase the scope without changing the time or cost?

A

No you cannot, because if you change the scope you also change the time and the cost.

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21
Q

Can you reduce scope without changing the time or cost?

A

If you decrease scope time and cost also decreases.

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22
Q

What happens when you cut cost in half, but keep quality/scope constant?

A

It messes up the triangle. Balance is important

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23
Q

What happens when you cut time in half, but keep quality/scope constant?

A

It also messes up the triangle. Balance is important.

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24
Q

what are the five phases of an unmanaged project?

A
  1. wild enthusiasm
  2. dejected disillusionment
  3. search for the guilty
  4. punishment of the innocent
  5. promotion of those not involved.
    basically a black hole
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25
Q

what is the payback period?

A

the time a project takes to earn back what it cost?

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26
Q

what is the net present value?

A

takes the time value of money into account, so it provides a more accurate picture of financial performance than payback period does.

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27
Q

what are the two drawbacks of nvp?

A
  1. doesnt tell you the return that the project provides, only whether the project exceeds the rate of return you use.
  2. nvp is hard to explain to non-financial folks.
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28
Q

what is a projects internal rate of return?

A

tells you the annual return it delivers, taking into account the time value of money.

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29
Q

drawbacks of IRR?

A
  1. it can give the wrong answer in some situations

2. when you borrow money first it comes in as positive and then it comes in negative

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30
Q

what is a project charter?

A

projects press release, announces the project itself as well as your responsibility and authority as its manager.

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31
Q

typical elements of a project charter ?

A
  1. project name
  2. purpose
  3. project manager
  4. pm’s duties
  5. pm’s authority
  6. the official commitment to the project
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32
Q

what are stakeholders?

A

an individual/group/org who may be affected or may affect an outcome.
impacted positively, negatively, or both

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33
Q

who are stakeholders?

A
  1. project sponsor
  2. customer
  3. end user
  4. functional manager
  5. people working on the project
  6. subject matter experts (SME)
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34
Q

how do you document stakeholders?

A

stakeholder analysis table

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35
Q

What are well defined objectives?

A 
Specific
Measurable
Actionable
Realistic
Timely
Clear
Verifiable
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36
Q

What is an example of a well defined objective?

A

Achieve 75% of billable utilization in Q1.

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37
Q

what is a mission statement of a project?

A

brief and motivational and keeps people focused on the target and working towards it.

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38
Q

what is a smart object for business?

A

Capture 12% of the concentrate juice market by the end of the year.

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39
Q

what is a smart object for regulatory?

A

I want to make sure our company applied for all FDA by Q3 of 2018

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40
Q

what is a smart object for performance?

A

Increase sales of orange juice by 10% measured by Q3 last year to Q3 of 2018.

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41
Q

what is a smart object for technical?

A

Have a certain amount of users sign up for the app by Q1 of 2018.

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42
Q

what is a smart object for quality?

A

How many stars on the app by Q1 of 2019.

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43
Q

what question does the mission statement traditionally answer?

A

Who is the customer?
What is the project supposed to accomplish?
Why is the project important?
What is the approach?

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44
Q

what is a workbreakdown structure (WBS)

A

deliverable-oriented decomposition of a project into smaller components

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45
Q

what is a work breakdown structure (WBS)

A

deliverable-oriented decomposition of a project into smaller components

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46
Q

what is a work package?

A

bottom line of the WBS-> the task that is needed to be completed

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47
Q

what do we need to do to create the schedule?

A

sequence the work packages
assign duration
allocate the resources

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48
Q

what is involved in building the project team?

A
  1. identify the skill sets and roles required to complete the tasks
  2. identify other required resources like equipment
  3. determine the number of each type of resource based on the desired schedule
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49
Q

what are the different elements that are included in the budget?

A
  1. pay rate
  2. equipment.
  3. training
  4. travel
  5. unplanned expenses
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50
Q

what is a kick-off meeting?

A

a starter meeting session with the project team and the client of the project.

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51
Q

what does a kick-off meeting do?

A

introduces members of the project team and the client and provides the opportunity to discuss the role of team members

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52
Q

what does a kick-off meeting follow?

A

it follows the definition of the base elements for the project and other project planning activities.

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53
Q

what is integration management?

A

what you do to coordinate all five elements.

  1. scope
  2. schedule
  3. quality
  4. cost
  5. risk
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54
Q

what is a project schedule?

A

shows the sequence of tasks and when each one starts and finishes.

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55
Q

what is risk management?

A

analyzes the hazards and windfalls in the selected strategy and the plan that goes with it to minimize the chance of failure.

56
Q

what is a deliverable?

A

tangible results a project produces

can be hardware, software, planning documents, or meetings minutes.

57
Q

what is a scope statement?

A

describes a projects boundaries.

58
Q

what is a scope creep?

A

refers to changes, continuous or uncontrolled growth in a projects scope
occurs when the project is not properly defined, documented, or controlled

59
Q

what is a communication plan?

A

describes the rules for sharing information on a project

60
Q

what is change management plan?

A

describes how you handle change requests, how people submit them, who reviews them, the steps for approving them, and how you incorporate them into your plan.

61
Q

what is a change control board?

A

a group of people who decide the fate of change requests

62
Q

what is a quality management plan?

A

starts with a projects quality objectives then for each objective

63
Q

what is quality assurance

A

you define how you plan to achieve those quality levels

64
Q

what is quality control

A

describe how you plan to monitor and measure quality performance

65
Q

what are some roles within a specific project plan?

A

project manger -
project customer - has a problem to solve
project sponsor - wants to see the project succeed
functional manger - run departments achieve department goals and manage team members

66
Q

what is a project goal

A

states end result, easy to understand

67
Q

what are the gathering requirements

A 
interviews 
group meetings 
observations 
questionnaires 
analyze existing documents 
documenting requirements
68
Q

what is a problem statement?

A

it identifies the problem is solving

69
Q

what is a solution?

A

the means of how you’re going to solve the problem

70
Q

what is the ultimate outcome of the initiating a project?

A

a project charter

71
Q

how do we schedule tasks?

A

use the work break down structure

72
Q

WBS allows us to

A

improve estimates
keep team focused
assign work to resources
keep the project on track

73
Q

what is a summary task

A

it is the grouping of related tasks

74
Q

what problems do you encounter if work packages are too large?

A
  1. slows down
  2. discouraged
  3. redundancy
  4. don’t know where the bottle neck is
75
Q

what problems do you encounter if work packages are too small?

A
  1. forget it
  2. bottle necks everywhere
  3. pricey
  4. micromanaging (PM)
76
Q

It is a good idea to borrow a WBS?

A

it depends bc every tech project is different. you can borrow a template but the work within it will be different

77
Q

what do we mean when we say we’re going to build the WBS from top-down

A

start with the scope document.
decompose the project by:
1. the deliverables you need to produce
2. the milestones you need to accomplish

78
Q

What are project requirements?

A

project goal, objectives, and solutions identify what you’re trying to achieve, and the general approach for getting there.
Provide details of the outcome,
Very VITAL to get them right!

79
Q

what is task dependency?

A

one task controls the timing of another

80
Q

what are the four types of task dependencies?

A
  1. finish-to-start
  2. start-to-start
  3. finish-to-finish
  4. start-to-finish
81
Q

what is finish to start

A

controls when the other task starts (most common)

example: setting up racks and then beginning to test equipment

82
Q

what is start to start

A

the start of one task triggers the start of another

example: you can start laying asphalt even though you’re not done pulling all the old asphalt off

83
Q

what is finish to finish

A

finish of one task controls the finish of the other

example: before you drive off after buying groceries you have to finish buying groceries

84
Q

what is start to finish

A

the start of one task triggers the finish of the other (does not occur very often)
example: you cant start a process until another is finish

85
Q

what task controls the other?

A

tells you which task is the first one in the dependency?

86
Q

does the start(or finish) date of the first task control the second task?

A

identifies whether the dependency begins with start or finish

87
Q

does the first task control the start(or finish) of the second task?

A

identifies whether the second half of the dependency is start or finish

88
Q

what is a milestone?

A

shows the progress and key points

always the last task in a project schedule is almost always a milestone

89
Q

what is duration

A

length of time between start and end

90
Q

what is work

A

number of hours or days required on a task

-number of resources affects task duration

91
Q

how can you shorten a schedule?

A

fast-tracking, crashing, and cut project scope

92
Q

what is fast-tracking

A

overlap tasks that normally occur one after the other.

  • simple to do
  • fast track the longest tasks on the critical path
93
Q

what is crashing?

A

increases project cost by spending additional money to shorten tasks

94
Q

what is the first thing to get shortened?

A

TESTING

95
Q

how do deliverables relate to objectives and how do they relate to measuring the successes of the project?

A

project deliverables are the results that the project delivers against the objectives established. They help you measure progress and success

96
Q

what is change control?

A

processes to review change requests, approve or reject them and manage them.

97
Q

what is a project scope management

A

set of processes that ensure a projects scope is accurately defined and mapped

98
Q

what is scope verification?

A

process of formalizing acceptance of the project scope by the stakeholders.

99
Q

what is a project scope?

A

part of a project planning that involves determining and documenting a list of specific project goals deliverables, tasks, costs, and deadlines: what are we going to do

100
Q

what is a scope statement

A

document what is and isn’t included in the project scope

101
Q

What is See-Feel-Change?

A

most common method of successful change in a company. Appeals to people’s emotion and let them really feel it before implementing the change

102
Q

What is Analysis-Think-Change

A

Changes peoples thinking instead of emotions. All about numbers and analytics.

103
Q

What are the strength and weakness of See-Feel-Change?

A

strength: appeals to people better than someone who is analytical
weakness: can be too swung by their emotions

104
Q

What are the strength and weakness of Analysis-Think-Change?

A

strength: its good for numbers people
weakness: not good for the future because the future always changes.

105
Q

what are the 8 steps of change

A
  1. increase urgency
  2. build a guiding team
  3. get the vision right
  4. communicating for buy-in
  5. empower action
  6. create short term wins
  7. don’t let up
  8. make change stick
106
Q

what is the easiest part of change?

A

identifying what the change needs to be

107
Q

what is the hardest part of change?

A

acknowledging what needs to change and increasing the urgency to the right people

108
Q

other than the project start date or the project end date, should you be entering any other dates?

A

working hours

109
Q

how many working hours are there in a day

A

6 hours a day

110
Q

what is sequencing activities?

A

process of identifying and documenting relationships among the project activities

111
Q

what are dependencies between activities?

A

state of existence of an entity or an item such that its stability is dictated by another entity or resource
THE PREREQUISITES

112
Q

what is a critical path analysis

A

mathematical network analysis technique of planning complex working procedures with references to the critical path of each alternative.

113
Q

what is a buffer?

A

a leeway for unplanned situations

114
Q

what does a buffer do?

A

adds additional time to complete a task

115
Q

what is murphy law?

A

adage or epigram that is typically stated as “Anything that can go wrong will go wrong.”

116
Q

what is parkinsons law?

A

“work expands so as to fill the time available for its completion”

117
Q

what is a critical chain scheduling?

A

method of planning and managing projects that emphasizes the resources required to execute project tasks.
NOT THE SAME AS CRITICAL PATH

118
Q

what is the critical path?

A

the critical path is the sequence of tasks in your schedule with the longest duration.

119
Q

what are the steps to a critical chain method?

A
  1. remove all buffers from individual tasks
  2. add a single project buffer at the very end
  3. selectively add feeding buffers to tasks on the critical path
120
Q

what is a baseline?

A

previously accepted milestone that you continue to use going forward in a project

121
Q

how is baseline documented?

A
  1. collection of the approved project documents
  2. change management process
  3. baseline the values in the project schedule
  4. baseline to evaluate progress and projected performance
122
Q

how is baseline controlled?

A

through change management processes

123
Q

what is SWAG

A

scientific wild ass guess or rough order of magnitude

124
Q

what is bottom up estimating?

A

starting with work packages and moving up

125
Q

what is top down estimating / parametric

A

estimate the total cost of a project by using information from a previous, similar projec

126
Q

what is three point estimating

A

technique which utilizes an optimistic and pessimistic estimate to determine the ideal estimate value for a project task

127
Q

what is pert?

A

program evaluation review technique

128
Q

when would you use PERT?

A

use it only when there is great uncertainty with estimates

129
Q

what are contingency funds?

A

safety margins -> money set aside for unforeseen events AKA emergency

130
Q

what are management reserves

A

money set aside for unknown risks

131
Q

Getting the Boss’ Approval

A

there was no urgency from the get go. there were no sign off and no sponsor that was like lets do this lets get excited

132
Q

The Videotape of the Angry Customer

A

the urgency factor was that one of the employees followed around an angry customer and it was candid. This video was shown to people in the company and they got to see it first hand and that made them want to change.

133
Q

When Alligators are Nipping at Your Heels

A

guy was trying to get management to reevaluate the process, by putting together a vision statement. fear produces movement and urgency sustains change

134
Q

Glove on the Boardroom Table

A

problems with purchasing problems and using 424 different priced gloves. see-feel-change is seeing 424 different priced gloves made everyone speechless bc all the gloves were the same.

135
Q

CEO Portrait Gallery

A

the new manager took down all the pictures of the CEO’s on the walls and instead put up pictures of all their stores with customers. Made everyone become more customer focused bc by seeing the stores and making everyone see that the customer service was the most important. Urgency showed that he was increasing the mindset of the company.

MIS 3535 EXAM #1 (1 decks)

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