GB 320 Chapter 3

4 stages of project life cycle

1. conceptualization 2. planning 3. execution 4. termination

two ways to determine activity durations

1. deterministic estimations 2. probabilistic estimation

3 steps of risk management

1. identifying risks 2. analyzing the probably of risk occurring and their consequences 3. formulating risk mitigation strategies

A statement of work contains?

1. introduction and background 2. Technical description (analysis expected technical capabilities of the project of the technical challenged the project tis intended to resolve) 3. timeline and milestone ( break down time frame of the project)

reason that companies use project strategic goals

1. shortened project life cycles 2. major product launch windows 3. increailnglsy complex and technicals services 4. the emergence and integration of global markets

two types of identifying risks?

1. technical risk 2. commercial risks 3. contractual (legal) risk

What do all projects share?

1. they are all complex and unique 2. they have a clear goal or set of goals 3. limited by their budgets, schedules and resources 4. they are customer focuses

quadruple constraint

1. time 2. cost 3. quality 4. Client Satisfaction

What stage in the project life cycle do team members determine how they are going to complete the project successfully? they set up schedules, identify performances specification and develop other plans for the project?

Planning

What identifies everything about the project, all activities expected to be performed, the recourses consumed and the end products produces including their quality?

Project scope

Problematic estimation

a duration estimation that assigns probabilities to a range of time estimated for each activity

Work Break down structure (WBS)

a process of breaking down a projects overall mission into step-by-step task

Work packages

activities that comprise the deliverables of a project ex: wedding planning : getting the band, what type of food

Process

an ongoing, day to day activity in which an organization engages while producing goods or services

Project Risk

any event that can negatively affect the viability of a project

Deterministic estimations

assumes information from historical record or the opinion of experts is available to make this determination with a reasonable degree of accuracy

During what stage does the firm determine the purpose of the project, its objectives, and ways to meet those objectives?

conceptualization stage

what are known as the projects goals that are developed to address an opportunity or threat that a company perceives?

deliverables

statement of work

detailed description of the work required for the project. - summarized the work done during the conceptualization phase - helps a project stay on track in terms with what it is supposed to deliver

what assumes information from historical record or the opinion of experts is available to make this determination with a reasonable degree of accuracy?

deterministic estimations

During what phase of the life cycles is the system being developed, the structure being built, or the product created and fabricated?

execution

What is a challenge that project managers face?

hat the team members working on the project typically are loyal to their functional departments rather than to the project team.

network diagraming

is a logical, sequential process that requires the project manager to consider the order in which activities should occur to schedule projects as efficiently as possible.

What is scope management goals?

keep the project from getting out of control! either though cost escalation, schedule overruns, or constantly changing project goals

Gantt Chart

links project activities to a schedule, which is usually a calendar

What state in the project life cycle are the individual pieces of the project are identified (the actual steps) as well as the people need to complete the complex and interrelated steps?

planning

what is a network diagramming the process of creating a chart that shows a projects activities and indicated how they should logically be coordinated with one another?

precedence diagramming

Project scheduling

prices of converting a projects goals into a logical method for completing them on time

what do we divided the project management activities into staged at which various tasks should be accomplished, starting with conceptualization and planning?

product life cycle

what is a duration estimation technique that uses probabilities by applying a weighted average of optimistic, pessimistic and most likely estimates to derive and expected duration for an activity?

program evaluation and review technique (PERT)

What is a unique venture with a beginning and an end, conducted by people to meet established goals within certain cost, schedule, and quality parameters?

project

Who act as mini-CEOs for the project?

project leaders

What provides a useful graphic representation of how the project is ideally expected to perform, including the stages in development?

project life cycle

what is a critical feature in conceptual development?

project scope management

What is a modern iteration of triple constraint that considers the goal of satisfying a customer or client?

quadruple constraint

What is the process of anticipating and figuring out how to respond to a projects risks prior to beginning the project?

risk management

What is a common problem with their project management?

scope creep (it can prevent the project from getting started or completed

what summarized the work done during the conceptualization phase?

statement of work

During what phase of the life cycle is the finished project is transferred to its intended users, the projects resources get reassigned and it is formally closed out. By this stage, the actual work done on the project is rapidly decreasing?

termination

execution stage of life cycle

the actual work of the project is performed and the bulk of the resources allocated to it are consumed -the system being developed, the structure being built, or the product created and fabricated

project management

the application of knowledge, skills, tools, and techniques to protect activities to meet the project requirements

Project's scope management

the process of determining the best way in which the projects goals can be accomplished given its constraints - the goal is to keep the project from getting out of controls -

scope creep

the situation in which project specifications are continually modified or improved as new ideas emerge or new technical solutions become possible

Life cycle

the stages of the projects development

Conceptualization stage of life cycle

the team members decide what they expect to achieve with the project - the overall purpose of the project is determined and mutually agreed by all affected parties, including the client - detrmine all necessary resources needed to achieve it (people, budget, physical plant, and so on) are identified

Contractual (legal) risk?

when a project is developed with strict terms and conditions that are legally enforceable, it contains contractual risk