Project Management Midterm

Allow enough time for both top-down and bottom-down estimates to be done.

Describe the ideal approach for a project manager to determine optimal and cost.

The project manager must work with a diverse group of vendors, suppliers, subcontractors, and employers.

Describe what it means that a project manager must work with a diverse group of characters.

Project scope, project priorities, create the work breakdown structure, integrates structure with organization, and code structure

Identify and briefly describe the five steps in defining the project.

Study physical characteristics and observe how people react

What are two ways to diagnose the culture of an organization?

During SWOT analysis, organizations identify strengths, weaknesses, opportunities, and threats. It helps the organization focus on specific goals, projects, and objectives while identifying ways to improve efficiency and productivity.

What is SWOT analysis, and how does it relate to strategic management process?

A deliverable is the expected output during the life of the project. An example is a completed kitchen.

What is a deliverable? Give an example.

The responsibility matrix summarizes the tasks to be accomplished and who is responsible for what on a project. It is used in project management so that everyone is in agreement of what they need to do.

What is a responsibility matrix and how would it be used in project management?

The work breakdown structure is when the work of the project can be successfully subdivided into smaller and smaller work elements. Use of a work breakdown structure helps to assure project managers that all products and work elements are identified, to integrate the project with the current organization, and to establish a basis for control.

What is a work breakdown structure and what is it used for?

A program is a group of related projects designed to accomplish a common goal over an extended period of time. Each project within a program has a project manager. The major differences lie in scale and time span.

What is the difference between a project and a program?

In a strong matrix, the project manager holds more power and controls most aspects of the project, whereas the project manager has indirect authority and works alongside the employees as a staff assistant in a weak matrix.

What is the difference between weak project management and strong project management?

The implementation gap refers to the lack of understanding and consensus of organizational strategy among top and middle-level managers. They will be struggling with strategy disconnect and unclear priorities. It can be prevented by using a project portfolio.

What is the implementation gap and how does it impact project management? How can it be prevented?

Scope creep is the tendency for the project scope to expand over time, usually by changing requirements, specifications, and priorities. An example of good scope creep would be when something is being approved, like when making an adjustment on a house increases the value. An example of bad scope creep would be when costs are added with no value, like spending a lot of money on house additions and not increasing the value of the property.

Define scope creep. When is it good and when is it bad? Provide real-life examples.

Support good decisions, schedule work, determine how long the project should take, determine cash-flow needs, determine whether or not the project is worth doing

Give four reasons why estimating time and cost are important.

It replaces the middle managers to ensure that things get done.

How is corporate downsizing the driver for project management?

Two advantages of the dedicated project team approach are that it is simple and fast. Two disadvantages are that it is expensive and there are limited technological expertise.

Identify and briefly describe 2 advantages and 2 disadvantages of organizing a project within a dedicated project team.

Two advantages of the functional organization approach are flexibility and in depth-expertise. Two disadvantages are lack of focus and poor integration.

Identify and briefly describe 2 advantages and 2 disadvantages of organizing a project within a functional organization.

Two advantages of the matrix approach are efficiency and flexibility. Two disadvantages are that is it stressful and slow.

Identify and briefly describe 2 advantages and 2 disadvantages of organizing a project within a matrix.

Reviewing and defining the organizational mission identifies what we want to become. Analyzing and formulating strategies answers the question of what needs to be done to reach objectives. Setting objectives to achieve strategy translates the organizational strategy into specific, concrete, measurable terms. Implementing strategies through projects answers the question of how strategies will be realized, given available resources.

Identify and describe strategic management process activities.

The defining stage is where the specifications of the project are designed. The planning stage is where the plans are developed to determine what the project will entail. The executing stage is where a major portion of the project work takes place. The closing stage includes delivering the project product to the customer, redeploying project resources, and post-project review.

Identify and describe the four stages of the product life cycle.

Top-down estimates are usually derived from someone who uses experience/information to determine the project duration and total cost. Bottom-up estimates establish low-cost, efficient methods, and the customer wants details.

Identify and describe two major classifications of estimated time and cost.

established objective, defined life span with a beginning and an end, involvement of several departments/professionals, something that has never been done before, and a specific time, cost, and performance requirements

Identify the five major characteristics of a project.

An example of direct cost is equipment. An example of direct project overhead cost is the salary of the project manager. An example of the general and administrative overhead cost is advertising.

Identify the three major categories of costs and give an example of each.

Normal conditions do not apply, things go wrong on projects, and changes occur in project scopes and plans

List and describe two reasons why estimates may need to be refined.

It fails to answer the relative importance or value of a potential project to the organization and fails to allow for comparison with other potential projects.

What are the two major shortcomings of using a checklist approach?

Not having a select process could result in poor utilization of resources. A select process will encourage more cooperation, better performance, more efficiency, and fewer projects.

Why is it important that organizations develop a select process to align projects with strategic goals?