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Hospitality Business > Project Management 360 > Flashcards

Project Management 360 Flashcards

1
Q

What are the 5 stages of the project life cycle?

A
  1. Conception & Initiation
  2. Definition & Planning
  3. Project Launch & Execution
  4. Project Performance & Control
  5. Project Close
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2
Q

What is a work breakdown schedule? (WBS)

A

A deliverable-oriented breakdown of a project into smaller components.

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3
Q

What is a float?

A

An activity based measure of schedule flexibility.

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4
Q

What is a critical path?

A

The sequence of dependent tasks that form the longest duration, allowing you to determine the most efficient timeline possible to complete a project.

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5
Q

What is a Gannt Chart?

A

A project management tool that illustrates work completed over a period of time in relation to the time planned for the work. Illustrated as a horizontal bar graph.

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6
Q

What is a probability distribution?

A

An equation that describes the likelihood of a specific outcome.

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7
Q

What is scope creep?

A

Changes to the project scope at any point.

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8
Q

What is feature creep?

A

Adding functionality to a project that s not required.

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9
Q

What is MVP?

A

Minimum Viable Product.

More valuable than an imaginary product that is unrealistic.

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10
Q

What is effort creep?

A

When individuals or teams have to put in more effort than should be needed to complete a task.

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11
Q

What is hope creep?

A

A type of creep where you continue to believe that you can meet your deadlines, requirements or outcomes when you cant.

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12
Q

What is the power curve?

A

A phenomenon by which the more monitoring of a project you do, the less efficient the process is.

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13
Q

What is the half-the-time remaining rule?

A

A rule in Project Management whereby when half of the time remaining is left, it is acceptable to discuss pushing off the deadline. When less than half the time is left, it is not acceptable to punish off the deadline.

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14
Q

What is a critical sequence?

A

It is the critical path with resource sharing factored in.

A critical path assumes no resource constraints. Assumes resources will be available when you need them.

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15
Q

What is fast tracking?

A

Realigning the work so that more tasks are done in parallel, rather than in sequence.

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16
Q

What is crashing?

A

Increasing the number of people and other resources dedicated to work on a task.

17
Q

What are the forward and backward pass?

A

The earliest time and shortest time you can work through a project. Represented (X,X). Example (,)

18
Q

What is risk?

A

A set of threats that can lead to undesirable outcomes.

19
Q

What is competitive risk?

A

The chance that competitive forces will prevent you from achieving a goal.

20
Q

What is reputation risk?

A

The risk that if your customers don’t believe you, they won’t buy your product.

21
Q

What is operational risk?

A

The risk that you will not meet the expectations of a stakeholder.

22
Q

What is Human Resources risk?

A

The loss of stars in your organization.

23
Q

What is technology risk?

A

The risk of investing in the wrong technology.

24
Q

What is regulatory risk?

A

The risk of not complying with regulatory agencies.

25
Q

What is financial risk?

A

The potential to have insufficient revenue.

26
Q

What is risk analysis?

A

The process of defining and analyzing adverse events that may occur with the goal of making good decisions.

27
Q

what is probabilistic risk assessment?

A

A systematic approach to quantitatively assess risk.

28
Q

What is the risk analysis process?

A
  1. Identify the risks
  2. Figure out how likely each risk is? Label it (not, somewhat, very)
  3. Identify consequences for each risk.
  4. Identify mitigation options that are available.
29
Q

WHat is a stoplight chart?

A

A chart that shows status of risk using color displays. Green, yellow and red referencing the risk level.

30
Q

What is a heuristic?

A

Mental shortcuts we use to solve a problem quickly.

31
Q

What is a schedule performance index?

A

A measure of the planned conformance of actual progress to the planned progress.

32
Q

What is a cost performance index?

A

A method of calculating the cost efficiency and financial effectiveness of a specific project.

Hospitality Business (4 decks)

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