Lecture 1 Flashcards

1
Q

What are the common aspects of Project Management?

A

uniqueness
temporary (beginning and end)
focused (specific benefit)
constraints

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2
Q

give two examples of things which count as a project

A

constructing olympic stadium

producing a film - e.g. avatar

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3
Q

give two examples of things which are not considered projects and why

A

construction of a airline jet
- not unique.
managing a football team
- not temporary, no defined beginning and end.

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4
Q

Give three aspects that project management is important in

A
  1. complex products and services
  2. shortening of life cycles of products
  3. tailoring to customers needs
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5
Q

What are the 4 groups beneath the board of directors

what is important between these groups

A

Research and development department
Accounting department
Operations department
Marketting department

communication is important to produce final product.
- this makes it a back and forward tedious process

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6
Q

What aspects make up a project management

A
  • aspect uniqueness (something not done before)
  • mission focused
  • temporary
  • change (producing something different)
  • integrating: departments with each other and clients with products
  • social construction: everyone to agree, resolve conflicts (most important)
  • emergence and uncertainty - in supply and demand
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7
Q

what is volume vs. variety and what does the graph ususally show

A

volume = how many tasks/unit time
variety = degree by which tasks vary.
negative correlation - as variety increases volume decreases.
and variety decreases and volume increases get a reduced risk of uncertainty.

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8
Q

what are three catagories a project can go into

A

first timers: no comparable project, eg. computer, moon landing.
as buts: the same as last project but with these differences.
painting by numbers: eg. building a macdonalds branch,

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9
Q

What are the two models to overcome project envrionment issues.

A

PESTEL - external factors

MODST - internal factors

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10
Q

what is PESTEL

A
Politcal - change in government policies 
Economical 
Social - ageing society etc. 
Technological  - advances 
Environmental - social responsibility. 
Legal- intellectual property etc.
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11
Q

what is MODST

A

Mission- outcome of project needs to be clearly defined.
Organisation - team over multiple time zones etc.
Delivery - inaproprioate resolves
Stakeholders- conflicting requirements.
Team - lack of experience or training.

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12
Q

what do general management do

A

maintanance
manage status quo through optimisation
permenant organisational structure, authority well defined.

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13
Q

what do project managers do

A

innovation
oversee changes
work in temporary strucutre

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14
Q

what are the different roles/hierarchies of a project managing work force

A

Chief Executive officer - vision
senior manager - organisation strategy - competative analysis
portfolio manager -portfolios - capability and capacity
programmer manager - programmes
project manager - project strategies
project team - project task

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15
Q

what is a vision and where is it expressed

A

where is it heading, expressed in the mission

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16
Q

what are porters 5 forces to enter a new market

A
  1. competitors.
  2. suppliers - bargaining powers
  3. customers - bargaining powers
  4. threat of entry barrier
  5. substitute products - if product unattractive - replacement
    - > if still find attractive enter this market
17
Q

what is a SWOT analysis

A

SWOT - Strengths, Weaknesses, opportunities and threats

-> convert weaknesses to strengths etc

18
Q

what are two aspects of the organisation strategy

A

porters 5 forces

SWOT analysis

19
Q

What are the main aspects of portfolio management

A

vision and strategy

not possible to do everything

20
Q

what is the financial selection criteria

A

payback period - when wil they break even

  • discounted cash flow method - when do you expect profit
  • internal rate of return
21
Q

What is the scoring method for financial selection

A

compare projects with highest weighted sum over several criteria

22
Q

what is programme management

A

organisational framework for grouping existing

23
Q

what are the 3 ways you can programme manage

A
  • run in parralel
  • sequential
  • simultaneously