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Year 2 Semester 1 > Project Management > Flashcards

Project Management Flashcards

1
Q

EV

A

Earned Value

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2
Q

AC

A

Actual Costs

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3
Q

PV

A

Planned Value

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4
Q

CV

A

Cost Variance

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5
Q

SV

A

Schedule Variance

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6
Q

CPI

A

Cost Performance Index

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7
Q

SPI

A

Schedule Performance Index

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8
Q

EAC

A

Estimated Cost at Completion

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9
Q

BAC

A

Budgeted Cost at Completion

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10
Q

VAC

A

Variance at Completion

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11
Q

ECD

A

Estimated Completion Date

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12
Q

ECTC

A

Estimated Cost to Complete

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13
Q

SC

A

Scheduled Completion Date

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14
Q

CV=

A

EV-AC

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15
Q

SV=

A

EV-PV

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16
Q

CPI=

A

EV/AC

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17
Q

SPI=

A

EV/PV

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18
Q

VAC=

A

BAC-EAC

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19
Q

EAC1=

A

BAC-CV

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20
Q

EAC2=

A

BAC/CPI

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21
Q

ECD1=

A

SC-SV(time)

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22
Q

ECD2=

A

SC(time taken to perform work to date/time work should have taken)

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23
Q

Assumption 1:

A

Outstanding work will be completed at original budget at completion

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24
Q

Assumption 2:

A

Outstanding work will be completed at same cost factor observed in project so far

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25
Q

Stages of Project Control Analysis:

A
  1. Define work breakdown structure
  2. Identify and develop resource schedule
  3. Develop time-phased budget
  4. Develop actual cost of work performed
  5. Collect percentage complete and multiply by original planned budget to determine the value of the work completed (EV)
  6. Complete variance analysis
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26
Q

Gantt charts can be used for

A

effective communication in monitoring time performance across all levels

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27
Q

A tracking Gantt chart can be useful

A
  • to track and trend schedule performance
  • to add actual and revised time estimates
  • to provide a quick overview of project status
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28
Q

Benefits of earned value analysis:

A
  • Disciplined planning and risk management
  • Good project visibility
  • Objective and quantitative performance measurement
  • Early indication of problems
  • Ability to accurately predict project cost and schedule
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29
Q

Drawbacks of schedule variance:

A
  • Does not show individual activity contribution on graphs
  • Does not distinguish between critical and non-critical activities
  • Directly concerned with schedule for spending money and not directly concerned with time-based schedule
  • Can be difficult to visualise
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30
Q

If CV>0

A

underbudget

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31
Q

If CV<0

A

overbudget

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32
Q

If SV>0

A

ahead of schedule

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33
Q

If SV<0

A

behind schedule

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34
Q

Scope creep is

A

the cumulative effect of minor refinements to the original project scope

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35
Q

Scope creep is common early in projects because

A
  • additional features are added
  • new technologies are discovered
  • poor design assumptions are found
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36
Q

Scope creep can be reduced by

A

having a well defined scope statement and stating the limitations on the project at the start

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37
Q

Advantages of scope creep:

A

Small changes could decrease time to market or reduce cost

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38
Q

Disadvantages of scope creep:

A
  • Leads to delays or cost overruns

- Reduces team motivation

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39
Q

Baseline changes are

A

changes during the project life cycle that are inevitable

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40
Q

Examples of baseline changes are

A

changes in government policy, the economy, or unforeseen problems

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41
Q

Baseline changes should only be accepted if:

A
  • the project will fail without the change
  • the project will improve significantly because of the change
  • the customer demands the change and will pay
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42
Q

It is important that information flow

A

is clearly mapped and stakeholders are informed

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43
Q

Engineers should value organisational strategy because:

A
  • They must be able to make appropriate decisions and adjustments
  • They must be able to be a successful advocate for themselves
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44
Q

Strategy decribes

A

how an organisation intends to compete with the resources available in the existing a perceived future environment

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45
Q

There are four steps to the implementations of an organisation’s strategy:

A
  1. Review and define “mission”, what the organisation intends to be
  2. Create long-range goals and objectives; specific, tangible and measurable actions
  3. Analyse and formulate strategies to reach these objectives
  4. Implement strategies through projects
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46
Q

A portfolio management system involves

A
  • the classification of projects
  • the criteria used to select them
  • ensuring a good range of sources of project proposals are used
  • the evaluation of those proposals
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47
Q

A portfolio management systems ensures

A

projects are aligned with strategic goals and prioritised suitably

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48
Q

Benefits of project portfolio management:

A
  • Disciplined project selection process
  • Ensures projects are aligned with strategic targets
  • Projects prioritised on measurable, common criteria and not emotions and internal politics
  • Supports a move towards fulfilling organisation’s strategy
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49
Q

Projects can be classified in three ways:

A

Compliance and emergency, operational, and strategic

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50
Q

Steps for determining whether to invest in a project:

A
  1. Define the project
  2. Define the stakeholders
  3. Define the decision criteria
  4. Calculate the economic benefits
  5. Estimate the economic costs
  6. Formulate the net benefit stream
  7. Complete cost-benefit analysis
  8. Complete sensitivity analysis
  9. Assess other benefits not included in CBA
  10. Report the findings
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51
Q

To complete cost-benefit analysis it is necessary to

A

convert into a common unit of measurement, most commonly money, this requires subjective judgements

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52
Q

If net present value > 0

A

Invest

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53
Q

If net present value < 0

A

Don’t invest

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54
Q

Net present value=

A

Cost for period 0 + the sum for periods 1 to t of ((cost for period t/(1 + discount rate for period t)^t)

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55
Q

To adjust for risk in cost-benefit analysis

A

make the discount rate higher

56
Q

Multiple criteria analysis is

A

a weighted scoring model that uses a range of weighted selection criteria to evaluate project proposals

57
Q

Compared to cost-benefit analysis, multiple criteria analysis is

A

more subjection but allows for things beyond financial gain to be considered

58
Q

Criticism of cost-benefit analysis:

A
  • Due to data constraints, largely based on assumptions
  • Requires intuition
  • Needs adaptation to local surroundings
59
Q

Types of costs and benefits not counted in net present value:

A
  • Transfer payments
  • Sunk costs
  • Depreciation of assets
60
Q

Payback period (years) =

A

estimate project cost/annual savings

61
Q

Purpose of payback period:

A

Estimated time taken to recover investment more simply that NPV

62
Q

Use of payback period:

A
  • Quick evaluation

- Eliminates risky (long payback period) projects

63
Q

Limitations of payback period:

A
  • Ignores time value of money
  • Assumes cost inflows for investment period only
  • Does not consider profitability
64
Q

A risk is

A

an uncertain event of condition that, if it occurs, has a positive or negative effect on the project objectives

65
Q

As a project goes on, in terms of risk,

A

the probability of a risk occurring decreases, but the knowledge of risk variables and the cost to fix a risk increase

66
Q

Risk identification can be done through

A
  • brainstorming
  • interviewing experts
  • mapping risks onto work breakdown structure
  • using a risk profile related to project type
67
Q

A black swan event is

A

an event that is rare, high impact, and predictable only in hindsight

68
Q

Risk assessment can be done by use of

A

a FMEA or impact-likelihood matrix

69
Q

FMEA stands for

A

failure mode and effect analysis

70
Q

Common methods of risk mitigation are:

A
  • Reduction
  • Avoidance
  • Transfer
  • Retention
71
Q

Does subcontracting work mitigate the associated risks?

A

NO!

72
Q

With regard to risk, it is good practice

A

to encourage everyone to speak freely, identify issues early and document who is responsible

73
Q

Contingency can be done through:

A
  • budget reserves
  • management reserves
  • time buffer
74
Q

An activity is

A

an element of a project that requires time

75
Q

A merge activity is

A

an activity with one(?) or more activities preceding it

76
Q

Parallel activities are

A

activities that occur at the same time

77
Q

A burst activity is

A

an activity with one(?) or more activities following it

78
Q

Total float is

A

the difference between the latest and earliest finish time, the amount of time an activity can be delayed by and remain on schedule

79
Q

Free float is

A

the difference between the earliest start time of a subsequent activity and the earliest finish time of an activity under consideration, the amount of time an activity can be delayed without delaying successor activites

80
Q

Critical activities are

A

activities with zero total float

81
Q

Estimation is

A

the process of approximating or forecasting the cost and time to complete the project deliverables

82
Q

In estimation, there is the need to balance the trade-off between

A

better accuracy and the cost to secure this increased accuracy

83
Q

Uses of estimation:

A
  • Provides information to support good decision making
  • Required to schedule work and resources
  • Used to determine an estimate of total project cost and duration
  • Helps to determine whether it is financially worth doing
  • Helps to determine cash flow
  • Used as the basis for project control
84
Q

Direct costs are

A

chargeable to a specific work package, represents real cash outflows, and must be paid as the project progresses

85
Q

Indirect costs include

A

overhead costs, fees and taxation, inflation, mark-up and contingency funds

86
Q

A top-down approach

A

takes a broad overview of the whole project and supplies a fast, less accurate estimate

87
Q

A bottom-up approach

A

takes time to calculate with cost a time estimated for each activity of the work breakdown structure, and supplies a thorough, detailed and accurate estimation

88
Q

Benefits of detailed estimating methods:

A
  • High level of confidence compared to other approaches
  • More detail, used for monitoring and control
  • Enhanced scope and activity definition
  • Detailed quantities to establish more accurate metrics
  • Can be revised as the project progresses
89
Q

Limitations of detailed estimating methods:

A
  • Uses up time to calculate

- It costs more

90
Q

Labour rates include

A

wages, national insurance, holiday pay, bonuses, overtime etc. (not just pay received by employee)

91
Q

Parametric estimating consists of

A

creating logical and repeatable relationships between independent variables and dependent variables

92
Q

Benefits of parametric estimation:

A
  • Versatility

- Sensitiviy

93
Q

Drawbacks of parametric estimation:

A
  • Assumes linearity
  • Database requirements
  • Differing definitions of the unit of capacity
  • Relevancy of data
94
Q

The formula for capacity factor method is

A

Cost(new)=Cost(known)x(Capacity(new)/Capacity(known))^(Capacity factor)

95
Q

Factors that could have a significant impact on estimation quality include:

A
  • The duration of the project and how far away it is
  • People estimating with inappropriate expertise
  • Project structure and organisation (concentrated focus or efficient sharing of personnel)
  • “Padding out”
  • Equipment downtime
  • National holidays/legal working limits
96
Q

Reasons why costs may overrun:

A
  • Low initial estimates due to to poor perception of the whole project
  • Tasks were considered in isolation so interactions were not fully considered
  • Unforeseen technical difficulties
  • Changes in scope and project definition
  • Economic and other external factors
97
Q

A work breakdown structure attempts to show

A

what activities must be done, who will do each activity, how long each activity will take, what materials are required for each activity and how much each activity will cost

98
Q

The consensus method of estimation involves

A

using pooled experience of senior managers to estimate total project costs and time

99
Q

Benefits of consensus method:

A
  • Can be used when historical data not available
  • Estimate is developed at minimal time and cost
  • Experts could provide new insight into project
100
Q

Drawbacks of consensus method:

A
  • Lack of objectivity
  • Risk of one expert dominating discussion
  • Not regarded as accurate
101
Q

The learning curve method states

A

the time to perform an activity improves with repetition

102
Q

The main benefit of Delphi method is

A

it completely removes egos, bandwagons and strong personalities

103
Q

The Delphi method involves

A

well-informed individuals making estimates anonymously, and being encouraged to change their opinions in light of the opinions of other experts

104
Q

Resource scheduling is

A

a means to allocate resources to activities to allow the project manager to make realistic judgements of resource availability and project durations

105
Q

Benefits of resource scheduling:

A
  • Realistic alternatives can be considered if resources cannot be met
  • It is possible to gauge impacts of unforeseen events
  • It is possible to assess trade-offs between cost and time
  • It is possible to assess flexibility in resources and reduce peak demand in the project and therefore reduce costs
106
Q

Overall schedule slippage is

A

when a project is delayed because another project it shares resources with is delayed

107
Q

Disadvantages of “first come first serve” rule in project scheduling:

A
  • Resources are not fully optimised

- Benefit of working on multiple projects not felt

108
Q

Advantage of “first come first serve” rule in project scheduling:

A

More reliable completion estimates

109
Q

The project cost baseline is

A

the projection of what you plan to spend during the project life-cycle

110
Q

What are the reasons to reduce project duration?

A
  1. Strong global competition and rapid technological development
  2. Unforeseen delays
  3. Imposed deadlines
111
Q

What are the reasons not to reduce project duration?

A
  1. Higher direct costs
  2. Health and safety
  3. Planned obselesence
112
Q

How to accelerate a time-constrained project:

A
  1. Add resources
  2. Outsource project work
  3. Schedule overtime
  4. Appoint a core project team
  5. Do it twice (the first time at a lower quality)
113
Q

Advantages of scheduling overtime:

A

-Avoids additional costs, time and communication of adding resources

114
Q

Disadvantages of scheduling overtime

A
  • There are regulations for maximum working hours
  • Reduced productivity
  • Increased resentment
115
Q

Outsourcing is often not possible due to

A

confidentiality

116
Q

How to accelerate a resource-constrained project:

A
  1. Fast-tracking, adjust project logic
  2. Critical chain project management
  3. Reduce project scope
  4. Compromise quality
117
Q

Project management is

A

the planning, monitoring and control of all aspects of a
project and the motivation of all those involved in it, in
order to achieve the project objectives within agreed
criteria criteria of time, cost and performance

118
Q

British standard stages of a project life-cycle:

A
  1. Concept
  2. Feasibility
  3. Evaluation
  4. Authorisation
  5. Implementation
  6. Completion
  7. Operation
  8. Termination
119
Q

Four general stages of a project life-cycle:

A
  1. Defining
  2. Planning
  3. Implementing
  4. Delivery
120
Q

A project is

A

a unique set of co-ordinated activities, with definite starting and finishing points, undertaken by an individual or organisation to meet specific objectives within defined schedule, cost and performance parameters

121
Q

The project scope should include

A

the objective, the deliverables, the milestones, the technical requirements, the limits and exclusions and the reviews with the customer

122
Q

The three main things to be traded-off in projects are

A

cost, quality and time

123
Q

Other than the three main things to be traded off, other project parameters include

A

safety, environmental factors and scope

124
Q

Role of a work-breakdown structure:

A
  • Shows interrelationship between work packages in hierarchical framework
  • Assures products and work elements identified
  • Ensures level of integration into organisation
  • Forms basis of project control
125
Q

Project management has become increasingly important because

A

project life cycles have become shorter

126
Q

Examples of when the objective of a project may not be to be profitable:

A
  • capture larger market share
  • develop core technology to be used in next generation products
  • to prevent government intervention and regulation
127
Q

In unit-rate estimating

A

the output rates and costs of materials used are combined, indirect cost must be considered seperately

128
Q

The estimator determines costs for each item in the project, based on:

A
  • information from recently completed contracts
  • built-up rates from analysis of historical data
  • published information
  • estimator’s experience
129
Q

In activity-based estimation

A

the total of the total quantities of resources involved in each activity

130
Q

Examples of parametric estimating techniques:

A
  1. End products unit method
  2. Physical dimension method
  3. Capacity factor method
  4. Ratio and factor method
131
Q

In the specific analogy method

A

the known cost of similar projects are used as a starting estimate and it is revised based on differences in design

132
Q

Benefits of specific analogy method:

A
  • can be used before detailed data is available
  • estimate is developed quickly at a low cost
  • straightforward to justify using historical data
133
Q

Drawbacks of specific analogy method:

A
  • only uses a single data point
  • detailed cost breakdown difficult to locate
  • may be too subjective in adjustment factors
134
Q

Ladders

A

allow activities to be split into segments, so the following activity can start sooner without delaying the project

135
Q

Overcoming resource problems from working on multiple projects:

A
  • first come first served rule
  • treat all projects as a “mega-project”
  • outsourcing resource allocation issues
136
Q

Resource bottlenecking is when

A

resources needed across multiple projects cannot be met, hence causing a delay across some of these projects

137
Q

Potential impacts of resource smoothing:

A
  • loss of flexibility and reduction is float of some activities
  • increased risk of overall project delay

Year 2 Semester 1 (2 decks)

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