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Introduction to project management > Week 7 > Flashcards

Week 7 Flashcards

1
Q

Feasibility Study is under

A

Feasibility Phase

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2
Q

Feasibility Study

A

An analysis to determine if a course of action is possible within the terms of reference of the project. Work carried out on a project or alternatives to provide a basis for deciding whether or not to proceed.

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3
Q

Realise Benefits

A

Will the company be able to realise benefits from the project? It can be expressed a financial and non-financial.

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4
Q

Financial Objectives

A

Will the company make a profit from the operation of the project and achieve minimum acceptable return on its investment?

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5
Q

Positive Cash Flow

A

The company might be experiencing cash flow problems and would therefore, prefer to only authorise projects with a positive cash flow.

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6
Q

Project Finance

A

The company’s share price and credit rating will have an impact on the company’s ability to borrow and the cost of borrowing.

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7
Q

Company Resources

A

The company might want to use only company resources to make the project. If there is insufficient resources available this might have an impact on the project’s build schedule.

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8
Q

Life Cycle Costing

A

The company might impose certain life cycle costing requirements that look at the long-term cash flow of the project.

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9
Q

Diversify Products

A

The company might wish to diversify its products range and enter new markets. The project itself might be implement the technology transfer for the company to produce the new products.

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10
Q

Buying Work

A

During the downturn in the economy, the company’s main priority might be to keep the workforce intact. The strategy of lowering the profit margin and writing off direct costs is often referred to as buying work.

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11
Q

Exports

A

The company might influence the quotation (usually lower) in an effort to acquire exports to enter new markets or take advantage of export incentives.

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12
Q

Partner

A

To reduce the level of risk the company might consider taking on a partner who has previous experience in the field of the project.

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13
Q

Industry Relations

A

Industrial unrest is often caused by conflict over pay and working conditions.

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14
Q

Training

A

The project might become the training ground for new recruits.

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15
Q

Corporate Schedule

A

The project’s schedule might be influenced by other company projects or be part of a larger programme.

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16
Q

Approved Suppliers

A

The project’s procurement suppliers might be limited to the company’s approved suppliers list.

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17
Q

Upgrade

A

The executive might require the project to be designed in such a way that they have the option to easily upgrade the project as new technology becomes available.

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18
Q

Benefits and Risks

A

The benefits vs risks should be clearly identified. This is usually quantified in the cost-benefit analysis and should align with the acceptable level of risk outlined in the corporate values statement.

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19
Q

Specifications and Standards

A

The project must meet certain design specifications, national and international standards.

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20
Q

Build-Method

A

Can the company physically make the project? The only way to answer this question is by developing a detailed project build-method.

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21
Q

Level of Technology Available

A

Is the level of technology available sufficient to design, implement and operate the project?

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22
Q

Design Freeze

A

At what point in the design development should the project manager impose a design freeze?

23
Q

New Technology

A

If the project has a high component of new technology this needs to be balanced with the acceptable level of project risk outlined in the business case and corporate values statement.

24
Q

Resource Capability

A

Can the company’s human resources be trained up to required level of ability or should contractors be employed to meet the forecast required skills?

25
Q

Equipment Capability

A

Does the company have the equipment to make the project? If not, is the equipment available?

26
Q

Transport

A

Are there any special transport requirements? Can the project be transported to where it is required, or does it need to be made in modules and assembled on site?

27
Q

Material Handling

A

Are there any special handling requirements – off loading, moving or storage?

28
Q

Management Systems

A

If new management systems are introduced to manage the project, will it be compatible with the existing systems they need to interface with?

29
Q

Project Office

A

Is the project office established? The office consists of all those involved in the project.


30
Q

Fit for Purpose

A

The OM’s first concern will be with the business case’s fitness for purpose.

31
Q

Configuration

A

The configuration if the deliverables must be able to achieve the required performance and interface with existing facilities.

32
Q

Environment

A

The project must be able to operate in a specific environment.

33
Q

Life Span

A

The project must have a working life of ‘x’ years.

34
Q

Start-Up Disruption

A

The OM will be concerned with the implementation strategy to ensure minimum start-up disruption on the existing operational facility.

35
Q

Operator Safety

A

The OM will be concerned with the health and safety of the new facilities’ users and operators.

36
Q

Ease of Operation

A

The OM will be concerned with the users’ ease of operation of this project because it could have an impact.

37
Q

Operator’s Level of Skill

A

The ease of operation of the project or facility will influence the operator’s levels of skills.

38
Q

Operating and Maintenance Costs

A

These costs impact directly on the bottom line.

39
Q

Ease of Maintenance

A

Ease of maintenance should be considered as the OM will give preference to ease of access.

40
Q

Maintenance Level of Skill

A

The maintenance personnel’s level of skill and registration should be considered.

41
Q

Maintenance Downtime

A

Downtime is the time to maintain the project, together with the downtime of any associated equipment.

42
Q

Planned Maintenance

A

A planned preventative maintenance programme is required to ensure maintenance is scheduled to maximize operational time and minimize downtime.

43
Q

Redundancy

A

The OM’s acceptable level of risk might encourage project designers to include a certain level of redundancy to keep the facility operating even if key components fail.

44
Q

Users and Customers

A

The people who buy the project and the people who use (operate) the project.

45
Q

Competition

A

The project sponsor should be aware of the competition example, launch of a new product.

46
Q

Regulations

A

National and international laws and regulations can impose constraints on the proposed business case.

47
Q

Standards

A

Industry and product related standards can impose constraints on the proposed project.

48
Q

Local Content

A

The product/project might have to be manufactured with a certain level of local content that is predefined by government requirements.

49
Q

Special Equipment

A

Capital projects might require specialised equipment – their availability and costs impose an external constraints.

50
Q

Climatic Conditions

A

Climatic conditions can impact projects.

51
Q

Currency Risk

A

Fluctuations in exchange rates.

52
Q

Environment Issues

A

Lobby groups can have an impact on certain types of projects.

53
Q

Political Unrest

A

Can have negative impact on projects.

54
Q

Local Stakeholders

A

Local residents can have an impact on projects.

Introduction to project management (11 decks)

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