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4th Year - 1st Sem > SPM - 4 > Flashcards

SPM - 4 Flashcards

1
Q

the key to overall project success

A

good project integration

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2
Q

the key to overall project success:
good project integration

A
  • Project managers must coordinate all of the other knowledge areas throughout a project’s life cycle
  • Many new project managers have trouble looking at the “big picture” and want to focus on too many details (See opening case for a real example)
  • Project integration management is not the same thing as software integration
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3
Q

project integration management main process

A
  1. develop project charter
  2. develop management plan
  3. direct and manage project execuation
  4. monitoring and controlling project work
  5. Perform integrated change control
  6. closing project
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4
Q

involves determining long-term objectives, predicting future trends, and projecting the need for new products and services

A

Strategic planning

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5
Q

SWOT

A

Strengths, Weaknesses, Opportunities, and
Threats

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6
Q

As part of strategic planning, organizations

A

◦ identify potential projects
◦ use realistic methods to select which projects to work on
◦ formalize project initiation by issuing a project charter

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7
Q

IT Planning Process

A
  1. IT Strategy Planning
  2. Business Area Analysis
  3. Project Planning
  4. Resource Allocation
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8
Q

IT Strategy Planning

A
  • tie information tehcnology strategy to mission and vision of organization
  • identify key business areas
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9
Q

Business Area Analysis

A

documents key business process that could benefit from IT

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10
Q

Project Planning

A

define potential projects, project scope, benefits, and constraints

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11
Q

Resource Allocation

A

Select information technology projects and assign resources

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12
Q

Three important criteria for projects

A
  • ◦ There is a need for the project
  • ◦ There are funds available
  • ◦ There’s a strong will to make the project succeed
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13
Q

Methods for selecting projects include

A
  • ◦ focusing on broad organizational needs
  • ◦ categorizing information technology projects
  • ◦ performing net present value or other financial analyses
  • ◦ using a weighted scoring model
  • ◦ implementing a balanced scorecard
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14
Q
  • It is often difficult to provide strong justification for many IT projects, but everyone agrees they have a high value
  • “It is better to measure gold roughly than to count pennies precisely”
A

Focusing on Board Organizational Needs

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15
Q

Financial considerations are often an important consideration in selecting projects

A

financial analysis of projects

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16
Q

Three important criteria for projects

A
  • There is a need for the project
  • There are funds available
  • There’s a strong will to make the project succeed
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17
Q

a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time

A

net present value (NPV)

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18
Q

categorizing it projects

A
  • how long will it take to do and when it is needed
  • overall priority of project
  • if the project addresses: a problem, opportunity, directive
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19
Q

is calculated by subtracting the project costs from the benefits and then dividing by the costs

A

Return on investment

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20
Q

NPV Calculations

A
  • Determine estimated costs and benefits for the life of the project and the products it produces
  • Determine the discount rate
  • Calculate the NPV
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21
Q

Three primary methods for determining the projected
financial value of projects

A
  • Net present value (NPV) analysis
  • Return on investment (ROI)
  • Payback analysis
22
Q

can by calculated by finding the discount rate that makes the NPV equal to zero

A

Internal rate of return

23
Q

is the amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in a project

A

payback period

24
Q

a tool that provides a systematic process for selecting projects based on many criteria

A
25
Q

developed this approach to help select and manage projects that align with business strategy

A

Drs. Robert Kaplan and David Norton

26
Q

Drs. Robert Kaplan and David Norton developed this approach to help select and manage projects that align with business strategy

A

balance scorecard

27
Q

a document that formally recognizes the existence of a project and provides direction on the project’s objectives and
management

A

project charter

28
Q

Key project stakeholders should sign a project
charter to acknowledge agreement on the need
and intent of the project; a ________ is a key
output of project integration managemen

A

signed charter

29
Q

Inputs for developing a project charter

A
  1. project statement of work
  2. business case
  3. agreements
  4. enterprise environmental factors
  5. organizational process assets
30
Q

which include formal and informal plans, policies, procedures, guidelines, information systems, financial systems,
management systems, lessons learned, and historical information

A

organizational process assets

31
Q
  • a document used to coordinate all project planning documents and help guide a project’s execution and control
  • Plans created in the other knowledge areas are subsidiary parts
A

project management plan

32
Q

common elements of a project management plan

A
  • intoduction or overview of project
  • description of project
  • management and technical processed used on the project
  • work to be done, schedule, and budget information
33
Q
  • Involves managing and performing the work described in the project management plan
  • The majority of time and money is usually spent on execution
  • The application area of the project directly affects project execution because the products of the project are produced during execution
A

Directing and Managing Project Work

34
Q
  • Project planning and execution are intertwined and inseparable activities
  • Those who will do the work should help to plan the work
  • Project managers must solicit input from the team to develop realistic plans
A

Coordinating Planning and Execution

35
Q
  • Project managers must lead by example to demonstrate the importance of creating and then following good project plans
  • Organizational culture can help project execution by
    ◦ providing guidelines and templates
    ◦ tracking performance based on plans
  • Project managers may still need to break the rules to meet project goals, and senior managers must support those actions
A

Providing Leadership and a Supportive Culture

36
Q
  • It is often helpful for IT project managers to have prior technical experience
  • On small projects, the project manager may be required to perform some of the technical work or mentor team members to complete the projects
  • On large projects, the project manager must understand the business and application area of the project
A

Capitalizing on Product, Business, and Application Area Knowledge

37
Q

Experts can help project managers and their teams make many decisions related to project execution

A

Expert judgment

38
Q

allow people to develop relationships,
pick up on important body language or tone of voice, and have a dialogue to help resolve problems.

A

Meetings

39
Q

There are hundreds of project management software products
available on the market today, and many organizations are moving toward powerful enterprise project management systems that are accessible via the Interne

A

Project management information systems

40
Q

the approved project management
plan plus approved changes

A

baseline

41
Q
  • Changes are inevitable on most projects, so it’s important to develop and follow a process to monitor and control changes
  • Monitoring project work includes collecting, measuring, and disseminating performance information
  • A baseline is the approved project management plan plus approved changes
A

Monitoring and Controlling Project Work

42
Q

Three main objectives of performing integrated change control

A
  • influence factors that create changes to ensure that changes are benefitial
  • determine that change has occured
  • managing actual chnages as they occur
43
Q
  • a formal, documented process that describes when and how official project documents and work may be changed
  • Describes who is authorized to make changes and how to make them
A

change control system

44
Q

promotes policies that will improve the economic and social well-being of people around the world.

A

Organisation for Economic Co-operation and Development (OECD)

45
Q
  • ensures that the descriptions of the project’s products are correct and complete
  • Involves identifying and controlling the functional and physical design characteristics of products and their support documentation
  • specialists identify and document configuration requirements, control changes, record and report changes, and audit the products to verify conformance to requirements
A

Configuration management

46
Q
  • is a formal group of people responsible for approving or rejecting changes on a project
  • provide guidelines for preparing change requests, evaluate change requests, and manage the implementation of approved changes
  • Includes stakeholders from the entire organization
A

change control board

47
Q

Main outputs include of closing projects

A
  • ◦ Final product, service, or result transition
  • ◦ Organizational process asset updates
48
Q

you must finalize all activities and transfer the completed or cancelled work to the appropriate people

A

close a project or phase

49
Q

involves coordinating all of the other knowledge areas throughout a project’s life cycle

A

Project integration management

50
Q

tools track the
execution of business process flows

A

Business Service Management (BSM) tools

4th Year - 1st Sem (12 decks)

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