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What involvement would senior managers typically have duriing the Initiation phase of a project?
A) Select and Initiate projects
B) Oversee the project and provide feedback
C) Build the team
D) Offer opportunities for staff development
A) Select and Initiate projects
(this multiple choice question has been scrambled)
Describe some qualitative factors that may influence senior managment in project selection
- 1. Stakeholder Bias
- 2. Organizational fit - Org's strategic intent
- 3. Risk Analysis - worth the risk
- 4. Scoring Models - weight scoring and prioritization Matrixes
What is benefit cost ratio (BCR)? What used for?
A ratio attempting to identify the relationship between the cost and benefits of a proposed project.
Benefit / Cost
What is Net Present Value (NPV)?
Determine the PV from each year to determin total benefit.
PV = FV/(1+i)^n
- n = number of years
- i = cost of capitol
Once a need has been expressed, what are the essential steps to follow?
- Determine objectives - what proj. is expected to accomplish
- Determine requirements - what customer needs to have happen
Name 5 elements that characterize well-developed objectives
- Agreed Upon
What is Project Charter?
Document that formally authorizes the existence of a project.
After needs/goals are identified what are next steps for project initiation?
Objectives then Requirements
Define difference between Functional vs Technical requirements.
- Functional (the whats) - What it is and what it does.
- ex. product features and capabilities
- Technical (the hows) - How the whats will be implemented.
- ex. Design specifics
What two documents does the PM need to bein the projects when moving from initiation to planning?
- 1) Project Charter
- 2) Project Requirements Document (PRD)
Name a few things a PRD provides
- Communication requirements
- Provide project objectives
- Identify requirements
- Basis for planning and designing the product (Cost/Time)
- Reduce amount of rework
What is a Project Team?
Anyone who works on the project
What is Core project team?
A small group of people with a combination of key or core skills critical to the project.
What is a work breakdown structure (WBS)?
WBS is a hierarchical chart that organizes and defines the total scope of the project.
Identify 3 key WBS terms.
- Work Package.
- Control Account.
- Planning Package.
What is work package?
- This is the lowest WBS level.
- Level where PM assigns and allocates resources and tracks progress
What is control account?
- WBS level where costs are accrued and monitored
- Level for managment reporting
What is Planning Package?
Undefined Work Package used for rolling wave planning.
What is PERT?
Weighted Avg estimate for task duration
(O +(4 x ML) + P) / 6
- O = optimistic estimate
- ML = Most likely estimate
- P = Pessimistic estimate
What are the key characteristics of the critical path?
- The Longest path
- Shortest time to complete project
- No float
Name 4 common scheduling tools
- 1. Network Diagram
- 2. GANNT Chart (duration between activities)
- 3. Project Calendar
- 4. Milestone Chart
What is Float?
Amount of time that an activity can be delayted without delaying the project finish date.
Three levels of estimates
- Order of Magnitude - Large range; Initial phase.
- Budgetary - mid range; planning phase.
- Definitive - small range; closing phase.
Name 4 resource planning tools
- Roles and responsibility Matrix
- Resource GANTT Chart
- Resource Loading Table
- Resource loading histogram or leveling (for visual presentation)
Identify Risk response strategies for Threats
Identify Risk response strategies for Opportunities
Risk Managment consists of 6 processes, identify:
- 1 Plan risk managment
- 2 Identify risk
- 3 Perform quatitiative risk analysis
- 4 Perform qualitative risk analysis
- 5 Plan risk response
- 6 Monitor and control risks
Identify 3 contract types
- Fixed Price - Set project cost that cannot be exceeded
- Cost-reimbursable (set fee + incidentals)
- Time and Materials - pay based on actual time and materal costs
- RFI - Request for Information
- RFP - Request for Proposal
- RFQ - Request for Quotation
What is a project baseline?
Includes the original plan, with any approved changes, in which the performance of the project will be judged.
- Usually consists of...
- Scope baseline (Scope statement, WBS)
- Cost Performance (Cumulative cost curve, proj. budget)
- Schedule (Network diagram, Gantt chart)
Two methods for assessing project performance
Monitoring and Evaluating
Define Planned Value
Cost of the scheduled work.
Define Earned Value
Cost of work completed based on PV $
Define Actual Cost
Actual cost spent on work completed
SV = EV-PV
+/- of estimated budget
CV = EV-AC
Actual +/- of budget
Schedule Performance Index
Cost Performance Index
CPI = EV/AC
- Determines value of every dollar spent
- ex. .50 means only get .50 cents out of every dollar spent
Estimation At Completion
EAC = BAC/CPI
How much at this date the project is projected to spend
Budget At Completon
BAC = Total Planned budget
Two ways to speed up schedules
- Crashing - Throw additional resources at the problem
- Fast-Tracking - overlapping projects that were before sequential
What steps needed to manage a change?
- Change request form
- Review by change control board
- approve or deny request
Project Team structures
- Mirror Image - Whole team per site
- Specialty - team members move site to site
- Directive - One leader - dictatorship
- Self Managed - Diffe leader at diff points in the project
Structure that lies between extremes of purely functional and purely projectized.
Regular company manager vs the project manager.
- The more authority the project manager has the stronger the matrix.
- The more authority the functional manager has the weaker the matrix.