Project+ Extra 7 Flashcards
??? use different math formulas/algorithms to determine optimal course of action. Variables such as business constraints, highest possible profit that could be made on project, and laws and safety regulations that govern business operations may be considered.
Decision Model Type : Mathematical Models
??? helps senior executives make decisions about when and whether to make significant investments in capital expenditures such as new equipment, machinery, and facilities. Capital budgeting is often used if project is large or it is likely involve purchase of fixed assets.
Capital Budgeting :
??? project is evaluated one criterion at a time, project continues to be considered even if it fails to meet some criteria. Same score is assigned to each criterion in profile. At end of consideration, project is scored on number of criteria met. Score then compared to other projects also under consideration.
Criteria Profiling :
??? similar to criteria profiling but different criteria may be weighted and factored into scoring. Ex : project may get 1 point for meeting low-priority criterion and 3 points for meeting high-priority criterion.
Weighting Factor :
??? groups of people rate relative priority of no. of projects. Starts by determining ranking criteria. Each group member is given deck of cards w/different project listed on each card. Each group member sorts deck to high/med/low priority based on predetermined criteria. Group compares their high project selections. Projects chosen to pursue will be selected from high-priority projects.
Q-Sorting :
??? allows experts to be located remotely and remain anonymous but still be in group decision making. Participants are given criteria, asked to rate on 0-10 scale and provide reasons for their ratings. Resulting statistics are fed back to participants along w/summary of groups reasoning. Participants can then revise their ratings based on group findings. Process repeats until some predetermined stop criterion (no. rounds, achievement of consensus, etc) is reached.
Delphi Technique :
Cultural Feasibility : measures the extent an org.’s shared values support the project goals.
Technical Feasibility : study to analyze technical considerations of a proposed project. Technical feasibility of project cant be determined until impact to existing systems is fully quantified.
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??? presents a project estimated costs alongside its predicted benefits to help decision makers make informed decisions about project selection. May be formal or informal. Analysis contains quantitative info but its merely forecast expectations rather than hard data. Document any assumptions used to derive cost and benefit forecasts. Costs include current operating costs and expected project costs related to function under analysis. Benefits include quantifiable benefits, like increased sales or reduced costs expected as result from project, and intangible benefits like enhanced image or brand awareness.
Cost-Benefit Analysis :
Workflow Analysis : technique that formally documents the manner in which works gets done and displays that work in a flowchart. Can be helpful in breaking down large or complex jobs into discrete tasks and decisions. But it requires you to already know how to do the work.
Use Case Analysis : method for designing systems by breaking down requirements into user functions. Each use case is an event or sequence of actions performed by user.
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??? document that justifies the investments made for a project and describes how a particular investment is in accordance w/org.’s policy.
Business Case :
