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Intro & Data
Lesson 14 Project And Program Management
| Term | Definition |
|---|---|
| Jules Dupuit | French Engineer Developed the cost benefit analysis in 1848 |
| Cost Benefit Analysis - when did it become common practice? | Became common as a result of the Federal Navigation Act of 1956 Navigation Act: required that the US Army Corps undertake waterway systems projects when the total benefit exceeds the costs of the project |
| Cost Benefit Analysis (1) | Analysis requires that all costs and benefits be converted to a monetary value In order to determine the cost-benefit, the proposed project is compared against the current situation without the project |
| Cost Benefit Analysis (2) | If the ratio of benefits over costs is greater than one, then the monetary benefits of the project outweigh its monetary |
| Cost-Effective Analysis | Method for selecting among completing projects when resources are limited, was developed by the military |
| Cost-Effectiveness Ratio | CE = (cost of new strategy - cost current practices) / (effective new strategy - effect current practice) |
| New Present Value | Shows the net monetary value of a project, discounted to today's present value |
| Internal Rate of Return (1) | Alternative calculation to net present value Projects net present value is at zero and the interest rate is blank |
| Internal Rate of Return (1) | If the calculation results in an interest greater than the available market interest rate than the project wold be financially beneficial |
| Project Management Techniques | Goals Achievement Matrix (GAM) Gantt Chart |
| Goals Achievement Matrix (1) | Comprehensive way to evaluate a project A project evaluation matrix that includes completing projects in rows and the evaluation criterion columns |
| Goals Achievement Matrix (2) | The evaluation criteria are based on the various stakeholder groups that be impacted by the costs or receive benefits |
| Gantt Project | Developed by Charles Gantt in 1917 Chart focuses on the sequence of tasks necessary for project completion Tool to help you think through the task involved in a project |
| Linear Programming | Project management method that attempts to find the optimum design solution for a project The system takes a set of decision variables within constraints and comes up with an optimum design solution |
| Program Evaluation and Review Technique (PERT) | A scheduling method that graphically illustrates the interrelationships of project tasks Good choice when precise time estimates are not available for projects tasks |
| Critical Path Method (CPM) | The analysis results in a "critical path" through the project tasks Project management technique that helps with decision making |
| Fiscal Impact Analysis | Purpose is to estimate the impact of a development, land use change or plan FIA projects cash flow to the public sector |
| Economic Impact Analysis | Focuses on cash flow to the private sector Measured in income, jobs, output, indirect impacts, etc. |
| Working with Consultants | Comply with local and state procurement requirements Do not play with consultants Understand consultant's costs Identify the best way to use consultants hired to supplement or replace staff |
Created by:
amshinn18
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