PM Final

ndifranco94's version from 2015-07-27 20:43


Question Answer
Projectcollection of linked activities, carried out in an organized manner, with a clear START and END to achieve some specific results for the organization
Project Managementdynamic process, utilizes resources of organization in controlled & structured manner to achieve clear objectives
Project Management is always conducted withindefined set of constraints
Three Project Objectives, Direct Project GoalsTime, Cost, Scope
Scoperequired deliverables
Costbudget limit
4 Ways to measure project successefficiency, impact on customer, business impact, opening new opportunities
Start of modern project managementManhattan Project
Major Characteristics of a ProjectImportance, Scope, Life cycle w/ finite due date, Interdependencies, Uniqueness, Resources, Conflict
Types of Project Selection ModelsNonnumeric and Numeric
Nonnumeric Project Selection ModelsSacred Cow, Operating Necessity, Competitive Necessity, Product Line Extension, Comparative Benefit
Sacred Cowproject, often suggested by top management, that has taken on a life of its own
Operating Necessityrequired to protect lives or property to keep company in operation
Competitive Necessityrequired to maintain position in the marketplace
Product Line Extensionevaluated on how well new product meshes w/ existing product line rather than overall benefits
Comparative Benefitproject subjectively ranked based on perceived benefit
Numeric Project Selection Model CategoriesProfitability and Scoring
Project Portfolio Processlinks projects directly to the goals and strategy of the organization, used to monitor and control projects
Purpose of project portfolio processIdentify, prioritize, limit number, identify options, identify fit, identify co-dependent projects, eliminate risk, balance resources + needs, balance returns, keep from overloading organization
Functional Managementdept heads are functional specialists w/ technical skills, decide who performs task and how, exercise great deal of control over every aspect of work in their area
Ex. of fxnal mangagementVP of marketing oversees --> agency director, sales, marketing research
Project Management qualitiesgeneralists, don't have all technical skills, rarely decide who does what or evaluate work, exercise little control over most aspects of work on project
Special demands on PMacquiring resources, acquiring/motivating personnel, dealing w/ obstacles, making goal trade offs, maintaining balanced outlook, communication, negotiation
Skills of PMperspective, positive outlook, flexibility, integrity, negotiating, listening, self-motivated
Project formation involves a lot ofconflict centers around confusion, conflicting goals, unclear policies, unclear authority, not established objectives, CONFLICT CANT BE AVOIDED, may be good
How to handle project formation conflictset technical objectives, get commitment, set priority, develop organizational structure
Project Charterwritten agremeent that outlines project specifics, contains deliverables and resource commitments
How to change project charterBOTH SIDES AGREE TO CHANGE
How are projects different from day to dat operations?uniqueness, not standardized and similar like day to day
How does project get selected for execution?numeric or nonnumeric models detetermine impact on customer and organization
Functional project organizationmake project part of a functional division OR assign work to all division with top management overseeing effort
Projectized organizationPresident oversees projects and teams
Matrixed organizationcombination of standalone projectized and functional structures
Weak matrixprojects have only one full-time person (PM), fxnal depts devote capacity to the project
Composite Structuregood for product development
Project Charter ElementsPurpose, Objectives, Overview, Schedules, Resources, Personnel, Risk Management Plans, Evaluation Methods
WBSwhat, when (start/end), who
Considerations of WBSsequential/simultaneous events, uncertainty and risk associated with everything
Hierarchical Planningmajor tasks listed, broken down into detail, shows dependencies
Example of a WBS
Parts to Risk Managementplanning, identification, qualititative analysis, quantitivative analysis, response planning, monitoring and control, risk management register
Risk Management Planningneed to know risk before selecting project, FIRST: focus on externalities
Risk Identificationrisk is dependent on technology, environment, Delphi method useful for identifying risks, Brainstorming, Checklists, SWOT, etc...
Delphi methodpanel of experts assesses risks
Budgetingplan for costs of resources, implies CONSTRAINTS, control mechanism
3 Types of BudgetTop-Down, Bottom-Up, Negotiated
Top-Down Budgettop managers estimate/decide on overall budget for project, trickles down, gaining detail until it reaches the bottom
Advantages of Top-Down Budgetaccurate control of overall budget, small tasks don't need individual identification
Disadvantages of Top-Down Budgetmore difficult to get buy in, low level competition for share of budget
Bottom-Up BudgetBreak down project into work packages, low level managers price out packages, overheads and profits added
Advantages of Bottom-Up Budgetgreater buy in by low level managers, more likely to catch unusual expenses
Disadvantages of Bottom-Up BudgetPeople overstate their requirements, Management tends to cut the budget
How make good budget estimates?Eliminate systematic errors and biases in budget estimation
Scheduleconversion of project action plan into operating timetable
Basis for PM monitoringschedule
Where does most scheduling happen?At the WBS level
Activityspecific tasks/set of tasks required by project, use up resources, take time to complete
Eventresult of completing one or more activities (MILESTONE)
Networkcombination of all activities and events that define a project
Pathseries of connected activities
Criticalactivity, event, of path that will delay project completion if delayed
Critical Pathpath through which, if any activity is delayed, the project is delayed
Sequential Activitiesone occurs before other
Parallel Activitiescan take place at same time
Activity on NodeNodes = events, Arrows = precendence
How to build each nodeTop = early start/finish; Bottom = late start/finish;
Slackdifference between LATE START AND EARLY START
Slack for CPZERO
Crashing a projectdecrease time, increase cost; often introduces unexpected problems
Resource Loadingdescribes amount of resources an existing schedule requires
Resource Levelingless hands-on management required, use just-in-time inventory, improves morale, SHIFT ACTIVITIES WITH SLACK TO SHIFT RESOURCE USAGE
Resource Utilizationpercentage of resource that is actually used, want schedule that smoothes out dips and peaks
In-Process Inventoryamount of work waiting to be processed b/c there is a shortage of some resource, SIMILAR TO WORK IN PROGRESS, holding cost incurred
Monitoringcollecting, recording, and reporting information concerning any and all aspects of project performance
Controllinguse data from monitoring to bring actual performance into compliance
Evaluationjudgments regarding quality and effectiveness of project performance
Three things we want to monitorTime, Cost, Scope
Planning-Monitoring-Controlling Cycle is aClosed-loop system- revise plans and schedules following corrective actions
Monitoring considerationsdon't avoid hard to get data, don't collect too much data, design proper reporting system
Reporting Processmust be relevant, issued frequently, available in time for control, distributed to parties with interest
Routine reportsissued on regular basis or each time a project reaches a milestone
Exception reportsgenerated when unusual condition occurs or for information regarding unusual decision
Special Analysis reportsresult from studies looking into unexpected problems
Earned Value Analysismonitors performance of ENTIRE project
50/50 Rule50% of project completion is awarded for starting, other 50% is awarded for completing
0-100 percent Ruleno credit for work is given UNTIL FINISHED
Critical input use ruleassign progress according to how much critical input is used. Ex. building a house: amt of concrete poured
Proportionality ruledivide actual time by scheduled time (or actual cost/total cost)
Issues w/ Scopetechnical problems, quality problems, client wants changes, interfunctional complications, technological breakthroughs, conflict, market changes
Issues w/ Costneed more resources, scope increeases, initial bid was low, reporting was poor, inadequate budget, correction not on time, input price changed
Issues w/ Timetakes longer to solve difficulties, initial estimates were optimistic, sequencing was incorrect, unavailable resources, preceding tasks were incomplete, change orders, govt regulations were altered
Fundamental Purposes of Controlregulation of results through activities, allocation of organizational assets
Cybernetic Controlnegative feedback loop
Go/No-Go Controlset condition must be met in order to move forward
Post Controlfix problems after they happen to prevent them in the future
Phase-Gated Processescontrol project at various points in life cycle, usually for new product developmwent, project must pass through gate to continue funding
Control change and scope creepCOPING W/ CHANGE = MOST IMPORTANT PROBLEM FOR PM, technology, knowledge base, rules changes
Purpose of formal change control systemreview changes, identify task impacts, translate impacts into scope, cost, and time, evaluate benefits and costs
How to implement Effective Change Control Procedureinclude change process in all agreemnts, issue change order for all approved changes, PM must be consulted, changes in writing, master plan must be amended
Goal of controlget project back on track
When is control necessaryproblem identified by monitoring
How is control exercisedthrough people
Project Auditformal review of any aspect of a project, focuses on whatever senior management desires, appraises project and performance vs standard
Goals of evaluationefficiency in meeting budget and schedule, customer satisfaction, business success, future potential
Timing of the Auditseveral times during, one after
Things to do when terminatingcomplete tasks, notify client, finish paperwork, redistribute resources, determine what records to keep, close books
Program managermay oversee multiple projects, PM reports to them
Project Management Office (PMO)deals with managerial and administrative issues with a project, looks for ways to increase effciency

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