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project management > NEW end Deck > Flashcards

NEW end Deck Flashcards

1
Q

When is the PERT Project Management Method used?

A

Used to estimate activity duration times

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2
Q

When is the CPM Project management method used?

A

Used to estimate activity duration times

Assumes that the estimate does not vary and time can be reliably estimated

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3
Q

When is the CCPM Project Management Method used?

A

Focuses on managing the uncertainties of a project

Used to ensure the project has resources even if resources are scarce

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4
Q

What is the PRINCE2 Project Management Method used?

A

Highly structured & specific. Ensures everyone understands project lingo

Wide acceptance in EU

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5
Q

What is the Project Management Institute? (PMI)

A

o They are the PM body of knowledge (PMBOK)
o Certifications they offer: PMP, CAPM
o Professional Standard: PMBOK

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6
Q

What is EXELODS LTD?

A

A project Management institute
o Professional Standard: PRINCE2
o Projects in controlled environments

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7
Q

What are the 5 steps to managing a project?

A
  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring and control
  5. Closing
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8
Q

How do the 5 steps to manage a project align with the 4 phases of a project life cycle?

A

Initiating (Define)
Planning (Planning)
Executing (Executing)
Monitoring and Controlling (Executing)
Closing (Closing)

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9
Q

What key events happen during each phase?

A

Initiating/(Define) = Project Charter
Planning/(Planning) = WBS, Scope, Budget, Schedule, All plans
Executing/ (Executing) = Implementing project plan
Monitoring and Controlling/ (Executing) = Monitoring and resolving issues
Closing/(Closing) = Lessons learned

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10
Q

What is the difference between a Project Charter and a Statement of Work(SOW)?

A

Project charter
- A high level view of what a project entails

SOW
- Defines the projects outcomes in terms of objective, deliverables, requirements, etc.

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11
Q

What is the difference between product scope and project scope?

A

Product: What/deliverables
Project: How /work methods

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12
Q

What is a Risk Register?

A

Lists all risks and assigns scores based on Probability(P) and Severity(S)
Score = PxS

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13
Q

What is the difference between a Top-down and a Bottom-up estimation technique?

A

Top-down:
- Provided by an SME or someone with experience
Bottom-up
- All tasks are added up from the bottom of the WBS to provide a total estimation.

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14
Q

What is the difference between a Ratio estimate and an Apportion estimation?

A

Ratio
- Uses experience from prior projects to estimate overall cost
Apportion
- Portions the work out in percentages (ie. Design 20%, programming 30%) then allocates the project budget to the major work areas

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15
Q

What is the difference between Management reserves and contingency reserves?

A

Management reserves
o Covers known risk
Contingency
o Covers unknown risks

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16
Q

What is EV

A

Earned Value
- $ of all work competed to date

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17
Q

What is PV

A

Planned value
o $ of all work schelued to have been completed to date

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18
Q

What is AC

A

Actual Cost
- $ of costs incurred to date

19
Q

What is BAC?

A

Budget at completion
o Approved total baseline budget approved for the project

20
Q

What is CV?

A

Cost Variance
o Compared the difference between Earned Value and Actual cost to see if the project is on budget

21
Q

What is the formula for CV?

A

CV = EV-AC

22
Q

What is SV?

A

Schedule Variance
o Compare EV and the PV to determine if the project is on schedule

23
Q

What is the formula for SV?

A

SV = EV-PV

24
Q

What is the CPI?

A

Cost Performance Index
Formula: CPI= EV/AC

25
Q

What is SPI?

A

Scheduled Performance Inex
Formula: SPI = EV/PV

26
Q

What is TCPI?

A

To Complete Performance Index
Formula: TCPI = (BAC-EV)/(BAC-AC)

27
Q

What is PCIB?

A

Percent Complete Index – Budget
Formula: PCIB = EV/BAC

28
Q

What is PCIC?

A

Percent Complete Index – cost
Formula: PCIC = AC/EAC

29
Q

What is the OPM3 (organizational project management Maturity Model)?

A
  1. Ad hoc
  2. Planned
  3. Managed - formal docs exist
  4. Integrated
    5 Sustained
30
Q

What is the CMM (Capability Maturity Model)?

A
  1. Initial
  2. Manged
  3. Defined
  4. Quantitatively Manged
  5. Optimizing
31
Q

What is the concept of “Time value of Money”?

A

Money in your possession today is worth more than money in the future. I.e. if completing a project will bring in revenue next year of $1,000, then the future $1,000 is worth less than $1,000 to you today.

32
Q

What is a failing of the “Payback period” Calculation?

A

It does not take into consideration the additional returns that a project might generate after it reaches its payback. Nor does it take the Time Value of Money into consideration, which means the payback period is underestimated.

33
Q

What is the IRR (internal Rate of return)?

A

IRR measures a project’s financial return and that companies desire projects with higher rates of return rather than lower rates of return

This approach recognizes the time value of money by capturing both the duration of the investment return and the return rate.

34
Q

What is NPV (Net Present Value)?

A

is a financial measure of the total future benefits of a project minus the costs of the project. If the future benefits (revenue, income, savings) are greater than the costs of the project, NPV is positive. If the costs of the project outweigh the future benefits, NPV will be negative.

Negative = bad
Postivie = good

35
Q

What is a realistic model selection criteria? and example.

A

Accurately reflects the way the organization does business (appropriate for the resources

i.e. using the profitability model when the organization is focused on market share growth would not be appropriate.

36
Q

What are the 4 non-numeric project selection models?

A
  1. Competitive necessity
  2. Operating necessity
  3. Sacred Cow
    4 checklist
37
Q

Define and provide an example of a Competitive Nessceisty project selection model.

A
  • need a project proposal
  • The decision on which project to select is based on whether or not implementing the project would give the company a competitive edge or bring it up to level with the current competition.
  • i.e. you have a chain of gas stations with no convince stores and the market is being dominated by gas stations with convince stores. Then selecting a project to add convenience stores to your gas stations would be using the Competitive Necessity model.
38
Q

Define and provide an example of an Operating Necessity project selection model.

A
  • if you select a project on the basis that the company will not be able to continue daily operations if the project is NOT completed, then it is an operating Necessity.
39
Q

What are the benefits and drawbacks of a checklist project selection model?

A

Benefits:
- provides flexibility
- question can cut across organizational boundaries and address a wide rage of operational and strategical issues.

drawback:
- can make comparing projects difficult due to the number of questions
- there can be biases embedded in the response to questions (biases have not been eliminated)

40
Q

What is a Statement of Work (SOW)?

A

The SOW is the document that clarifies the actual work to be done.

  • defines a project’s outcomes, deliverables, acceptance criteria, milestones, constraints and assumptions.
41
Q

What is the difference between a SOW and a Project Scope/Scope Statement?

A

SOW - defines the work that needs to be done in detail

Project Scope = SOW + schedule/due date, and project budget

42
Q

What is EVM (Earned Value management)?

A

uses measures of the value of work completed to make comparisons to the baseline budget and schedule.

The results of the formulas let the PM know if the project is on schedule and on budget.

The formulas used are grouped under the name EVA (earned Value Analysis).

43
Q

What four values go into creating a EVA (earned Value Analysis)?>

A
  • EV (earned value)
  • PV (planned value)
  • AC (Actual cost)
  • BAC (Budget at Compeltion)
44
Q
A

project management (8 decks)

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