project managment
week3
week3
-
- 1 / 45
-
Cartes-fiches
what does NPV mean?
Net Present Value
what does IRR mean?
Internal Rate of Return
what do option models adress?
Can the project be postponed? Will future informatiom help decide?
What is Project Portfolio Management?
Systematic process of selecting, supporting and managing the firm's collection of project
what are the keys of a successful project portfolio management?
-Flexible structure
-Low-Cost
-Time-paced
what is scope management?
1. conceptual development
2. scope statement
3. work authorization
4. Scope reporting
5. control systems
6. project closeout
what does SOW mean?
Project charter
What does succesfull conceptual development require?
-Reduction of overall project complexity
-goals and objects are clearly stated
-reference points are provided
-complete understanding of the problem
what are the components of a project charter (statement of work)?
Background/initial position
scope
objectives/aims
task or requirements
selection criteria
deliverables or delivery schedule
security
place of performance
period of performance
costs
approvals
what does WBS mean and where does it go in the project charter?
Work Breakdown Structure --> under scope
what does WBS accomplish?
echoes project objectives
offers a logical structure of the project work
establishes a method of control
communicates project status
improves communication
demonstrates control structure
What is a work package?
lowest level in WBS
One Owner
Miniature projects
trackable
What is the difference between Lump Sum (turnkey) and Cost plus (plus profit) in terms of contracts?
Lump sum --> clear result (e.g. finish app)
Cost plus --> project manager still responsible for delivery)
What are the 5 phases of M&A (Merger & Acquisition) projects?
1. Define M&A strategy
2. Identify target company
3. Conduct due diligence
4. Negotiate, sign and close deal
5. Intergrate operations of seller and buyer companies
what are the 6 things a WBS accomplisheso
1. Echoes project objectives
2. Offers a logical structure of the project work
3. Establishes a method of control
4. Communicates project status
5. Improves communication
6. Demonstrates control structure
Define a Work Package
lowest level in WBS, Deliverable result, miniature projects, milestones, fits organization, trackable
what are the steps to develop a WBS?
-List end project (only 1 box at this level)
-identify major deliverables
-Decompose deliverables in sub-deliverables & work packages
-Assign coding scheme
-assign responsibility for deliverables at the lowest level
What are the guidelines for developing a WBS?
-Deliverables should be expressed as nouns
-Each WBS element should be expressed a single tangible deliverable
-if a deliverable is broken down, it should contain at least 2 sub-deliverables
-WBS does not contain tasks
what does serial activities mean in context of project scheduling?
Serial activities are those that flow from one to the next
what does concurrent and parallel project paths mean?
When the work allows for more than one activity to be accomplished at the same time
what are merge activities?
several activities that are followed by the same next step
What are burst activities?
One activity with several next steps
what is the critical path?
The path through the network with the longest duration
what is a forward pass?
an additive move through the network from start to finish
what is a backward pass?
a substractive move through the network from finish to start
what is agile project management?
project managing that places a premium on flexibility and evolving customer requirements throughout the development process.
when does a waterfallmodel work best?
When the project is of short duration, resources with required expertise are available freely, technology is understood, product definition is stable, requirements are very well understood
what is the difference between cost management, cost accounting/control and estimation
Management --> encompasses data collection, cost accounting and cost control
accounting/control --> chief mechanism for identifying and maintaining control over project costs
cost estimation--> processes create a reasonable budget baseline for the project
what are the different cost classifications?
Direct vs indirect, recurring vs. nonrecrurring, fixed vs. variable, normal vs. expedited
what are the 4 steps of activity-based costing?
1. assign cost
2. identify cost drivers
3. compute a cost rate
4. multiply the cost driver rate times the volume of cost drivers untis used by the project
What is a function point an function point analysis?
function points --> standard unit of measure that represents the funcitonal size of software applications
function point analysis--> system of estimating the size of software projects based on what the software does
what are the 4 stages of project control cycles?
1. setting a goal, 2. measuring progress, 3. comparing actual with plannec, 4. taking action and recycling the process
what are milestones?
events or stages of the project that represent a significant accomplishment.
Milestones show completion, signal the team and suppliers, can motivate the team, offer reevaluation points
what are the 5 risk parameters in construction?
1. Deadlines 2. costs 3. contacts 4. quality 5. performance
what are the 4 stages in risk management process?
1. risk identification 2. risk classification and assesment 3. definition of measurements 4. risk monitoring and reporting
how can you classify risks?
with manitude in CHF (x) and probability in % (y)
what are 4 risk management approaches?
1. Risk avoidance 2. Risk reduction 3. Risk transfer 4. Acceptance of risk
