Project Mgt. Foundations Flashcards
What is the definition of a project?
A temporary endeavor undertaken to create a unique product, service, or result.
What are the characteristics of a project?
1) Temporary
- Finite time period (defined beginning and end)
2) Drives Change
3) Enables value creation
- Tangible and/or intangible
- Aligned to organizational goals
4) Must be tailored
What are the four creation criteria? Also known as the drivers/reasons for a project to be created.
1) Meet regulatory, legal, or social requirements
2) Satisfy stakeholder requests or needs
3) Create, improve, or fix products, processes, or services
4) Implement or change business or technological strategies
After idetntifing the driver for a porject, what documents are used developed to evaluate the economic feasibility of the project?
1) Business case
2) Project benefits management plan
What does the business case document provide?
1) Often developed by the project sponsor
2) States the project objective
3) (Cost-benefit) Determines at a high level if the expected outcomes exceed the required investment
- Go/no-go decision point prior to chartering
What document gives us a go/go-go decision prior to chartering?
Business case
What is a project charter?
The foundational document defining the key project components and formally authorizing the project’s existence.
What aligns a project’s visions and expectations?
Project charter?
Who does the project charter align a project’s visions and expectations?
By defining
- Purpose and requirements - Projected schedule, costs, risks - Scope boundaries
How does the project charter define what is and is not in the project?
By determining the scope boundaries
Who normally developes the project charter and who assist the development of the project charter?
1) Developed by the project sponsor
2) Assisted by the project manager
Who normally developes the project charter and who assist the development of the project charter?
1) Developed by the project sponsor
2) Assisted by the project manager
Who authorizes resources to project activites?
Project Manager
Who authorizes a project to exist?
Project Sponsor
What document translates the project charter into actionable plans for how the project will be planned, executed, monitored, and controlled?
Project Management Plan
What document has 18 sub plans/baselines?
Project Management Plan
What type of ways do we mesures project success?
1) Financial
2) Non-financial
What are the financial terms we use to measure project success?
1) Net present value (NPV
2) Return on investment (ROI)
3) Internal rate of return (IRR)
4) Payback period (PBP)
What are the non-financial ways to assess project success?
1) Achieving stakeholder satisfaction
2) Acceptable customer/end-user adoption
3) Achieving agreed-upon quality of delivery
4) Fulfilling contract terms and conditions
What are the non-financial ways to assess project success?
1) Achieving stakeholder satisfaction
2) Acceptable customer/end-user adoption
3) Achieving agreed-upon quality of delivery
4) Fulfilling contract terms and conditions
What are the three questions do project success measures answer?
1) What does success look like?
2) How will success be measured?
3) What factors may impact success?
Proccesses produce _______ and use _______?
Produce Data
Use informatoin
What is raw observations and measurements?
Work performance data
What is the result of data being analyzed?
Work performance informatoin
