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Project And Campaign Management > Project Life Cycle > Flashcards

Project Life Cycle Flashcards

0
Q

Project life cycle components
Initiative
Input process key activities output

A

Initiative: project definition
Input: problem or opportunity, project briefing and definition
Process: feasibility study
Key activities:
Identify stakeholder, cost/benefit analysis
Output: feasibility study, proposal and objective
->approval , go-/ no go decision

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1
Q

The decisive steps in project management

A

Project initiation/ concept : project definition
Project planning/ development, design : detailed planning
Project execution / implementation : monitoring and control
Project closure/ finish/ commissioning, handout: post implementation, review

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2
Q

Project life cycle components

Planning

A

Planning: detailed planning
Input: approval to go ahead, design and develop the project
Process: design the project, develop schedule, plan scope of work e.g. WBS (work-breakdown-structure), CPM (critic path management), budgets
Key activities: modeling
Output: baseline plan (scope, cost, time, quality)
->approval , to implement project

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3
Q

Project life cycle components

Executing

A

Executing: monitoring and control
Input: approval to implement project
Process/ award contracts and issues instructions, procure equipment and services, make the product or solve the problem
Key activities: e.g. Building, technical solution, on-going control
Output: certificate of completion
Approval/ ready to commission

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4
Q

Project life cycle components

Close

A

Cost: post implementation review
Input: commissioning plan, notification or completion
Process: either testing or launching product or services, implement new working process e.g. When technology problem solved
Key activities: e. G. Evaluate and monitor
Output: close-out report
Approval, project accepted by client

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5
Q

Initiative

Idea..

A

Idea
Project definition (analysis, initial objective, executional study, management planning)
-> decision- approval or stop
-> project objective

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6
Q

The project objective

A

Needs to be distinctive, measurable, realistic, precise and inspiring!!

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7
Q

Project objective examples

A

Not: less employees but
Quantitative
Getting xxx national votes for the party
Achieving majority of xxx for national government
Regional and local candidates succeeding in xx places
Us specific: to succeed in xxx of swing states
To keep budget framework- to raise funds with an amount of xxx monthly

Qualitative
To successfully influence the decision making process within a specific group
To enforce one message with key voters “change”

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8
Q

WBS

A

Work-breakdown- structure
To subdivide the scope of work into manageable work packages
Allow to estimate, plan and allocate the resources
A tool to quantify the scope of work

Includes: work package, organization breakdown structure, cost breakdown incl. supplier structure, project life cycle structure/ input-process-output

Opt risk manage my of foreign currency
Determine extent of exposure for each currency

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9
Q

CPM

A

Critical path method
A structures approach to project planning - how to make it happen
Originally developed to quantify the time-cost-trade-off
Today also used interchangeable with PERT (Program evaluation and review technique)”netzplantechnik” using network diagrams
Includes
List of all activities
logic constraints, dependency between the activities
Time and duration for each activity

PERT developed by US Navy development team and BooZ Allen & Hamilton late 1950s
Main differences between CPM and PERT: how they address activity time duration
Activities in series
Activity logic table: e.g. Considering early start and finish, late start and finish, activity float, measure of time flexibility / optimistic, most likely, pessimistic
Zero float: activity is on critical path

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10
Q

Definition of an activity for software usage

A

An unique activity code or number (alpha, numerical or alphanumeric )
Different numbers for each activity
A description as informative and clear as possible
Logical relationships between the activities
Time duration assigned and calendar
Target start and finish dates
Need items- link to procurement
Resources needed
Link to work packages (work-breakdown-structure)
Ensure that all managers, staff and suppliers understand and commit to ensure project objectives and timing

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11
Q

Detailed project planning

A

Individual project plan based on the specific project objective
Planning team, work packages, work process, time, cost, performance, controlling
Clearly defined end and beginning
An individual plan considering timing, cost, quality,
Controlling

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12
Q

Key steps for the network diagram

A

Objective
The idea
The target group

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13
Q

The milestones (wash and coffee)

A

Scope/ from idea to marketing strategy 4ps : product - place - price - promotion
Executional elements: how to make it happen, locations
Other elements..
Budget, timing, quality, resources..

Network diagram example wash and coffee

  1. scope :WBS-work packages , CPM- dependencies between work packages
  2. Timing
  3. cost
  4. Human resources
  5. Quality
  6. Communication
  7. Risk management
  8. Procurement
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14
Q

Time planning

A

Plan working days for each work package
Plan and check availability of resources
Develop time schedule from project beginning and end
Consider optimistic, realistic and pessimistic timing

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15
Q

Budgets- estimating the project costs

A

Delays in planned timing increase cost- direct relation
Additionally cost penalties might occur
Quality can increase cost - when quality objectives are not fulfilled
Adjustments and revisions are required beyond contract agreements

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16
Q

Cost management

A
  1. Cost estimating: for each position
  2. Cost budgeting: total project cost
  3. Cost control: monitoring and adjustments
17
Q

Direct and indirect costs

A

Huge differences between companies
Depends on what customers agree to as direct cost or contracts
Direct cost - overtly addressed in the estimate
Indirect cost- as part of overhead

18
Q

Cost estimate accuracy

A

Distinctively defined position
Total transparency what positions are included and excluded
10% flexibility possible depending on total amount and contracts
Usually first estimates are changing during the process
Accuracy in reporting and explaining changes essential
Errors effect profitability or even turnover

19
Q

Direct cost

A

Staffing cost (internal and external)- hourly or daily rate, project fee
Cost for machinery and software - purchase, leasing, maintenance
Material cost - technical equipment
Out- of-pocket expenses: telephone, travel, copies

20
Q

Indirect cost

A

Overhead- varies from company to company and depends on contracts
Eg office rent, office cars, office equipment
Service departments as reception, operator, accounting

Eg staffing cost : salary + social cost + overhead percentage + profit share

21
Q

Classification of cost

Ballpark estimates

A

Vague outline information, not all details fixed yet eg average production cost for tv commercial, website production

22
Q

Classification of cost

Comparative estimates

A

Comparing estimates to previous projects, competitive bidding equal project details and briefing mandatory

23
Q

Classification of costs

Feasibility estimates

A

After detailed project design has been approved

Includes quotations of sub- suppliers, all material and labour cost, complete and accurate

24
Q

Classification of cost

Definite estimates

A

When project is close to finish, all internal and external cost
Includes revisions and adjustments, accounting and cost control

25
Q

Cost estimates for large projects

Top-down

A

To assess the cost of the total project in the early planning phase
Builds on cost for previous comparable projects
Starts from top of the project, major project parts, more a ballpark-figure, rough estimate

26
Q

Cost estimates for large projects

Bottom- up

A

Project specification must already exist (complete work breakdown structure)
Costs are calculated for each position and cumulated to the final budget (as a tree). As precise as possible
Includes already all cost included indirect overheads and profit exchange rate risk to be included

27
Q

Cost estimates for large projects

Errors effect profitability or even turnover

A

Adjustment after approval only possible for client requested changes, client budgets project after bottom-up estimate

28
Q

Budgeting product cost: basis : each location

Wash and coffee concept phase before testing example product cost

A 
1. Services 
Staff, training, recruitment 
2. Products 
Equipment , detergents, washing machines, coffee, food/drinks 
3. Entertainment
Internet, magazines, events
29
Q

Human resource planning

A

Plan resources according to work package
Internal and external resource plan
Prepare plan for acquisition of resources (procurement and contract plan)
Define organization
Plan training
Plan how to control resources and deliverables

There are no monuments for committees, only for individuals David Ogilvy

30
Q

Project knowledge areas

A 
Project integration 
Project scope management
Project quality management 
Project human resources management
Project cost management
Project time management
Project procurement management 
Project risk management 
Project communication management
31
Q

Project integration

A

Several knowledge areas brought together as planning-executing- control

32
Q

Project scope management

A

Includes all work required and only the work required

33
Q

Project time management

A

To ensure timely performance of the project

34
Q

Project cost management

A

Project to be completed within the approved budget, includes resources planning, cost estimates, cost budgeting, cash-flow and cost control

35
Q

Project quality management

A

To satisfy the needs and fulfill the objectives. Includes focused measurable objectives, quality planning , quality assurance and quality control

36
Q

Project human resource management

A

Most effective use of people. Includes project organization, staff acquisition and training

37
Q

Project communication management

A

Collection and sharing of information. Securing the decision process with management

38
Q

Project risk management

A

Identifying, analyzing, and responding to risk, on-going control

39
Q

Project procurement management

A

To acquire good and services from the outside the team, organization, company. Procurement planning, source selection, contracts

Project And Campaign Management (6 decks)

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