Second Midterm, Chapter 4 (Slides & Textbook) Flashcards
The Project Planning Phase attempts to answer the following questions:
- What work needs to be done?
- Who will do the work?
- What resources will be needed to do the work?
- When will they do the work?
- How long will it take?
- How much will it cost?
- Does the time, money, and resources invested support the project’s MOV
Projects have…
- An infrastructure
- Governance
- Required resources
- ProjectCharter
What does ‘Project Governance’ do?
It provides a framework to ensure that a project aligns with a chosen business strategy while ensuring that the time, money, and resources provide real value to the organization.
A project’s governance must define:
- Structure
- Authorization
- Oversight and Accountability
- Decision Making
- Resources
The Roles of the Project Manager:
Managerial role
Leadership roles
Attributes of a successful project manager:
Ability to communicate with people
Ability to deal with people
Ability to create and sustain relationships
Ability to organize
The Project Team needs:
- TechnologySkills
- Business/organization knowledge
- Interpersonalskills
This infrastructure is:
documented in the project charter and identifies the project’s governance structure and all of the project resources.
A project governance structure provides:
a framework to guide all of the project decisions. This often includes the formation of a governance committee that represents the different interests of the project stakeholders.
The project’s MOV, infrastructure, and project objectives are documented in the _____.
project charter
An organizational governance structure to set:
strategic direction and to guide performance.
Organizational governance attempts to provide a set of values, methods, and processes to:
LIST THREE ITEMS
- Set organizational strategy and objectives
- Provide resources (people, processes, tools, and technology) to achieve the organizational strategy and objectives
- Monitor and control activities to ensure that the organizational resources are used efficiently and effectively
Project governance provides a framework to ensure that:
a project aligns with a chosen business strategy while ensuring that the time, money, and resources provide real value to the organization.
Project governance must define the following:
- structure
- authorization
- oversight and accountability
- decision making
- resources
What is a project management office (PMO)?
A group or department within the organization that oversees all of the project management standards, methods, and policies based on, for example, either PMBOK® or PRINCE2®.
What is a steering committee?
A steering committee is formed to represent the interests of different stakeholders.
What is a project board?
The project board can include a number of stakeholders, but roles of the customer, senior user, and senior supplier must be represented. Membership should be determined largely by the nature of the project. Depending on the circumstance, the governance committee may oversee a single project or the entire project portfolio.
Project resources require…
people, technology, and facilities to complete the project work.
A Request for Proposal (RFP) may be developed and used to
solicit bids, quotes, or proposals for services or goods from prospective sellers.
Procurement-Type Contracts:
- Fixed-Price or Lump-Sum Contracts
2. Cost-Reimbursable Contracts
Fixed-Price or Lump-Sum Contracts are…
A total or fixed price is negotiated or set as the final price for a product or service. They may include incentives for meeting certain performance objectives or penalties if those objectives are not met
Cost-Reimbursable Contracts
Payment or reimbursement is made to the seller to cover the seller’s actual direct costs (i.e., labour, materials, etc.) and indirect costs (i.e., admin. salaries, rent, utilities, etc.)
Types of Cost-Reimbursable Contracts:
Cost-Plus-Fee (CPF) or Cost-Plus-Percentage Cost(CPPC)
Cost-Plus-Fee (CPF) or Cost-Plus-Percentage Cost (CPPC) means…
The seller is paid for the costs incurred in performing the work as well as a fee based upon an agreed on percentage of the costs
Cost-Plus-Fixed-Fee(CPFF)
The seller is reimbursed for the total direct and indirect costs of doing the work, but receives a fixed amount that does not change unless the project’s scope change
Cost-Plus-Incentive-Fee(CPIF)
The seller is reimbursed for the costs incurred in doing the work and receives a predetermined fee plus an incentive bonus for meeting certainobjectives
Time and Materials (T&M) Contracts
A hybrid of cost-reimbursable and fixed-price contracts.
The buyer pays the seller for both the time and materials required to complete the work.
Resembles a cost-reimbursable contract because it is open-ended and full cost of project is not predetermined.
But can resemble a fixed-price contract if unit rates are set.
