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3770 - IT Project Management > Midterm > Flashcards

Midterm Flashcards

1
Q

Ch.1 Modern Project Management

What is project?

A

Complex, nonroutine, one-time effort limited by time, budget designed to meet customer needs

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2
Q

Program?

A

Higher level group of projects targeted at a common goal

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3
Q

Project Life Cycle

A

Defining - Goals, tasks, short and overlap P
Planning - schedules, risks overlap DEC
Executing - status reports, changes over DPC
Closing - train customer, evaluation PE

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4
Q

Integrated vs Piecemeal PM System

A

I - of project management provides senior management with overview, resources, risks
P - problems: dont tie together overall strategies, fail to prioritize selection

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5
Q

Portfolio Management

A

Oversee project selection

  • monitor aggregate resource levels/skills
  • use best practices
  • communication
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6
Q

Technical & Sociocultural

A

T - Scope, WBS, Schedules, Resource, budget

S - Leadership, problem solving, teamwork

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7
Q

Ch.2 Organization Strategy & Project Selection

A

Requires every project to be clearly linked to strategy

  • theme and focus of future
  • strong links among mission, goals, objectives, implementation
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8
Q

Mission - Objectives - Strategies - Projects

A

Review and define M

  • set long-range goals/O
  • Analyze and formulate S
  • Implement S through P
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9
Q

SMART Objectives

A 
Specific - in targeting objective
Measurable - indicators of progress
Assignable - to 1 person for completion
Realistic - be done with available resource
Time Related - can be achieved
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10
Q

Portfolio management - selection criteria

- Financial, non-financial, multi criteria

A

F - payback - time project will take to recover investment, net present value(NPV) - min rate of return to compute PV
NF - projects of strategic importance to firm - capture larger market share
MC - use several weighted C to evaluate project proposals - checklist model, scoring M

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11
Q

Proposals - screening

- technical feasibility, NPV

A

Project classification - decide if P fits org. S

  • Senior Management input
  • Governance team responsibilities
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12
Q

Ch. 3 Organization: Structure and Culture

PM Structures…

A

Functional - different segments of project are delegated
Coordination is maintained through normal M channels
Advantages - no structural change, flexible,
Disadv. - lack focus, poor integration slow

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13
Q

Projectized - all work is projects…

A

Adv. - Simple, fast, cohesive, cross-functional integration

Dis- Expensive, internal strife, limited technological expertise

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14
Q

Matrix - hybrid (Strong, Balanced, Weak)…
Adv - Efficient, strong project focus, flexible
Dis - Conflicts, stressful, slow

A

optimizes use of resources
Strong - Project manager has broader control and functional M act as subcontractors
Balanced - PM sets overall plan and FM determines how work to be done
Weak - FM predominates; PM has indirect authority

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15
Q

Culture - Physical space, Public documents, Behavior, Folklore

A

PS - Architecture, office layout, decor, attire
PD - Annual reports, internal newsletters, vision statements
B - Pace, language, meetings, issues discussed, decision-making
F - Stories, anecdotes, heroes, villains

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16
Q

Ch, 4 Defining the Project
1. Project Scope
Objectives, Deliverables, Milestones, Tech Req., Exclusions, Reviews

A

Scope - definition of end result/mission of project
Statements of Work
- Project Charter - contain expanded version of scope
- Scope Creep - tendency for scope to expand over time

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17
Q
  1. Priorities - trade off triangle

Cost, Time, Scope

A

Matrix: Enhance > Time
Constrain > Performance
Accept > Cost

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18
Q
  1. Work Breakdown Structure
A

hierarchical outline(map) that IDs products/work elements involved in P

  • facilitates evaluation cost, time, technical performance
  • Work Packages is lowest level of WBS
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19
Q
  1. Integrate WBS with Organization OBS

- Work Packages

A

depicts how firm is organized to discharge work responsibility for P

  • framework to summarize org W unit Perf.
  • responsible for work packages
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20
Q
  1. Code WBS for Information System
A

defines: levels and elements of WBS
- org elem.
- WP
- Budget, cost info

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21
Q

Responsibility Matrix

A

linear responsibility chart

- summarizes tasks to be accomplished, whos responsible

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22
Q

P Communication Plan

A

what, who , when, how
info needs
P status reports, deliverable issues, changes in scope

23
Q

Ch 5 Estimating Project Times and Costs

Why estimate?

A

To support good decisions

  • schedule work
  • determine how long project should take and cost
  • whether P is worth doing
  • develop cash flow needs
24
Q

Estimating guidelines

A
  • have people familiar with tasks make estimate
  • use several ppl to make E
  • base E on normal conditions
  • consistent time units
  • task as independent, dont aggregate
25
Q

Top-Down vs Bottom up

A

TD - usually derived from someone who uses experience and/or info to determine duration, & cost

26
Q

BU approach

A

BU - serve as check on cost elements in WBS

- template, parametric procedures, range E for WBS WP

27
Q

TD approach

A

Consensus, Ratio, Apportion methods

  • Function point methods
  • Learning curves
28
Q

Phase estimates

A

over product life cycle
Need, Specifications, Design, Produce, Deliver
- Macro estimate
- detailed E

29
Q

Cost Types

Direct Costs

A
  • costs that are clearly chargeable to a specific work package
30
Q

Direct Overhead Costs

A

costs incurred that are directly tied to and identifiable P deliverable or WP

31
Q

General / Administrative overhead costs

A
  • C indirectly linked to specific package that are apportion to P
32
Q

Views of costs

A

Committed -willing to use
Actual C - the cost we used
Scheduled Budget - amount we can spend

33
Q

Refining Estimates

A

Interaction costs are hidden

  • normal conditions dont apply
  • things go wrong
  • changes in P Scope
34
Q

Ch. 6 Developing Project Plan
Activities
- Merge, Burst, Parallel, Critical Path

A

M - an activity that has 2 or M preceding act. on which it depends
P - activities that can occur independently
CP - longest path through act. network that allows completion of project related act. Shortest expected time project can be completed
B - activity that has more than 1 act immediately following it

35
Q

Project Network rules

A

N flow from left to right

  • cant begin until all preceding act. are complete
  • arrows flow, can cross over each other
  • act. have unique ID
  • looping and conditional statements not allowed
36
Q

Multiple predecessors

A

Merge

37
Q

Multiple successor

A

Burst

38
Q

Forward Pass

A

Earliest Time

  • how soon can:
  • act. start ES
  • act. finish EF
  • project finish Expected Time ET
39
Q

Backward Past

A

Latest Times

  • LS, LF
  • critical path
  • Slack delay
40
Q

Free Slack, Sensitivity, Critical Path

A

FS amount of time act. can be delayed after start

S - likelihood original CP will change once project is initiated

41
Q

No loops no branches
Laddering
Lags

A

Lad - act. are broken into segments so following act. can begin sooner, not delay work
Lag - min amount of time a dependent act. must be delayed to begin or end

42
Q 
Precedence relationships
Finish to Start
Start to Start
Finish to Finish
Start to Finish
A

FS - right side > left side
SS - LS > LS
FF - RS>RS
SF - LS>RS

43
Q

Hammock activity

A

spans over segment of project

  • duration that is determined after network plan is drawn
  • aggregate section of P to facilitate getting right amount of detail
  • useful in assigning/ controlling indirect costs
44
Q

Ch 7 Managing Risk

Risk Event Graph..

A

Chances of risks occurring
- Cost to fix risk event
Defining, Planning, Executing, Delivering
PLC

45
Q

Benefits of Risk Management

A

Proactive rather than reactive approach

  • Reduces surprises and negative consequences
  • Prepares PM to take adv. of appropriate risks
  • Provides better control over future
  • Improves chances reaching project perf.
46
Q 
Process:
Risk Identification (known risks)
A

generate list of possible risks through brainstorming, problem ID, risk profiling

47
Q

2, Risk Assessment

A

Scenario analysis for event probability/impact
- risk assessment matrix
Failure Mode and Effects Analysis (FMEA)

48
Q
  1. Risk Response Development
A
  • Mitigate risk
  • avoid risk
  • transfer risk
  • retain risk
49
Q
  1. Risk Response Control
A

execution of RR strategy

  • monitor events
  • Establish change management system
50
Q

Risk Assessment Form

FMEA

A

Failure Mode and Effects Analysis scaled 1-5> 125 max score
Risk Event > Likelihood > impact >detection difficulty> when
Impact x Probability x Detection = Risk value

51
Q

Risk Severity Matrix (likelihood vs impact)

A 
Red zone (major risk)
Yellow zone = moderate risk
Green zone - minor risk
52
Q

Risk Response Matrix Event, Response, Contingency, Trigger, Responsible

A

Risk event > Response | Contingency Plan > Trigger > Whos is responsible
Interface issue > mitigate: test | work around until help comes > not solved within hour > Eric

53
Q

Contingency Funds and Time buffers

A

Funds to cover project risks , budget reserves

- TB - amounts of time used to compensate for unplanned delays in P schedule

54
Q

PERT - weighted activity time calculation

A

Program Evaluation Review Technique

  • standard deviation for project
  • probability of completion

3770 - IT Project Management (6 decks)

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