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Project Management > Section 1 > Flashcards

Section 1 Flashcards

1
Q

Management copes with

A

Complexity

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2
Q

Leadership copes with

A

Change

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3
Q

Define Project

A

a means to achieve tasks

temporary endeavor to create a unique product, service, result

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4
Q

PMBOK

A

a set of standard terminology and guidelines for project management in book form, 6th ed.

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5
Q

Project Constraint

A

anything that restricts the actions of the project team

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6
Q

Triple Constraint

A

Quality of work is determined by balancing Cost, Scope and Time

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7
Q

Product Life Cycle

A

Introduction, growth, maturity, decline.

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8
Q

Triple Bottom Line

A

Planet, people, profit. the idea of keeping sustainable practices on the forefront to help the environment

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9
Q

SWOT

A

strengths, weaknesses, opportunities, threats

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10
Q

Project Success Model

A

Project success is completion of the project

Project Management success is completion within the triple constraints and any others

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11
Q

Benchmarking

A

practice of comparing current results to industry bests or standards.

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12
Q

Spider web diagram

A

Measures project maturity and development

numbering from 0-3

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13
Q

stakeholders

A

people or organizations whose interests will be affected by the outcome of a project

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14
Q

client acceptance

A

completion of a project and finalization to the customers specs

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15
Q

client

A

person requesting or authorizing the project services

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16
Q

project team

A

a group assigned to complete tasks for the project by the project manager

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17
Q

project leader

A

professional who leads people, maintains work environment and pushes people to meet goals

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18
Q

project champion

A

person who makes sure everyone is on board during the project and behind the ultimate success and identify strategic objectives

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19
Q

functional project organization

A

managing projects through existing hierarchy and channels of the organization with no special measures taken

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20
Q

strong matrix organization

A

project manager controls most of the project, what specialists do and final say on project decisions.

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21
Q

weak matrix organization

A

project manager acts as an assistant to functional manager who decides who does what and when

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22
Q

project based organization

A

grouping by teams or based on assignments, usually for RnD, promotes expertise of workers

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23
Q

siloing

A

When information and communication are not diversified to other departments
my dept is better than yours

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24
Q

resource pool

A

cadre of trained and skilled pros to work on projects

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25
Q

weather station

A

for monitoring and tracking of project completion, look at status of major project risk

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26
Q

control tower (PMO project management office)

A

manages everything weather station does and also establishes standards, progress, additions, imrpove standards

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27
Q

corporate culture

A

a shared system of norms, beliefs, values to create shared meaning

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28
Q

project screening criteria

A

examination of project sustainability and benefits to select which to pursue

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29
Q

checklist screening criteria model

A

list project critera and find a project that fulfills the needs the best in terms of high,med, or low not very accurate

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30
Q

simple scoring model

A

each category for project criteria is weighted and averaged to find the project that best fulfills the needs

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31
Q

efficient frontier

A

Set of portfolio options that offer either max return for given level of risk or minimum risk for level of return

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32
Q

AHP

A

Analytical Hierarchy process
developed by thomas saaty, math based, divides needs to levels that each get a numerical value equalling 1, the candidate that scores highest is chosen

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33
Q

pairwise comparison

A

every data item is compared to all other known data items to determine its place in the system

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34
Q

profitability models

A

NPV, IRR

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35
Q

project plan

A

document that contains the strategy for managing the project and the processes related to all areas of the project

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36
Q

configuration

A

managment and structure of components of a project to ensure successful delivery

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37
Q

historical records

A

any information from past projects that could be used for current or future ones

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38
Q

post project analysis

A

determine if objectives were met
how efficiently the project was run
learn lessons for the future
ensure greatest possible benefits

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39
Q

IRR

A

npv but solve for R

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40
Q

NPV

A

PV = FV / (1+r)^n

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41
Q

skills of leaders

A 
innovate
see big picture and get thier hands dirty
encourage individuals, stress team
know when to be hands off or on
fleixbile but firm
manage team vs organizational loyalties
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42
Q

emotional intelligence

A

be able to handle thier emotions when things get out of control to accomplish a task

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43
Q

characteristics of leaders

A 
communication skills
systems thinking - how do factors affect project completion
integrity
proactive
emotional intelligence
general business fundamentals
time management
optimisim
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44
Q

temporal skills

A

analysis of data from the past present and future

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45
Q

time span

A

period of time between start and end of an event

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46
Q

time warping

A

analysis between two sequences that vary in time or speed

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47
Q

positioning

A

stance a project takes to tackle a task

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48
Q

chunking

A

breakdown of larger goals into small realistic steps

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49
Q

recapturing the past

A

recollect experiences from past project to apply to the new one

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50
Q

reward systems

A 
encourages team performance and extra effort
letter od commendation
recognition
new/better job assignments
fleixibility
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51
Q

SOW

A

statement of work

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52
Q

elements of SOW

A 
summary of work
background
major element descriptions
benefits
items not inscope
priorities assigned within project
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53
Q

WBS

A

work breakdown structure

hierarchical method that subdivides specific tasks into smaller pieces

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54
Q

work packages

A

lowest level of WBS

short term that have defined start and finish, consumer resources and represent costs

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55
Q

OBS

A

identifies work to be completed by owners of the departments and accounts responsible for the work

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56
Q

cost-plus contract

A

used when there is no definitive total cost calculation
bills are provided for mats and labor as they are used
plus additional allowment to profit

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57
Q

time and material contract

A

contractors reimbursed for mats and time, all rates are laid out before start of contract

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58
Q

lump sum contract

A

contractors are given one lump sum to complete all tasks at the beginning and if they go over they are responsible for costs

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59
Q

config control

A

Tracking now to where you should be on baseline

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60
Q

spec control

A

stated clearly and only change when authorized

tracks where changes are made and where things happen

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61
Q

doc control

A

tracking of documents to ensure confidence in use

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62
Q

trend monitoring

A

shows significant deviations from normal using data over time

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63
Q

closeout steps

A

assurance work has been completed
assurance management processes have been executed
archive docs and info
recognition and review that project is completed, all agree

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64
Q

goals

A 
finish on time
under bidget
meet reqs
keep customer happy
keep team happy
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65
Q

objectives

A

guidance of the project team’s operations towards achieving all the agreed upon goals within constraints

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66
Q

forming

A

members get acquiainted with each other and the project

67
Q

storming

A

accept being part of a project but resist constraints put on personality by project and team

68
Q

norming

A

group strucute soldifies and established a common set of expectations of how groups work together

69
Q

performing

A

teeam structure is fully functional, energy is now focused on working together to accomplish goals

70
Q

adjourning

A

wrap up the porject, prepare for disbandment emotionally and work related

71
Q

virtual teams

A

phsycially separated team who are unable to communitcate face to face, harder to establish trust and comms patterns

72
Q

traditional conflict view

A

all disagreement is harmful and should be avoided

73
Q

attributional conflict view

A

conflict is though to have risen from differnet points of view while working to lessen blame

74
Q

interactionist conflict view

A

conflict can be a positive force and is sometimes necessry for the group to perform well

75
Q

behavioral conflict view

A

certain behaviors interacting with anothers causing a detrimantal imapact

76
Q

principled negotiation

A

interest based approach to negotiation that focus on conflict management and resolution

77
Q

network diagrams

A

graphical representation of all the tasks, responsibilities and work-flow for a project

78
Q

hammock

A

task that hangs between due dates and does not matter when or how it is accomplished as long as it is done by the due date

79
Q

laddering

A

Instead of one person doing one task to completion, assigning one person to do the same section for all tasks.

80
Q

merging

A

activities with more than one preceeding it

81
Q

bursting

A

activities resulting in more than one activity immediately following it

82
Q

forward pass

A

earliest times for start and finish, how soon can the project be completed

83
Q

backward pass

A

latest times for start and finish, where is the critical path, how long can activities be delayed, slack

84
Q

project objectives

A

answers the what when how much and where of customers overall objective needs

85
Q

management plan

A

how a project will be run, formalize management structure and ops

86
Q

scope baseline/statement

A

end reult or mission of the project, define clearlty the deliverables for the project

87
Q

problems with estimates

A

unclear targets
underestimation
unblance of resources
misapplying risk and contingency

88
Q

Murphys Law

A

anything that can go wrong will go wrong

89
Q

responsiblity assignment matrix

A

RAM

matrix with intersections between names and responsibilities assigning responsibility for completion

90
Q

eternal stakeholders

A

those who do not work in the business but are still affected by actions and outcomes of it

91
Q

internal stakeholders

A

entities within a business that care about or are affected by its performance

92
Q

Escalation of commitment

A

behavior when a person or group is facing negative outcomes from a decision but continues the behavior instead of altering it

93
Q

trigger points

A

a condition or event that cause a risk to occur, are identified during risk analysis

94
Q

critical incident

A

incidents that happen when a group is under pressure and overwhelms the person or group

95
Q

numeric estimation

A

an estimation expressed with numbers

96
Q

non numeric estimation

A

estimation based on qualitative rather than quantitative observations

97
Q

objective estimation

A

observe and estimate what needs to be done without making assumptions

98
Q

subjective estimation

A

observe and estimate what needs to be done based on past experiences and information

99
Q

Ball Park estimation

A

a rough guess when something more precise is not available, more for conversation purposes

100
Q

parametric/ratio estimation

A

uses ratios or surrogates of known costs in the planning of a new project cost ~15% accurate

101
Q

comparative estimation

A

comparing todays project with costs of a past project

102
Q

definitive order of magnitude estimation

A

Only applied when project is fully designed, ~5% accurate

103
Q

specification

A

a clear requirement or description of a project item or task

104
Q

configuration

A

process tools and management style used to arrange and organize project activities

105
Q

acqusition control

A

controlling acquired products, ideas and skills

106
Q

cohesiveness

A

when bonds link individual members into a whole team

107
Q

trust

A

firm belief in a truth or character of someone or something

108
Q

enthusiasm

A

eager enjoyment or interest

109
Q

results orientation

A

the ability of a person to recognize which results are important

110
Q

Pass excersize variables

A

ES,EF,LF,LS,lag,slack

111
Q

Chance types for probability

A

optimistic (a)
pessimistic (b)
most likely (m)

112
Q

probability of chances formula

A

a+4b+m/6

113
Q

Gantt chart

A

a visual representation of actual start and end times of each segment of a project

114
Q

PERT

A

Program Evaluation and Review Technique
used to review activity and project risks
likelihood project will be completed on time and on budget

115
Q

AOA

A

less popular method for drawing proj networks, activity is an arrow

116
Q

AON

A

method for drawing proj networks, the activity is represented on a rectangle

117
Q

Top-down estimate

A

made by top management who have limited activity knowledge and get information from other people

118
Q

Bottom-up estimate

A

detailed estimates of work packages generally made by those most familiar with the tasks

119
Q

planning horizon estimate

A

the closer an event is to occurring, the more accurate the estimate will be

120
Q

learning curve estimate

A

estimate for the time and costs it takes a person to complete a repetitive task is lowered each time they repeat it

121
Q

function point estimate

A

a unit of measurement based on the total functionality of a segment, with costs estimates from past projects

122
Q

heavyweight project management

A

people assigned to the project have a higher workload with the project over their normal functional jobs, more documented

123
Q

lightweight project management

A

more of a blend of project and functional duties, less reference and hard documentation

124
Q

project protfolio

A

an organizations group of projects and the process of selecting and managing them

125
Q

cross functional organization

A

people of different functional expertise working toward a common goal

126
Q

pure project organization

A

project team is disconnected from its functional duties and the project manager has full control over the course of the project

127
Q

strategy

A

relates projects to functions within the organization

128
Q

goal

A

a desired outcome at a specific time

129
Q

mission

A

a statement that tells what we are creating with a project and why

130
Q

vision

A

description of what a project will accomplish by its completion

131
Q

team interdependancies

A

when a team is aware or needs to work together off of collective skills for a higher benefit or goal

132
Q

cost factor

A

costs proportionate to a variable like labor or mats

133
Q

schedule rating

A

costs given based on the rating or risk or level of commitment

134
Q

reliability rating

A

project completion rate or estimate

completed ass/total ass

135
Q

performance rating

A

determining whether goals and constraints are met against completion

136
Q

overall consequence of failure

A 
poor morale
poor image
lack of improvement/learning
low stability
constraint penalties
137
Q

contingency reserve

A

amount of time or resources kept to reduce the chances of identified risks

138
Q

task and managerial contingency curve

A

amount of time or resources kept on hand for unidentified risks

139
Q

contingency rate

A

someone will work for a portion of the profits or return for completion of a project

140
Q

time-phased budget

A

costs accrued are laid out and accounted for in the time period they occurred

141
Q

activity based costing

A

assigns the cost of each activity to the amount consumed by each product and service

142
Q

overhead charge

A

costs that incur regardless of activity level for activities that cant be well measured

143
Q

operating risk

A

level of uncertainty related to running a business like demand and availability of products time and materials

144
Q

promotional risk

A

the chances of running beyond the income of the promotion and being unable to deliver possibly costing customers, sales, lawsuits

145
Q

financial risk

A

instability from finances and risk of non payment

146
Q

economic risk

A

focuses on identifying economic factors that may end up making things unstable

147
Q

organizational risk

A

risk arising from upper management or organization of the project

148
Q

market risk

A

risks derived from marketplace changes such as funding or demand

149
Q

political risk

A

risk events that are derived from changes in political policies or power that produce economic changes

150
Q

execution risk

A

evaluating risks from finalizing stages in the project and letting it go live

151
Q

technical risk

A

risk chances arising from a piece of equipment or computer used during the project

152
Q

commerical risk

A

risks not involving politics that include suppliers, demand, contractors, construction

153
Q

delphi method

A

project/question is posed to anonymous experts and opinions are relayed between them until an agreement or majority decision is made

154
Q

past history

A

information from past projects that may be used to guide the development of a new project

155
Q

brainstorming

A

general creativity technique used to identify risks, ideas or solutions by using a group, team or experts

156
Q

FMEA

A

Failure Mode and Effects Analysis

impactprobabilitydetection = risk value

157
Q

fixed price contract

A

budget is paid to project regardless of time or mats spent on it

158
Q

apportion method estimate

A

allocate costs to a portion using a percentage of total planned cost per work package

159
Q

PERT formula

A

time est - critical time/sq rt of sum of variance, z value plug in

160
Q

Bread and butter

A

low risk modest income

161
Q

pearls

A

low risk high income

162
Q

oysters

A

high risk high income

163
Q

white elephants

A

once showed promise now not worth it

164
Q

spider web diagram categories (8)

A 
Project scheduling
personal development
portfolio management
structural support
stakeholder management
coaching, auditing, evaluating
control practices
networking between projects

Project Management (3 decks)

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