Exam 1 Flashcards
Program
Group of related projects designed to accomplish a common goal over an extended period of time
Project life cycle
Recognizes that projects have limited life span and that there are predictable changes in level of effort and focus over the life of the project
Defining stage
Specifications of the project are defined; project objectives are established; teams are formed; major responsibilities are assigned
Planning stage
Level of effort increases, and plans are developed to determine what the project will entail, when it will be scheduled, whom it will benefit, what quality level should be maintained, and what the budget will be
Executing stage
Where the major portion of the work takes place – both physical and mental. The physical product is produced. Time, cost, and specification measures are used for control
Closing stage
Delivering the project product to the customer, redeploying project resources, and post project review
Project manager
Plan, schedule, motivate, control & manage temporary, nonrepetitive activities, to complete a fixed life project
Project Management Professional (PMP)
Someone who has documented sufficient project experience, agreed to follow the PMI code of professional conduct, and passed comprehensive exam
4 activities of the Strategic Management Process
1) review and define the organizational mission
2) analyze and formulate strategies
3) set objectives to achieve strategy
4) implement strategies through projects
Priority system
Process used to select projects. System uses selected criteria for evaluating and selecting projects that are strongly linked higher-level strategies and objectives
Project portfolio
Group of projects that have been selected for implementation balanced by project type, risk, and ranking by selected criteria
Implementation gap
Refers to the lack of understanding and consensus of organization strategy among top and middle level managers
Sacred cow
Is often used to denote a project that a powerful, high ranking official is advocating
Payback
The time it takes to pay back the project investment
Net present value
A minimum desired rate of return discount is used to compute present value of all future cash inflows and outflows
