Project Management Final Exam Review – Flashcards
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What is a project?
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A project is "a temporary endeavor undertaken to create a unique product, service, or result" Operations is work done to sustain the business Projects end when their objectives have been reached or the project has been terminated Projects can be large or small and take a short or long time to complete
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Project Attributes
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Has a unique purpose Is temporary Is developed using progressive elaboration Requires resources, often from various areas Should have a primary customer or sponsor The project sponsor usually provides the direction and funding for the project Involves uncertainty
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Project and Program Managers
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Project managers work with project sponsors, the project team, and other people involved in a project to meet project goals Program: group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually Program managers oversee programs; often act as bosses for project managers
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The Triple Constraint of Project Management
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Successful project management means meeting all three goals (scope, time, and cost) - and satisfying the project's sponsor!
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What is Project Management?
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Project management is "the application of knowledge, skills, tools and techniques to project activities to meet project requirements" ] Project managers strive to meet the triple constraint by balancing project scope, time, and cost goals
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10 Knowledge Areas
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Scope Time Cost Quality Integration HR Communications Risk Procurement Stakeholder
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Project Stakeholders
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Stakeholders are the people involved in or affected by project activities The stakeholders needs and expectations are important throughout the project! Stakeholders include: The project sponsor The project manager The project team Support staff Customers Users Suppliers Opponents!!!
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Project Management Tools and Techniques
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Project management tools and techniques assist project managers and their teams in various aspects of project management Some specific ones include: Project charter, scope statement, and WBS (scope) Gantt charts, network diagrams, critical path analysis, critical chain scheduling (time) Cost estimates and earned value management (cost)
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Project Portfolio Management
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As part of project portfolio management, organizations group and manage projects and programs as a portfolio of investments that contribute to the entire enterprise's success Portfolio managers help their organizations make wise investment decisions by helping to select and analyze projects from a strategic perspective
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Project Charters
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After deciding what project to work on, it is important to let the rest of the organization know A project charter is a document that formally recognizes the existence of a project and provides direction on the project's objectives and management Key project stakeholders should sign a project charter to acknowledge agreement on the need and intent of the project; a signed charter is a key output of project integration management
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Organizational Structures
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3 basic organization structures: Functional: functional managers report to the CEO Project: program managers report to the CEO Matrix: middle ground between functional and project structures; personnel often report to two or more bosses; structure can be weak, balanced, or strong matrix
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Importance of Leadership Skills
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Effective project managers provide leadership by example A leader focuses on long-term goals and big-picture objectives while inspiring people to reach those goals A manager deals with the day-to-day details of meeting specific goals Project managers often take on the role of both leader and manager
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Project Overview
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A project is a temporary endeavor undertaken to create a unique product, service, or result Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements A program is a group of related projects managed in a coordinated way Project portfolio management involves organizing and managing projects and programs as a portfolio of investments Project managers play a key role in helping projects and organizations succeed The project management profession continues to grow and mature
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Creating the Work Breakdown Structure (WBS)
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A WBS is a deliverable-oriented grouping of the work involved in a project that defines the total scope of the project WBS is a foundation document that provides the basis for planning and managing project schedules, costs, resources, and changes Decomposition is subdividing project deliverables into smaller pieces A work package is a task at the lowest level of the WBS
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Approaches to Developing WBSs
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Using guidelines: some organizations, like the DOD, provide guidelines for preparing WBSs The analogy approach: review WBSs of similar projects and tailor to your project The top-down approach: start with the largest items of the project and break them down The bottom-up approach: start with the specific tasks and roll them up Mind-mapping approach: mind mapping is a technique that uses branches radiating out from a core idea to structure thoughts and ideas
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Project Time Management Processes
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Defining activities: identifying the specific activities that the project team members and stakeholders must perform to produce the project deliverables Sequencing activities: identifying and documenting the relationships between project activities Estimating activity resources: estimating how many resources a project team should use to perform project activities Estimating activity durations: estimating the number of work periods that are needed to complete individual activities Developing the schedule: analyzing activity sequences, activity resource estimates, and activity duration estimates to create the project schedule Controlling the schedule: controlling and managing changes to the project schedule
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What is Project Scope Management?
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Scope refers to all the work involved in creating the products of the project and the processes used to create them A deliverable is a product produced as part of a project, such as hardware or software, planning documents, or meeting minutes Project scope management includes the processes involved in defining and controlling what is or is not included in a project ***Of the Constraints, Scope is the most difficult to describe, agree upon, and meet.***
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Scope Aspects of IT Projects
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Functionality is the degree to which a system performs its intended function Features are the system's special characteristics that appeal to users System outputs are the screens and reports the system generates Performance addresses how well a product or service performs the customer's intended use Reliability is the ability of a product or service to perform as expected under normal conditions Maintainability addresses the ease of performing maintenance on a product
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Three types of Dependencies
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Mandatory dependencies: inherent in the nature of the work being performed on a project, sometimes referred to as hard logic Discretionary dependencies: defined by the project team; sometimes referred to as soft logic and should be used with care since they may limit later scheduling options External dependencies: involve relationships between project and non-project activities
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Critical Path Method (CPM)
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CPM is a network diagramming technique used to predict total project duration A critical path for a project is the series of activities that determines the earliest time by which the project can be completed The critical path is the longest path through the network diagram and has the least amount of slack or float Slack or float is the amount of time an activity may be delayed without delaying a succeeding activity or the project finish date
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Earned Value Management (EVM)
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EVM is a project performance measurement technique that integrates scope, time, and cost data Given a baseline (original plan plus approved changes), you can determine how well the project is meeting its goals You must enter actual information periodically to use EVM More and more organizations around the world are using EVM to help control project costs
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Rate of Performance
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Rate of performance (RP) is the ratio of actual work completed to the percentage of work planned to have been completed at any given time during the life of the project or activity Brenda Taylor, Senior Project Manager in South Africa, suggests this term and approach for estimating earned value For example, suppose the server installation was halfway completed by the end of week 1: the rate of performance would be 50% because by the end of week 1, the planned schedule reflects that the task should be 100 percent complete and only 50 percent of that work has been completed
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Five Cost Categories Related to Quality
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Prevention cost: cost of planning and executing a project so it is error-free or within an acceptable error range Appraisal cost: cost of evaluating processes and their outputs to ensure quality Internal failure cost: cost incurred to correct an identified defect before the customer receives the product External failure cost: cost that relates to all errors not detected and corrected before delivery to the customer Measurement and test equipment costs: capital cost of equipment used to perform prevention and appraisal activities
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How Is Six Sigma Quality Control Unique?
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It requires an organization-wide commitment Training follows the "Belt" system Six Sigma organizations have the ability and willingness to adopt contrary objectives, such as reducing errors and getting things done faster It is an operating philosophy that is customer focused and strives to drive out waste, raise levels of quality, and improve financial performance at breakthrough levels
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Maslow's Hierarchy of Needs
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Abraham Maslow argued that humans possess unique qualities that enable them to make independent choices, thus giving them control of their destiny Maslow developed a hierarchy of needs which states that people's behaviors are guided or motivated by a sequence of needs. Each level of the hierarchy of needs is a prerequisite for the levels above.
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Running Effective Meetings
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Determine if a meeting can be avoided Define the purpose and intended outcome of the meeting Determine who should attend the meeting Provide an agenda to participants before the meeting Prepare handouts and visual aids, and make logistical arrangements ahead of time Run the meeting professionally Build relationships
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The Importance of Project Risk Management
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Project risk management is the art and science of identifying, analyzing, and responding to risk throughout the life of a project and in the best interests of meeting project objectives Risk management is often overlooked in projects, but it can help improve project success by helping select good projects, determining project scope, and developing realistic estimates
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Brainstorming
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Brainstorming is a technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment An experienced facilitator should run the brainstorming session Be careful not to overuse or misuse brainstorming Psychology literature shows that individuals produce a greater number of ideas working alone than they do through brainstorming in small, face-to-face groups Group effects often inhibit idea generation
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Topics Addressed in a Risk Management Plan
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Methodology Roles and responsibilities Budget and schedule Risk categories Risk probability and impact Risk documentation
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Project Risk Management Processes
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Planning risk management: deciding how to approach and plan the risk management activities for the project Identifying risks: determining which risks are likely to affect a project and documenting the characteristics of each Performing qualitative risk analysis: prioritizing risks based on their probability and impact of occurrence
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Project Risk Management Processes (continued)
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Performing quantitative risk analysis: numerically estimating the effects of risks on project objectives Planning risk responses: taking steps to enhance opportunities and reduce threats to meeting project objectives Monitoring and controlling risks: monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project
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Project Procurement Management Processes
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Project procurement management: acquiring goods and services for a project from outside the performing organization Processes include: -Planning procurements: determining what to procure, when, and how -Conducting procurements: obtaining seller responses, selecting sellers, and awarding contracts -Administering procurements: managing relationships with sellers, monitoring contract performance, and making changes as needed -Closing procurements: completing and settling each contract, including resolving of any open items
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Types of Contracts
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Different types of contracts can be used in different situations: -Fixed price or lump sum contracts: involve a fixed total price for a well-defined product or service -Cost reimbursable contracts: involve payment to the seller for direct and indirect costs -Time and material contracts: hybrid of both fixed price and cost reimbursable contracts, often used by consultants -Unit price contracts: require the buyer to pay the seller a predetermined amount per unit of service A single contract can actually include all four of these categories if it makes sense for that particular procurement
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Contract Statement of Work (SOW)
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A statement of work is a description of the work required for the procurement If a SOW is used as part of a contract to describe only the work required for that particular contract, it is called a contract statement of work A SOW is a type of scope statement A good SOW gives bidders a better understanding of the buyer's expectations
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Project Archives
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It is also important to organize and prepare project archives Project archives are a complete set of organized project records that provide an accurate history of the project These archives can provide valuable information for future projects as well
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Lessons-Learned Reports
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The project manager and project team members should each prepare a lessons-learned report -A reflective statement that documents important things an individual learned from working on the project The project manager often combines information from all of the lessons-learned reports into a project summary report
