Midterm - BUSN 330 Flashcards
Portfolio
collection of projects, programs, subportfolios and operations managed as a group
Project Management Processes
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing
Program
group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually
Supportive (Project Management Office)
provide a consultative role to projects by supplying templates, best practises and training. The degree of control is low
Controlling (Project Management Office)
provide support and require compliance through various means. Degree of control is moderate
Directive (Project Management Office)
take control of the project by directly managing the projects. The degree of control is high.
Operations Management
area of management concerned with ongoing production of goods and/or services.
Functional Organization
a hierarchy where each employee has a a superior. Staff is grouped by specialty
Matrix Organization
Mix of functional and projectized organization.
Projectized Organization
PM has full control over resources and budget of project
Enterprise Environmental Factors
conditions not under control of the project team that influence constrain or direct the project
Project Life Cycle
a series of phases that a project passes through from its initiation to its closure
Project management Proceses
ensure the effective flow of a project through its life cycle
Product oriented processes
specifies and creates the projects product
product lifecycle (stages)
1) Introduction
2) Growth
3) Maturity
4) Decline
five project management process groups
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing
Project charter
formal authorization of the project by the project sponsor.
Project scope statement
details what work is to be accomplished and what deliverables need to be produced
Work breakdown structure (WBS)
the subdivision of major deliverables into smaller components called work packages.
Project management plan
A formal, approved document that defines how the project is executed, monitored and controlled
Projects have three main characteristics
1) Temporary
2) Unique
3) Progressively elaborated
Project Management Definition
the application of knowledge, skills, tools, and techniques to project activities to meet project requirements
The Triple Constraints of Projects
1) time
2) Cost
3) Scope
Projects
Temporary and unique. Once a project has accomplished its objectives, it is terminated
Operations
Ongoing and repetitive. Ongoing operations sustain businesses.
scope creep
Uncontrolled changes to the project scope
Scope management includes five processes
- Scope planning outlines how the project scope will be defined
- Scope definition details what is and what is not included in the project scope.
- WBS creation subdivides major project deliverables into smaller components.
- Scope verification validates that the project has delivered or accomplished the stakeholders’ requirements.
- Scope control ensures that the project remains within the approved scope
Rolling wave Planning
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
Resource estimating
involves comparing alternatives
Bottom-up estimating
Estimation of the most detailed work level, aggregated into a total quantity of work
Top-down estimating
gives a total estimate of a factor such as time and cost. Quick but not accurate
Parametric Estimating
Parametric estimating is quick and accurate. It involves estimating based on a parameter.
analogous estimating
basing activity duration estimates on duration times of similar activities (also called top-down estimating)
Cost aggregation
is when the schedule activity costs are aggregated by work packages.
Reserve Analysis
establishes contingency reserves for unplanned changes (unknown unknowns) to the scope and cost.
CV > 0
Under Budget
CV < 0
Over Budget
SV > 0
Ahead of Schedule
SV < 0
Behind schedule
