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110 Cards in this Set
- Front
- Back
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Organization |
A systematic arrangement of people brought together to accomplish a specific purpose. |
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Management |
The process of getting things done effectively and efficiently. |
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Authority |
Rights inherent in a person to give orders and expect them to be obeyed due to their position title. |
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Power |
An individual's capacity to influence decisions. |
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Effectiveness |
Doing the right things. Goal attainment. |
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Efficiency |
Doing the thing right. Minimize resource costs. |
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Project |
A temporary endeavor undertaken to create a unique product or service. |
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Project Management |
Application of knowledge, skills, tools, techniques to a broad range of activities in order to meet the requirements of a project itself. |
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Triple Constraint |
Scope, Time, Cost |
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Project Scope |
Part of project planning that involves determining and documenting a list of specific project goals, deliverables, features, functions, tasks, deadlines and costs. In other words, it is what needs to be achieved and the work that must be done to deliver on a project. |
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Four Stages in the Life Cycle of Projects |
Definition, Planning, Executing, Closure |
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S-Shaped Curve |
For conventional projects, such as building a house. These projects start slowly, develop momentum, finish slowly. |
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J-Shaped Curve |
Projects that start and develop slowly but finish rapidly. Developmental projects. |
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Waterfall Project Management Process |
For situations in which an organization repeats projects of the same type. Simple, clearly defined, processes performed in order. Low risk. |
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Iterative Project Management Process |
For more complex and less clearly defined projects. Repeat several times until it works (iterate). |
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Project Statement |
"What is the problem? Why is that a problem?" |
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Project Goal |
"What is the Purpose of the Project?" |
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Project Objectives |
"How do we break down the goal into specific, measurable and actionable components?" |
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Project Strategy |
"How are we going to solve the problem?" |
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Project Requirements |
"What are the detailed results being produced by the project?" |
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Success Criteria |
"What needs to happen for stakeholders to say this project was a success? What business value are we gaining from this project?" |
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Deliverables |
"What tangible items are we producing that prove that the scope is being fulfilled?" |
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Risks |
"What might happen that can affect the success of the project? How likely is it? What would the impact be?" |
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Assumptions |
"What don't we know yet and what do we assume to allow planning to move forward?" |
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Constraints |
Any limitation that places boundaries on a project. |
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Project Charter |
The document that officially announces and authorizes the existence of a project. Requires signature of sponsor, names the PM, contains project description and is sent to all managing stakeholders and team members. |
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Five Stages of Team Development |
Forming, Storming, Norming, Performing, Adjournment |
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Forming Stage of Development |
Stage of development in which group members are quiet, polite, impersonal, business like. High morale. |
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Storming Stage of Development |
Stage of development where there is conflict over control. Confrontational. Alienation. Low morale. |
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Norming Stage of Development |
Stage of development where procedures, team skills are established and developed. Morale is rebuilt. |
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Performing Stage of Development |
Stage of development where trust, flexibility and efficiency has been developed. High morale |
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Project Selection |
The process of evaluating projects and choosing to implement a set of them so that the objectives of the parent organization are achieved. |
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Project Selection Models |
Nonnumeric and Numeric |
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Nonnumeric Model |
Uses factors other than numbers for evaluation, such as senior management, mandates or regulatory necessities. Should have about 20 criteria. |
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Four Types of Nonnumeric Models |
Sacred Cow, Operating Necessity, Competitive Necessity, Comparative Benefit Model |
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Sacred Cow |
A pet project advocated by a senior and powerful official in the organization. |
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Operating Necessity |
The project is required to keep the system running |
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Competitive Necessity |
The project is necessary to sustain a competitive position. |
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Comparative Benefit Model |
Often used to select from a list of projects that are complex, difficult to assess and non-comparable. The one with the most benefit to the firm is selected. |
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Numeric Models |
Unweighted 0-1 Factor Method, Weighted Scoring |
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Unweighted 0-1 Factor Method |
Lists multiple criteria of interest to management. Selection committee checks off which criteria apply to each project. The projects that exceed a certain number of check marks may be selected for funding. |
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Project Portfolio Process |
A process of strategically selecting, monitoring and controlling the best set of projects for implementation. It identifies the projects that meet strategic needs, prioritizes them and reduces projects getting in via "Backdoor" |
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R&D Project |
The invention of knowledge of new materials and technologies that will be used in commercial development. High risk and high return. |
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Derivative Project |
Additions or augmentations to existing products or simple price reductions over time. Requires trivial effort and resources on both development and management. |
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Platform Project |
Next generation of products for a company. Involves major changes from existing products/services or the way the product/service is made or delivered. |
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Breakthrough Project |
Highest risk and highest reward. Involves newest technology greater than that of a platform product that may be disruptive to the rest of the industry and create an entirely new product category. |
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Project Manager |
Manages temporary, non-repetitive activities and frequently acts independently of the formal organization. Usually selected after the project is selected and must recruit qualified people for the project. |
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Project Notebook |
Contains versions of all documents and communications produced to support the project, including scope, project plan, budget, schedule, status reports, change orders, etc. |
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Virtual Project Teams |
Project team that is geographically dispersed, and communication is conducted via email, phone, video conferencing and through websites. |
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Leadership |
People who influence others to perform beyond the actions expected by formal position alone. |
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Managers |
Influence is limited to appointed authority of position. |
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Three types of Project Organization |
Pure Project, Functional, Matrix |
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Pure Project Organization |
Project is separated from the rest of the parent system and becomes a self-contained unit. |
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PM has full authority over the project. Lines of Communication are shortened Centralized Authority Unity of Command |
Advantages of Pure Project |
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Duplication effort needed (equipment and technical people). Inconsistency in carrying out policies and procedures. Project may take on life of its own. Concern for after a project ends. Expensive. |
Drawbacks of Pure Project |
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Functional Project Organization |
An organization in which similar and related occupational specialties are grouped together and the project is embedded in a functional group. |
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Maximum flexibility in the use of staff. Experts can be utilized by different projects. Specialists grouped to share knowledge. Base of technological continuity in case of turnover. Path for advancement for individuals who's expertise is in functional area. |
Advantages to Functional Project |
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Project can take a backseat to functional activities. Coordination across functions can be difficult. PM has little to no authority. May have several layers of management between project and client. Not seen as high priority by functional managers. |
Drawbacks of Functional Project |
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Matrix Project Organization |
Favored if the project is dependent on integration but the technical experts don't have to be available all of the time (combination of pure and functional organization). |
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Overlaid on the functional divisions and has access to technology in all areas. Strong focus on the project itself Contact with functional groups minimizes anxiety about what happens after the project. Ability to manage fundamental trade-offs across several projects. |
Advantages of a Matrix Project |
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Complexity of managing full set of projects. Conflict Violation of Unity of Command Principle |
Drawbacks of a Matrix Project |
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Technology is in-depth, project involves a large capital investment. |
Functional project is favored when... |
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Technology is reasonably complex and the project requires integration of functional areas |
Matrix project is favored when.... |
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Technology is complex or in-depth and significant integration is required. Project is lengthy. |
Pure project is favored when... |
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Project Management Office (PMO) |
Supports the organizations business strategy by supporting the organization's projects and project managers for improved success. Defined as an organizational structure that standardizes the project-related governance processes and facilitates the sharing of resources and techniques. |
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Project Plan |
"Roadmap to the project" and involves a detailed definition of all the work to be done, how much it will cost, who will do the work and when it will be completed. |
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Overview, Schedule, Resource Requirements, Personnel and Stakeholders, Risk Management, Evaluation Methods |
Project Plan Elements |
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Project Launch Meeting |
Meeting where the senior manager introduces project and PM, functional inputs are brainstormed and understood, and managers and SME's can be invited. Can be restricted to just brainstorming. Only requirement is that the project's scope is understood and that the functional managers understand their responsibilities. |
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Hierarchical Planning Process |
Traditional project management planning tools do NOT address the flow of information. The purpose of this is to write the project name, objectives and list all major activities needed to achieve objectives. |
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NOT |
The WBS does _____ separate project activities by level of importance. |
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Risks |
Uncertain or chance events that planning cannot overcome or control and can possibly lead to failure of the project. |
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Risk Management |
A proactive attempt to recognize and manage internal events and external threats that affect the likelihood of the project's success. |
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Planning, Identification, Risk Assessment, Response Planning, Monitoring and Control |
Risk Management Process includes... (four steps) |
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Risk Management Planning |
Defines how the team will carry out risk management activities. Initiated as soon as a project is identified. |
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Risk Identification |
Process of identifying risks through brainstorming, scenario analysis, problem definition and profiling. |
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Risk Assessment: FMEA |
List ways the project might fail, consequences, cause and likelihood, and ability to detect. Calculate risk priority number afteward and sort out potential failures. |
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Risk Assessment: Matrix |
Impact and Probability are outlined in different boxes for risks, with the higher risks going to the upper right. |
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Risk Assessment: Risk Profiling |
Outcomes stated as probabiltiy distributions and used to evaluate the desirability of certain conditions. Objective is to illustrate the risk of those outcomes. |
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Probability Distributions |
Estimates probabilities or distributions associated with key parameters. Develops analytic or simulation model. |
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Risk Assessment: Decision Trees |
A graphical tool used when a decision cannot be viewed as a single isolated occurrence, but rather as a sequence of several interrelated decisions. |
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Risk Response Planning |
Deciding on which risks to prepare for and which to ignore. A risk response plan includes contingency plans and logic charts detailing what to do in case of an emergency. |
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B |
Which of the following is NOT a characteristic of a project? A) They are unique B) They are routine C) They have a specific due date D) They have a specific deliverable E) They have a purpose |
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A |
Which of the following is NOT related to the three goals of a project? A) Data B) Schedule C) Cost D) Performance (Scope) |
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D |
Which of the following criteria can be included in scoring models for selecting projects? A) Potential profitability B) Potential impact on the firm's competitive position. C) The organization's ability to market the output of a product. D) All of the above |
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C |
Which of the following is not an important advantage of empowerment? A) High quality solutions B) Micromanagement avoided C) High degree of worker specialization D) Synergistic solutions |
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C |
The project manager needs ______ credibility A) Technical and Personal B) Administrative and Personal C) Technical and Administrative D) Technical and Financial |
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B |
The process of coordinating the work and timing of the different groups working on multidisciplinary teams is called ______ A) Procurement management B) Integration Management C) Vertical Management D) Matrix Management |
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A |
"Blue Sky" projects are _____ A) R&D B) Platform C) Breakthrough D) Derivative |
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D |
The desired outcomes or results of a project are called _______ A) Subgroups B) Work packages C) Subprojects D) Deliverables |
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A |
The drawback of the ______ model is that it fails to consider cash flows obtained once the initial investment has been recovered. A) Payback period B) Average rate of return C) Discounted cash flow D) Profitability index |
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Fails to consider cash flows obtained once the initial investment has been recovered |
One drawback of the payback period is.... |
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B |
The tendency for project deliverables to expand over time is called.... A) Scope erosion B) Scope creep C) Scope enhancement D) Project add-ons |
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E |
Which of the following is not true of multi-weighted scoring models? A) Will include quantitative criteria B) Will include qualitative criteria C) Each criterion is assigned a weight D) Projects with higher scores are considered more desirable E) All of the above |
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C |
Which of the following is not one of the characteristics of effective objectives? A) Realistic B) Assignable C) Flexible D) Specific |
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B |
Which of the following people has the greatest influence on how much authority a project manager will possess? A) The customer B) The project sponsor C) The project manager's line manager D) The project manager himself |
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C |
A project manager desires a WBS that goes through 6 levels of detail. Level 3 through 6 will most likely be prepared by: A) Project Sponsor B) Project Manager C) Subject Matter Experts D) Customer |
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A |
Identify the numeric model that does not account for the time value of money. A) Payback period B) Present Value C) Discounted Cash Flow D) Net Present Value |
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Scope, cost, schedule, risks |
List the four types of information that should be included in a work package. |
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Project Portfolio Process |
Choose between: Project Charter Design Structure Matrix RACi Matrix Project Portfolio Process Work Breakdown Structure The _____________ attempts to link the organization's projects directly to the goals and strategy of the organization. |
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Work Breakdown Structure |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure A _________ shows the set of all tasks in a project arranged by task level. |
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Work Breakdown Structure |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure The use of sticky-notes can be particularly useful for constructing a(n) ____________ |
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Work Breakdown Structure |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure Contains all task estimates. |
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Design Structure Matrix |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure Both the rows and the columns correspond to tasks. |
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Design Structure Matrix |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure Is used to limit active projects to a manageable level. |
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RACi Matrix |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure Is used to show information flow between tasks and potential rework situations. |
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Project Charter |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure Gives the business need for the project. |
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RACi Matrix |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure The _________ is a specialized view of the action plan that focuses on who has what responsibility for each project task. |
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Project Charter |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure The success of the project launch meeting is dependent on the existence of a ____________ |
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RACi Matri |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure The rows correspond to tasks and the columns correspond to resources. |
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Project Charter |
Choose between: Project Charter, Design Structure Matrix, RACi Matrix, Project Portfolio Process, Work Breakdown Structure A signed and approves document ensuring common understanding between the performing organization and the customer. |
