Midterm - BUSN 330 Flashcards

1
Q

Portfolio

A

collection of projects, programs, subportfolios and operations managed as a group

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2
Q

Project Management Processes

A
  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring and Controlling
  5. Closing
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3
Q

Program

A

group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually

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4
Q

Supportive (Project Management Office)

A

provide a consultative role to projects by supplying templates, best practises and training. The degree of control is low

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5
Q

Controlling (Project Management Office)

A

provide support and require compliance through various means. Degree of control is moderate

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6
Q

Directive (Project Management Office)

A

take control of the project by directly managing the projects. The degree of control is high.

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7
Q

Operations Management

A

area of management concerned with ongoing production of goods and/or services.

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8
Q

Functional Organization

A

a hierarchy where each employee has a a superior. Staff is grouped by specialty

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9
Q

Matrix Organization

A

Mix of functional and projectized organization.

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10
Q

Projectized Organization

A

PM has full control over resources and budget of project

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11
Q

Enterprise Environmental Factors

A

conditions not under control of the project team that influence constrain or direct the project

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12
Q

Project Life Cycle

A

a series of phases that a project passes through from its initiation to its closure

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13
Q

Project management Proceses

A

ensure the effective flow of a project through its life cycle

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14
Q

Product oriented processes

A

specifies and creates the projects product

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15
Q

product lifecycle (stages)

A

1) Introduction
2) Growth
3) Maturity
4) Decline

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16
Q

five project management process groups

A
  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring and Controlling
  5. Closing
17
Q

Project charter

A

formal authorization of the project by the project sponsor.

18
Q

Project scope statement

A

details what work is to be accomplished and what deliverables need to be produced

19
Q

Work breakdown structure (WBS)

A

the subdivision of major deliverables into smaller components called work packages.

20
Q

Project management plan

A

A formal, approved document that defines how the project is executed, monitored and controlled

21
Q

Projects have three main characteristics

A

1) Temporary
2) Unique
3) Progressively elaborated

22
Q

Project Management Definition

A

the application of knowledge, skills, tools, and techniques to project activities to meet project requirements

23
Q

The Triple Constraints of Projects

A

1) time
2) Cost
3) Scope

24
Q

Projects

A

Temporary and unique. Once a project has accomplished its objectives, it is terminated

25
Q

Operations

A

Ongoing and repetitive. Ongoing operations sustain businesses.

26
Q

scope creep

A

Uncontrolled changes to the project scope

27
Q

Scope management includes five processes

A
  1. Scope planning outlines how the project scope will be defined
  2. Scope definition details what is and what is not included in the project scope.
  3. WBS creation subdivides major project deliverables into smaller components.
  4. Scope verification validates that the project has delivered or accomplished the stakeholders’ requirements.
  5. Scope control ensures that the project remains within the approved scope
28
Q

Rolling wave Planning

A

elaboration planning where work to be accomplished in the near term is planned in detail at a low level of the WBS, while work far in the future is planned at a relatively high level of the WBS

29
Q

Resource estimating

A

involves comparing alternatives

30
Q

Bottom-up estimating

A

Estimation of the most detailed work level, aggregated into a total quantity of work

31
Q

Top-down estimating

A

gives a total estimate of a factor such as time and cost. Quick but not accurate

32
Q

Parametric Estimating

A

Parametric estimating is quick and accurate. It involves estimating based on a parameter.

33
Q

analogous estimating

A

basing activity duration estimates on duration times of similar activities (also called top-down estimating)

34
Q

Cost aggregation

A

is when the schedule activity costs are aggregated by work packages.

35
Q

Reserve Analysis

A

establishes contingency reserves for unplanned changes (unknown unknowns) to the scope and cost.

36
Q

CV > 0

A

Under Budget

37
Q

CV < 0

A

Over Budget

38
Q

SV > 0

A

Ahead of Schedule

39
Q

SV < 0

A

Behind schedule