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Flashcards in Integration Management Deck (41):
1

Project Charter

Formally recognizes the existence of a project
Give the PM authority to spend money and commit resources to the project
Provides objectives, high level requirements and success criteria
Identifies constraints and high level risks
Provides assumptions
Links the project to ongoing work of the org

2

Business case

Captures the business need; explains why the project was selected how it fits into the organizations strategic goals and how it will bring business value to the organization

PMs need to keep the business case in mine throughout the project to make sure the achieves the objectives for which it was selected

3

Benefit measurement methods

Murder board
Peer review
Scoring models
Economic models

4

Constrained optimization methods

Linear programming
Integer programming
Dynamic programming
Multi-objective programming

5

Constraints

Factors that limit the teams options

Example: limits on resources, budget, schedule and scope (project must be completed with only 5 resources)

6

Assumptions

Things that we assumed to be true but they may not be true

Example: it is assumed we will not need engineering department approval before we start the activity

7

Statement of Work (SOW)

Created by the customer or sponsor and describes their needs, the product scope and how the project fits into the organizations strategic plan.

8

Management Plan

Document the strategy for managing the project and the processes related to each knowledge area.

A set of documents with processes, procedures, practices, standards, and metrics to follow to ensure consistent results

Management plans look forward in time and there are management plans for each knowledge areas


9

Project management plan

Integration function

Integrates all the individual management plans into a cohesive whole creating a centralized document to describe what is involved in the project

Project management processes
Knowledge area management plans
Scope, schedule and cost baseline
Requirements management plan
Change management plan
Configuration management plan
Process improvement plan

10

Baselines (performance measurement baseline)

Scope - project scope statement, WBS, and WBS dictionary
Schedule - the agreed upon schedule
Cost - the spending plan indicating how much money is approved for the project

***record of what the project had planned scheduled and budgeted for each area listed above

Used to compare the projects actual performance against the planned performance

Deviations from baselines are often due to incomplete risk identification and risk management

11

Requirements management plan

Describes how requirements will be gathered, analyzed, prioritized, evaluated, managed and controlled

12

Change management plan

Plan for managing changes and the change process on the project; describes how changes will be managed and controlled

13

Change control system

System that includes forms, reports, processes and software to track and control changes

Part of PMIS

14

Configuration management plan

Plan for managing changes to the documentation about the deliverables and and processes of the project including what org tools you will use

Includes a listing of approved configuration identification status of proposed changes to the configuration and the implementation status of approved changes

Plan for making sure everyone knows what version of the scope schedule etc is the latest version

15

Configuration management system

Contains the org standardized configuration management tools processes and procedures that can be used to track and control evolution of documentation

Part of PMIS

16

Process improvement plan

How processes that are used on the project to complete the work or perform project management activities will be evaluated or improved

Example: installing software on hundreds of computers; after a few installations are completed the PM should look for ways to improve the process

17

Project management plan approval

Requires formal approval by management sponsor project team and key stakeholders

18

Kickoff meeting

Meeting of the key parties involved in the project and is to announce the start of the project and ensure everyone is familiar with its details and with the people working on it

19

Project documents

Any documents that are not apart of the project management plan ( project charter, SOW, contracts / agreements )

Project documents updates are an output of many of the project management processes

20

Work authorization system

System for authorizing the start of work packages or activities

Example: plumber and electrician can't work in one small area at the same time; the system is put in place to make sure work is only started when a formal authorization is given.

21

Corrective action

Any action taken to bring expected future project performance inline with the project management plan; dealing with actual deviations from the performance measurement baseline or other metrics

22

Preventative action

Dealing with anticipated or possible deviations from the performance management baseline and other metrics

Examples: arranging for team members to receive training because no one has the skills to backup the team member who got sick and has those skills

Changing a resource because their last activity failed to meet its acceptance criteria

23

Defect repair

Another way of saying "rework" and may be requested when a component of the project does not meet specifications

24

Integrated change control

Look at the impact of each change on all the project constraints; all change requests are evaluated as part of the integrated change control process

25

Change control board

Responsible for reviewing and a analyzing change requests in accordance with the change management plan.

26

Process for making changes

1. Evaluate the impact
2. Identify options
3. Get the change request approved internally
4. Get the customer to buy-in ( if necessary )

27

Close project or phase

Effort finalizes all activities across all process group to formally close out the project or phase

28

PV ( Present value )

PV = FV / ( 1 + r)n (squared)

The value today of future cash flows

29

Net present value

The present value of the total benefits ( income or revenue ) minus the costs over many time periods

The project with the greatest npv is typically selected

30

IRR internal rate of return

If a company has more than one project in which to implant may look at the returns of the different projects and then select the project with the highest return

The higher the IRR the better

31

Payback period

The length of time it takes for the organization to recover its investment in the project before it starts accumulating profit

The shorter the payback period the better

32

Cost benefit analysis

A benefit cost ratio of greater than 1 means the benefits are greater than the costs

Less than 1 means the costs are greater than the benefits

a benefit cost ratio of 1 means the costs and benefits are the same

33

Agreements / contracts

The development of a charter often starts with some form of agreement or understanding which may include a statement of work

In an internal project the initial agreement may be an email or conversation if outside the organization a formal contract is typically involved

34

Economic value added

Whether the project returns to the company more value than the initiative costs

35

Opportunity cost

Refers to the opportunity given up by selecting one project over another

Project A with an NPV of 45,000 or project B with an NPV of 85,000 what is the opportunity cost....

$45,000

36

Sunk costs

Sunk costs should not be considered when deciding whether to continue with a troubled project

37

Working capital

Current assets minus current liabilities for an organization

38

Depreciation

Large assets purchased by a company lose value over time

Accelerated depreciation
- double declining balance
- sum of the years digits

Straight line depreciation - the same amount of depreciation is taken each year

39

Law of diminishing returns

After a certain point adding more input will not produce a proportional increase in productivity

40

Actions required to make a project management plan

Perform schedule compression
Determine methodology
Agree on process to report
Meet with stakeholders to define their roles
Apply risk reserves
Look for impacts
Agree on reporting formats and communication
Work with team to estimate projects
Analyze stakeholder needs and wants

41

Monitor and control project work

Analyzing and tracking risks, performing quality control activities, assessing possible outcomes across the project, creating work performance reports, updating the project plan and project documents accordingly