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What are the "triple constraints"?
1) quality (scope, performance, etc) 2) time 3) budget 4) customer satisfaction (hardest but most important)
In which stage is cost of changes the least and the ability to influence change the highest?
conception
What are the fundimental tools of project management?
- basic thinking (occam's razor) - process thinking - models - teamwork
What is the difference between a goal and an objective?
A goal: a long term result an objective: some measurable end-point
What is a task?
a specific measurable activity required to accomplish an objective.
What are the foci of the Project Manager during the heart of the project?
- ensure that the "triple constraints" are being maintained - deal with snags in the process - negotiate with the client project trade-offs
What are the stages of the project life cycle?
1) conception 2) planning (design) 3) implementation (construction) 4) completion (turnover/startup)
In which stage is cost of changes the highest and the ability to influence change the least?
completion
What are the foci of the Project Manager during the final phases of the project?
- ensuring that all deliverables are done and done correctly (punch list mentality)
What is one advantage and one disadvantage of a projectized organization?
-Advantages Effective and efficient for large projects Resources available as needed Broad range of specialists short lines of communication - Drawbacks May require high levels of duplication for some specialties Expensive for small projects Specialists may have limited technological depth No �home� for staff at end of project Click to view card -Advantages Effective and efficient for large projects Resources available as needed Broad range of specialists short lines of communication - Drawbacks May require high levels of duplication for some specialties Expensive for small projects Specialists may have limited technological depth No �home� for staff at end of project Click to view card
What are the purposes of the project plan?
1) organize the project process 2) helps communicate the process 3) puts all the documents in one location
Functions of a Work Breakdown Structure (WBS)?
1) break the work into smaller more managable pieces such that each has a measurable objective 2) defines the outer boundaries (scope) of the project
What are the branches of the WBS called?
work packages.
What are the foci of the Project Manager during the early phases of the project?
- ensure that the plan meets the needs of the client - does the project fit the abilities of the project team? - be consistent with the goals, objectives and values of the company
What is stakeholder analysis
Process of techniques/tools used to identify & understand needs & expectations of major interests inside & outside project. Then to use the information gained above to structure the project and to take appropriate actions to ensure the stakeholder needs and expectations are met. Click to view card
When do you know the WBS is done?
Generally, the process of progressively breaking tasks down continues until management has adequate detail to assess time and cost constraints for that piece.
How long should a task take?
One should continue to break down work packages until each task takes between 0.5% and 2% of the total time of the project. Critical activities falling below the 0.5% threshold should also be noted.
what is the critical path?
Path that, if delayed, will delay completion of project The series of activities that determines project duration The longest path through the project Change in start or finish time of a critical task will affect project end Click to view card
What is the critical time?
The time needed to complete all the tasks on the critical path.
float (aka total slack)
amount of time a task may be delayed without impacting project finish date
What are the components of the project charter?
1) indication that the project is on: an ok from the project sponsor and client that it is ok to spend money. 2) list of personnel, especially the name of the project manager 3) expected output 4) business need to be filled 5) project constraints, especially total budget and gross schedule Click to view card
What is the difference between a cost accounting system and a project cost control system?
The first is a across projects and the second refers to the mechanism by which a PM measures the costs incurred by a project with the product produced so far.
In the straight line method how does one calculate the yearly depreciation?
(cost_basis - salvage_value)/depreciation_life total_depreciation = (cost_basis - salvage_value)
If the salvage value of a machine increases, how does that affect cash flow?
If the salvage value increases, the yearly depreciation decreases. Therefore, the amount of money going to taxes increases and the cash flow decreases
What are the components of cost basis? purchase price installation fee delivery costs training costs
purchase price installation fee delivery costs training costs
What does a procurement management plan do?
Describes how the procurement process, from solicitation planning to contract closeout, will be managed.
What does MACRS stand for?
Modified Accelerated Cost Recovery System
Name two differences between MACRS and straight line depreciation?
based upon the type of equipment, MACRS has a set depreciation schedule; in straight line, one can choose each year is different for MACRS and all the same for straight line MACRS has no salvage value -- if equipment is sold after fully depreciated, the money is put onto the revenue side. In MACRS depreciation begins 6 months into the year; it starts at time 0 in stra.....Read More 1. based upon the type of equipment, MACRS has a set depreciation schedule; in straight line, one can choose 2. each year is different for MACRS and all the same for straight line 3. MACRS has no salvage value -- if equipment is sold after fully depreciated, the money is put onto the revenue side. 4. In MACRS depreciation begins 6 months into the year; it starts at time 0 in straigt line Click to view card
How do you calculate salvage value in MACRS if the equipment is sold prior to full depreciation?
Add the difference of (actual sale price � undepreciated value) to normal operating income for taxation at the normal rate E.G. - $100k equipment with 5 year class life sold at end of year 4 for $25k$25,000 � ($100,000(.11+.06)) = $8000 to add to operating income Click to view card
Why have an explicit plan for change management (aka: revision control, configuration management
Communication -- keep all people on the same page limit scope creep -- especially if you charge for every client initiated change provide a means of billing new work when the client wants a change provide a means of estimating the work impact of a change Click to view card
What are the stages needed in change requests?
write a policy decide who may request changes client subcontractor in their field inspector if change request is accepted what do you do next? -- modify and publish the plan, schedule, budget, etc.
What is a risk?
Anything that can hurt or help a part of a project (i.e. triple constraints)
What is SWOT?
S = StrengthsW = WeaknessesO = OpportunitiesT = Threats
What is the purpose of risk analysis?
To come up with solutions to potential problems before the crisis.
What are the fields in a risk management analysis?
risk id risk description probability impact if risk occurs rank owner monitoring plan response strategy response plan
Describe the basic concepts behind theory of constraints.
Unexpected events will happen (Murphy's Law) Work expands to fill the time available (Parkinson's Law) Student's syndrome (procrastination if no immediate deadline) The second and third lead to trouble when there are interim deadlines It is more efficient to manage the final deadline in conjunction with the work associated with each part of the project look for bottle.....Read More 1. Unexpected events will happen (Murphy's Law) 2. Work expands to fill the time available (Parkinson's Law) 3. Student's syndrome (procrastination if no immediate deadline) 4. The second and third lead to trouble when there are interim deadlines 5. It is more efficient to manage the final deadline in conjunction with the work associated with each part of the project 6. look for bottlenecks and manage them * add more resources * remove multitasking * change policy
How do you create a critical chain?
get realistic estimates of the time needed to perform a function -- i.e. no padding to "ensure" adequate time eliminate multitasking for each individual manage constraints -- for each task use a buffer to assess if there is a risk of delaying the project manage uncertainty -- tell people when their turn is up instead of giving them a particular date .....Read More 1. get realistic estimates of the time needed to perform a function -- i.e. no padding to "ensure" adequate time 2. eliminate multitasking for each individual 3. manage constraints -- for each task use a buffer to assess if there is a risk of delaying the project 4. manage uncertainty -- tell people when their turn is up instead of giving them a particular date
What are your choices for response strategies for various risks?
avoid -- do everthing possible mitigate accept -- accept if the risk occurs transfer -- transfer responsibility to someone else (insurance)
Why lease instead of buy?
cheaper to lease tax advantages hedge against technical obsolescence may allow you to be harder on the equipment generally easier to dissolve contracts
why buy instead of lease?
you own the product and can sell it. tax advantages
describe a firm fixed price scheme. Who benefits?
Buyer pays seller a set amount regardless of seller costs The buyer can shop around.
describe a fixed price incentive fee. Who does this benefit?
buyer pays seller a fixed price with disincentive for delays and incentives if performance criteria are ment The buyer since they can shop around.
describe a cost plus fixed fee. Who does this benefit?
buyer reimburses the seller his costs plus an extra amount for profit It is better for the seller since s/he know their actual costs.
describe a cost plus incentive fee. Who does this benefit?
Buyer reimburses seller costs & seller earns profit if performance criteria met The seller since they know their actual costs
Describe Time and Materials fee. Who benefits in this arrangment?
�Hybrid� of cost reimbursement and fixed fee It benefits the seller becauase they get their costs but there is usually a cap clause indicating how much they may raise thie prices during the contract.
Describe purchase order. Who benefits?
a mini contract based upon boilterplate forms and standard laws. It is perhaps the most fair type of payment for adequately large orders.
what is fast tracking? What is the risk?
reorganizing to put more tasks in parallel. Many tasks can not be done in parallel and such much more rework may need to be done. It tends to increase the confusion of the project.
What is crashing? What is the risk?
adding resources to a task. Adding inexperienced people can often slow down the process by causing the more experienced people to teach the new people. Furthermore some tasks need to take a certain amount of time -- it takes time for concrete to cure. Finally, the budget may not allow for this. Click to view card
What is scope modification? What is the risk?
changing the final acceptable specifications to allow the project to finish on schedule. You don't get what the client ultimately wants and sometimes there are no parts available to be removed. (You can't put on only half a roof.) Click to view card
define net present value
the value of completed project using the cost of the project as its future value and subtracting out the initial investment NPV = (FVt / (1+i)t) - I
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