The flashcards below were created by user
on FreezingBlue Flashcards.
There is no limit to what can be considered a project as long as it fits the following criteria:
- Resources & quality
- Stakeholder satisfaction
What are operations?
Operations are ongoing and repetitive. They don ’ t have a beginning date or an ending date,unless you ’ re starting a new operation or retiring an old one.
Project Management Offices that manage projects and programs.
Definition: Project Management
brings together a set of tools and techniques — performed by people — to describe, organize, and monitor the work of project activities.
Define: Project Managers
are the people responsible for applying these tools to the various project activities. Their primary purpose is to integrate all the components of the project and bring it to a successful conclusion.
Classic organizational structure. Staff is organized along departmental lines. Each department is managed independently with limited span of control. Organization type is hierarchical in nature with each staff member reporting to 1 supervisor, who reports to 1 supervisor on up the chain.
What is the key to successful projects in a functional organization?
Building a relationship with the functional managers and maintaining open communications
Disadvantages of a functional organization:
- Project managers have limited authority
- Multiple projects compete for the same limited resources.
- Resources are generally committed part time to projects instead of full time
- Issue resolution must follow the dept. chain of command
- Project team members are loyal to their dept manager.
Types of Matrix Organization
- Strong matrix
- Weak matrix
- Balanced matrix
What is a project?
A project brings about a unique product, service, or result and has definite beginning and ending dates.
What is the difference between a project and operations?
A project is a temporary endeavor to create a unique product or service. Operational work is ongoing and repetitive.
Name the three types of organizational structures.
The three types of organizational structures are functional, matrix, and project - based structures. Matrix organizations may be structured as a strong matrix, weak matrix, or balanced matrix organization.
define the role of a project manager
A project manager ’ s core function is project integration. A project manager leads the project team and oversees all the work required to complete the project goals to the satisfaction of the stakeholders.
identify the most common project selection methods
The most common project selection methods are benefit measurement methods such as cost - benefit analysis,scoring models, payback period, and economic models (which include discounted cashflows, NPV, and IRR), as well as expert judgment.
Understand what skills are needed to manage a project beyond technical knowledge of the product.
Key general management skills include leadership, communication, problem solving, negotiation, organization, and time management.
The strong matrix organization emphasizes project work over functional duties. The project manager has the majority of power in this type of organization.
The weak matrix organization emphasizes functional work over project work and operates more like a functional hierarchy. The functional mangers have the majority of power in this type of organization.
A balanced matrix organization shares equal emphasis between projects and functional work. Both the project manager and the functional manager share power in this type of structure.
Project Based Organization
the focus of the organization is projects,rather than functional work unit
Validating the project involves two steps:
preparing the business case and identifying and analyzing the project stakeholders.
Seven reasons for a project:
- Market demand
- Strategic opportunity/business need
- Customer request
- Technological advance
- Legal requirement
- Ecological Impact
- Social need
Microsoft Application Programming Interface
- Web-Based Enterprise Management
- A standard for interfacing between systems
What is a business case?
a written document or report that helps executive management and key stakeholders determine the benefits and rewards of the project. It documents the business need or justification for the project and will often include high - level details regarding estimated budgets and timelines for completing the project.
A feasibility study is a formal endeavor that is undertaken to determine whether there is a compelling reason to perform the proposed project.
Justification describes the benefits to the organization for undertaking the project. These benefits can include tangible and intangible benefits and should include the reasons for bringing about the project. Justification can be a section within the business case or an independent document.
Alignment to the strategic plan
Alignment to the strategic plan can also be included within the business case, and it should describe how the project and its outcomes will align to the organization ’ s overall strategic plan.
Stakeholders are anyone who has a vested interest in the project. Stakeholders can include individuals as well as organizations, and both the project sponsor and the project manager are considered stakeholders.
the executive in the organization who authorizes the project to begin and is someone who has the ability to assign funds and resources to the project.
Project Selection Methods
are used to determine which proposed projects should receive approval and move forward
A decision model uses a fixed set of criteria agreed on by the project selection committee to evaluate the project requests to determine which projects move forward with the limited resources of the company.
2 types of decision model?
- benefit measurement methods
- constrained-optimization models.
Four common benefit measurement methods
- cost - benefit analysis
- scoring model
- payback period
- economic model
Cost - benefit analysis
compares the cost to produce the product or service to the financial gain (or benefit) the organization stands to make as a result of executing the project.
has a predefined list of criteria against which each project is rated. Each criterion is given both a scoring range and a weighting factor. The weighting factor accounts for the difference in importance of the various criteria.
payback period is a cash fl ow technique that identifies the length of time it takes for the organization to recover all the costs of producing the project. It compares the initial investment to the expected cash inflows over the life of the project and determines how many time periods elapse before the project pays for itself.
economic model is a series of financial calculations, also known as cash flow techniques, which provide data on the overall financials of the project.