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Project Mgmt > Lesson 1 - Project Basics > Flashcards

Lesson 1 - Project Basics Flashcards

1
Q

Project Life Cycle

A
  1. Concept/Delivery Phase
  2. Initiation Phase
  3. Planning Phase
  4. Execution Phase
  5. Closing Phase
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2
Q

Concept/Delivery Phase

A

Review ideas for feasibility, pick best one, and request approval.

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3
Q

Initiation Phase

A

Approval was granted so project can start.
Identify goals, timelines, stakeholders, and contributors.
Assign roles and have a project team meeting.

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4
Q

Planning Phase

A

Use goals/timeline from initiation to create detailed plans for completion. PM acquires needed resources/removes obstacles, tracks progress.

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5
Q

Execution Phase

A

Teams completes the work/deliverables. PM helps team stay in sync/productive. By the end, goals from initiation phase should be met.

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6
Q

Closing Phase

A

Cross T’s/Dot I’s. Checking to make sure project is complete/accurate. Create financial summary, share info w/ stakeholders and then request approval to close.

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7
Q

Key Things to Remember

A

Expect the unexpected, remain adaptable, communication is key, influence is better than authority. Good PM helps save money & optimize results.

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8
Q

What is a “Business Case”

A

The business objective for the project that summarizes it, and acts as the proposal.

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9
Q

Who reviews the Business Case

A

Leaders review the business case and then give approval to start the project.

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10
Q

What phase is the Business Case reviewed?

A

Business Case is reviewed during the initiation phase.

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11
Q

What components make up the business case?

A

Business problem and its analysis, followed by potential solutions and their financial impact to assess whether or not project is good investment.

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12
Q

Business Case Components-Executive Summary

A

Brief synopsis that gives the problem, solution, and expected result (its best to actually write this part last).

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13
Q

Business Case Components-Problem Statement

A

More detailed but still concise description of the problem and what will change.

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14
Q

Business Case Components-Problem Analysis

A

Explains why the problem needs to be considered a high enough priority that it needs a whole project.

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15
Q

Business Case Components-Problem Definition

A

Gives more details about the project itself such as resources needed, timelines etc.

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16
Q

Business Case Components-Financial Overview

A

Covers economic impacts, costs, where budget will come from, cost-benefit analysis/ROI.

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17
Q

Writing Value-Focused Problem Statements

A

Need to focus on the actual problem, not the technology needed to help solve it.

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18
Q

Value-Focused Problem Statement Ex.

A

Need to reduce telephony costs, while increasing customer satisfaction. (Not need to get automated system).

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19
Q

ROI Formulas

A

ROI= (Net Profit/Cost)x100
ROI= ((Revenue-Cost)/Cost)x100
ROI=(Financial Value-Cost)/Cost x 100

20
Q

Benefit/Financial Value

A

Money generated, projected, or saved/not spent due to the project

21
Q

Cost

A

All money spent on the project

22
Q

Net Profit

A

Benefit-Cost

23
Q

Financial Assumptions

A

Reasonable projections based on historical data, industry standards or other ‘norms.’

24
Q

Financial Risks

A

Events/obstacles you believe ‘could’ happen i.e hope for the best, plan for the worst. Keep the project from being to optimistic and veering towards unrealistic.

25
Q

“ESG”

A

Environmental, Social, and Governance factors to be considered in addition to financial factors.

26
Q

Project will need to align w/ company’s ESG factors.

A

Ex. Company mission is to reduce emission, if project will increase emissions, then it will need to be restructured.

27
Q

Define Operational Work

A

Routine, predictable, repetitive daily work.

28
Q

Define project work

A

Work that seeks to accomplish something new, solves a new problem or is a new approach to solving an old problemt

29
Q

Organizational Structure Types

A

Functional
Projectized
Matrix

30
Q

Functional Organization

A

Most common, specialized, one leader, then few execs, then department heads, then workers

31
Q

Projectized Organization

A

One Leader, several project managers, several project teams, and an HR dept. this is ideal for construction or events since they do their work in projects.

32
Q

Matrix Organization (DH)

A

One leader, several department heads, and separate project mgmt teams. This is needed for a large company like DH.

33
Q

What is the difference between a Weak Matrix and a Strong Matrix Org.?

A

In Weak Matrix the dept. manager has more control over the project. In Strong Matrix the PM has majority control.

34
Q

What happens if the ideas are too big for just one project?

A

The business must create a project program.

35
Q

Define project Program.

A

A program combines several project into one large timeline of a project.

36
Q

Program Manager

A

The same thing as a PM, just a higher level PM that oversees the entire program and coordinates all of the projects.

37
Q

How can programs be beneficial?

A

Sometimes the resources allocated can be best if done in bulk for several projects at once instead of individually. Ex. Using a vendor to produce products in bulk for several projects instead of one at a time.

38
Q

What is a Supportive PMO (Project Mgmt Office)

A

A PMO that has department leads/workers doubling as project contributors and only assists when called upon, like a coffee shop.

39
Q

What is a Controlling PMO

A

A PMO that has dedicated project mgmt teams and is a little more involved but still do not have authority outside of projects. (DH)

40
Q

What is a directive PMO

A

A PMO that heads the company, and acts as authority over all standards and procedures, you would see this in a highly regulated industry.

41
Q

Define a Stakeholder

A

Anyone with a vested interest whether negative or positive

42
Q

Senior Mgmt

A

Highest level of leadership in the org. and will oftentimes influence the project even if not working on it.

43
Q

Customers

A

Internal-employees that benefit from the project
External-true customers

44
Q

End User

A

The person that will interact with the projects final output, could be a customer but not always, sometimes could be vendor or employee.

45
Q

What is a project portfolio?

A

All the approved projects for a company regardless if they are related or not.

Project Mgmt (3 decks)

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