PM
ZHAW. International Management. Project Management.
ZHAW. International Management. Project Management.
Set of flashcards Details
| Flashcards | 44 |
|---|---|
| Language | English |
| Category | Micro-Economics |
| Level | University |
| Created / Updated | 28.12.2015 / 16.06.2025 |
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What is essential by creating effective project teams?
-clear sense of mission
-cohesiveness (Zusammenhalt)
-trust
-enthusiasm
-goal oriented
Reasons why teams fail?
-unclear goals
-poorly defined team roles
-lack of motivation
-poor communication
-poor leadership
What types of project costs exist?
-top-down
-bottom-up
-ABC (activity based costing)
Why are budget contingencies important?
-project scope may change
-Murphy's Law
-normal conditions not possible
What are the 4 key steps in the control cycle?
1. Setting a goal
2. measuring progress
3. comparing actual with planned
4. taking action & recycling
What are human factors in project evaluation & control?
-optimistic reports
-level of detail
-non-technical performance measurement
Definition of project risk?
Any possible event that can negatively affect the practicabiity of a project.
(Probability of event) (consequences of event)
Hence, risk management is the art to identify & analyze ro risk factors.
Name the 4 stages of risk management?
1. risk identification
2. analysis of probability & consequences
3. risk mitigation (Linderung) strategies
4. control & documentation
What are the 4 approaches of risk identification?
-brainstorming
-expert opinion
-past history
-team assessments
Name 5 causes of project risks?
-politics
-naive optimism of youth
-marine corps mentality (no left/no right)
-competition bcse of new technologies
-unplanned crises
Name 4 risk mitigation strategies?
-accept
-minimize
-share (partnership)
-transfer (assurance)
-contingency
-mentoring
What's PRAM and what are the key features?
"Project Risk Analysis & Management"
-follows over the life cycle
-risk management strategy changes over the life cycle
What are the 4 main forms of a project termination?
-extinction (project is stopped; either successfull or not)
-addition (pm team = new operating group)
-integration (team back to normal organisation)
-starvation (politics, budget)
Why are closeouts difficult?
-sign off can be a de-motivator
-low priority activities
-unique view (not considering to transfer the learned issues)
-shortcuts on back-end
What are key reasons for an early termination?
-costs exceed business benefits
-not meeting the strategic criteria
-deadlines continued to be missed
-technological changes
Definition of project?
Unique venture, with a beginning and an end, conducted by people, to meet goals, within the parameters (cost, schedule, quality)
What are the elements/characteristics of a project?
-complex
-limited
-clear goal
-customer focused
Why are projects important/key motivators?
-shortened product life cycle
-increasing complexity
-global markets etc.
What are the 4 key elements of the success of a project?
-budget
-schedule
-performance
-client acceptance
Why is PM such a challenge?
-operate outside of the normal business
-different mind-set needed
-ad-hoc
-crossing boarders
-time, budget, performance, customer satisfaction
What includes strategic management?
Formulating, implementing, and evaluating cross-functional decisions that allow an organization to meet its objectives.
What are strengths & weaknesses of a functional structure?
+it represents the firm's "design"
+stimulate development of deep knowledge
+pm team members stay connected with their functional group
-siloing
-less customer focus
-projects may take longer
What are strengths and weaknesses of a project structure?
+improved communication
+effective decision-making
+creation of pm experts
-expensive form of organization
-loyalty to the project rather to the firm
-workers unassigned at a project end
What are the strengths and weaknesses of a matrix structure?
+good in dynamic environments
+pm & function are equal
+maximizes scarce resources
-dual hierarchies (2 bosses)
-negotiation bcse of scarce resources
How could a company change its structure towards a heavyweight-project-organization?
-pm authority expanded
-a more market oriented organization
-focus on customer
For what is a project management office (PMO) good for and what are the 3 forms?
-stock for technical details, past project reports, expertise
-weather station, control tower, resource pool
Describe the characteristics of the 3 different PMOs?
-weather station: monitoring and tracking
-control tower: protecting & supporting pm
-resource pool: skilled people
Definition of stakeholders?
Stakeholders are individuals or groups which have a stake in a project and can positively or negatively impact it.
What is stakeholder management?
Formulating strategies which lead to positive results regarding the impact of the stakeholders.
What are key factors which affect the development of a culture?
-technology
-environment
-reward system
-rules
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