Midterm Flashcards
Ch.1 Modern Project Management
What is project?
Complex, nonroutine, one-time effort limited by time, budget designed to meet customer needs
Program?
Higher level group of projects targeted at a common goal
Project Life Cycle
Defining - Goals, tasks, short and overlap P
Planning - schedules, risks overlap DEC
Executing - status reports, changes over DPC
Closing - train customer, evaluation PE
Integrated vs Piecemeal PM System
I - of project management provides senior management with overview, resources, risks
P - problems: dont tie together overall strategies, fail to prioritize selection
Portfolio Management
Oversee project selection
- monitor aggregate resource levels/skills
- use best practices
- communication
Technical & Sociocultural
T - Scope, WBS, Schedules, Resource, budget
S - Leadership, problem solving, teamwork
Ch.2 Organization Strategy & Project Selection
Requires every project to be clearly linked to strategy
- theme and focus of future
- strong links among mission, goals, objectives, implementation
Mission - Objectives - Strategies - Projects
Review and define M
- set long-range goals/O
- Analyze and formulate S
- Implement S through P
SMART Objectives
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
Portfolio management - selection criteria
- Financial, non-financial, multi criteria
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
Proposals - screening
- technical feasibility, NPV
Project classification - decide if P fits org. S
- Senior Management input
- Governance team responsibilities
Ch. 3 Organization: Structure and Culture
PM Structures…
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
Projectized - all work is projects…
Adv. - Simple, fast, cohesive, cross-functional integration
Dis- Expensive, internal strife, limited technological expertise
Matrix - hybrid (Strong, Balanced, Weak)…
Adv - Efficient, strong project focus, flexible
Dis - Conflicts, stressful, slow
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
Culture - Physical space, Public documents, Behavior, Folklore
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
Ch, 4 Defining the Project
1. Project Scope
Objectives, Deliverables, Milestones, Tech Req., Exclusions, Reviews
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
- Priorities - trade off triangle
Cost, Time, Scope
Matrix: Enhance > Time
Constrain > Performance
Accept > Cost
- Work Breakdown Structure
hierarchical outline(map) that IDs products/work elements involved in P
- facilitates evaluation cost, time, technical performance
- Work Packages is lowest level of WBS
- Integrate WBS with Organization OBS
- Work Packages
depicts how firm is organized to discharge work responsibility for P
- framework to summarize org W unit Perf.
- responsible for work packages
- Code WBS for Information System
defines: levels and elements of WBS
- org elem.
- WP
- Budget, cost info
Responsibility Matrix
linear responsibility chart
- summarizes tasks to be accomplished, whos responsible
P Communication Plan
what, who , when, how
info needs
P status reports, deliverable issues, changes in scope
Ch 5 Estimating Project Times and Costs
Why estimate?
To support good decisions
- schedule work
- determine how long project should take and cost
- whether P is worth doing
- develop cash flow needs
Estimating guidelines
- 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
Top-Down vs Bottom up
TD - usually derived from someone who uses experience and/or info to determine duration, & cost
BU approach
BU - serve as check on cost elements in WBS
- template, parametric procedures, range E for WBS WP
TD approach
Consensus, Ratio, Apportion methods
- Function point methods
- Learning curves
Phase estimates
over product life cycle
Need, Specifications, Design, Produce, Deliver
- Macro estimate
- detailed E
Cost Types
Direct Costs
- costs that are clearly chargeable to a specific work package
Direct Overhead Costs
costs incurred that are directly tied to and identifiable P deliverable or WP
General / Administrative overhead costs
- C indirectly linked to specific package that are apportion to P
Views of costs
Committed -willing to use
Actual C - the cost we used
Scheduled Budget - amount we can spend
Refining Estimates
Interaction costs are hidden
- normal conditions dont apply
- things go wrong
- changes in P Scope
Ch. 6 Developing Project Plan
Activities
- Merge, Burst, Parallel, Critical Path
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
Project Network rules
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
Multiple predecessors
Merge
Multiple successor
Burst
Forward Pass
Earliest Time
- how soon can:
- act. start ES
- act. finish EF
- project finish Expected Time ET
Backward Past
Latest Times
- LS, LF
- critical path
- Slack delay
Free Slack, Sensitivity, Critical Path
FS amount of time act. can be delayed after start
S - likelihood original CP will change once project is initiated
No loops no branches
Laddering
Lags
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
Precedence relationships Finish to Start Start to Start Finish to Finish Start to Finish
FS - right side > left side
SS - LS > LS
FF - RS>RS
SF - LS>RS
Hammock activity
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
Ch 7 Managing Risk
Risk Event Graph..
Chances of risks occurring
- Cost to fix risk event
Defining, Planning, Executing, Delivering
PLC
Benefits of Risk Management
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.
Process: Risk Identification (known risks)
generate list of possible risks through brainstorming, problem ID, risk profiling
2, Risk Assessment
Scenario analysis for event probability/impact
- risk assessment matrix
Failure Mode and Effects Analysis (FMEA)
- Risk Response Development
- Mitigate risk
- avoid risk
- transfer risk
- retain risk
- Risk Response Control
execution of RR strategy
- monitor events
- Establish change management system
Risk Assessment Form
FMEA
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
Risk Severity Matrix (likelihood vs impact)
Red zone (major risk) Yellow zone = moderate risk Green zone - minor risk
Risk Response Matrix Event, Response, Contingency, Trigger, Responsible
Risk event > Response | Contingency Plan > Trigger > Whos is responsible
Interface issue > mitigate: test | work around until help comes > not solved within hour > Eric
Contingency Funds and Time buffers
Funds to cover project risks , budget reserves
- TB - amounts of time used to compensate for unplanned delays in P schedule
PERT - weighted activity time calculation
Program Evaluation Review Technique
- standard deviation for project
- probability of completion
