3. Integration Management Flashcards
(39 cards)
What is the process of integration management?
Develop Project Charter
Develop Project Management Plan
Direct and Manage Project Work
Manage Project Knowledge
Monitor and Control Project Work
Perform Integrated Change Control
Close Project or Phase
What is the Develop Project Charter process?
What are it’s outputs?
“Creating the project charter which involves planning the project at a high level to assess whether it is feasible within the given constraints
Outputs:
Project charter
Assumption log”
What is the Develop Project Management Plan process?
What is it’s output?
“A process of creating a project management plan is bought into approved, realistic, and formal
Output: Project management plan”
What are the key outputs of the Direct and Manage Project Work process?
“Issue log
Deliverables
Work performance data
Change requests
Updates to the project management plan and project documents
Updates to organizational process assets”
What is the key output of the Manage Project Knowledge process?
The lessons learned register
What are the key outputs of the Monitor and Control Project Work process?
“Change requests
Work performance reports
Updates to the project management plan and project documents”
What are the key outputs of the Close Project or Phase process?
A project manager must get formal acceptance of the project and its deliverables, issue a final report that shows the project has been successful, issue the final lessons learned, and index and archive all the project records
Explain the project manager’s role as an integrator.
Pulling all of the pieces of the project into a cohesive whole that gets the project done faster, cheaper, and with fewer resources, while meeting project objectives
What are the two major categories of the project selection methods?
“Benefit measurement methods (comparative)
Constrained optimization methods (mathematical)”
What are the economic measures for selecting a project?
“Return on investment
Present value
Net present value
Internal rate of return
Payback period
Cost-benefit analysis”
“Define present value.
Define net persent value (NPV). How is it interpreted?”
“Present value: The value today of future cash flows
Net present value: The present value of total benefits (income or revenue) minus costs over many time periods
Generally, if the net present value of a project is positive, the investment is a good choice - unless an even better investment opportunity exists”
“Define internal rate of return (IRR).
How is it interpreted?”
“The rate at which a project’s inflows and outflows are equal (i.e., the rate of return of an investment in a project)
The higher the IRR, the better”
“Define payback period.
How it is interpreted?”
“The length of time it takes for the organization to recover its investment in the project before it starts accumulating profit
Payback period is likely to be one of only several financial factors used in selecting a project; in some cases, the best choice might be a project that has a longer payback period”
“Define cost-benefit analysis.
What is the result if this analysis?
How it is interpreted?”
“Comparing the expected costs of a project to the potential benefits it could bring the organization
The benefit-cost ratio (BCR)
The higher the BCR, the better”
What concept is concerned with whether the project returns to the company more value than the initiative costs?
Economic value added (EVA)
“Define opportunity cost.
Define sunk costs.”
“Opportunity cost: The opportunity given up by selecting one project over another (i.e., the value of the project not selected)
Sunk costs: Expended costs
Sunk costs should not be considered when deciding whether to continue with a troubled project”
“Define the law of diminishing returns.
Define working capital.”
“Law of diminising returns: After a certain point, adding more input will not result in a proportional increase in productivity
Working capital: An organization’s current assets minus it’s current liabilities (e.g., the amount of money the company has available to invest, including investing in projects)”
What are the two types of depriciation?
“Straight-line depriciation: Depriciate the same amount each time period
Accelerated depriciation: Depriciates faster than straight-line depriciation”
What is a business case?
“The justification for a project or initiative
Explains why the project was selected, how it fits into the organization’s strategic goals, and how it will bring value to the organization”
What is the purpose of a benefits management plan?
To capture the organization’s desired benefits from a project, whether economic or intangible, and how those benefits will be maximized and sustained
“What are constraints?
What are assumptions?”
“Constraints: Factors that limit the team’s options, such as limits on resources, budget, schedule, and scope
Assumptions: Things that are assumed to be true but may not be true”
What is included in a project charter?
"Project title description Project manager assigned and authority level Business case Preassigned resources Key stakeholder list Stakeholder requirements as known High-level product description and key deliverables High-level assumptions High-Level constraints Links the project to the ongoing work of the organization Project approval requirements Overall project risks Project exit criteria"
What is included in an assumption log?
An assumption log contains a list of all assumptions and constraints that relate to the project
What is included in a project management plan?
"Project life cycle Project management processes that will be used on the project Development approach Management reviews Knowledge area management plan Scope, schedule, and cost baselines Requirements management plan Change management plan Change control system Configuration management plan Configuration management system"
