Project Management Flashcards
The tree: Price = _ + CBB CBB = _ + PMB PMB = _ + DB DB = _ + _
Price = Fee + CBB CBB = MR + PMB PMB = UB + DB DB = WP + PP
PV =
EV =
AC =
PV = BCWS (Scheduled) EV = BCWP (Performed) AC = ACWP (Actual)
SV (Schedule Var) =
CV (Cost Var) =
VAC (Var at completion) =
BCWR (Remaining) =
SV = BCWP - BCWS CV = BCWP - ACWP
VAC = BAC - LRE BCWR = BAC - BCWP
CPI =
SPI =
What values are good and bad?
CPI = BCWP / ACWP SPI = BCWP / BCWS
> 1 is good as it means the project is under cost/time
Outside of 0.9 and 1.1 (variance>10%) is bad
CPI Estimate =
CPI*SPI Estimate =
CPI Estimate = BAC / CPI
CPISPI Estimate = ACWP + (BAC-BCWP) / (CPISPI)
TCPI (x) =
TCPI (x) = BCWR / (x-ACWP)
What is Management Reserve and what is it used for?
- Reserves to cover unanticipated changes that are within scope.
- It is managed by the project manager only
What are the problems that exist when collecting data for developing cost estimates?
- Availability: Does the data exist and is it sufficient for the task at hand?
- Accessibility: Is the data easily accessible, i.e. is not security classified, sensitive, or has proprietary use issues
- Validity: Is the data sufficiently recent and comparable to project being estimated?
- Time constraints: Is there time available to gather all necessary data?
- Estimating requirements: What is the estimate being developed for, i.e. what decisions is it supporting?
- Normalisation: Data needs to be normalised so that it is consistent, comparable and on the same economic basis, which is typically achieved through the application of inflation.
Tuckmans 5 steps for a team:
- Forming
- Storming
- Norming
- Performing
- Adjourning
- Forming - Motivated and committed
- Storming - Conflict as to the best way to approach problems
- Norming - Reach an agreement via negotiation and compromise. This creates team values and rules
- Performing - Manager flattens out both complacency and depression
- Adjourning - Task is nearly completed. Team is concentrated on little bits left to keep motivated
How to manage a conflict?
Negotiate Compromise and find a solution Control (smooth over differences) Accept (move on) Eliminate (remove members)
What is tacit knowledge?
Abd why is it difficult to convert to explicit?
Tacit knowledge is knowledge that is kept in peoples heads and is often an unspoken understanding. It is difficult to explain and articulate, and is not written down or made note of. It is far more valuable than explicit knowledge because of that very reason. Explicit knowledge is easy to learn as it is widely documented and easy to be taught/learnt. Tacit knowledge is not and is an unspoken know-how.
- Lack of motivation to do so, i.e. they think its of no value.
- Lack of time, i.e. it’s not my job to understand.
- Lack of documenting, i.e. becomes too difficult of a task to find out.
- Tacit knowledge becomes normality for people (routine) and hence they presumes its common knowledge.
Tacit knowledge is often never passed on to other people, especially younger generations, i.e. retire and f off.
What is meant by the critical path?
The longest path through the network with lowest total float (time between activities) which if often 0
What is meant by the Product Breakdown Structure (PBS)?
Helps define the scope of work
Focus team on project outcomes and quality requirements
Helps to define what is meant by simple statements of activity
Aids communication with stakeholders
What is meant by the Work Breakdown Structure (WBS)?
Provides a visual perspective of activities to be done
Illustrates interrelationships
Provides a structure for data aggregation (cost, schedule etc) to show how well each activity is progressing
Provides a basis for performance measurement
What is meant by trade off analysis?
Trade off analysis is done to meet quality, time, safety and cost requirements while mitigating risk. It should be done in the concept phase as it would have a detrimental effect in later phases.
