BUS 5027 - Chapter 19 Flashcards

Quiz #2 Prep - Chapter 19 flashcards

What is project management?

The application of knowledge, skills, tools, and techniques to meet project requirements.

What is a project?

A temporary activity undertaken to create a unique product or service.

Who is a project manager?

An expert who defines, develops, and tracks the project plan to ensure it is completed on time and on budget.

What is a deliverable?

A measurable, tangible outcome or item produced during a project.

Q: What is a project milestone?

A key date when a specific group of activities must be completed.

What is a PMO (Project Management Office)?

A department that oversees all organizational projects.

Who is a project stakeholder?

Anyone involved in the project or affected by its execution or completion.

Who is the executive sponsor?

The person or group providing financial resources for the project.

What are the top reasons projects fail?

Unclear requirements, skipping SDLC phases, failure to manage scope, failure to manage the plan, and changing technology.

What is scope creep?

Uncontrolled changes or continuous growth in a project’s scope.

What is feature creep?

When too many new features are added to a project.

Why are SDLC errors costly when found late?

Because fixing them becomes more expensive the later they are discovered.

Q: How much global MIS project investment is lost to failure?

70%

What are consequences of failed projects?

Damaged brand, lost goodwill, dissolved partnerships, lost investment opportunities, and low morale.

What does PMI focus on?

Ethics, standards (body of knowledge), and professional accreditation.

What is the triple constraint?

The balance between time, cost, and scope in project management.

What are SMART criteria used for?

Creating understandable and measurable project objectives.

What does SMART stand for?

Specific, Measurable, Attainable, Realistic, Timely.

What is a project plan?

A formal document that manages and controls project execution.

What makes a good project plan?

Easy to read, well-communicated, appropriate in size/complexity, and team-developed.

What are the two primary project planning diagrams?

PERT chart and Gantt chart.

What is a PERT chart?

A chart showing task dependencies and identifying the critical path.

What is a critical path?

The longest sequence of tasks that determines project duration.

What is a Gantt chart?

A bar chart showing project tasks, durations, and timelines.

What is in-sourcing?

Using internal staff to develop and maintain IT systems.

What is outsourcing?

When one organization provides services for another organization.

What factors drive outsourcing growth?

Core competencies, financial savings, rapid growth, the Internet, and globalization.

What are the three types of outsourcing?

Onshore, nearshore, and offshore.

What is the main selling point of offshore outsourcing?

“Inexpensive good work.”

What are outsourcing benefits?

Increased quality, reduced costs, access to expertise, and greater flexibility.

What are outsourcing challenges?

Long contracts, difficulty ending contracts, unpredictable future needs, rebuilding IT internally, loss of advantage, and confidentiality risk.