ITM5400 - Chapter 3 - Managing Systems Projects Flashcards
What is a project?
a temporary endeavor undertaken to create a unique product, service or result
What are 6 characteristics of a project
Unique One time Definite beginning and end Constrained by cost Progressively elaborated Customer focused
What is project management?
the application of knowledge, skills and techniques to project activities to meet project requirements
What makes a project successful?
On time Within budget Meets business requirements Delivers expected business value and ROI Satisfies users
What is a project constraint?
any events or circumstances that may restrict, limit or regulate a project
What items does a typical project triangle include?
Cost, scope and time
What 4 things does a project manager do?
Project planning
Project scheduling
Project monitoring
Project reporting
What is a work breakdown structure
A WBS is a hierarchical representation of work the will be done to produce a product or service requested by customer
What is a Gantt chart?
horizontal bar chart that lists task required to complete the project and their relationship to each other
What is a Program Evaluation Review Technique (PERT)
A bottom up technique used to build a network structure that represents the tasks and their relationship to each other:
- ID lowest level task
- Estimate time required to complete
- determine logical order of executions
What is a task?
work that has a beginning and end. requires resources (people, money and time)
What is a milestone?
an event that identifies a recognizable reference point that can be used to monitor progress
What is a three point estimate?
Uses statistical approach based on Monte Carlo simulations to get a better estimate of time required to do a task
What are the three estimates of the three point estimate?
O - optimistic estimate
P - Pessimistic estimate
M - Most likely estimate
3PE = (O+P+4M)/6
What are four factors that affect project duration?
- Project size and complexity
- Human Resources
- Experience with similar projects
- Constraints
What are 8 items that should be defined on a task
Name, Description of work, task ID, Task duration/work effort, start date, finish date, resource assigned task and predecessors and their relationship to task.
T/F. Task do not have multiple predecessors and successors.
False, some tasks may have multiple predecessors and successors
T/F Some task cannot be started until other tasks finish
True
What is a critical path?
represents the longest path through the project and IDs the earliest date the project can be completed. If any task along the critical path fails, the project falls behind schedule
What are two tools a PM uses to track tasks and progress?
Structured walk-through are peer reviews of work completed and include design, code and testing reviews
Milestones indicate completion of a significant portion of the project
What are three reports PMs use to communicate the status of a project
Project status meetings allow team to share updates and roadblocks
Work performance reports allow PM to see hours spent on each task
Project status reports communicate progress to supervisors, upper management and users
What is the dominant Project Managment software in the market?
Microsoft Project
What software can be used for simple project tracking?
Excel
What PM tracking software is free open source?
GanttProject
The amount of risk depends on what four factors?
- Size of project
- How critical the project is
- Product, service or result produced by the project
- Technology used
What are the five steps in Risk Management?
- Develop a risk management plan
- ID risk
- Analyze risk
- Create a risk response plan
- Monitor Risk
What are two points in developing a risk management plan
- Review project scope, stakeholders, budget, schedule and other internal/external factors
2, Define project roles and responsibility
When ID’ing risks, you should
assess the likelihood that it will occur and the impact to the project if it occurs
T/F Qualitative risk analysis evaluates the impact of each risk should it happen using high/medium/low criteria
True
T/F Qualitative risk analysis evaluates the risk with the highest probability and impact to quantify the risk
True
A risk response plan plans for what two points with each risk
- Accept, mitigate, transfer or avoid
2. ID the amount of contingency funds to allocate for risk management
When monitoring for risks, what three points should you take
- Continuous tracking of risk and triggering a repsonse plan should the risk manifest
- ID new risk and action plans
- Retire risk that no longer occur
What are the three PM Issues
- Business issues
- Budget issues
- Schedule issues
What comprises business issues?
Unclear requirements
Scope creep
Organization changes
What four factors contribute to budget issues?
- Unrealistic estimates
- Failure to develop accurate forecasts
- Poor project monitoring and slow response to warning signs
- Schedule delays and HR issues
What five items contribute to schedule issues
- failure to recognize task dependancies
- confusion between effort and progress
- Poor monitoring and control methods
- Inaccurate estimates
- HR issues: conflicts, training and turnover
