Ch 1 - Initiating the Project

Question 1

Define project mgmt

Answer 1

brings together a set of tools and techniques, performed by people, to describe, organize, and monitor the work of project activities

Question 2

What are the three fundamental questions of project mgmt?

Answer 2

1. what makes a new assignment a project
2. How do you know if you’re working on a project
3. what distinguishes a project from an operational activity

Question 3

Define project

Answer 3

temporary endeavor that has a definite beginning and end, and results in a unique product/service/result

Question 4

What are the four criteria for something to be a project?

Answer 4

1. unique
2. temporary
3. resources and quality
4. stakeholder satisfaction

Question 5

when does a project start? (3)

Answer 5

1. once it’s been identified
2. objectives have been outlined in project charter
3. appropriate stakeholders have approved project plan

Question 6

what is a program?

Answer 6

group of related projects managed together using coordinated processes and techniques

Question 7

What are the responsibilities of a program mgmt office (PMO)?

Answer 7

responsible for:

1. maintaining standards
2. processes
3. procedures related to mgmt of projects

Question 8

define project mgr

Answer 8

people responsible for applying tools to various projects and activities, with primary purpose to integrate all components of project to bring it to successful conclusion

Question 9

what are the three different types of organizational structures?

Answer 9

1. functional
2. matrix
3. project-based organization

Question 10

what is a functional organization

Answer 10

staff is organized along departmental lines, with each dept managed independently with limited span of control, hierarchical in nature

Question 11

what are three advantages to a functional organization?

Answer 11

1. growth potential and career path for employees
2. opportunity for those w/unique skills to flourish
3. clear chain of command

Question 12

what are five disadvantages to a functional organization

Answer 12

1. project mgrs have limited authority
2. multiple projects compete for the same limited resources
3. resources are generally committed part-time to projects rather than full-time
4. issue resolution must follow the dept chain of command
5. project team members are loyal to the functional manager

Question 13

what is a matrix organization?

Answer 13

organizations typically organized along departmental lines, bu resources assigned to project are accountable to project mgr for all work associated with the project.
Team members have two or more supervisors

Question 14

What two items does the project mgr need to be clear about re: the project resources in a matrix organization

Answer 14

1. outcomes for which team members is accountable to project mgr
2. outcomes for which team member is accountable to functional mgr

Question 15

What are three typical characteristics of a matrix org?

Answer 15

1. low to moderate authority for project mgr
2. mix of full-time and part-time project resources
3. better interdepartmental communication

Question 16

What are the three types of matrix organizations?

Answer 16

1. strong matrix
2. weak matrix
3. balanced matrix

Question 17

What are the advantages to project based organizations?

Answer 17

1. team members are co-located
2. project mgr has high authority level
3. full-time resources are assigned to the project
4. loyalty is established with project mgr rather than functional mgr
5. dedicated project support staff

Question 18

what are drawbacks to project based organizations?

Answer 18

reassigning project team members once project ends

Question 19

what two steps are involved with validating a project

Answer 19

1. preparing the business case

2. identifying and analyzing the project stakeholders

Question 20

What are the seven needs or demands that bring about a project?

Answer 20

1. market demand
2. strategic opportunity/business need
3. customer request
4. technological advance
5. legal requirement
6. ecological impact
7. social need

Question 21

what are some external considerations when implementing a tech-based project

Answer 21

1. legal & regulatory conditions (personal ID info storage)
2. licensing terms
3. industry standards

Question 22

What is a business case?

Answer 22

a written document that helps exec mgmt and key stakeholders determine the benefits and rewards of a project

Question 23

What sort of justifying details does a business case include?

Answer 23

1. feasibility study
2. justification
3. alignment to the strategic plan

Question 24

in what instances is a feasibility needed for a business case?

Answer 24

when the proposed project is highly complex, has high potential for risk, or is new type of project the org has never undertaken before

Question 25

what does the justification section of the business case include?

Answer 25

describes benefits to org for undertaking project

Question 26

what is a project sponsor?

Answer 26

the exec in the org who authorizes the project to begin and is someone who has ability to assign funds an resources to the project

Question 27

what are the steps in validating a project?

Answer 27

1. preparing and validating the business case 2. identifying stakeholders 3. then project selection

Question 28

what is a decision model?

Answer 28

uses fixed set of criteria agreed on by the project selection committee to evaluate project requests

Question 29

what are the two primary categories of decision models?

Answer 29

1. benefit measurement methods | 2. constrained-optimization methods

Question 30

what is a benefit measurement method?

Answer 30

a means to compare benefits obtained from project requests by evaluating them using the same criteria

Question 31

what are four common benefit measurement methods

Answer 31

1. cost-benefit analysis 2. scoring model 3. payback period 4. economic model

Question 32

what costs should be included in a cost-benefit analysis?

Answer 32

development costs of product/service marketing costs tech costs ongoing support

Question 33

when is cost-benefit model a good choice

Answer 33

if project selection decision is based on how quickly project investment will be recouped from either decreased expenses or increased revenue

Question 34

what is the weakness of using cost-benefit analysis

Answer 34

it doesn't account for other important factors, such as strategic value

Question 35

Who is the person responsible for integrating all components of a project and applying various tools and techniques to bring about a successful conclusion to the project

Answer 35

project manager

Question 36

what are soft skills?

Answer 36

skills used on a daily basis to manage resources, solve problems, meet goals, etc

Question 37

``` The following activities would be hard or soft skills? leadership listening organization time mgmt planning problem solving consensus building resolving conflict negotiating team building ```

Answer 37

soft skills

Question 38

what five critical components must be included in a communication strategy?

Answer 38

1. what you want to communicate 2. how often you'll communicate 3. audience receiving the communication 4. medium used for communicating 5. monitoring the outcome of the communicaiton

Question 39

What is the role of a project manager?

Answer 39

core function is project integration. PM leads project team and oversees all work required to complete project goals to satisfaction of stakeholders.

Question 40

What are the most common project selection methods

Answer 40

1. benefit measurement methods (cost-benefit analysis, scoring models, payback period, ecobomic modles [discounted cash flows, NPV and IRR] 2. expert judgementd

Question 41

what is the constrained optimization method or model?

Answer 41

mathematical model used in complex project requiring detailed understanding of statistics and other math concepts

Question 42

What is a cost-benefit analysis?

Answer 42

compares cost to produce product or service to the financial gain (or benefit the org stands to make as a result of executing the project

Question 43

what is a feasibility study?

Answer 43

formal endeavor undertaken to determine whether there is a compelling reason to preform the proposed project. Examines viability of project. Examines whether it's feasible, reliable and easily assimilarted into orgs existing structure

Question 44

what is the Project Mgmt Institute (PMI)

Answer 44

organization that sets global standard in project mgmt with more than 400K members worldwide

Question 45

what are the 9 Project Mgmt Knowledge Areas

Answer 45

1. project integration mgmt 2. project scope mgmt 3. project time mgmt 4. cost mgmt 5. project quality mgmt 6. project HR mgmt 7. project communication mgmt 8 project risk mgmt 9. project procurement mgmt

Question 46

what is a scoring model?

Answer 46

1. a benefit measurement method used for project selection. 2. contains predetermined list of criteria against which each project is ranked. Each criterion has scoring range and weighting factor.

Question 47

what are the steps in validating a business plan?

Answer 47

1. justification 2. feasibility 3. alignment to the strategic plan

Question 48

Formula for NPV using only initial investment and PV of cash inflows

Answer 48

PV of cash inflows - initial investment

Question 49

What are the three steps required to complete pre-project setup?

Answer 49

1. identify the project 2. validate the project 3. write project charter & obtain approval for the charter

Question 50

what is required to validate a business case?

Answer 50

1. justify the project | 2. align it to the strategic plan