Project Management Foundations Flashcards
What is Operational Work?
Ongoing work to support the business and systems of the organization
what is the definition of a project
Temporary endeavor - with a start and end date
Creates a unique product, service, or result
Why is a project undertaken
To drive a change in a product or process from a current state to a future state, to achieve a specific objective
To Create business value for the organization and its stakeholders
What is the difference between a program and a portfolio
a program is a group of related, sub-projects and other program related activities, organized and managed into coordinated set of efforts
A Portfolio is a group of programs, projects, and related operational work, all prioritized and implemented to achieve a specific business objective
What is Organizational Project Management (OPM)
A framework that guides portfolio, program, and project management to achieve the organization’s strategic goals
What is governance
Governance is designed to support the specific culture and attributes of the organization
Organizational governance refers to the overall structure of an organization
Project Governance must be determined so that the project is an agreement with organizational governance
Define the 3 primary forms of organizational structure
Functional: Organization is grouped by areas of specialization.
Project-Oriented: The company is organized by project, the team has no department to go to at project end; the project manager has control of the project
Matrix: Attempts to maximize the strengths of both the functional and project-oriented structures; team members reports to two managers and do project work
What is the difference between a strong matrix and a weak matrix?
In a strong matrix, the balance of power rests with the project manager while in a weak matrix, power rests with the functional manager and the project manager serves as a coordinator or expediter
What are 3 possible forms of a PMO?
Supportive
Controlling
Directive
What is the role of the value delivery office (VDO)
In an adaptive environment, it helps enable project management
What is the difference between present value and net present value?
Present value is the value today of future cash flows
Net Present value is the present value of the total benefits (income and revenue) minus the costs over many time periods
Name some economic measures for project selection
Return of investment
Present Value
Net Present Value
Internal Rate of Return
Payback period
Cost-Benefit analysis
During project selection, what does economic value added (EVA) determine?
whether the project returns more value than it costs
During project selection, what does economic value added (EVA) determine?
whether the project returns more value than it costs
What is opportunity Cost
The opportunity given up by selecting one project over another
What are Sunk Costs
Expanded Costs – What has already been spent
Sunk Costs should bot be considered when deciding whether to continue with a troubled project
What is the idea behind the law of diminishing returns?
Adding more input (for example, programmers) will not product a proportional increase in productivity (such as modules of code per hour)
What is working capital
An organization’s current assets minus its current liabilities
what are the types of depreciation?
Straight-Line: the same amount of depreciation is taken each year
Accelerated: Depreciates faster than straight-line depreciation
What are organizational process assets (OPA)
Company processes, procedures, and policies
Organizational knowledge repositories (historical information, lessons learned)
Give some examples of historical Information
Activities
WBS’s
Backlogs
Benchmarks
Reports
Baselines
Estimates
Prototypes
What are enterprise environmental factors (EEF)
An organization’s Culture, technology, and external governmental Standards, rules, and regulations
What is an assumption log?
a Repository of both assumptions and specifics related to constraints
List project constraints that may occur throughout the life of a project
Schedule
Cost
Risk
Scope
Quality
Resources
Customer Satisfaction
What is a project Management Information System (PMIs)
includes automated tools, such as scheduling software, a configuration management system, shared work-spaces for file storage or distribution, as well as repositories for historical information
It is used in many planning, executing, and monitoring and controlling processes
Describe the functions of work performance data, work performance information, and work performance reports
Work Performance Data - Measurements and details about activities gathered during the direct and Manage Project Work Process
Work Performance Info - Data that is analyzed to make sure it conforms to the project management plan and to assess what it means for the project as a whole
Work Performance Reports: Info that is organized and distributed to the various stakeholders who need to receive and possibly act on the information
Name some frequently used project Management tools and techniques
Data gathering
Data Analysis
Data Representation
Decision-Making
Communication
Meetings
Expert Judgement
When is a meeting most useful?
When Getting input or feedback from groups of people
Name and describe the role of the agile team leader
A servant leader whose responsibility is to ensure that the adaptive methods and processes to be used on the project as well as understood and being followed, and to help the team by removing impediments to building and delivering the product of the project.
The agile coach, team leader or scrum master
Describe the role of the project manager in a predictive environment
Ensures the project meets objectives related to communications, stakeholder, risk, quality, and procurement management
Directs and contributes to planning
Manages the teams work and physical resources while the team works to build the product of the project
What is the role of the sponsor/initiator?
In a Predictive Environment: Typically someone in management who provides the financial resources for the project and supports the project and protects it from unnecessary charges
In an Agile Environment: Product Owners role is in some way analogous to that of a sponsor, being responsible for ensuring the project deliveries value and benefits
Who as stakeholders?
Anyone who will be impacted by the project or may positively/negatively impact the project
