Project Management Flashcards
What requirements make a project successful?
The outcome is within the project triangle (scope, cost, and time)
What happens when a project is delayed past the time on the bid.
Liquidated damages (not a penalty - it’s the amount owed for a breach of contract)
To retain market competitiveness, what 4 requirements have to be met?
Scope, time, quality, and cost.
Aka The Wideman pyramid
What is a project?
A temporary endeavor undertaken to create a unique product, service, or result.
What distinguishes an ongoing work effort from a project?
An ongoing work effort does not have a unique outcome. It is generally repetitive and follows general procedures.
Ongoing work effort or Project?
Getting a bachelor’s degree.
Project. Fixed timeline and unique outcome.
Ongoing work effort or Project?
A professor teaching mechanical engineering students.
Ongoing work effort. No unique outcomes.
Ongoing work effort or Project?
Matlab developer generating the newest edition (2018).
Project. Unique solution seen as improvement.
Ongoing work effort or Project?
Mechanical engineer working in power plant, one generator is down and he repairs it.
Ongoing work effort. No unique outcome, it is being fixed back to its original state.
Ongoing work effort or Project?
A programmer is tasked to fix a general bug that interferes with the functions of a utility iPhone app.
Ongoing work effort. The product is simply being fixed, no unique outcome.
A typical engineering management portfolio consists of what three elements? (List in order from biggest to smallest)
Sub-portfolios > Programs > Projects
Describe program management:
Program management harmonizes its projects and program components and controls inter-dependencies in order to realize specified benefits.
Describe portfolio management:
Portfolio management aligns with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources.
Describe project management:
Project management develops and implements plans to achieve a specific scope that is driven by the objectives of the program or portfolio it is subjected to and, ultimately, to organizational strategies.
What is organizational project management (OPM)?
It is a strategy execution framework utilizing project, program, and portfolio management as well as organizational enabling practices to consistently and predictably deliver organizational strategy producing
better performance, better results, and a sustainable competitive advantage.
