Week 4 - Project Management 1 Flashcards
What is the valley of death in business?
It is an image that shows how businesses fail and how funds are wasted
What do projects need to be a success?
Funding and the right ideas at the right time
What is disruptive innovation?
This is a new offering that disrupts an existing market. It eventually makes the old service or business model obsolete.
What is the Iron Triangle?
It is the interdependence between cost, time and scope
What is the waterfall approach to development?
It is the traditional approach where steps take place one after the other.
What are the 4(?) stages of the waterfall approach?
Design
Build
Test
Release
What are stages of the agile life cycle?
Envision, Speculate, Explore, Adapt, Close
The stages between speculate and adapt are iterative
What is different about the agile method to the waterfall method?
Agile involves iterations, stages can be repeated, with waterfall, it is hard to move back up the waterfall, hence the name.
What type of projects is the waterfall method more suited to?
They suit repeatable projects
What type of projects is the agile method more suited to?
Projects where innovation is an element
What is a project champion?
They are (usually) a senior executive who makes the case for a project
What are benefits of having a project champion?
Senior executives have the power to fight for the project
They can gain access to resources
They can communicate with multiple areas of firms
What are the risks of project championing?
Having the role of champion may cloud judgement about the project
Others may fear challenging a senior executive
What does MVP stand for?
Minimum Viable Product
What is the MVP in the agile process?
It is the minimum viable product, it is what you develop in a stage and then improve it with continuous improvement
Who can be involved to help gain commitment with a project?
The customers and the suppliers
Why is it good to involve the customer when securing commitment?
They are often best able to identify the required performance capabilities and minimum service requirements of a new product. Customers can also be businesses that sell to the end consumer, who are knwon as gatekeepers.
Why is it good to involve suppliers when securing commitment?
Involving suppliers as an alliance partner can improve product design, development, efficiency, reduce cost
What is a project?
A project is a temporary endeavour undertaken to create a unique product, service or result
Give some features of a project
They are complex, one time processes
They are limited by budget, schedule and resources
They are developed to resolve a goal or set of goals
They are customer focused
What are some general project characteristics?
They are ad hoc with a clear lifecycle
They are building blocks in the design and execution of strategies
They entail crossing functional and organisational boundaries
Outcomes of a project are the satisfaction of customer requirements within constraints
What are the differences between a project and a process?
A project is new - processes are repeated
A project has a one shot limited life, a process is ongoing
A project is more heterogeneous, a process is more homogenous
A project has greater uncertainty, a process has greater certainty
A project is outside of line organisation, a process is a part of it
A project upsets the status quo, a process supports it
What are the project success rates?
Software and hardware projects fail at a 65 percent rate
One of six IT projects has an overrun cost of 200 percent, schedule overrun of 70
What are the project lifecycle stages?
Conceptualisation
Planning
Execution
Termination
What is the quadruple constraint of project success?
Budget, Client Acceptance, Performance, Time, leading to success
What are the responsiblilities of a project manager?
Selecting a team Developing objectives and plan Performing risk management Cost estimating and budgeting Scheduling Managing resources
What are project stakeholders?
Individuals or groups who have an active stake in the project and can potentially impact (positively or negatively) its development
List some project stakeholders
Parent organisation External environment Top management Project team Accountant Clients Other functional managers