Project Mgmt Approaches

Question 1

Goldratt’s Theory of Constraints

Answer 1

ID and eliminate constraints, resulting in continuous improvements
Constraints come from policies not physical entities
Concentrate improvement on components most capable of positive impact

Question 2

Six Sigma

Answer 2

Data-driven methodology for eliminating defects

Process must not produce more than 3.4 defects per million opportunities

Question 3

Total Quality Management

Answer 3

TQM achieves customer satisfaction by involving all managers and EEs in quantitative methods to continuously improve org’s processes

Question 4

Mission Statement

Answer 4

Specifies quantifiable activities and course that management charts for future - actual plan!
May include vision statement (guiding image) and values statement (core beliefs of org)

Question 5

Gantt Chart

Answer 5

Graphical depiction of project schedule in a bar chart

Start, finish, resources, milestones, tasks, dependencies

Question 6

PERT Chart

Answer 6

Graphical representation of project timeline in nodes linked by vectors/lines
Evaluates time and resources necessary to manage project
Preferable to Gantt charts b/c ID task dependencies but still highly subjective and may be unreliable

Question 7

PESTEL Analysis

Answer 7

Environmental scanning method implemented before conducting biz venture (PEST most of the time)
Political, Economic, Social. Technological. Environmental, Legal

Question 8

SWOT Analysis

Answer 8

Strengths of org
Weaknesses of org
Opportunities (external)
Threats (external)