Section 1 Flashcards
(164 cards)
1
Q
Management copes with
A
Complexity
2
Q
Leadership copes with
A
Change
3
Q
Define Project
A
a means to achieve tasks
temporary endeavor to create a unique product, service, result
4
Q
PMBOK
A
a set of standard terminology and guidelines for project management in book form, 6th ed.
5
Q
Project Constraint
A
anything that restricts the actions of the project team
6
Q
Triple Constraint
A
Quality of work is determined by balancing Cost, Scope and Time
7
Q
Product Life Cycle
A
Introduction, growth, maturity, decline.
8
Q
Triple Bottom Line
A
Planet, people, profit. the idea of keeping sustainable practices on the forefront to help the environment
9
Q
SWOT
A
strengths, weaknesses, opportunities, threats
10
Q
Project Success Model
A
Project success is completion of the project
Project Management success is completion within the triple constraints and any others
11
Q
Benchmarking
A
practice of comparing current results to industry bests or standards.
12
Q
Spider web diagram
A
Measures project maturity and development
numbering from 0-3
13
Q
stakeholders
A
people or organizations whose interests will be affected by the outcome of a project
14
Q
client acceptance
A
completion of a project and finalization to the customers specs
15
Q
client
A
person requesting or authorizing the project services
16
Q
project team
A
a group assigned to complete tasks for the project by the project manager
17
Q
project leader
A
professional who leads people, maintains work environment and pushes people to meet goals
18
Q
project champion
A
person who makes sure everyone is on board during the project and behind the ultimate success and identify strategic objectives
19
Q
functional project organization
A
managing projects through existing hierarchy and channels of the organization with no special measures taken
20
Q
strong matrix organization
A
project manager controls most of the project, what specialists do and final say on project decisions.
21
Q
weak matrix organization
A
project manager acts as an assistant to functional manager who decides who does what and when
22
Q
project based organization
A
grouping by teams or based on assignments, usually for RnD, promotes expertise of workers
23
Q
siloing
A
When information and communication are not diversified to other departments
my dept is better than yours
24
Q
resource pool
A
cadre of trained and skilled pros to work on projects
25
weather station
for monitoring and tracking of project completion, look at status of major project risk
26
control tower (PMO project management office)
manages everything weather station does and also establishes standards, progress, additions, imrpove standards
27
corporate culture
a shared system of norms, beliefs, values to create shared meaning
28
project screening criteria
examination of project sustainability and benefits to select which to pursue
29
checklist screening criteria model
list project critera and find a project that fulfills the needs the best in terms of high,med, or low not very accurate
30
simple scoring model
each category for project criteria is weighted and averaged to find the project that best fulfills the needs
31
efficient frontier
Set of portfolio options that offer either max return for given level of risk or minimum risk for level of return
32
AHP
Analytical Hierarchy process
developed by thomas saaty, math based, divides needs to levels that each get a numerical value equalling 1, the candidate that scores highest is chosen
33
pairwise comparison
every data item is compared to all other known data items to determine its place in the system
34
profitability models
NPV, IRR
35
project plan
document that contains the strategy for managing the project and the processes related to all areas of the project
36
configuration
managment and structure of components of a project to ensure successful delivery
37
historical records
any information from past projects that could be used for current or future ones
38
post project analysis
determine if objectives were met
how efficiently the project was run
learn lessons for the future
ensure greatest possible benefits
39
IRR
npv but solve for R
40
NPV
PV = FV / (1+r)^n
41
skills of leaders
```
innovate
see big picture and get thier hands dirty
encourage individuals, stress team
know when to be hands off or on
fleixbile but firm
manage team vs organizational loyalties
```
42
emotional intelligence
be able to handle thier emotions when things get out of control to accomplish a task
43
characteristics of leaders
```
communication skills
systems thinking - how do factors affect project completion
integrity
proactive
emotional intelligence
general business fundamentals
time management
optimisim
```
44
temporal skills
analysis of data from the past present and future
45
time span
period of time between start and end of an event
46
time warping
analysis between two sequences that vary in time or speed
47
positioning
stance a project takes to tackle a task
48
chunking
breakdown of larger goals into small realistic steps
49
recapturing the past
recollect experiences from past project to apply to the new one
50
reward systems
```
encourages team performance and extra effort
letter od commendation
recognition
new/better job assignments
fleixibility
```
51
SOW
statement of work
52
elements of SOW
```
summary of work
background
major element descriptions
benefits
items not inscope
priorities assigned within project
```
53
WBS
work breakdown structure
| hierarchical method that subdivides specific tasks into smaller pieces
54
work packages
lowest level of WBS
| short term that have defined start and finish, consumer resources and represent costs
55
OBS
identifies work to be completed by owners of the departments and accounts responsible for the work
56
cost-plus contract
used when there is no definitive total cost calculation
bills are provided for mats and labor as they are used
plus additional allowment to profit
57
time and material contract
contractors reimbursed for mats and time, all rates are laid out before start of contract
58
lump sum contract
contractors are given one lump sum to complete all tasks at the beginning and if they go over they are responsible for costs
59
config control
Tracking now to where you should be on baseline
60
spec control
stated clearly and only change when authorized
| tracks where changes are made and where things happen
61
doc control
tracking of documents to ensure confidence in use
62
trend monitoring
shows significant deviations from normal using data over time
63
closeout steps
assurance work has been completed
assurance management processes have been executed
archive docs and info
recognition and review that project is completed, all agree
64
goals
```
finish on time
under bidget
meet reqs
keep customer happy
keep team happy
```
65
objectives
guidance of the project team's operations towards achieving all the agreed upon goals within constraints
66
forming
members get acquiainted with each other and the project
67
storming
accept being part of a project but resist constraints put on personality by project and team
68
norming
group strucute soldifies and established a common set of expectations of how groups work together
69
performing
teeam structure is fully functional, energy is now focused on working together to accomplish goals
70
adjourning
wrap up the porject, prepare for disbandment emotionally and work related
71
virtual teams
phsycially separated team who are unable to communitcate face to face, harder to establish trust and comms patterns
72
traditional conflict view
all disagreement is harmful and should be avoided
73
attributional conflict view
conflict is though to have risen from differnet points of view while working to lessen blame
74
interactionist conflict view
conflict can be a positive force and is sometimes necessry for the group to perform well
75
behavioral conflict view
certain behaviors interacting with anothers causing a detrimantal imapact
76
principled negotiation
interest based approach to negotiation that focus on conflict management and resolution
77
network diagrams
graphical representation of all the tasks, responsibilities and work-flow for a project
78
hammock
task that hangs between due dates and does not matter when or how it is accomplished as long as it is done by the due date
79
laddering
Instead of one person doing one task to completion, assigning one person to do the same section for all tasks.
80
merging
activities with more than one preceeding it
81
bursting
activities resulting in more than one activity immediately following it
82
forward pass
earliest times for start and finish, how soon can the project be completed
83
backward pass
latest times for start and finish, where is the critical path, how long can activities be delayed, slack
84
project objectives
answers the what when how much and where of customers overall objective needs
85
management plan
how a project will be run, formalize management structure and ops
86
scope baseline/statement
end reult or mission of the project, define clearlty the deliverables for the project
87
problems with estimates
unclear targets
underestimation
unblance of resources
misapplying risk and contingency
88
Murphys Law
anything that can go wrong will go wrong
89
responsiblity assignment matrix
RAM
| matrix with intersections between names and responsibilities assigning responsibility for completion
90
eternal stakeholders
those who do not work in the business but are still affected by actions and outcomes of it
91
internal stakeholders
entities within a business that care about or are affected by its performance
92
Escalation of commitment
behavior when a person or group is facing negative outcomes from a decision but continues the behavior instead of altering it
93
trigger points
a condition or event that cause a risk to occur, are identified during risk analysis
94
critical incident
incidents that happen when a group is under pressure and overwhelms the person or group
95
numeric estimation
an estimation expressed with numbers
96
non numeric estimation
estimation based on qualitative rather than quantitative observations
97
objective estimation
observe and estimate what needs to be done without making assumptions
98
subjective estimation
observe and estimate what needs to be done based on past experiences and information
99
Ball Park estimation
a rough guess when something more precise is not available, more for conversation purposes
100
parametric/ratio estimation
uses ratios or surrogates of known costs in the planning of a new project cost ~15% accurate
101
comparative estimation
comparing todays project with costs of a past project
102
definitive order of magnitude estimation
Only applied when project is fully designed, ~5% accurate
103
specification
a clear requirement or description of a project item or task
104
configuration
process tools and management style used to arrange and organize project activities
105
acqusition control
controlling acquired products, ideas and skills
106
cohesiveness
when bonds link individual members into a whole team
107
trust
firm belief in a truth or character of someone or something
108
enthusiasm
eager enjoyment or interest
109
results orientation
the ability of a person to recognize which results are important
110
Pass excersize variables
ES,EF,LF,LS,lag,slack
111
Chance types for probability
optimistic (a)
pessimistic (b)
most likely (m)
112
probability of chances formula
a+4b+m/6
113
Gantt chart
a visual representation of actual start and end times of each segment of a project
114
PERT
Program Evaluation and Review Technique
used to review activity and project risks
likelihood project will be completed on time and on budget
115
AOA
less popular method for drawing proj networks, activity is an arrow
116
AON
method for drawing proj networks, the activity is represented on a rectangle
117
Top-down estimate
made by top management who have limited activity knowledge and get information from other people
118
Bottom-up estimate
detailed estimates of work packages generally made by those most familiar with the tasks
119
planning horizon estimate
the closer an event is to occurring, the more accurate the estimate will be
120
learning curve estimate
estimate for the time and costs it takes a person to complete a repetitive task is lowered each time they repeat it
121
function point estimate
a unit of measurement based on the total functionality of a segment, with costs estimates from past projects
122
heavyweight project management
people assigned to the project have a higher workload with the project over their normal functional jobs, more documented
123
lightweight project management
more of a blend of project and functional duties, less reference and hard documentation
124
project protfolio
an organizations group of projects and the process of selecting and managing them
125
cross functional organization
people of different functional expertise working toward a common goal
126
pure project organization
project team is disconnected from its functional duties and the project manager has full control over the course of the project
127
strategy
relates projects to functions within the organization
128
goal
a desired outcome at a specific time
129
mission
a statement that tells what we are creating with a project and why
130
vision
description of what a project will accomplish by its completion
131
team interdependancies
when a team is aware or needs to work together off of collective skills for a higher benefit or goal
132
cost factor
costs proportionate to a variable like labor or mats
133
schedule rating
costs given based on the rating or risk or level of commitment
134
reliability rating
project completion rate or estimate
| completed ass/total ass
135
performance rating
determining whether goals and constraints are met against completion
136
overall consequence of failure
```
poor morale
poor image
lack of improvement/learning
low stability
constraint penalties
```
137
contingency reserve
amount of time or resources kept to reduce the chances of identified risks
138
task and managerial contingency curve
amount of time or resources kept on hand for unidentified risks
139
contingency rate
someone will work for a portion of the profits or return for completion of a project
140
time-phased budget
costs accrued are laid out and accounted for in the time period they occurred
141
activity based costing
assigns the cost of each activity to the amount consumed by each product and service
142
overhead charge
costs that incur regardless of activity level for activities that cant be well measured
143
operating risk
level of uncertainty related to running a business like demand and availability of products time and materials
144
promotional risk
the chances of running beyond the income of the promotion and being unable to deliver possibly costing customers, sales, lawsuits
145
financial risk
instability from finances and risk of non payment
146
economic risk
focuses on identifying economic factors that may end up making things unstable
147
organizational risk
risk arising from upper management or organization of the project
148
market risk
risks derived from marketplace changes such as funding or demand
149
political risk
risk events that are derived from changes in political policies or power that produce economic changes
150
execution risk
evaluating risks from finalizing stages in the project and letting it go live
151
technical risk
risk chances arising from a piece of equipment or computer used during the project
152
commerical risk
risks not involving politics that include suppliers, demand, contractors, construction
153
delphi method
project/question is posed to anonymous experts and opinions are relayed between them until an agreement or majority decision is made
154
past history
information from past projects that may be used to guide the development of a new project
155
brainstorming
general creativity technique used to identify risks, ideas or solutions by using a group, team or experts
156
FMEA
Failure Mode and Effects Analysis
| impact*probability*detection = risk value
157
fixed price contract
budget is paid to project regardless of time or mats spent on it
158
apportion method estimate
allocate costs to a portion using a percentage of total planned cost per work package
159
PERT formula
time est - critical time/sq rt of sum of variance, z value plug in
160
Bread and butter
low risk modest income
161
pearls
low risk high income
162
oysters
high risk high income
163
white elephants
once showed promise now not worth it
164
spider web diagram categories (8)
```
Project scheduling
personal development
portfolio management
structural support
stakeholder management
coaching, auditing, evaluating
control practices
networking between projects
```
