Is 378 - Final Flashcards
5 responses to risk –
- Risk Acceptance –
- Risk Transfer •
Insurance or Outsourcing – - Risk Sharing
• Partnership & Contracts – - Risk Minimizing
- Risk Avoidance
3 considerations before selecting a response to risk?
– Impact
– Likelihood
– Difficulty of response
What is Risk analysis
is the process of evaluating risks to assess the range of possible project outcomes
Why do we do risk analysis?
Determine the risk’s probability of occurrence and its impact to the project if occurrence and its impact to the project if the risk does occur
How can you assess risk?
Risk quantification techniques include expected monetary value analysis,PERT, estimations, calculation of risk factors, simulations, and expert judgment
Another way to assess risk
Expert judgement Many organizations rely on the intuitive feelings and past intuitive feelings and past experience of experts to help experience of experts to help identify potential project risks identify potential project risk
The _____ method is a technique for deriving a consensus among a panel panel of experts about experts to make predictions about future developments
Delphi
What is outsourcing
happens when a number of activities needed for development of products and and services are carried out by a provider
The need to focus on an organization’s core competencies is the primary driver core competencies is the primary driver for ________.
outsourcing
• What is offshore outsourcing?
happens when a number of organizational activities are delegated to a foreign company.
Risks in offshore outsourcing
6
–Decline in employee morale –Loss of Loss of innovation and know how –Public reaction to corporate citizenship citizenship –Regional instability of host country –Quality control and standard –Communications and culture
Opportunities and challenges
– Benefits and impacts from offshoring
The salary of people in india is much lower than us
• Management of offshore IT Project
-Is jobs will be lost to offshore providers••
IS work that remains will have higher productivity and create more value more value
Evaluating projects
– Multiple perspective view (Seven perspectives)
• Impact analysis (effects on operations, finances…)
• Measures of effectiveness (desired outcome)
• Objective (the extent that the project satisfies the objectives)
Client Satisfaction
Utility
Standards
Flexibility
• Causes of failure
– Figure 13.2: Failure events profile
• Figure 13.3: Potential causes for project failure
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• Project success
– Critical success factors
-
• Project success
– Levels of participation
- Consultative (lowest)
- Representative
- Consensus (involves all clients)
Client satisfaction
– Extent to which the project meets the client’s needs and expectations
Perceived Impact
– Focus groups – Pre-development evaluation • Forms: Feasibility study & planning – Post-implementation studies • Monitoring cost
Administrative closure
– Deadlocked project
A deadlocked project (drastic change or focus, support, personnel, executive decision, etc.) must be administratively closed.
– Project closure plan
–Identifying tasks necessary to close the project
–Assigning individuals to carry out closure tasks
–Monitoring implementation
–Ending closure process
• Performance appraisal
Acknowledge and reward individuals, departments and centers that influenced the project success
Organizing a social event is appropriate hand out awards and announce the project closure
In appraising an individual consider
Innovation and creativity Responsiveness Team work Customer relations Learning and adaptability Triple constraints time , cost , focus Value added contribution to the project One-on-one conference with individual team members.
• Project audit
– On-going
Are we making adequate progress? Can performance be improved?
–Have organizational priorities changed affecting project priorities? Is closure necessary now?
–Are stakeholders and top management still supportive of the project?
–Is the project team functioning as expected?
–Are there significant issues of internal, external, morale, and the like that impact project outcome?
• Project audit
– End of the project
Project audit is done during and after after projects are complete. The outcome of project audit is a report that suggests:
1. Are we doing the right thing? Did we do the right thing
2. Are we doing it right(at each milestone)? Did we do it right (completed projects)
3. The lessons learned? What adjustments are necessary?
Did the project meet customer satisfaction
What are the lessons for future projects
LEadership lessons
Team interaction lessons
ORganizational lessons
Top management support
External entities, vendors
Group performance measures
Symbols
Nodes
Nodes indicate start and finish of activities
Symbols
Arrows
Arrows indicate project activities
Earliest start time rule:
The earliest start time for an activity leaving a particular node is equal to the largest of the earliest finish times for all activities entering the node.
Latest finish time rule:
The latest finish time for an activity entering a particular node is equal to the smallest of the latest start times for all activities leaving the node.
Curved lines
Dummy activities
Dummy activities can be used to identify precedence relationships correctly as well as to eliminate the possible confusion of two or more activities having the same starting and ending nodes.
Terminology
– Slack
Slack is the length of time an activity can be delayed without affecting the completion date delayed without affecting the completion date for the entire project.
– Slack
Formula
LS - ES = LF - EF
Critical path
• Slack
No slack on critical path
– Critical path
ES, EF & LS, LF
Same Earliest start and Latest Start
Same Earliest finish and Latest Finish
Calculations
Just read L7 and do examples
Expected time (3 point estimation) A, m, b
The three estimates (a, m, b) enable the systems analyst to develop the most likely systems analyst to develop the most likely activity time that ranges from the best activity time that ranges from the best possible (optimistic) time to the worst possible (optimistic) time to the worst possible (pessimistic) time.
Formula - expected time(t)
= (a+4m+b)/6
– Standard Deviation
Square root or the variance
(Z-Formula)
(x - Project duration) / Standard deviation
- Regular
* Reverse
-
– Chapters 7, 12, 13 & 14,
Time Mgt
– Kittyhawk case First \_\_\_\_ inch drive Survive three foot drop Minimum or 20MB or storage By Bruce Spenner Introduced by Hewlett Breakeven
1.3
– Kittyhawk case
Survive _____ ______ drop
three foot
– Kittyhawk case
Minimum or ___MB or storage
20MB
– Kittyhawk case
Who made
By Bruce Spenner
– Kittyhawk case
Introduced by ___
Hewlett
– Kittyhawk case
Breakeven ______
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