Project Management Ch. 1-3 – Flashcards

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project
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is a temporary endeavor undertaken to create a unique product, service or result.
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stakeholders
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are persons or organizations that are actively involved in the project, or whose interests may be positively or negatively affected by the project.
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Project Management
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is the application of knowledge skills, tools, and techniques to project activities to meet project requirements.
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Project life cycle
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a collection of generally sequential project phases whose name and number determined by the control needs of the organization(s) involved in the project.
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process groups
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Initiating, Planning, Executing, Monitoring and controlling, & Closing
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money and people
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Projects are limited by time and resources such as
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Soft skills
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include communication and leadership activities.
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Hard Skills
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include risk analysis, quality control, scheduling, and budgeting work
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Project Management includes
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administrative tasks for planning, documenting, and controlling work
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Tradeoffs
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are made among the scope, quality, cost, and schedule
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Functional Manger
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someone with management authority over an organizational unit.
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Project Executive Roles
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Steering team, Sponsor, CPO
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Project Management Roles
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Project manager and Functional Manager, Facilitator, Senior Customer Representative
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Project Team Roles
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Core team members and subject matter experts
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Initiating
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when a project is proposed, planned at a high level, and key participants commit to it in broad terms
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Planning
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starts after the initial commitment, includes detailed planning, and ends when all stakeholders accept the entire detailed plan
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Executing
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includes authorizing, executing, monitoring, and controlling work until the customer accepts the project deliverables
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Closing
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all activities after customer acceptance to ensure project is completed, lessons are learned, resources are reassigned, and contributions are recognized
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scope
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the sum of all products, services, and results to be provided by the project
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quality
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the degree to which a set of inherent characteristics fulfills requirements
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Scope and quality
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measure performance and should result in outputs that satisfy customers
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time and cost
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scope and quality are subject to constraints of
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Scope management
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determining all the work and only the work necessary for project completion
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Time management
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defining, sequencing, estimating duration, and resourcing work activities as well as developing and controlling the schedule
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Cost management
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planning, estimating, budgeting, and controlling costs
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Quality management
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quality planning, assurance, and control
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Human Resources management
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acquiring, developing, and managing the project team
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Communications management
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generating, collecting, disseminating, storing, and disposing of timely and appropriate project information
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Risk management
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risk identification, analysis, response planning, and monitoring and control
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Procurement management
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purchasing or acquiring product and services as well as contract management
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Integration management
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unifying and coordinating the other knowledge areas by creating and using tools such as charters, project plans, and change control
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Project success
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creating deliverables that include all of the agreed upon features
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Project Classifications
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industry, size, timing of determination of project scope and by application
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Large projects
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often require more detailed planning and control
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planning and control
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all projects require
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portfolio
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a logical grouping of the project management processes described in the PMBOK® Guide.... Collectively, these five process groups are required for any project, have clear dependencies, and must be performed in the same sequence on each project, independent of the application area or the specifics of the applied project life cycle
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program
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a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. May include elements of work outside of the scope of discrete projects in the program
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subproject
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a smaller portion of the overall project created when a project is subdivided into more manageable components or pieces
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Portfolios and programs
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managed at a level above the typical project manager
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Steering Team
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The top leader (CEO) and his/her direct reports that select, prioritize, and resource projects in accordance with the organization's strategic planning and ensure that accurate progress is reported and necessary adjustments are made
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Project Management Office
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an organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects within its domain. The responsibilities can range from providing project management support functions to actually being responsible for the direct management of a project.
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Chief Projects Officer
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Keeper, facilitator, and improver of the project management system, Responsible for project standards, methods, training, documentation. Is either on the leadership team or one rung down in the organization
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sponsor
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the person or group that provides the financial resources, in cash or in kind, for the project
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Facilitator
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Helps the project manager with the process of running meetings and making decisions. Frees the project manager to concentrate on the content of the project. helps the PM understand organizational politics and provides suggestions on how to handle situations.
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Senior customer representative
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Ensures that the needs and wants of the various constituents in the customer's organization are identified and prioritized and that project progress and decisions continually support the customer's desires
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Core team member
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People assigned to a project from start to finish that does most of the planning and makes most of the project level decisions.
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Subject matter experts
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Temporary members that are brought on board during busy times
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Strategic Analysis
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Analysis of internal and external environments
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SWOT
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Strengths, Weaknesses, Opportunities, and Threats
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Strengths and Weaknesses
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Elements within the project team's control
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opportunities or threats
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Elements for which the project team has little/no control
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Guiding Principles
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vision and mission statement
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vision
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describes the organization of the future
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mission statement
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provides a mechanism for achieving the vision
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Purpose
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communicates why an organization exists
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Beliefs
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what the leaders of an organization stand for
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Core values
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how decisions will be made and how people will be treated
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Culture
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how members should act
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Primary business areas
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what business the organization engages in
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SMART
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Specific,Measurable,Achievable,Results-based,Time-specific
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Strategic Objectives
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Describe short term and long term results; occur annually; Support the vision and mission; Describe measures of achievement; effective measures are SMART
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Flow-down Objectives
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optional for large or complex organizations to ensure that appropriate goals are established
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reason projects fail
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Not enough resources, time, Unclear expectations Changes to the project or disagreement about expectations
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Aligned projects
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contribute to the organization's objectives
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Project Portfolio
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A collection of projects grouped to be collectively managed
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Portfolio alignment
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identifies, selects, and prioritizes projects to help achieve an organization's strategic goals
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Net present value
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The most widely accepted financial model. Discount the expected future value of project costs and benefits.Subtract the stream of discounted project costs from the stream of discounted project benefits
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benefit-cost ratio model
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Divide the cash flow by the initial cash outlay
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internal rate of return model
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Calculate the percentage return expected on the project investment. A ratio above the current cost of capital is considered positive
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payback period
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Calculate how many years would be required to pay back the initial project investment. Shorter is better
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financial models
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ensure that projects make sense from a cost and return perspective
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Sensitivity Analysis
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Examine what would happen to the decision if factors going into it were to change
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Prioritizing Projects
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Determine which projects should be assigned resources and be scheduled to begin first
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Scoring models
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a tool to help you select and prioritize potential projects.
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Types of organizational structures
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Functional organization, Project organization, Matrix organization, Project Management Office organization
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Projectized Organizations
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The project manager assigns projects, applies resources, and directs personnel assigned to the project. No Formal Departments,
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Co-location
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team members are physically close
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Matrix Organization
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A combination of the task focus of the projectized organization with the technical capability of the functional organization
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Values
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personal standards that influence judgments, interaction with others, and organizational goals
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organizational culture
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Formal and informal practices shared among members of the organization
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Power culture
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formal authority (the "boss") controls competition, conflict resolution, and communication
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Role culture
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strictly follow formal designations of responsibility ("roles")
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Task culture
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getting the job done is most important
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Person culture
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genuine interest in needs and development of workers
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Culture of the Project
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Act ethically in the best interests of the project, the project team, other project stakeholders
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Project manager behaviors
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Responsibility,Respect,Fairness,Honesty
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Independent tasks
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Prioritize the project, Select a good contractor, kill project if needed.
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joint tasks
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Write and sign charter, develop clear requirements, use control system, conduct kickoff meeting.
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