Midterm

Question 1

Ch.1 Modern Project Management

What is project?

Answer 1

Complex, nonroutine, one-time effort limited by time, budget designed to meet customer needs

Question 2

Program?

Answer 2

Higher level group of projects targeted at a common goal

Question 3

Project Life Cycle

Answer 3

Defining - Goals, tasks, short and overlap P
Planning - schedules, risks overlap DEC
Executing - status reports, changes over DPC
Closing - train customer, evaluation PE

Question 4

Integrated vs Piecemeal PM System

Answer 4

I - of project management provides senior management with overview, resources, risks
P - problems: dont tie together overall strategies, fail to prioritize selection

Question 5

Portfolio Management

Answer 5

Oversee project selection

• monitor aggregate resource levels/skills
• use best practices
• communication

Question 6

Technical & Sociocultural

Answer 6

T - Scope, WBS, Schedules, Resource, budget

S - Leadership, problem solving, teamwork

Question 7

Ch.2 Organization Strategy & Project Selection

Answer 7

Requires every project to be clearly linked to strategy

• theme and focus of future
• strong links among mission, goals, objectives, implementation

Question 8

Mission - Objectives - Strategies - Projects

Answer 8

Review and define M

• set long-range goals/O
• Analyze and formulate S
• Implement S through P

Question 9

SMART Objectives

Answer 9

Specific - in targeting objective
Measurable - indicators of progress
Assignable - to 1 person for completion
Realistic - be done with available resource
Time Related - can be achieved

Question 10

Portfolio management - selection criteria

- Financial, non-financial, multi criteria

Answer 10

F - payback - time project will take to recover investment, net present value(NPV) - min rate of return to compute PV
NF - projects of strategic importance to firm - capture larger market share
MC - use several weighted C to evaluate project proposals - checklist model, scoring M

Question 11

Proposals - screening

- technical feasibility, NPV

Answer 11

Project classification - decide if P fits org. S

• Senior Management input
• Governance team responsibilities

Question 12

Ch. 3 Organization: Structure and Culture

PM Structures…

Answer 12

Functional - different segments of project are delegated
Coordination is maintained through normal M channels
Advantages - no structural change, flexible,
Disadv. - lack focus, poor integration slow

Question 13

Projectized - all work is projects…

Answer 13

Adv. - Simple, fast, cohesive, cross-functional integration

Dis- Expensive, internal strife, limited technological expertise

Question 14

Matrix - hybrid (Strong, Balanced, Weak)…
Adv - Efficient, strong project focus, flexible
Dis - Conflicts, stressful, slow

Answer 14

optimizes use of resources
Strong - Project manager has broader control and functional M act as subcontractors
Balanced - PM sets overall plan and FM determines how work to be done
Weak - FM predominates; PM has indirect authority

Question 15

Culture - Physical space, Public documents, Behavior, Folklore

Answer 15

PS - Architecture, office layout, decor, attire
PD - Annual reports, internal newsletters, vision statements
B - Pace, language, meetings, issues discussed, decision-making
F - Stories, anecdotes, heroes, villains

Question 16

Ch, 4 Defining the Project
1. Project Scope
Objectives, Deliverables, Milestones, Tech Req., Exclusions, Reviews

Answer 16

Scope - definition of end result/mission of project
Statements of Work
- Project Charter - contain expanded version of scope
- Scope Creep - tendency for scope to expand over time

Question 17

2. Priorities - trade off triangle

Cost, Time, Scope

Answer 17

Matrix: Enhance > Time
Constrain > Performance
Accept > Cost

Question 18

3. Work Breakdown Structure

Answer 18

hierarchical outline(map) that IDs products/work elements involved in P

• facilitates evaluation cost, time, technical performance
• Work Packages is lowest level of WBS

Question 19

4. Integrate WBS with Organization OBS

- Work Packages

Answer 19

depicts how firm is organized to discharge work responsibility for P

• framework to summarize org W unit Perf.
• responsible for work packages

Question 20

5. Code WBS for Information System

Answer 20

defines: levels and elements of WBS
- org elem.
- WP
- Budget, cost info

Question 21

Responsibility Matrix

Answer 21

linear responsibility chart

- summarizes tasks to be accomplished, whos responsible

Question 22

P Communication Plan

Answer 22

what, who , when, how
info needs
P status reports, deliverable issues, changes in scope

Question 23

Ch 5 Estimating Project Times and Costs

Why estimate?

Answer 23

To support good decisions

• schedule work
• determine how long project should take and cost
• whether P is worth doing
• develop cash flow needs

Question 24

Estimating guidelines

Answer 24

• have people familiar with tasks make estimate
• use several ppl to make E
• base E on normal conditions
• consistent time units
• task as independent, dont aggregate

Question 25

Top-Down vs Bottom up

Answer 25

TD - usually derived from someone who uses experience and/or info to determine duration, & cost

Question 26

BU approach

Answer 26

BU - serve as check on cost elements in WBS | - template, parametric procedures, range E for WBS WP

Question 27

TD approach

Answer 27

Consensus, Ratio, Apportion methods - Function point methods - Learning curves

Question 28

Phase estimates

Answer 28

over product life cycle Need, Specifications, Design, Produce, Deliver - Macro estimate - detailed E

Question 29

Cost Types | Direct Costs

Answer 29

- costs that are clearly chargeable to a specific work package

Question 30

Direct Overhead Costs

Answer 30

costs incurred that are directly tied to and identifiable P deliverable or WP

Question 31

General / Administrative overhead costs

Answer 31

- C indirectly linked to specific package that are apportion to P

Question 32

Views of costs

Answer 32

Committed -willing to use Actual C - the cost we used Scheduled Budget - amount we can spend

Question 33

Refining Estimates

Answer 33

Interaction costs are hidden - normal conditions dont apply - things go wrong - changes in P Scope

Question 34

Ch. 6 Developing Project Plan Activities - Merge, Burst, Parallel, Critical Path

Answer 34

M - an activity that has 2 or M preceding act. on which it depends P - activities that can occur independently CP - longest path through act. network that allows completion of project related act. Shortest expected time project can be completed B - activity that has more than 1 act immediately following it

Question 35

Project Network rules

Answer 35

N flow from left to right - cant begin until all preceding act. are complete - arrows flow, can cross over each other - act. have unique ID - looping and conditional statements not allowed

Question 36

Multiple predecessors

Answer 36

Merge

Question 37

Multiple successor

Answer 37

Burst

Question 38

Forward Pass

Answer 38

Earliest Time - how soon can: - act. start ES - act. finish EF - project finish Expected Time ET

Question 39

Backward Past

Answer 39

Latest Times - LS, LF - critical path - Slack delay

Question 40

Free Slack, Sensitivity, Critical Path

Answer 40

FS amount of time act. can be delayed after start | S - likelihood original CP will change once project is initiated

Question 41

No loops no branches Laddering Lags

Answer 41

Lad - act. are broken into segments so following act. can begin sooner, not delay work Lag - min amount of time a dependent act. must be delayed to begin or end

Question 42

``` Precedence relationships Finish to Start Start to Start Finish to Finish Start to Finish ```

Answer 42

FS - right side > left side SS - LS > LS FF - RS>RS SF - LS>RS

Question 43

Hammock activity

Answer 43

spans over segment of project - duration that is determined after network plan is drawn - aggregate section of P to facilitate getting right amount of detail - useful in assigning/ controlling indirect costs

Question 44

Ch 7 Managing Risk | Risk Event Graph..

Answer 44

Chances of risks occurring - Cost to fix risk event Defining, Planning, Executing, Delivering PLC

Question 45

Benefits of Risk Management

Answer 45

Proactive rather than reactive approach - Reduces surprises and negative consequences - Prepares PM to take adv. of appropriate risks - Provides better control over future - Improves chances reaching project perf.

Question 46

``` Process: Risk Identification (known risks) ```

Answer 46

generate list of possible risks through brainstorming, problem ID, risk profiling

Question 47

2, Risk Assessment

Answer 47

Scenario analysis for event probability/impact - risk assessment matrix Failure Mode and Effects Analysis (FMEA)

Question 48

3. Risk Response Development

Answer 48

- Mitigate risk - avoid risk - transfer risk - retain risk

Question 49

4. Risk Response Control

Answer 49

execution of RR strategy - monitor events - Establish change management system

Question 50

Risk Assessment Form | FMEA

Answer 50

Failure Mode and Effects Analysis scaled 1-5> 125 max score Risk Event > Likelihood > impact >detection difficulty> when Impact x Probability x Detection = Risk value

Question 51

Risk Severity Matrix (likelihood vs impact)

Answer 51

``` Red zone (major risk) Yellow zone = moderate risk Green zone - minor risk ```

Question 52

Risk Response Matrix Event, Response, Contingency, Trigger, Responsible

Answer 52

Risk event > Response | Contingency Plan > Trigger > Whos is responsible Interface issue > mitigate: test | work around until help comes > not solved within hour > Eric

Question 53

Contingency Funds and Time buffers

Answer 53

Funds to cover project risks , budget reserves | - TB - amounts of time used to compensate for unplanned delays in P schedule

Question 54

PERT - weighted activity time calculation

Answer 54

Program Evaluation Review Technique - standard deviation for project - probability of completion