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CIMA - E2 > 7. Managing Projects I > Flashcards

7. Managing Projects I Flashcards

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1
Q

What is a project?

A

A one-off endeavour to achieve a specific objective

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2
Q

What are the 5 main elements of a project?

A
  1. The project stakeholders
  2. The resources necessary for completion
  3. Agreed timescale
  4. Quality requirements
  5. Risk attached
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3
Q

What is the key thing that a project is not?

A

Part of day to day operations

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4
Q

What are the 5 distinguishing features of a project?

A
  1. Geared towards a one off event
  2. Defined start and end
  3. Non routine/specialist work
  4. Cost/budget constraints
  5. Staff from different functions
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5
Q

What is project management?

A

The term given to the process undertaken to ensure that a project is completed on time, to budget, and to the agreed quality standard

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6
Q

What are the 3 points on the project triangle?

A
  1. Time
  2. Quality
  3. Cost
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7
Q

What are the 4 stages set out in the 4D model of project management?

A

Define
Design
Deliver
Develop

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8
Q

What is the PMBOK guide?

A

A guide for standardising project management, with 5 process groups and nine knowledge areas typical of almost all projects

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9
Q

What are the 5 process groups according to the PMBOK guide?

A
  1. Initiating
  2. Planning
  3. Executing
  4. Controlling
  5. Closing
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10
Q

What are the 9 knowledge areas of project management set out in the PMBOK guide?

A
  1. Integration
  2. Scope
  3. Time
  4. Cost
  5. Quality
  6. Human Resource
  7. Communication
  8. Risk
  9. Procurement
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11
Q

What does PRINCE(2) stand for?

A

PRojects IN Controlled Environments

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12
Q

What happens in the ‘starting up a project’ stage of the PRINCE2 model?

A

Create and evaluate the business case

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13
Q

What happens in the ‘directing a project’ stage of the PRINCE2 model?

A

PM overseeing a project, ensuring good communication

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14
Q

What happens in the ‘initiating a project’ stage of the PRINCE2 model?

A

Identify how the project will be managed, setting up a PID (proj initiation doc) that sets the terms of reference for the project

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15
Q

What happens in the ‘planning’ stage of the PRINCE2 model?

A

Plans relating to the project deliverables are produced continuously throughout the project

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16
Q

What happens in the ‘controlling a stage’ stage of the PRINCE2 model?

A

Creating documents that help to manage the operations

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17
Q

What happens in the ‘managing product delivery’ stage of the PRINCE2 model?

A

Controlling the work done by specialist teams

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18
Q

What happens in the ‘managing stage boundaries’ stage of the PRINCE2 model?

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A

Formally closing and reviewing one stage before moving on to the next

19
Q

What happens in the ‘closing a project’ stage of the PRINCE2 model?

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A

Final sign off stating that objectives have been met

20
Q

What are Gido and Clements four stages of large projects?

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A
  1. Identify a need, feasibility study
  2. Develop a proposed solution
  3. Perform the project
  4. Complete/close and evaluate
21
Q

What is a workstream?

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A

The progressive completion of tasks completed by different groups within a company that are required to finish a single project

22
Q

What is a Work Breakdown Schedule? (WBS)

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A

A visual summary of the project and its key tasks, allowing the total cost to be seen and allowing jobs to be allocated to appropriate staff

23
Q

What is a Gantt chart?

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A

A graphical representation of the duration of tasks against the progression of time

24
Q

What are network diagrams?

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A

Breaking down the project into a sequence of tasks, estimating the duration of those tasks and arranging the lines into a logical sequence

25
What are critical path activities on a network diagram?
When earliest event time = latest event time
26
What defines the critical path on a network diagram?
EET = LET Longest path and shortest time to complete
27
What are floats?
Where there is more time available within the project structure than is required to complete the project
28
What is free float of an activity?
The delay possible in an activity on the assumption that all preceding and subsequent activities start as early as possible End EET - Start EET - Duration
29
What is independent float of an activity?
The delay possible if all preceding activities have finished as late as possible and all succeeding activities are to start as early as possible End EET - Start LET - Duration
30
What is the float time for critical path activities?
Zero
31
What are the times considered in a PERT diagram?
Best possible, worst possible and most probable event time
32
What is a key example of data visitation used in project management?
Resource histograms
33
What is a project quality plan?
A plan that would set out the standards that should be adhered to in order to deliver the project at the standard required
34
What are the 4 advantages of using project management software?
1. Time saved 2. Easy change to data to see how the end result would change 3. Improved control over resources 4. Improved communication
35
What is buffering?
The inclusion of a defined quantity of time within a project schedule to ensure the overall delivery date is met
36
What is a feeding buffer?
Adding time to non critical tasks that feed critical tasks
37
When is a capacity buffer used?
In multi-project programmes
38
When is a resource buffer added?
To key resources to make sure they are available when required
39
What is a 'bad' form of buffering?
Padding - adding slack as a safety net against poor performance
40
When should risks be identified in a project?
During the planning stage
41
What are the 3 key sources of risk in a project?
- Delays - Price rises - Quality issues
42
What are the 5 stages of risk management?
1. Identify the risk 2. Assess the likelihood 3. Plan and respond 4. Take measure to manage the risk 5. Review
43
What are the 4 options for managing a risk?
1. Transference 2. Avoidance 3. Reduction 4. Absorption
44
What is a project management approach used to enable allowances for risks?
Scenario planning

CIMA - E2 (8 decks)

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