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Project & Operational Management > Week 1 > Flashcards

Week 1 Flashcards

1
Q

Difference between operational and project?

A

Operational - On going.

Project - Ends ( Has a beginning and end )

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2
Q

Definition of project

A

A project is a temporary endeavor undertaken to create a unique product, service or result.

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3
Q

When will a project end?

A

a) Objectives achieved

b) Terminated ( customer, sponsor or champion wish to terminate)

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4
Q

A project can create

A

a) Project
b) Service
c) Improvement
d) Result - Outcome & Document

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5
Q

Examples of projects

A
  1. Developing a new product, service or result.
  2. Conducting a research effort whose outcome will be aptly recorded.
  3. Constructing a building, industrial plan or infrastructure.
  4. Implementing, improving or enhancing existing business processes and procedures.
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6
Q

Definition of project management

A

The application of knowledge, skills, tools and techniques to project activities to meet the project requirements.

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7
Q

Two main reason PM need to understand organization mission and strategy

A
  1. Can make appropriate decisions and adjustments.
  2. Can be effective project advocates. PM need to be able to demonstrate to senior management how their project contributes to their firm’s mission.
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8
Q

Definition of portfolio

A

A collection of projects, programs, subportfolios and operations managed as a group to achieve strategic objectives.

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9
Q

Definition of programs

A

Programs are grouped within a portfolio and are comprised of subprograms, projects or other work in support of the porrfolio.

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10
Q

Classification of project in portfolios

- CEOSP

A
  1. Compliance and emergency (MUST DO)
    eg: Rebuilding a factory destroyed.
  2. Operational (SUPPORT CURRENT OPERATIONS)
    eg : Total quality management (TQM)
  3. Strategic projects
    ( DIRECTLY SUPPORT THE ORGANIZATION’S LONG RUN MISSION )
    eg : New products, research and development.
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11
Q

Definition of project life cycle.

A

A project life cycle is the series of phases that a project passes through from initiation to its closure. (From start until end)

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12
Q

Main Project Documents of PLC

A
  1. Project Charter
  2. Project management plan
  3. Accepted deliverable
  4. Archived project documents
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13
Q

Definition of project charter

A
  1. A document issued by the project initiator or sponsor
  2. Formally authorizes the existence of a project
  3. Provides the project manager with the authority to apply organization resources to project activities.
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14
Q

Definition of Project Management Plan

A

The document that describes how the project will be executed, monitored and controlled.

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15
Q

Definition of Deliverables

A
  1. Any unique and verifiable product, result, or
  2. capability to perform a service that is required to be produced
  3. To complete a process, phase or project
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16
Q

PLC GENERIC CYCLE

A
  • Defining
  • Planning
  • Executing
  • Closing
17
Q

Defining stage

A
  1. Specifications of the project are defined
  2. Project objectives are defined
  3. Project objectives are established
  4. Teams are formed
18
Q

Defining stage

A
  1. Specifications of the project are defined
  2. Project objectives are defined
  3. Project objectives are established
  4. Teams are formed
19
Q

Planning stage

A

The level of effort increases and plans are developed to determine the project

  • When it will be entail
  • When it will be scheduled
  • Whom it will benefit
  • What quality level should be maintained
  • What budget
20
Q

Executing stage

A

A major portion of the project work both physical and mental

21
Q

Closing

A
  1. Delivering project to customer
  2. Redeploying project resources
  3. Post-project review
22
Q

Types of Project Life Cycle

A

a) Predictive and fully plan-driven
b) Iterative and incremental
c) Adaptive / change-driven / agile

23
Q

Two project selection methods

A

A) Benefit Measurement Methods
- Economic models

B) Constrained Optimization Methods
- Linear Programming

24
Q

Advantages of payback

A

Simplest and most widely used model. Emphasizes cash flows, a key factor in business.

Some managers use the payback model to eliminate unusually risky projects (long payback periods)

25
Q

Limitations of payback

A
  1. Ignores the time value of money
  2. Assumes cash inflows for the investment period (and not beyond)
  3. Does not consider profitability

Project & Operational Management (1 decks)

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