Integration Management Flashcards
(36 cards)
What is the process of integration
management?
Develop Project Charter
Develop Project Management Plan
Direct and Manage Project Work
Monitor and Control Project Work
Perform Integrated Change Control
Close Project or Phase
What is the Develop Project Charter
process?
What is its key output?
Creating the project charter, which formally establishes the project and gives the project manager authority to spend money and commit resources to the project
Output: Project Charter
What is the Develop Project
Management Plan process?
What is its key output?
The process of creating a project
management plan that is bought into,
approved, realistic, and formal
Output: Project management plan
What are the key outputs of the Direct
and Manage Project Work process?
Deliverables
Work performance data
Change requests
Updates to the project management plan
and project documents
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 Perform
Integrated Change Control process?
Approved change requests
Change log
Updates to the project management plan
and project documents
What are the key outputs of the Close
Project or Phase process?
Final product or service
Formal acceptance of project or phase
Lesson learned and other organizational
process assets updates
Explain the project manager’s role as an
integrator
Making sure all the pieces of the project
are properly coordinated and put
together into one cohesive whole
What are the two major categories of
project selection methods?
Benefit measurement (comparative)
Constrained optimization
mathematical
What are the economic models for
selecting a project?
Present value
Net present value
Internal rate of return
Payback period
Cost-benefit analysis
Define present value
The value in today’s dollars of a future
cash flow
Define net present value (NPV).
How is it interpreted?
The present value of total benefits
(income or revenue) minus costs over a
series of time periods
Generally, if the NPV of a project
is positive, the investment is a good
choice unless an event 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 an
investment in the project will return)
The higher the IRR, the better
Define payback period.
How is it interpreted?
The length of time required for the
organization to recover its investment
in the project (before the project starts
yielding profit)
The shorter the payback period, the
better
Define cost-benefit analys.
What is the result of this analysis?
How is it interpreted?
Comparing the expected costs of a
project to its potential benefits (revenue)
The benefit cost ratio (BCR)
The hight the BCR, the better
Define opportunity cost.
The opportunity given up by selecting
one project over another (i.e., the value
of the project not selected)
What are sunk cost?
Expended costs
Sunk costs should be not considered
when deciding whether to continue a
trouble project
Define the law of diminishing returns.
After a certain, adding more input
will not result in a proportional increase
in productivity
Define working capital
Current assets minus current liabilities
The amount of money the company has
available to invest, including investment
in projects
What are the 2 type of depreciation?
Straight line depreciation: Depreciate the
same amount each time period
Accelerated depreciation: Depreciate an
amount greater than straight line each
time period
What is the project statement of work?
Describes need, product scope, and how
the project fits into the organization’s or
the customer’s strategic plan
Created by the customer/sponsor before
the project starts
Later refined in the project scope
statement
What is the project charter?
A document issued by the sponsor
during project initiating that:
- Formally recognizeds (authorized)
the existence of the project - Gives the project manager authority
to spend the money and commit
resources to the project - Provides the objectives, high-level
requirements, and sucess criteria
for the project - Identifies the constraints and high
- level risks for the project
- Uncover assumptions about the
project - Links the project to the ongoing
work of the organization
What is a business case?
The project purpose and justification
Explains why the project was selected,
how it fits into the organization’s
strategic goals, and how it will bring
business value to the organization
What is included in a project
management plan?
Project management processes for the
project
Management plans for knowledge areas
Scope, schedule, and cost baselines
Requirements management plan
Change management plan
Configuration management plan
Process improvement plan
