Project management Flashcards

(40 cards)

1
Q

What is a project

A

Projects are complex, one-time processes

  • Projects are limited by budget schedule, and resources
  • Projects are developed to resolve a clear goal or set of goals
  • Projects are customer-focused
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2
Q

Key project characteristics

A
  • One time processes with a lifecycle
  • Limited life, budget, schedule, and resources
  • Developed to address a key goal
  • Customer-focused
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3
Q

Project success determinants

A

Budget, time, performance and Client acceptance

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4
Q

Project management stakeholders: Managing stakeholders

A

External environment, stakeholders goals, internal capablitites, problems, solutions and testing

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5
Q

Functional structure

A
\+Specialization
\+Projects within the departments
-Low customer focus
-Lack of commitment
-Longer times to implement projects
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6
Q

Matrix structure

A

+Mix between project and functional orientation
+Promotes cross functional collaboration
+Efficient use of resources
-Leadership challenges
-Workers commitment
-Negotiation for sharing scarce resources

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7
Q

Project structure

A

+Project management specialization

  • Project commitment rather than firm
  • Future uncertainty
  • Difficult to develop intellectual capital
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8
Q

Why does project screening and selection matter

A

Firms are constrained by limited resources
Choices must be made in a timely and efficient manner to seize the opportunities
Decision makers develop various screening and selection methods that allow them to filter, estimate, evalueate and finally choose projects

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9
Q

What is project screening

A

Preliminary examination of the project opportunity
Simple criteria to provide sufficient indication whether to accept/reject
If it’s a go it will proceed to more detailed project selection activities

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10
Q

Principles to project screening model

A

Realism, capability, flexibillity, ease of use, cost effectiveness and comparability

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11
Q

Project selection models/methods

A

Numerical and non numerical

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12
Q

Numeric selection model

A

Payback period

Net present value

Discounted payback period

Internal rate of return (IRR)

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13
Q

Non numeric selection models

A

Checklist model

Weighted scoring model

Analytical hierarchy process (AHP)

Profile model

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14
Q

Payback period

(formula)

A

Estimated project investment / Annual cash savings

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15
Q

Checklist model

A

Pros: Simple/flexible
Facilitate conversation and discussion

Cons: Assumes all criteria are equally important
Each potential porject will have a different set

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16
Q

Weighted scoring model

A

Pros: Easy to use and understand, provide overall benefit measure and can be added/deleted without needing to recalculate

Cons: Does not tell the difference between score
Relative scores can be misleading

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17
Q

Non-numeric model AHP

A

Pros: Consider both quantitative and qualitative criteria, Unlike the simple scoring model these scores can be compared.

Cons: Requires all criteria in advance, require extensive managerial input, and not parsimonious – scores are relative

18
Q

Project scope

A

The end result or mission of your project - a product or service for your client/customer

19
Q

Scope management

A

The function of controlling a project in terms of its goals and objectives through the process of conceptual developemnt, full definition, execution and termination

20
Q

Statement of work

A

A detailed narrative description of the work required for a project

21
Q

Questions to consider in risk management

A

1) The probability and impact
2) Minimizing the probability or impact of these events
3) What clues will signal the need for such action
4) Likely outcomes

22
Q

Four stages of risk management

A

1) risk identification
2) analysis of probability and consequences
3) risk mitigation strategies
4) control and documentation

23
Q

Delphi approach

A

Collect people in one big room /send out a questionnaire to a bunch of people who, as experts, give their opinion on the risk of the project

24
Q

Risk mitigation strategies

A

Accept, minimize, share & transfer

25
Contingency reserves
Task contingency, managerial contingency
26
PRAM
presents a generic methodology that can be applied to multiple project environments and encompasses the key components of project risk management
27
Key features of PRAM
Risk management follows a life cycle, Risk management strategy changes over the project life cycle and synthesized, coherent approach
28
Cost management
Encompasses data collection cost accounting and cost control
29
Common sources of project cost
Labor, materials, subcontractors, equipment, facilities and travel
30
Direct costs
Labor or material that can be directly attributed to project
31
Indirect costs: o
Overhead, selling & general administration
32
Fixed costs
Independent usage of e.g. leasing equipment or project hardware
33
Variable cost
Is in direct proportion to use
34
Normal cost
Incurred in routine process of working to complete the project as per origional schedule
35
Expedited
Unplanned cost for speeding up the project, (e.g. overtime or hiring additionally temps)
36
Ballpark
+-30%
37
Comparative
+-15%
38
Feasibility
+-10% (done after completion of preliminary project design
39
Definition
+-5% (done after completion of most project design. All major POs have been submitted
40
Continencies are needed because
Project scope may change, murphys law is present, cost estimation must anticipate interaction costs , and normal conditionas are rarely encountered