OSCM 303 Operations Management Project Management - Basic Concepts

These flashcards cover key concepts and definitions related to operations management and project management principles discussed in the lecture.

What defines a project?

A unique, one-time operation designed to accomplish a specific set of objectives within a limited time frame and budget.

What is the purpose of project management?

To plan, direct, and control resources to meet technical, cost, and time constraints of the project.

What are the key characteristics of projects?

Single entity of work, related activities, definite start and stop dates, complex tasks requiring specialized skills, and budget constraints.

What is a Statement of Work (SOW)?

A narrative description of all individual activities to be accomplished during the project.

What does a Work Breakdown Structure (WBS) represent?

A hierarchical chart showing the structure and organization of all activities and tasks to be completed during the project.

What is the importance of ethics in project management?

To avoid unethical practices like bid rigging, low-balling bids, and conflicts of interest that can jeopardize project integrity.

What is the difference between Level of Effort (LOE) and Period of Performance (POP)?

LOE refers to the time authorized for project tasks while POP refers to the due date for deliverables.

What are some common project management phases?

Planning, Scheduling, and Controlling.

What is the role of the project manager?

To oversee the project, ensuring it is completed on time, within budget, and meets specifications.

What is a Milestone Chart?

A visual tool that displays the timeline of a project with key events and deliverables.