Project Management (Chapters 1-5) – Flashcards
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Traceability
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The tracking of something from the beginning to end.
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Two things (or metrics) to combine that make a project valuable
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(1) something to compare to and (2) come up with a trend to see how things are going over time.
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Metrics
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Measures an organization's activity performance.
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Work Breakdown Structure (WBS)
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A selective outline of the project used for collecting information to use through all phases of the life cycle, to meet needs of all stakeholders, and measure performance against the strategic plan of the organization. *Gives you the activities you need to be able to create the project plan.
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How would you use a weighted scoring matrix to decide on a movie to see?
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Come up with criteria for each movie and rate each criteria's importance to you, such as movie ratings, times, genres, sold out or not, reviews, etc.
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Business Case
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A wish-list of projects used for selecting projects after the strategic management process.
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4 Items Included in a Business Case
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(1) cost, (2) time, (3) how it's aligned with vision/goals, (4) risk.
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Work Package
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The basic unit for planning, scheduling, and controlling the project.
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The lowest level of the WBS
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Work package
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6 Items Included in Each Work Package
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(1) defines work - what (2) identifies time to complete a work package - how long (3) identifies and time-phased budget to complete work package - cost (4) identifies resources needed to complete a work package - how much (5) identifies a single person responsible for units of work - who (6) identifies monitoring points for measuring progress - how well
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Project Manager
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Person who comes up with a business plan.
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Functional Manager
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Person who figures out what projects to do that will support the company and comes up with a business case to justify that project.
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Another phrase for project selection
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Vetting process
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Top-Down Estimating
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Uses experience and/or information to determine project duration and total cost. *Used typically when there is not enough information available to make accurate time and cost estimates.
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Bottom-Up Estimating
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A more detailed process of estimating cost and time. *Usually done by those doing the work, based on elements found in the WBS.
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How does the customer benefit from bottom-up estimates?
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They can compare low-cost, efficient methods with any imposed restrictions (trade-offs) such as lower cost with a trade-off of longer project duration.
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5 Methods of Top-Down Estimates
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(1) Consensus (2) Ratio (3) Apportion (4) Function Point (5) Learning Curve
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Consensus Method
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Uses pooled experience from senior and/or middle management (Delphi method group decision process about the likelihood that certain events will occur).
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Ratio Method
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Uses past time experience ratios (contractors using past dollar amount per square foot) to estimate time and cost as a whole.
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Apportion
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Used when projects relate closely to past projects, but cost and time are estimated by single tasks.
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Function Point
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Used for software development and system projects. They are major input parameters (such as inputs, outputs, inquiries, data files, interfaces) which are adjusted according to complexity and then added. *The total is the basis for estimating.
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Learning Curve
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Labor hours are reduced with repetition of a task/project.
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Which top-down estimate methods are parametric?
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Consensus and apportion.
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Importance of the Initiating Phase
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(1) cost is predetermined (2) the scope - time and cost - must be baselined (3) the cost of rework
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Why does a matrix organization make the project manager's role difficult?
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Because of improper communication - the project manager reports to two managers, while the project team reports to the functional area.
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Items on the Scope Checklist
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- Objectives - Requirements - Milestones - Deliverables - Technical requirements - Limits and exclusions - Reviews with customer
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Importance of the Stakeholder Register
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Helps identify who might put the project at risk or who might add value.
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How does the stakeholder register provide value?
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Power level, influence level, and engagement level.
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What is the WBS missing that is necessary to create the project plan?
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Start date and relationship between activities.
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Items of the Statement of Work
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- Purpose (why) - Requirements - Deliverables - Performance period (start/end) - Acceptable criteria for approved deliverables - Performance clause (punishment if you don't do your work)
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3 Problems that Occur When Project Selection is not Open and Transparent
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(1) Implementation gap (2) Organization politics (3) Resource conflicts and multitasking
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Implementation Gap
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When there are many levels of communication and the message often gets lost.
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Organization Politics
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Only listening to the person who has the most power.
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Resource Conflicts and Mutlitasking
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When there are too many projects going on, improper allocation of resources, resources are not on time, and/or there is competition between workers/resources.
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7 Sources of Risk When Estimating
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(1) Planning horizon (2) Project duration (3) People (4) Project structure and organization (5) Padding estimates (6) Organization culture (7) Other (non-project) factors
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Planning Horizon
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You can only estimate as far as you can see and there may be more risks down the road.
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Project Duration
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Time implementing new technology often expands in an increasing nonlinear fashion.
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People
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Accuracy of estimates depend on the skills of the people making the estimate - how familiar they are with what they're estimating.
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Project Structure and Organization
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Cost and time estimates will be influenced by which project structure is chosen.
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Padding Estimates
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Providing extra "padding" or time to reduce the risk of being late, causing the project duration and cost to be seriously overstated.
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Organization Culture
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Variance in the importance attached to estimates.
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Other Factors
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Non-project factors such as equipment down-time, National holidays, vacations, legal limits, and project priority influencing resource distribution all impact estimates.
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Scope Creep
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The tendency for the project scope to expand over time - usually by changing requirements, specifications, and priorities.
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Statement of Work (SOW)
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Supplier's scope statement.
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Items Included in a Stakeholder Register
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- Name - Title - Organization - Power ranking (how you act) - Influence ranking (how you make others act) - Identify engagement level
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Responsibility Matrix (RM)
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Summarizes the tasks to be accomplished and who is responsible for what on a project, consisting of a chart listing all the project activities and its participants responsible for each activity. *Used for small projects.
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Process Breakdown Structure (PBS)
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Used for less tangible, process-oriented projects that are organized around phases instead of deliverables, where each of the five major phases can be broken down into more specific activities. *Known as the "waterfall method" because progress flows downward through each phase.
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Organization Breakdown Structure (OBS)
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Used to depict how the firm has organized to discharge work responsibility, providing framework to summarize organization unit work performance, identify organization units responsible for work packages, and tie the organizational unit to cost control accounts.
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Hierarchal Breakdown of the WBS
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Project > deliverable > subdeliverable > lowest subdeliverable > cost account > work package
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Subdeliverable (WBS)
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The supporting deliverable in the WBS
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Deliverable (WBS)
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The major deliverable in the WBS
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Lowest Subdeliverable (WBS)
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Lowest management responsibility level in the WBS
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Cost Account (WBS)
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Grouping of work packages for monitoring progress and responsibility in the WBS (an extra step that facilitates a system for monitoring project progress)
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Work Package (WBS)
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Identifiable work activities in the WBS
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Project Management
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The application of tools and techniques, process, knowledge and skills to project activities to meet project requirements.
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The Major Goal of a Project
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Satisfy the customer's need.
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Characteristics of a Project
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- Established objective - Finite start and end date - Cross-organizational (involving several departments and professionals) - Something never done before (unique) - Specific time, cost, and performance requirements
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Strategic Management
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The process of assessing "what we are" and deciding and implementing "what we intend to be and how we are going to get there."
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The Aim of Portfolio Management
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Ensures that projects are aligned with strategic goals and prioritized appropriately. *Allows people to make better business decisions.
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Design of a Portfolio System
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- Classification of a project - Selection criteria depending on classification - Sources of proposals - Evaluating proposals - Managing the portfolio of projects
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Classification of a Project Consists of: (Portfolio System)
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Operational, compliance, and strategic projects.
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Selection Criteria Consists of: (Portfolio System)
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Financial criteria and non-financial criteria
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Two Non-financial Selection Models
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Checklist and multi-weighted scoring model
