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Project Management > Midterm Study > Flashcards

Midterm Study Flashcards

1
Q

Advantages/Disadvantages of Functional Organization

A

Advantages: no change, flexibility in-depth expertise, easy post project transition

Disadvantages: lack of focus, poor integration, slow, lack of ownership

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2
Q

Matrix Organization

A

a hybrid form in which a horizontal project management structure is “overlaid” in the normal functional hierarchy

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3
Q

Projectized organization with advantages and disadvantages

A

Designated project team

Advantages: simple, fast, cohesive, cross-functional integration

Disadvantages: expensive, internal strife, limited tech expertise, difficult post project transition

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4
Q

Advantages/disadvantages of matrix management

A

Advantages: efficient, strong project focus, easier post project transition, flexible

disadvantages; dysfunctional conflict (conflict between managers), infighting, stressful, slow decision making

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5
Q

Project Scope Checklist

A
  1. Project objective
  2. project scope description
  3. justification
  4. deliverables
  5. milestones
  6. technical requirements
  7. limits + exclusions
  8. acceptance criteria
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6
Q

Scope Creep

A

the tendency for the project deliverables to expand over time

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7
Q

Causes of Scope Creep

A
  1. poor requirement analysis
  2. not involving users early enough
  3. underestimating project complexity
  4. lack of change control
  5. gold plating - adding extra value beyond the scope
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8
Q

work package

A 
short duration task that has a definite start, stop point, consumes, resources, and represent cost
A work package in the WBS :
1. defines work
2. how long it will take
3. cost to complete it
4. resources it will use
5. single person responsible
6. identifies monitoring points for progress
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9
Q

Project Life Cycle

A
  1. defining stage
  2. planning stage
  3. executing stage
  4. closing stage
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10
Q

Agile Project Management

A

incremental, iterative process (rolling wave)

scope of the project evolves and each wave is used to meet a certain criteria

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11
Q

current drivers of project management

A 
compression of the project life cycle
knowledge explosion
triple bottom line
increased customer focus
small projects representing big problems
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12
Q

Sociocultural + technical aspects

A

sociocultural: leadership, problem solving, teamwork, negotiation, politics, customer expectations
technical: scope, WBS, schedules, resource allocation, baseline budgets, status reports

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13
Q

4 activities of the strategic management process

A
  1. review + define the organizational mission
  2. analyze +formulate strategies
  3. set objectives to achieve strategies
  4. implement strategies through projects
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14
Q

Characteristics of organizational culture

A
  1. member identity
  2. team emphasis
  3. management focus
  4. unit integration
  5. control
  6. risk tolerance
  7. reward criteria
  8. conflict tolerance
  9. means vs. ends orientation
  10. open-systems focus
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15
Q

3 kinds of matrices with descriptions

A

Weak matrix - PM acts as staff assistant. Functional managers decide who does what.

Balanced Matrix - PM defines what needs to be accomplished. Functional managers concerned w/ how it will get done

Strong matrix - PM controls most aspects of the project while functional managers operate on a need basis

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16
Q

Total Slack vs. Free Slack

A

Total - the amount of time an activity can be delayed and not delay the project

Free - the amount of time an activity can be delayed and not delay any immediately following activities

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17
Q

Critical Path

A

The path with the longest duration through the network. If an activity on the path is delayed, the project is delayed the same amount of time

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18
Q

Merge Activity

A

An activity that has more than one activity immediately preceding it

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19
Q

Burst Activity

A

An activity that has more than one activity immediately following it

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20
Q

reference class forecasting (rcf) steps

A

Step 1: select a reference class of projects similar to your potential project

Step 2: Collect + arrange outcome data as a distribution

Step 3: use the distribution data to arrive at a realistic forecast. Compare original cost estimate with reference class projects

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21
Q

White Elephants

A

A mega project that is over budget + under value, and the cost of maintaining exceeds the benefits received

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22
Q

General and Administrative (G and A) Overhead Costs

A

organization costs not directly linked to a specific project
ex: advertising, accounting

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23
Q

Overhead Costs

A

more closely pinpoint which resources of the organization are being used

can be tied to project deliverables or work packages
ex: salary of the project manager

24
Q

Direct Costs

A

Clearly chargeable to a specific work package

ex: labor, equipment, materials, etc

25
Q

Phase estimating

A

Bottom-up Approach; Used when an unusual amount of uncertainty surrounds a project

26
Q

Range estimating

A

Bottom-up Approach; works best when work packages have significant uncertainty associated with time or cost to complete
Using person most familiar with work package best approach

27
Q

Template Method

A

Bottom-up approach; If the project is similar to past projects, the template method can be used. Created based on the cost of previous, similar projects

28
Q

Apportion Method

A

Top-Down Approach; extension of the ratio method, used when projects closely follow past projects in features + costs, given good historical data, quick estimates can be made

29
Q

Function Point methods for software + system projects

A

Top-Down Approach: In the software industry, projects are estimated with weighted macro variables called function points

30
Q

Learning Curve

A

also known as improvement curve, experience curve, and internal progress curve, is described by the following relationship:

Each time the output quantity doubles, the unit labor hours are reduced at a constant rate

31
Q

Ratio Method

A

Top-Down Approach; often used in concept or need phase to get an initial duration + cost estimate for the project

32
Q

Consensus Method

A

Top-Down Approach: uses the pooled experience of senior and/or middle managers to estimate total project duration/cost

33
Q

Top-Down vs. Bottom-Up Estimating

A

Top-Down: estimate from high management based on experience
Bottom-Up: takes place after project has been defined in detail

(A good project manager waits for both to come through)

34
Q

Multi-weighted Scoring model

A

Multiplying each criteria weight by the number that represents how well the project fits the criteria, adding them and then deciding which project to undertake

35
Q

Phase Gate Model

A

A series of gates a project must pass thru in order to be completed. Each gate is a decision point + can lead to 3 possible outcomes:

GO - proceed with project
KILL - usually due to poor performance or lack of relevancy
RECYCLE - revise + resubmit

36
Q

Factors influencing the quality of estimates

A
  1. Planning horizon - the time distance of event
  2. project complexity - implementing new technology expands duration
  3. People - accuracy of estimates depend on the skills of the ppl involved
  4. Project structure + organization - structure chosen will influence time + cost
  5. Padding Estimates - adding time to avoid lateness
  6. Org Culture - Vary in importance they attach to estimates
  7. other factors - holidays, vacations, legal limits, etc.
37
Q

Start-to-start Relationships

A

2 activities that start simultaneously; used in concurrent engineering

38
Q

Finish-to-Finish Relationships

A

The finish of one activity depends on the finish of another activity

39
Q

Finish-to-Start Relationships

A

1 activity is completed before the other one begins

40
Q

Start-to-Finish

A

the finish of an activity depends on the start of another activity

41
Q

Hammock Activities

A

Spans over a segment of a project

42
Q

The Risk Management Process

A

Step 1: Risk identification
Step 2: Risk Assessment
Step 3: Risk response development
Step 4: Risk response control

43
Q

Risk severity matrix

A

Provides a basis for prioritizing which risks to address
Failure Mode and Effect Analysis (FMEA)

Impact x probability x detection = Risk Value

44
Q

Mitigating Risk

A
  1. reduce the likelihood that the event will occur

2. reduce the impact that the adverse event would have on the project

45
Q

Risk Definitions

A

Avoiding Risk - changing the project plan to eliminate a risk
Transferring Risk - passing it to another party ( results in paying a premium)
Escalating Risk - when the project encounters a threat outside the scope or authority of PM
Retaining Risk - conscious decision to accept the risk of an event occurring

46
Q

Contingency Plan

A

Alternative plan that will be used if a possible foreseen risk event becomes a reality

47
Q

7.6 Opportunity Management

A

Exploit - eliminate uncertainty associated with an opportunity to ensure it happens

Share - allocating some or all ownership of an opportunity to another party that can better capture its benefits

Enhance - action taken to increase probability of event happening

Escalate - Outside the scope or exceed PM authority

Accept - willing to take advantage of opportunity but no action is taken

48
Q

Change Management Systems

A

involve reporting, controlling,, and recording changes to the project baseline

49
Q

Resource Smoothing

A

If resources are adequate but the demand varies widely over the life of the project, desirable, to even out resource demand by delaying noncritical activities

increases resource utilization

50
Q

Resource-constrained scheduling

A

if resources are not adequate to meet demands, the late start of some activities must be delayed + duration of project will be increased

51
Q

time-constrained project

A

must be completed by imposed date, time is a critical factor

52
Q

resource-constrained project

A

one that assumes the level of resources available cannot be exceeded

53
Q

need for project priority system

Problem 1: The Implementation Gap

A

the lack of understanding + consensus of organization strategy among top + middle level managers

54
Q

need for project priority system

Problem 2: organizational politics

A

sacred cow - project that a high-ranking official is advocating.
Project sponsors - typically high-ranking managers who endorse + lead political support for the completion of a specific project

Projects + politics invariably mix and effective PM’s recognize that any significant project has political ramifications

Top Management should develop a system for identifying + selecting projects that reduce the impact of internal politics

55
Q

need for project priority system

Problem 3: Resource conflicts + multitasking

A

not having resources leads to multitasking which adds to delays + costs

Project Management (1 decks)

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