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Study Terms Flashcards

1
Q

What is a project?

A
  • temporary

- unique

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2
Q

What is an ongoing work effort?

A
  • repetitive process that follows existing procedures
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3
Q

What needs of the project must a PM satisfy?

A
  • Task needs
  • Team needs
  • Individual needs
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4
Q

List three competencies of a good PM

A

Knowledge
Performance
Personal (attitudes, personality, leadership)

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5
Q

What are the two types of matrix organization and what is their focus?

A 
Typical matrix (ongoing work effort focus; departments)
Rotated matrix (project focus; project groups)
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6
Q

List 5 roles within a project team. (out of 7)

A

1) project management staff
2) project staff (workers)
3) supporting experts
4) customer reps
5) sellers (vendors)
6) business partner members
7) business partners

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7
Q

List the 4 types of partnership-based strategies for managing projects

A

1) Strategic Alliance
2) Joint Venture Project
3) Joint Venture Company
4) Consortium

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8
Q

What is a strategic alliance?

A

long term association based on trust to further common interests. Partners agree to share resources, technologies, markets, and profits, and supplement each others’ needs for a long period of time.

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9
Q

What are the advantages and disadvantages of a strategic alliance?

A 
Advantages
- Reduce investment risk
- Share technologies
- Enhance global mobility and competitiveness
Disadvantages
- Difficult to maintain
- Low efficiency
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10
Q

What are the two types of joint venture projects?

A

Integrated
- Staff members are seconded to the joint venture and a single project team is created. The partners take joint responsibility for the profit or loss.
Non-integrated
- Partners are responsible for their own portion of the work as well as the profit or loss made by their respective portion.

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11
Q

What are the advantages and disadvantages of a joint venture project?

A 
Advantages
- Flexible
- Mobile in the foreign market
- Cost saving by using overseas partners’ infrastructure or cheaper alternative subcontracting
Disadvantages
- Difficult to find the right partner
- Power struggles
- Liability issues
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12
Q

What is a joint venture company?

A

two or more legally separate enterprises create a jointly owned entity in which they invest and engage in decision making activities.

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13
Q

What are the advantages and disadvantages of a joint venture company?

A 
Advantages
- Utilize multiple experience sources to develop new market
- Minimize risk
- Reduced capital investment
Disadvantages
- Hard to find the right partner
- power struggle
- cultural differences
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14
Q

What is a consortium?

A

association of two or more individuals, companies, or organizations involved in a project or operation to achieve a common goal. It does not generate an independent entity

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15
Q

What are the advantages and disadvantages of a consortium?

A

Advantages
- Spread liability
Disadvantages
- Client has to spread out liability chase for damages

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16
Q

What are the 4 phases during a project life cycle?

A

1) Starting the project
2) Organizing and preparing
3) Execution
4) Closing the project

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17
Q

What defines the following in regards to project life cycle:

a) sequential model
b) waterfall model
c) parallel sections

A

Civil Engineering projects ~ Phase begins when the prior phase ends (sequential model)
Software Development ~ Phases overlap the prior phase (waterfall model)
Drug Development ~ Sequential model but several sections per phase. (tons of parallel sections)

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18
Q

What is a business case?

A

A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.

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19
Q

When is a business case generated?

A

A business case is typically performed at the end of the Starting the project phase of the project life cycle.

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20
Q

What are the 3 main types of project life cycle?

A

Predictive
Iterative
Adaptive

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21
Q

Define predictive life cycle and give an example

A

Scope, time, and cost are determined in the early stages. Mostly in well known and projects such as residential or construction. (Example: 4 year degree)

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22
Q

Define iterative life cycle and give an example

A

Iteration in some project phases to enhance understanding. Mostly in high-tech and R&D projects. (Software Development)

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23
Q

Define adaptive life cycle and give an example

A

High level of stakeholder involvement. (Personal Trainer)

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24
Q

Concurrency engineering is a new and unique style used for a project life cycle. What does it entail? Provide an example.

A

When you develop a project (mass product). Produce product before all testing is complete. (F35 is an example)

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25
Q

What are the 5 management process groups for projects?

A

1) Initiating
2) Planning
3) Executing
4) Monitoring and Control
5) Closing

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26
Q

Define the processes involved with the Initiating Process Group

A

Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase.

27
Q

Define the processes involved with the Planning Process Group

A

Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.

28
Q

Define the processes involved with the Executing Process Group

A

Those processes performed to complete the work defined in the project management plan to satisfy the project specifications.

29
Q

Define the processes involved with the Monitoring and Controlling Process Group

A

Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes.

30
Q

Define the processes involved with the Closing Process Group

A

Those processes performed to finalize all activities across all Process Groups to formally close the project or phase, or contractual obligations.

31
Q

Project Integration Management (PIM) aims to:

A

Identify, Define, Combine, Unify, and Coordinate project management processes

32
Q

What are the steps of PIM

A

1) Project Charter
2) Project Management Plan
3) Direct and manage project work
4) Monitor and control project work
5) Perform integrated change control
6) Close project or phase

33
Q

What are the 5 project charter inputs?

A

1) Project Statement of Work
2) Business Case
3) Agreements
4) Enterprise Environmental Factors
5) Organizational Process Assets

34
Q

The Project Statement of Work (SoW) consists of what three elements?

A

Business need
Product scope
Strategic Plan

35
Q

What are the Enterprise Environmental Factors?

A
  • Governmental standards, industry standards, or regulations
  • Organizational structure and culture
  • Marketplace conditions
36
Q

What is CPM and what are the two methods involved?

A

Critical Path Method calculations come from:

1) Arrow Diagramming Method (ADM)
2) Precedence Diagramming Method (PDM)

37
Q

Describe ADM

A
  • Arrow represents activities and connects at nodes to show dependencies
  • After A finishes, activity B will start
  • Node shows an event (e.g. completion/start)
  • Length of an arrow has no significance
  • Event (node) not achieved until all activities entering the node have been completed
  • Cannot have parallel activities that have the same starting and finish node
  • Dummy Activity may be needed (zero cost and zero time)
38
Q

How many critical paths are found using PDM?

A

At least 1 critical path

39
Q

What are the 4 main objectives of a project?

A

1) Time
2) Cost
3) Scope
4) Quality

40
Q

Define Risk

A

Risk is a probable event in a project lifecycle which is known and could be measured (aleatory variability)

41
Q

Define Uncertainty

A

Limited data and knowledge about an event or its probability of occurrence (Epistemic uncertainties)

42
Q

List three idea generation techniques

A

Brainstorming
Delphi-Technique
SWOT(Str,weak,opp,thr)

43
Q

What is the Delphi-technique

A
  • Only use a few highly qualified experts
  • Anonymously write down brainstorms without knowing other experts involved
  • All other brainstorms are returned to the experts
  • Restricts peer influence and idea creep
44
Q

What are the 4 Negative Risk Strategies?

A
  1. Avoid
  2. Transfer
  3. Mitigate
  4. Accept
45
Q

Extending the schedule, changing the strategy, or reducing scope are examples of what negative risk strategy?

A

Risk Avoidance

46
Q

Adopting less complex processes, conducting more tests, or choosing a more stable supplier are examples of what negative risk strategy?

A

Risk Mitigation

47
Q

A contingency reserve is established, including amounts of time, money, or resources to handle the risks. This is an example of what negative risk strategy?

A

Active Risk Acceptance

48
Q

What is Passive Risk Acceptance?

A

Simply documenting the risk strategy and leaving the project team to deal with the risks as they occur. Periodic review of the threat is typical.

49
Q

Three most common compensation methods

A

Lump sum (fixed price)
Guaranteed Maximum Price (GMP)
Reimbursable

50
Q

List the four types of project delivery

A
  1. Design-Bid-Build
  2. Design-Build
  3. Integrated Project Delivery (IPD)
  4. Public-Private-Partnership (P3)
51
Q

List the 4 major strategies for continuous improvement

A
  1. PDCA (Plan-Do-Check-Act) cycle
  2. TQM (Total Quality Management)
  3. Six Sigma
  4. Lean Six Sigma
52
Q

What is the cost of quality (COQ) in project quality management?

A

The total cost of conformance and nonconformance work that should be done to compensate on the first attempt to perform the work correctly

53
Q

What are the 3 steps in Project Quality Management

A

1) Plan Quality Management
2) Perform Quality Assurance
3) Control Quality

54
Q

List the 7 tools for quality control

A
  1. Cause & Effect Diagram (Fishbone - Ishikawa)
  2. Flowcharts
  3. Checksheets
  4. Pareto Diagrams
  5. Histograms
  6. Control Charts
  7. Scatter Diagrams
55
Q

What is the purpose of the fishbone diagram?

A

To determine the actionable root cause of the problem.

56
Q

Describe the Cause & Effect Diagram

A
  • Problem statement at head
  • 5M + E
    Manpower, Machine, Material, Measurement, Methods, and Environment
57
Q

What is a Pareto diagram and what is the Pareto principle?

A

It is a cumulative histogram and the general rule of thumb is the 80/20 rule.

58
Q

What does a histogram describe?

A

Bar chart used to describe central tendency, dispersion, and shape

59
Q

What does a control chart do for quality control?

A

Finds if process is stable or has predictable performance

60
Q

Developing the project charter is a part of which management process group?

A

Initiating Process Group

61
Q

Developing the project management plan is a part of which management process group?

A

Planning Process Group

62
Q

Taking corrective action or administering preventive changes is a part of which management process group?

A

Monitoring and Controlling Process Group

63
Q

Documenting lessons learned and performing team assessments is a part of which management process group?

A

Closing Process Group

PM (2 decks)

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