Team and Project Exam 1 UIowa

What is a project?

Temporary endeavor undertaken to create a unique product, service, or result.

What is a program?

Group of related projects designed to accomplish a common goal

project life cycle

A collection of project phases, such as concept, development, implementation, and close-out

What types of criteria can be used to assess the value of projects?

Project sponsors, resource conflicts, organizational politics, implementation gap

What is a project sponsor?

Typically a high-ranking manager who champions and supports a project.

NPV

management minimum desired rate of return

Payback

The time it takes to pay back the project investment (investment/net annual savings). The method does not consider the time value of money or the life of the investment.

Multi-Weighted Scoring Model

Uses several weighted qualitative and/or quantitative selection criteria to evaluate project proposals.

Allows for comparison of projects with other potential projects

Checklist Model

Uses a list of questions to review potential projects and to determine their acceptance or rejection.

Fails to answer the relative importance or value of a potential project and doesn't to allow for comparison with other potential projects.

· What factors are considered when creating a selection model?

Strategic Goals

What are the types of project management structures?

Functional Organization

Dedicated Project Team

Matrix Management

Functional advantages

no change, flexibility, in depth expertise, easy post project transition

Functional Disadvantages

lack of focus, poor integration. Slow, lack of ownership

Project Team Advantages

simple, fast, cohesive, cross functional integration

Project Team Disadvantages

expensive, internal strife, limited technology expertise, difficult post project transition

Matrix Advantages

efficient, strong project focus, easier post project transition, flexible

Matrix Disadvantages

dysfunctional conflict, infighting, slow, stressful

What is the purpose of a project charter?

A document that authorizes the project manager to initiate and lead a project.

What are the key elements of a project scope statement?

1- project objective

2- milestones

3- deliverables

4- project scope description

5- justification

Why is a project scope statement critical to project success?

common end goal

What is a Work Breakdown Structure (WBS)?

-Hierarchical outline of the project

-Identifies products and work elements

-Framework for tracking cost and performance

Why is a WBS important to successful project management?

-Assures all work elements are identified

-Facilitates evaluation of cost, time, performance

-Helps PMs plan, schedule, and budget

What is a responsibility matrix? Why is a responsibility matrix used?

-Linear responsibility chart

-Summarizes tasks to be accomplished and who is responsible for what on the project

What is estimating?

Process of forecasting or approximating the time and cost of completing project deliverables

· Why is it important to estimate time and cost?

To support good decisions

To schedule work

To determine length and cost of project

To decide whether to greenlight a project

To develop cash flow needs

To assess project progress

What does each element of the AON represent?

Arrow - dependencies among activities - sequence

Box - node - activities

Letter in box - identify the activity

· What are burst, merge, parallel, predecessor, and successor activities in an AON?

Burst - one activity to two simultaneously

Merge- three activities or two then turns into one

Parallel - allow concurrent effort which may shorten time, completing one and going to the next

Predecessor - before activity

Successor - after activity

What is the critical path?

The longest activity path(s) through the network. The critical path can be distinguished by identifying the collection of activities that all have the same minimum slack.

What is the purpose of a project network?

Graphic flow chart depicting project activities that must be completed, the logical sequences, the interdependencies of the activities to be completed, and the times for activities to start and finish along with the longest paths through the network - the critical path.

What is the purpose of a change management system?

A defined process for authorizing and documenting changes in the scope of a project

1- Identify proposed changes

2- List expected effects of proposed changes

3- Review, evaluate, approve

4- Negotiate and resolve conflicts

5- Communicate changes

6- Assign responsibility

What is a contingency plan? How does it differ from a risk response?

A plan that covers possible identified project risks that may materialize over the life of the project.

-a response is part of the implementation plan and action is taken before the risk can materialize, while a contingency plan is not part of the initial implementation plan and only goes into effect after the risk is recognized

What are the five responses to risk?

mitigating, transferring, avoiding, escalating, retaining

What is an opportunity?

An event that can have a positive impact on project objectives

What is a risk?

An uncertain event or condition, that if it occurs, has a positive or negative effect on project objectives

How are risks evaluated?

likely hood and severity, controllability

What is a risk value? Be able to calculate a simple risk value.

estimate of the cost of a risk that is calculated by multiplying probability by impact - Risk value = Impact x Probabilty x Detection

What information is included in a Risk Response Matrix?

the planned response, the risk event, trigger, contingency plan, who is responsible