PART 3 Flashcards
When can the next activity start in a network diagram?
Next activity can not start until all proceeding activities that are linked to it by the arrows are finished
Shows the direction of the dependent relationship.
Arrows in network diagram
Projects are identified and selected. They are then authorized using a document called a project charter.
o Identification of need, problem, and opportunity
o Identified by the sponsor authorizing the need or to solve a problem and are willing to fund the project
Initiating phase
Determining what needs to be done (scope, deliverables), how it will get done (activities, sequence), who will do it (resources, responsibility), how long it will take (durations, schedule), how much it will cost (budget), and what the risks are. The result of this effort is a baseline plan that is a set of integrated documents that shows how the project scope will be accomplished within budget and on schedule and is used as a benchmark to which actual performance can be compared.
Planning Phase
What are the two types of contracts?
Fixed-price and Cost-reimbursement
Contract in which a customer and a contractor agree on a price that will not change regardless of how much the project actually costs the contractor. The price remains fixed unless the customer and contractor agree on changes.
o Low risk for customer because they will not have to pay more then the signed price
o High risk for contractor because if something cost more then they make a low profit
o Low risk
Fixed-price contract
Contract in which a customer agrees to pay a contractor for all actual costs incurred during a project, plus some agreed-upon profit.
o This type of contract is high risk for the customer because contractor costs can overrun the proposed price
o High risk
Cost-reimbursement contract
A document that outlines the major tasks the customer wants the contractor or project team to perform to accomplish the project scope and produce all the deliverables.
Statement of work (SOW)
Expanding the scope of the project by making changes to the scope without appropriate approval.
Scope creep
Indicate that the sponsor has officially or formally authorized the project. Considered to be when the clock starts for accomplishing the key milestones by their target dates. Signed by someone who has authority.
Signatures on charter
Document, prepared by the customer, which defines the project requirements and is used to solicit proposals from potential contractors to do the project. Allows contractors to understand what the customer expects so that they can prepare a thorough proposal that will satisfy the customer’s requirements at a realistic price
RFP
