project management
Flashcard 1
Q: What are the key elements of project management?
A: Time, Team, Goal, Change.
Flashcard 2
Q: What is project management?
A: The application of knowledge, skills, tools, and techniques to meet stakeholder requirements.
Flashcard 3
Q: What are the stages of the project life cycle?
A: 1) Initiation, 2) Definition, 3) Planning, 4) Execution & Control, 5) Closure.
Flashcard 4
Q: What questions does the Project Plan answer?
A: What is to be done (WBS), who is responsible (Responsibility Matrix), required resources (Resource Analysis), and timing/order of tasks (Project Scheduling).
Flashcard 5
Q: Define Work Breakdown Structure (WBS).
A: A deliverable-oriented breakdown of project tasks into manageable components for scheduling, costing, and organizing activities.
Flashcard 6
Q: What are the four main approaches to create a WBS?
A: Top-Down, Bottom-Up, Mind-Mapping, Analogy.
Flashcard 7
Q: What is a Responsibility Matrix (RACI)?
A: A matrix that clarifies roles: Responsible (R), Accountable (A), Consulted (C), and Informed (I) for tasks.
Flashcard 8
Q: What is Critical Path Analysis used for?
A: Identifying the sequence of tasks that determine the shortest project duration and must be completed on time to avoid delays.
Flashcard 9
Q: Name three indicators to measure project success.
A: Net Present Value (NPV), Internal Rate of Return (IRR), Pay-back period.
Flashcard 10
Q: How does "phased planning" help with uncertainty?
A: Detailed plans are created for each phase as the previous phase completes, allowing adjustments based on new insights.
Flashcard 11
Q: What’s the goal of Earned Value Analysis (EVA)?
A: To measure project performance by comparing planned progress and costs with actual results.
Flashcard 12
Q: Define primary and secondary stakeholders.
A: Primary stakeholders have a contractual/legal obligation; secondary stakeholders are affected but have no formal relationship.
Flashcard 13
Q: What is the purpose of a communication plan in project management?
A: To ensure timely and relevant information sharing tailored to different stakeholder needs.
Flashcard 14
Q: Describe the concept of "project complexity and uncertainty."
A: Complexity involves clear, interconnected tasks, while uncertainty involves unclear paths and potentially changing end goals.
Flashcard 15
Q: Why is resource analysis critical in the planning stage?
A: It helps define and allocate the necessary resources and budget for each task, ensuring efficient project management.
Flashcard 16
Q: What is the purpose of the Initiation Stage in a project?
A: To recognize the need, select, and justify the project, laying its foundation and linking it to company objectives.
Flashcard 17
Q: What is "scope" in project management?
A: The defined boundaries and deliverables of a project, detailing what will and won’t be included in the project work.
Flashcard 18
Q: What is the difference between "crashing" and "fast-tracking" in project scheduling?
A: Crashing adds resources to shorten task duration; fast-tracking overlaps tasks to expedite the schedule.
Flashcard 19
Q: Describe the role of milestones in project planning.
A: Milestones are major events or achievements that signify key points within the project timeline and progress.
Flashcard 20
Q: What are the main types of task dependencies in activity sequencing?
A: Logical (natural order), External (reliant on external factors), and Discretionary (preferred by the team).
Flashcard 21
Q: What are two key methods to estimate project duration?
A: 1) Historical data and analogous projects, and 2) probabilistic estimates like optimistic, pessimistic, and most likely time frames.
Flashcard 22
Q: Define "resource leveling."
A: A technique used to balance resource allocation by adjusting start and finish dates based on resource constraints.
Flashcard 23
Q: Why is "stakeholder buy-in" important?
A: It encourages support and involvement from stakeholders, making it more likely that the project will meet their expectations and succeed.
Flashcard 24
Q: What are the two main categories of project costs?
A: 1) Production costs (e.g., direct labor) and 2) Administrative costs (e.g., office space, utilities).
Flashcard 25
Q: How does the "Top-Down" approach to WBS differ from "Bottom-Up"?
A: Top-Down starts with final deliverables and breaks them down; Bottom-Up starts with detailed tasks and builds up.
Flashcard 26
Q: What is the "8/80 Rule" in WBS design?
A: Tasks in a WBS should take a minimum of 8 hours and a maximum of 80 hours to complete, ensuring manageable work packages.
Flashcard 27
Q: What is the difference between monitoring and controlling in project execution?
A: Monitoring is tracking progress, while controlling involves taking corrective actions to stay aligned with the project plan.
Flashcard 28
Q: Why is flexibility essential in project planning?
A: Because projects involve uncertainty, flexibility allows adjustments to keep the project aligned with goals despite changes.
Flashcard 29
Q: What is a "Management Reserve" in project budgeting?
A: A portion of the budget set aside to cover unforeseen expenses, helping manage unexpected project costs.
Flashcard 30
Q: Explain the concept of "Managing by Exception."
A: Focusing attention and resources on addressing critical issues or variances rather than routine tasks.