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Flashcards in Project Management Deck (33):
1

Define stakeholders

All individuals or groups that have an active stake in the project and can either positively or negatively affect its development

2

Forms of organisational structures

Functional Organisations
Project Organisations
Matrix Organisations

3

Functional Organisations?

Group people performing similar activities into departments

4

Project Organisations?

Group people into project teams on temporary assignments

5

Matrix Organisations?

Create a dual hierarchy in which functions and projects have equal prominence

6

Weaknesses of functional organisations

Difficult to achieve cross functional co-operation

Lack of customer focus

Projects take longer to complete due to lack of communication etc

Projects may be suboptimised due to varying commitment across organisation

7

Strengths of project organisations

Assigns authority solely to project manager
Improved communication
Improved decision making
Rapid response to market opportunities

8

Common project selection approaches

Checklist Model
Simplified Scoring Model
Analytic Hierarchy Model
Profile Models
Financial Models

9

Checklist Model factors?

Cost
Profit Potential
Time to Market
Development Risks

Based on which project ticks the most boxes

10

Simplified Scoring Models

Each project receives a score that is the weighted sum of its grade on a list of criteria.
Scoring models require:
Agreement on criteria
Agreement on weights for criteria
A score assigned for each criteria

11

Analytic Hierarchy Models

Four step process:

Construct a hierarchy of criteria
Allocate weights to criteria
Assign numerical values
Scores are determined by summing the products of numeric evaluations and weights

Think of the example of buying the best car (handling, economy, power)

12

Profile Models

Plots risk/return options for project options and helps select options that maximises return while staying within range of minimum acceptable risk

13

Financial Models

Based on the time value of money principle using the following types:

Payback period
Net Present Value
Internal Rate of Return
Options models

14

Three keys to Project Portfolio Management?

Flexible structure and freedom of communication
Low cost environment scanning
Time paced transition

15

Project Scope

Everything about the project

16

Scope Management

Function of controlling a project in terms of its goals and objectives

17

Conceptual Development

The process that addresses project objectives by finding the best ways to meet them

18

Statement of Work

A SOW is a detailed narrative description of the work required for the project. Essentially a summary

19

Work Breakdown Structure

The WBS provides the foundation for defining work as it relates to project objectives and establishes the structure for managing the work to its completion

20

What does a WBS accomplish?

Echoes project objectives
Provides organisation basis for the project
Creates logic for a method of control in tracking costs, schedule and performance
Communicates project status
Improves communication

21

Organisational Breakdown Structure

Allows:
Resources needed for job
Assignment of work to owners of work package
Budget assignments to department
Used to keep track of specific work assignments

22

Four stages of risk management

Identification (Identification)
Analysis of probability and consequences (Analysis)
Risk Mitigation strategies (Planning)
Control and Documentation (Monitoring)

23

Risk Mitigation Strategies

Accept Risk
Minimise Risk
Share Risk
Transfer Risk

24

Contingency Reserves

The provision for unforeseen costs in a project

25

Top Down Budgeting

Seeks opinions and inputs from top management
Projections passed down hierarchy for input

26

Bottom Up Budgeting

Begins from WBS by applying direct and indirect costs to each project activity, before continuing up WBS hierarchy

27

Activity Based Costing

First assigns cost to activities and then onto projects based on the use of resources

28

Project Planning definition

Identification of project objectives and the ordered activity necessary to complete the project

29

Activity Duration Formula

(most optimistic time + 4x most likely estimate + most pessimistic estimate)/6

30

Define Lag

Logical relationship between the start and finish of one activity and the start and finish of the next activity

31

Define Crashing

Crashing is the process of accelerating a project

32

AON Strengths and weaknesses

Mostly used in computer packages
Simplifies Network labelling
But sheer size on complex projects is bad

33

AOA Strengths and weaknesses

Better for very large projects
Easier to identify and flag
Largest weakness is awkward to use
Can be too information intensive