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Final Study Material

QuestionAnswer
The major characteristics of a project? An established objective, A defined life span with a beginning and an end., Usually, the involvement of several departments and professionals, Typically, doing something that has never been done before , Specific time, cost, and performance requirements.
What are the project life-cycle stages? 1. Defining stage 2. Planning stage 3. Executing stage 4. Closing stage
What indicates project success? 1) meet business requirements 2) are delivered and maintained on schedule 3) are delivered and maintained within budget 4) deliver the expected business value and return on investment 5) exceed expected utilization.
Why a class on PM? · Long term business norm in various industries · Current business strategic imperative · Not just in the private sector · Demand – PMI 93,000 in 2002 & over 434,000 today · Demand - $2.5 trillion
How can we make projects align with the organizational strategy? Review and define the organizational mission statement, Set long-range objectives / analyze and formulate strategies, Formulate Strategies to Reach Objectives / Set objectives to achieve strategies, Implement Strategies through Projects
Problems with implementation Implementation gap , Organizational politics - Sacred Cow, Resource Conflict and Multitasking
3 kinds of projects compliance, operational, and strategic.
What are the reasons (financial and non-financial) to choose a project? Financial: Pay back model & Net Present Value (NPV) Non financial: Checklist model & Multi-weighted scoring models
Aspect of an RFP Project classification, Problem solved, Alignment with organizational strategy, Major deliverables, Major risks, How to measure success, Estimated cost, Project duration, Project Prioritization, Major responsibility of senior management,
What are the organizational structures in which projects can take place? Function Organizations , Dedicated Teams, Matrix
Different types of matrix organizational structures weak - primarily functional manager, balanced - project manager and functional have equal responsibilities, strong - project manager mostly runs everything and functional manager is just consulted.
What are the steps of defining the project scope? scope project objective, deliverables – expected measurable output, milestones, technical requirements – clarify either the deliverables or define the performance specifications, limits and exclusions, reviews with customer.
Project Charter a document that authorizes the PM to initiate and lead the project – issued by upper management and provides the PM with written authority to use organizational resources for project activities.
Scope Creep tendency for the project scope to expand over time – usually by changing requirements, specifications, and priorities. This should be reduced by carefully writing a scope statement.
Responsibility Matrix Used for small projects that do not warrant elaborate WBS and OBS, the RM summarizes tasks to be accomplished and who is responsible for what project.
Priority Matrix Constrain – the original parameter is fixed. Enhance – given the scope which criterion should be optimized? Accept – for which criterion is it tolerable not to meet the original parameters?
Work Breakdown Structure (WBS) Breaking down the work of the project into smaller & smaller work elements. Organizational units & individuals are assigned responsibility for executing work packages, roll up the budget & actual costs of the work packages into larger work elements
Work Package Tasks that have a start & stop point, consume resources, & represent cost. Is control point, defines work, identifies tie to package, time-phased budget to complete work, resources needed, single person responsible, points for measuring progress.
What types of estimates can be done? Top-Down Estimates & Bottom-up estimates
Factors that influence the quality of estimates? Planning Horizon, Project Duration, People, Project Structure and Organization, Padding Estimates, Organization Culture , Other Factors
What costs are allocated to projects? Direct Costs, Direct Project Overhead Costs, General Administrative Overhead Costs
Merge activity: This is an activity that has more than one activity preceding it.
Burst activity: More than one activity immediately following it (more than one dependency arrow flowing it)
Parallel activity: activities that can take place at the same time
Path: A sequence of connected dependent activities
Critical path: the paths with the longest duration through the network; if an activity on the path is delayed, the project is delayed the same amount of time.
AON: Activity-on-Node -- use a node; activity-on-arrow -- use a arrow
Free slack (float) Is the amount of time an activity can be delayed after the start of a longer parallel activity or activities.
Sensitivity The likelihood the original critical path(s) will change once the project is initiated.
Laddering Activities are broken into segments so the following activity can begin sooner and not delay the work.
Lags The use of lags has been developed to offer greater flexibility in network construction.
Risk an uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives.
Risk management Risk management identifies as many risk events as possible, minimizes their impact, manages responses to those events that do materialize, and provides contingency funds to cover risk events that actually materialize.
What are the phases of the risk management process? Risk identification, Risk assessment, Risk response development, Risk response control
What are the tools used to identify, assess, develop responses and control project risks? risk breakdown structures(RBSs) in conjunction with work breakdown structures(WBSs) or a risk profile is another useful tool - a list of questions that address traditional areas of uncertainty on a project.
Contingency funds are established to cover project risks—identified and unknown. When, where, and how much money will be spent is not known until the risk event occurs.
time buffers to cushion against potential delays in the project. The amount of time is dependent upon the inherent uncertainty of the project. The more uncertain the project the more time should be reserved for the schedule.
Resource smoothing Involves attempting to even out varying demands on resources by using slack (delaying noncritical activities) to manage resource utilization when resources are adequate over the life of the project.
Resource constrained scheduling The duration of a project may be increased by delaying the late start of some of its activities if resources are not adequate to meet peak demands.
Types of project constraints. Technical or Logic constrains, Physical constraints, Resource constraints, Kinds of resource constraints
What are options for accelerating projects with non-constrained resources? 1.Adding resources 2.Outsourcing project work 3.Scheduling overtime 4.Establishing a core project team 5.Do it twice - fast and then correctly
What are options for accelerating projects with constrained resources? 1.Reduce the scope 2.Fast - tracking 3.Compromise quality 4.Critical - chain
Why would we want to expedite projects? One of the more important reasons today is time to market. Another common reason for reducing project time occurs when unforeseen delays.“Imposed deadlines” is another reason for accelerating project completion.
The 5-stage team development Model Forming, Storming, Norming, Performing, Adjourning
The punctuated equilibrium model of group development Half of the allotted time for project completion has expired. A major transition occurs that includes the dropping of the group’s old norms & behavior patterns & the emergence of new behavior & working relationships that contribute to increased progress
phases of the project control process? Setting a baseline plan, Measuring progress and performance, Comparing plan against actual, Taking action
EV Earned value for a task is simply the percent complete times its original budget. Stated differently, EV is the percent of the original budget that has been earned by actual work completed.
PV The planned time-phased baseline of the value of the work scheduled. An approved cost estimate of the resources scheduled in a time-phased cumulative baseline
AC Actual cost of the work completed. The sum of the costs incurred in accomplishing work
CV Cost variance is the difference between the earned value and the actual costs for the work completed to date where CV = EV - AC.
SV Schedule variance is the difference between the earned value and the baseline line to date where SV = EV - PV.
BAC Budgeted cost at completion. The total budgeted cost of the baseline or project cost accounts.
EAC Estimate cost at completion
ETC Estimated cost to complete remaining work
VAC Cost variance at completion. VAC indicates expected actual over- or underrun cost at completion
Three major deliverables for wrapping up projects: Wrapping up the project, Evaluation of performance and management of the project, Retrospectives
Wrap-Up Closure Activities Getting delivery acceptance from the customer Shutting down resources and releasing to new uses Reassigning project team members Closing accounts and seeing all bills are paid Delivering the project to the customer Creating a final report
Performance Review Recommendations Asking the individual to evaluate his or her contributions, Avoid comparisons with other team members, Focus the criticism on specific behaviors, Be consistent/ fair in your treatment of all members, Treat review as only one point in ongoing process.
360-degree review the same process that is applied to reviewing the performance of team members is applied to evaluating the project manager
Agile project management methodology Agile PM relies on incremental, iterative development cycles to complete projects. Stakeholders and customer review progress and re-evaulate priorities to ensure alignment with customer needs and company goals
Scrum Methodology: Approach for use by a cross-functional team collaborating to develop a new product. Defines product features as deliverables - prioritizes them by their perceived highest value. Re-evaluate priorities after each iteration..
Agile limitations: Does not satisfy top management's need for budget, scope, and schedule. It’s principles of self organization and close collaboration can be incompatible with corporate cultures. work best on small projects, five-nine, dedicated team members
Created by: jtphillips
 

 



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