BUS 137 Chapter 14 Quiz, BUS 137 Chapter 14..

what are the advantages of electronic communication withing orgs compared to other methods

-increased speed and efficiency for routine messages -sharing more info -can save company $$ and time

What are the disadvantages of oral communication?

-likelihood of ill-considered statements is high -no permanent record

which of the following best exemplifies the work of a task specialist -moving the team toward its objectives -obtaining external support for the team -maintaining harmony in the group -exhibiting concern for the well-being of group members -providing support to group members

-moving team toward its objectives

what are the advantages of written communication?

-perm record -changes can be made to it -message is constant even if relayed through many people -receiver has more time to analyze message

What are the five needs in Maslow's hierarchy? Start from bottom

-physiological -safety or security -social -ego (independence, achievement, status) -self-actualization

what are the advantages of oral communication?

-questions can be asked and answered -feedback is immediate and direct -more persuasive

what are disadvantages of written communications?

-sender has no control over where, when, or if message is read -sender doesn't receive immediate feedback -receiver may not understand parts of the message

Which of the following best indicates the three basic stages of managing resistance and motivating change within an organization? -unfreezing, moving to institute the change, refreezing -determining need for change, mobilizing, locking -Planning, implementing the change, and evaluating -Determining new values, evaluating, and performing -Mobilizing, implementing the change, and evaluating

-unfreezing, moving to institute change, refreezing

To increase likelihood that employees will accept a control system, it should have performance standards that are: -descriptive and idealized -bureaucratic and authoritative -useful and achievable

-useful and achievable

what can result in an error in the transmission stage of the communication process?

-words spoken w/ambiguous iflections

Use technology to build relationships by...

...bringing attention to and appreciating diverse skills and opinions, using technology to enhance communication and trust, ensuring timely responses online, and managing online socialization.

Shape culture through technology by...

...creating a psychologically safe virtual culture, sharing members' special experience/strengths, and engaging members from cultures where they may be hesitant to share ideas.

Being part of an effective team means...

...giving up one's independent work style, as everyone's success depends on part of the team's success.

Monitor progress and rewards by...

...scrutinizing electronic communication patterns, posting targets and scorecards in virtual work space, and rewarding people through online ceremonies and recognition.

Bureaucratic Control Downfall

1. Rigid Bureaucratic Behavior- rule you must follow 2. Tatical Behavior 3. Resistance

4 Steps in Control

1. Setting performance standards 2. Measuring performance 3. Comparing performance against the standards and determining deviations 4. Taking action to correct problems and reinforce successes

Control Systems have 4 steps:

1. setting performance standards 2. measuring performance 3. comparing performance 4. taking action to correct problems

Self-Managed Team

5 to 20 multi-skilled workers, goal of improving performance, increase participation of workers, and self supervised.

principle of exception

: a managerial principle stating that control is enhanced by concentrating on the exceptions to or significant deviations from the expected result or standard

Management audit

<b>Def</b>: an evaluation of the effectiveness and efficiency of various systems within an organization

brook's law

A claim about software project management according to which "adding manpower to a late software project makes it later.

project life cycle

A collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project. Can be documented with a methodology.

matrix structure

A combination of functional and project activities, that seeks a balance between the functional organization and the pure project form.

control

A company is said to lack _____ when there is an absence of policies and a lack of periodic reviews

Project

A complex, non-routine, one-time effort to create a product or service limited by time, budget, and specifications.

Project Activities

A component of work performed during the course of a project.

activity (also called task)

A component of work performed during the course of a project.

task (see activity)

A component of work performed during the course of a project.

Cost Account

A cost account defines what work is to be performed, who will perform it and who is to pay for it. Cost accounts are the focal point for the integration of scope, cost, and schedule. Another term for Cost Account is Control Account.

Finish this statement: A scope statement is:

A definition of the end result or mission of a project. Scope statements typically include project objectives, deliverables, milestones, specifications, and limits and exclusions.

work package

A deliverable or project work component at the lowest level of each branch of the work breakdown structure.

work breakdown structure (WBS)

A deliverable-oriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables. It organizes and defines the total scope of the project.

Project Constraints

A factor that will limit the project management team's options. There are rules or regulations you must follow. For example, a predefined budget is a constraint that may limit the team's scope, staffing, and schedule options.

Work Package

A generic term for a unit within a work breakdown structure (WBS) at the lowest level of its branch, not necessarily at the lowest level of the whole WBS. It may be used to refer to a unit of work performed within the organization, while 'Commitment Package' may be used for work contracted or purchased outside the organization.

Project Cost Duration Graph

A graph that plots project cost against time; it includes direct, indirect, and total cost for a project over a relevant range of time.

gantt chart

A graphic display of schedule-related information. In the typical bar chart, schedule activities or work breakdown structure components are listed down the left side of the chart, dates are shown across the top, and activity durations are shown as date-placed horizontal bars.

Global Team

A group made up of employees who come from different countries and whose activities span multiple countries.

Program

A group of related projects designed to accomplish a common goal over an extended period of time.

program

A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. May include elements of related work outside of the scope of the discrete projects.

WBS

A hierarchical method that successively subdivides the work of the project into smaller detail.

Debt-equity ratio

A leverage ratio that indicates the company's ability to meet its long-term financial obligations

Current ratio

A liquidity ratio that indicates the extent to which short term assets can decline and still be adequate to pay short-term liabilities

checklist

A list of criteria that pertain to our choice of projects, and then applying them to different possible projects.

Principle of exception

A managerial principle stating that control is enhanced by concentrating on the exceptions to or significant deviations from the expected result or standard.

Activity-based costing (ABC)

A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities

lag

A modification of a logical relationship that directs a delay in the successor activity. For example, in a finish-to-start dependency with a ten-day lag, the successor activity cannot start until ten days after the predecessor activity has finished.

360 degree feeback

A multi-rater appraisal system based on performance information that is gathered from multiple sources (superiors, peers, subordinates, customers).

statement of work (SOW)

A narrative description of products, services, or results to be supplied.

Internal audit

A periodic assessment of a company's own planning, organizing, leading, and controlling processes.

work authorization

A permission and direction, typically written, to being work on a specific schedule activity or work package or control account. It is a method for sanctioning project work to ensure that the work is done by the identified organization, at the right time, and in the proper sequence.

Iteration

A planned grouping of work usually one or two weeks in length used in agile project management.

event

A point when an activity is either started or completed. Often used in conjunction with AOA networks, events consume no resources and have no time to completion associated with them.

Joint Evaluation

A process in which different parties involved in a project evaluate how well they work together.

strong matrix

A project matrix. The balance of power has shifted in favor of the project manager. The project manager controls most of the project activities and functions, including the assignment and control of project resources, and has key decision-making authority. Functional managers have some input into the assignment of personnel from their departments, their role is mostly consultative. The closest to a "project organization" mentality that we can get while working within a matrix environment.

Resource Constrained Project

A project that assumes resources are limited (fixed) and therefore time is variable.

resource-limited schedule

A project whose start and finish dates reflect expected resource availability.

Return on investment (ROI)

A ratio of profit to capital used, or a rate of return from capital

Return on Investment (ROI)

A ratio of profit to capital used, or a rate of return from capital.

Project Audit Report

A report that includes classification of the project, analysis of gathered information, recommendations, lessons learned, and an appendix of backup information.

balance sheet.

A report that shows the financial picture of a company at a given time and itemizes assets, liabilities and stockholders' equity is referred to as a(n):

Balance sheet

A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.

risk mitigation strategies

A risk response planning technique associated with threats that seeks to reduce the probability of occurrence or impact of a risk to below an acceptable threshold. There are four possible alternatives a project organization can adopt in deciding how to address risks: 1. accept risk 2. minimize risk 3. share risk 4. transfer risk

critical path method (CPM)

A schedule network analysis technique used to determine the amount of scheduling flexibility (the amount of float) on various logical network paths in the project schedule network, and to determine the minimum total project duration. Early start and finish dates are calculated by means of a forward pass, using a specified start date. Late finish and start dates are calculated by means of a backward pass, starting from a specified completion date, which sometiems is the project early finish date determined during the forward pass calculation.

Splitting as used in Project Management

A scheduling technique in which work is interrupted on one activity and the resource is assigned to another activity for a period of time, then reassigned to work on the original activity.

Too much happy talk from senior management, an absence of a major crisis, many visible resources, and low overall performance standards

A sense of complacency

path

A sequence of activities defined by the project network logic.

Project Milestone

A significant event in the project and associated date.

milestone

A significant point or event in the project.

fast-tracking

A specific project schedule compression technique that changes network logic to overlap phases that would normally be done in sequence, such as the design phase and construction phase, or to perform schedule activities in parallel.

crashing

A specific type of project schedule compression technique performed by taking action to decrease the total project schdule duration after analyzing a number of alternatives to determine how to get the maximum schedule duration compression for the least additional cost. Typical approaches include reducing schedule activity durations and increasing the assignment of resources on schedule activities.

responsibility assignment matrix (RAM)

A structure that relates the project organizational breakdown structure to the work breakdown structure to help ensure that each component of the project's scope of work is assigned to a person or team.

configuration management

A subsytem of the overall project management system. It is collection of formal documented procedures used to apply technical and administrative direction and surveillance to identify and document the functional and physical characteristics of a product, result, service, or component; control any changes to such characteristics; record and report each charge and its implementation status; and support the audit of the products, results, or components to verify conformance to requirements. It includes the documentation, tracking systems, and defind approval levels necessary for authorizing and controlling changes.

Organizational Culture

A system of shared norms, beliefs, values, and assumptions held by an organization's members.

Virtual Team

A team made up of members who are geographically or organizationally dispersed, rarely meet fact to face, and interact to accomplish their work primarily using advanced information and telecommunications technologies.

laddering activities

A technique that allows us to redraw the activity network to more closely sequence project subtasks to make the overall network sequence more efficient. The overall effect is to streamline the linkage and sequencing between activities and keep our project resources fully employed.

project

A temporary endeavor undertaken to create a unique product, service, or result. A unique venture with a beginning and end, conducted by people to meet established goals within parameters of cost, schedule, and quality. Goal-oriented, involve the coordinated undertaking of interrelated activities, are of finite duration, and are all, to a degree, unique. Can be considered to be any series of activities and tasks that: -have a specific objective to be completed within certain specifications -have defined start and end dates -have funding limits (if applicable) -consume human and nonhuman resources (i.e., money, people, equipment) -are multifunctional (i.e., cut across several functional lines) Organized work toward a predefined goal or objective that requires resources and effort, a unique (and therefore risky) venture having a budget and schedule.

stakeholder analysis

A useful tool for demonstrating some of the seemingly irresolvable conflicts that occur through the planned creation and introduction of any new project. Consists of formulating strategies to identify and, if necessary, manage for positive results the impact of stakeholders on the project.

What should the team leader continually do to before implementing actions in order to achieve team effectiveness? A. Analyze internal and external situations B. Analyze internal situations only C. Ask team members their opinions D. Dictate responses

A. Analyze internal and external situations

Which of Larson & LaFasto's characteristics of team excellence is associated with Hackman's "results-driven structure"? A. Compelling purpose B. Principled leadership C. Standards of excellence D. Competent team members

A. Compelling purpose

organization breakdown structure (OBS)

Allows companies to define the work to be accomplished and assign it to the owners of thw work packages. The budgets for these activities are then directly assigned to the departmental accounts responsible for the project work.

float (also called slack)

Also called slack. The amount of time that a schedule activity can be delayed without delaying the early start date of any immediately following schedule activities.

contingency reserves

Among the most common methods to mitigate project risks. Defined as the specific provision for unforeseen elements of cost within the defined project scope. Viewed differently, depending upon the type of project undertaken and the organization that initiates it.

merge activity

An activity with two or more immediate predecessors (tasks flowing into it). Merge activities can be located by doing a forward pass through the network.

burst activity

An activity with two or more immediate successor activities (tasks flowing out from it). Can be located by doing a backward pass through the network.

internal rate of return (IRR)

An alternative method for evaluating the expected outlays and income associated with a new project investment opportunity. Found through a straightforward process, although it requires tables representing present value of an annuity in order to determine the project's rate of return.

baseline

An approved plan for a project, plus or minus approved changes. Compared to actual performance to determine if performance is within acceptable variance thresholds.

scope baseline

An approved specific version of the detailed scope statement, work breakdown structure (WBS), and its associated WBS dictionary.

What is an example of how a group is different from a team?

An employer, a teacher, and a coach can put together a group of people and never build a team.

Project objectives are found on the charter and on the scope. What are these items?

An end you seek to create or acquire. Should be specific, measurable, realistic, assignable, and include a time frame for accomplishment. In other words, what are the overarching reasons for doing the project?

external audit.

An evaluation conducted by one organization of another organization is referred to as a(n):

External audit

An evaluation conducted by one organization, such as a CPA firm, on another.

Management Audit

An evaluation of effectiveness and efficiency of various systems within an organization.

Management audit

An evaluation of the effectiveness and efficiency of various systems within an organization

matrix organization

Any organizational structure in which the project manager shares responsibility with the functional managers for assigning priorities and for directing the work of persons assigned to the project.

Control

Any process that directs the activities of individuals toward the achievement of organizational goals

project network diagram (PND)

Any schematic display of the logical relationships among the project schedule activities. Always drawn from left to right to reflect project work chonology.

network diagram

Any schematic display of the logical relationships among the project schedule activities. Always drawn from left to right to reflect project work chronology.

Project Deliverables

Any tangible outcome that is produced by the project. These can be documents, plans, computer systems, buildings, aircraft, etc. Internal deliverables are produced as a consequence of executing the project, and are usually only needed by the project team. External deliverables are those that are created for customers and stakeholders.

client acceptance

Argues that projects are developed with customers, or clients, in mind, and their purpose is to satisfy customers' needs. Requires project managers and teams to create an atmosphere of openness and communication throughout the development of the project.

_____ are the values of the various items the corporation owns.

Assets

Which of the following relationships is true?

Assets = Liabilities + Stockholders' equity

cost control accounts

Assignable to various units engaged in performing project activities within the company.

Withdrawal

Avoid the issue

Plan Risk Responses

Avoid, Transfer, Mitigate

Who can perform distributive team leadership functions? A. Only the formal team leader B. Any team member C. Someone on another team D. A collaborative member of another team

B. Any team member

Team-based and technology-enabled organizational structures A. Are found in organizations focused on fast-paced environments B. Are found in organizations with flatter structures C. Are part of hierarchical organizations D. Are found in organizations in the same geographical location

B. Are found in organizations with flatter structures

Teams that are effective have A. Reduced productivity B. Greater productivity C. Less use of resources D. Transactional leaders

B. Greater productivity

Which of the following is NOT a criticism of the team leadership approach? A. It analyzes the transactional relationship between leaders and followers B. It offers standardized assessments for evaluating people's ego states C. It searches for a universal truth about human existence D. It discourages manipulative leadership behaviors

B. It offers standardized assessments for evaluating people's ego states

Our code of conduct and performance criteria was created by all of us, leader and followers, together. This ties us and helps us stay fully committed to perform at our best. Which characteristic of team excellence is our team displaying? A. Unified commitment B. Standards of excellence C. Real team D. Results-driven structure

B. Standards of excellence

____________________refers to the cohesiveness of the team and the ability of team members to satisfy their own needs while working effectively with other team members. A. Team performance B. Team effectiveness C. Distributed leadership D. Leadership capacity

B. Team effectiveness

In the context of team leadership, requisite variety refers to A. The necessity of distributed leadership B. When the leader's behavior matches the complexity of the situation. C. Seeking alternative viewpoints from team members D. When the leader forecasts numerous environmental changes

B. When the leader's behavior matches the complexity of the situation.

discounted cash flow method (DCF)

Based on the principle of the time value of money. The goal is to estimate cash outlays and expected cash inflows resulting from investment in a project. All potential costs of development are assessed and projected prior to the decision to initiate the project. They are then compared with all expected sources of revenue from the project.

Why is morale higher because of team cohesiveness?

Because of increased communication among members, a friendly team climate, maintenance of membership because of commitment to the team, loyalty, and member participation in team decisions and activities.

Why is productivity higher because of team cohesiveness?

Because team members share strong feelings of connected ness and generally positive interactions tend to perform better.

Compare and contrast the project charter and the project scope as used in project management.

Both the project charter and the project scope are two important documents in the process of project management. There are some similarities, such as information that is included within the documents, but there are many differences, such as the length and detail of each document. It is important to understand how and when each document is used, as well as the purpose of each document with the context of project management. To begin with, a project charter is a document that is used in the Initiation Phase of a project. The main purpose is to put forth a document that is the basis for the project authorization. Like the scope statement, it contains a Project Description and Project Product, the Product Deliverables, Objectives, User Acceptance Criteria, High-level Project Assumptions, High-level Project Constraints, and Exclusions. For these items, the main difference is that in the charter, the information included is not as detailed and is more of a summation of each of these sections. Additionally, the charter includes the Business Need, Milestones, Major Risks, Key Stakeholders, Project Manager Authority Level, Project Core Team, and the Subject Matter Experts. The purpose of this combination of information, is to provide a document which summarizes the overall project, the budget as identified by the client, the description of what the anticipated outcome is to be, issues that may come up during the project, and the main individuals involved in the project. By providing this document, it is a means of securing authorization for the work. At this stage, the client would review the information and approve the work, signing the contract for the project management team or company to begin the planning stages. The project scope, however, is a much more detailed document, which allows the project team, and the client, to have a better feel for how much the project will actually cost by also including detailed item information, known as technical requirements, which, for example, could include a list of materials that are needed and their costs. The acceptance criteria is also much more detailed, including specific items that are needed inorder for the project to be a success. The criteria could include permit requirements, items that are needed for proper licensing, etc. One major difference between the charter and the scope is that the project includes the Statement of Work, which, in no uncertain terms, lists everything that is to be included with delivery of the completed project. The purpose of this item is to avoid miscommunication between the project team and the client in regards to what is the expected outcome. Items could include who is responsible for securing financing, who will be ordering the materials, etc. Instructor Explanation: A project charter authorizes the project. It is an official document created and approved by the key stakeholders after the project idea has been identified. It is developed by the corporate executive or sponsor and defines the responsibilities and boundaries of the project manager and the project. The scope statement is the document that references the scope of work for the project, what the project must produce, and the project deliverables. It is used for future decision making on the project. It defines the project. It is developed by the project manager along with the project team.

managerial contingency

Budget safety measures that address higher-level risks. Used as a reserve against just such a problem. Used to offset potentially disastrous "acts of God," which are natural disasters that, by definition, are unforseeable and highly disruptive.

Feedforward control Concurrent control takes place while plans are being carried out. It includes directing, monitoring, and fine-tuning activities as they occur. 3. Feedback control focuses on the use of information about results to correct deviations from the acceptable standard after they arise.

Bureaucratic control combines what three approaches, that aredefined according to their timing?

_____ are designed to measure progress toward set performance goals, and if necessary, to apply corrective measures to ensure that performance meets objectives. Multiple Choice Innovative catalysts Transfer prices Returns on investments Profit and loss statements Bureaucratic control systems

Bureaucratic control systems

How is project crashing accomplished?

By adding more resources to the project to speed up the schedule.

Our team leader outlined the objectives of our new project and identified our expected outcomes. Our leader was using which characteristic of team excellence? A. Unified commitment B. Clear norms of conduct C. Clear, elevating goal D. Principled leadership

C. Clear, elevating goal

Task design, team composition, and norms of conduct contribute to which characteristic of team excellence? A. Competent team members B. Unified commitment C. Results-driven structure D. Standards of excellence

C. Results-driven structure

What is an advantage of shared leadership? A. More organizational challenges B. It takes more time C. There is more cohesion D. There is more conflict

C. There is more cohesion

clients

Can be either internal to the organization or external. Expect that the project being developed on their behalf will work as expected. Customers.

hammock activities

Can be used as summaries for some subsets of the activities identified in the overall project network.

interpersonal processes

Clan control is based on ________ ____________ of organization culture, leadership, and groups and teams. It works best where there is no "one best way" to do a job and employees are empowered to make decisions.

WBS codes

Codes assigned to each activity to allocate costs more precisely, in order to track the activities that are over or under budget, and to maintain financial control of the development process.

Working group

Collection of people working in same area/drawn together for task but not necessarily together as unit/achieve significant performance improvements

Causes of Conflict

Competition over resources, pursuing different goals, communication breakdown/poor, trust issues, and lack of nonverbal cues.

Transnational teams

Composed of multinational members whose activities span multiple countries Multicultural Geographically dispersed Psychologically distant Work on highly complex projects of considerable impact

Writtten reports

Computer printouts and on-screen reports. Thanks to computers' data-gathering and analysis capabilities and decreasing costs, companies of any size can gather huge amounts of performance data.

Which type of bureaucratic control takes place while plans are being carried out?

Concurrent control

Clan Control

Control based on the norms, values, shared goals, and trust among group members In other words: It is based on the idea that employees many share the values, expectations, and goals of the organization and act in accordance with them

Market control

Control based on the use of pricing mechanisms and economic information to regulate activities within organizations

Market Control

Control based on the use of pricing mechanisms and economic information to regulate activities within organizations Involves: The use of prices, competition, and exchange relationships to regulate activities in organization as though they were economic transactions

Measuring Performance

Control process is to measure performance levels. Example: Manager can count units produced, days absent, papers filed, samples distributed, and dollars earned. Three resources: Written Reports Oral Reports (two way communication) Personal Observation

Balanced Scorecard

Control system combining four sets of performing measures: Financial Customer Business Process Learning and Growth

detect _____correct

Control systems _______ and ______+_significant variations, or discrepancies, in the results of planned activities.

Which of the following is a reason why employees resist control systems?

Control systems can change the power structure of the organization

Performing

Cooperation, problem solving.

Which of the following budgets is used for areas of the organization that incur expenses but no revenue?

Cost budget

Direct Costs

Costs that are clearly charged to a specific work package-usually labor, materials, or equipment.

Indirect Costs to a Project

Costs that cannot be traced to a particular project or work package or can be shared amongst two or more projects.

Active Acceptance

Create contingency plan

Contributions of Teams

Creativity and innovation, improved quality, speed of response, higher productivity and lower cost, and enhanced motivation and satisfaction.

Contributions of Teams

Creativity, quality, speed, productivity/lower costs, and employee satisfaction. Competitive advantage and higher organizational performance.

Four Ways Team Norms Develop

Critical events in team's history, primacy: first behavior precedents, carryover from other experiences, and explicit statements from lead or members.

The longest path of activities in a project is known as the:

Critical path

Liquidity ratios

Current and debt-equity ratio

A reason for team failure is A. Ineffective leadership B. Traditional authority structures C. Unsupportive organizational cultures D. All of the above

D. All of the above

The principled leadership characteristic of team excellence is central to team effectiveness, influencing the team through four sets of processes. Which is not one of these processes? A. Coordination B. Cognitive C. Motivational D. Ethical

D. Ethical

The team I am leading is in conflict with one another and has little focus on the project's goals. I should take A. External task action B. Internal task action C. Internal relational action D. External environmental action

D. External environmental action

External environmental leadership actions include A. Goal focusing B. Managing conflict C. Networking D. Facilitating decisions

D. Facilitating decisions

The dynamic power shifting in teams is a definition of A. Heterarchy B. Diplomacy C. Anarchy D. Hierarchy

D. Hierarchy

In the leadership decision-making model what does the leader do first? A. Evaluate whether to monitor or take action B. Take internal action C. Take external action D. Monitor relationships

D. Monitor relationships

An example of an external leadership action is A. Training B. Managing conflict C. Modeling principles D. Sharing information

D. Sharing information

For teamwork to be successful in organizations A. The culture must be based on authoritarian decision making B. The culture must be based on position C. The culture must be easy to change D. The culture must support lateral decision making

D. The culture must support lateral decision making

Cohesiveness

Degree to which Group is attractive to members Members are motivated to remain in group Members influence one another Contributes to member satisfaction Communicate, get along, enjoy coworkers even if job is unfulfilling Positive impact on performance Though depends on task (cohesiveness bad for decision-making) + performance norms

organizational structure

Designates formal reporting relationships, including the number of levels in the hierarchy and the span of control of managers and supervisors. Identifies the grouping together of individuals into departments and departments into the total organization. Includes the design of systems to ensure effective communication, coordination, and integration of effort across departments.

scope reporting

Determines the types of informatoin that will be regularly reported, who will receive copies of this information, and how this information will be acquired and disseminated.

analytical hierarchy process (AHP)

Developed by Dr. Thomas Saaty to address many of the technical and managerial problems frequently associated with decision making through scoring models. Four-step process. Step 1. Constructing a hierarchy of criteria and subcriteria. Step 2. Allocating weights to previously developed criteria and, where necessary, splitting overall criterion weight among subcriteria. Step 3. Use the pairwise comparison process to assign numerical values to the dimensions of our evaluation scale. Step 4. Multiply the numeric evaluation of the project by the weights assigned to the evaluation criteria and then add the results for all criteria.

Roles

Different expectations for how different individuals should behave Task specialist: Individuals with specific skills, keep team moving to accomplish goal Team maintenance specialist: Develop/ maintain harmony, support, concern with well-being

Passive Acceptance

Do Nothing

Smoothing

Empathize the positives

"Shoot the messenger" management; control issue

Employees feel their careers would be at risk if they reported bad news.

Cross Functional Team

Employees of the same hierarchical level but with different expertise, include groups of same hierarchy level, and deal with specific activities until they are complete.

Socioemotional Role

Encouraging, harmonizing, reducing tension, following, and compromising.

pairwise comparison approach

Every criterion is compared with every other criterion. Allows managers to focus on a series of relatively simple exchanges, two criteria at a time.

Setting Performance Standards

Every organization has goals: profitability, innovation, satisfaction of customers and employees, a standard is the level of expected performance for a given goal. Four characteristics for successful goals: Quantity Quality Time Used Cost

_____ motivates people and provides information that enables them to correct their own deviations from performance standards. Multiple Choice Strategic window Groupthink Management myopia Feedback Provincialism

Feedback

At Precision Instruments Corp., a rule has been made instructing all assembly workers to arrive early for their shift in order to wear specialized gear because the products are very sensitive to external particles. These products are assembled in a controlled environment. This requirement reflects _______ control.

Feedforward

Which type of control is future oriented and aims to prevent problems before they arise?

Feedforward control

Collaboration

Finding a consensus to solve the issue

Confrontation

Finding the root cause of the issue and solving it.

Management Myopia

Focusing on short-term earnings and profits at the expense of long-term strategic obligations.

Management myopia

Focusing on short-term earnings and profits at the expense of longer-term strategic obligations.

100

For every customer who explicitly complains to you, how many will just go away without saying anything?

commercial risk

For projects that have been developed for a definite commercial intent (profitability), a constant unknown is their degree of commercial success once they have been introduced into the marketplace. An uncertainty that companies may willingly accept, given that it is virtually impossible to accurately predict customer acceptance of a new product or service venture.

Where do the project stories come from in agile project management?

From the requirements of the key stakeholders.

Three Different Types of Teams

Functional, cross functional, and self-managed team.

critical path

Generally, the sequence of schedule activities that determines the duration of the project. It is the longest path through the project.

project screening model

Generates useful informatoin for project choices in a timely and useful fashion at an acceptable cost.

In which process of risk management is the risk register initially created?

Identify risks

Which of the following is a use of external audits?

Identifying possible mergers or acquisitions

1. Top leadership set the standard. 2. The operator measured performance 3. The operator compared performance to standard and (4) identified a deviation

If top leadership determines that a certain manufacturing line should produce 1000 units of product per day, but the line operator can only produce 700 units per day, how would you use the control process to analyze this and remedy the deviation?

early start date (ES)

In the critical path method, the earliest possible point in time on which the uncompleted portions of a schedule activity (or the project) can start, based on the schedule network logic, the data date, and any schedule constraints. Can change as the project progresses and as changes are made to the project management plan.

late start date (LS)

In the critical path method, the latest possible point in time that a schedule activity may begin based upon the schedule network logic, the project completion date, and any constraints assigned to the schedule activities without violating a schedule constraint or delaying the project completion date. The late start dates are determined during the backward pass calculation of the project schedule network.

Compare and contrast how a scope is created in traditional project management versus one created in agile project management.

In traditional project management, creating a scope statement involves many steps. The first step is that the project charter has to be written and then approved. Once this is done, the data and information from the project charter is expanded upon to be included in the scope statement. There is a specific order that the information needs to be written as well as a specific order in how the work is to be done. The scheduling process follows the scope statement not only as the next step in a project, but also as a way to detail exactly what steps are to be taken when in the project. The scope statement predicates and dictates the schedule of a project. There is very little wiggle room. Basically, in traditional project management, the team sticks to the plan that is made, changing only if disaster strikes. The leader is chosen at the beginning of the process and is somewhat of a dictator. Orders come from overhead and not the other way around. In agile project management, the team is very involved in the process, and they are consulted in the process of developing any documents necessary, including the scope. Instead of the team leader dictating everything, tasks, plans, assignments, schedules, etc., are developed as a result of the team, in its entirety, and the leader working together to find the best fit for everyone involved. The scope and the schedule are very flexible, and can be changed as it is very adaptable, as are the team and the team leader. Instructor Explanation: Both agile and traditional begin the development of a scope by gathering key stakeholder requirements. In traditional project management, the focus is on completing the project on time and on budget and to the customer-required scope. Thus, a detailed scope is required before work can begin. In agile project management, the focus is on value, not time, scope, and costs. An agile project does not have a typical scope or typical deliverables either. Instead, the scope is created as the project progresses so that the only time a detailed scope exists is at the end of the project.

Which of the following actions is recommended for managing in an empowered world? Multiple Choice Close supervision, checks, and balances should be the norm. After-the-fact controls should be used rather than real-time controls. Management control should be based on obedience. Incentive systems should reinforce teamwork. More emphasis should be laid on managing by numbers.

Incentive systems should reinforce teamwork.

risk management

Includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project.

scope management

Includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully.

Results Orientation

Individual members set aside personal agendas and focus on what is best for the team; collective results define success.

Project Stakeholders

Individuals and organizations that are actively involved in the project, or whose interest may be positively or negatively affected as a result of project execution or completion. They may also exert influence over the project and its results.

Team Norms

Informal standards of conduct shared by members and guides their behavior.

Task Specialist Role

Initiating ideas, giving opinions, seeking information, summarizing, and energizing.

What five stages of a project make up the project life cycle?

Initiation, planning, execution, monitoring and control, and close out.

Focus on Interests and Not Current Demands

Interest is the "why" behind the demands.

Relationship Conflict

Interpersonal incompatibility that creates tension and personal animosity among people.

Prioritization

It is the process used to select projects. The system uses selected criteria for evaluating and selecting projects that are strongly linked to higher-level strategies and objectives.

How can mild conflict be beneficial?

It prevents groupthink and makes better decision making due to multiple viewpoints.

mentoring

Junior or inexperienced project personnel are paired with senior managers in order to help them learn best practices. The goal is to help ease new project personnel into their duties by giving them a formal contact who can help clarify problems, suggest solutions, and monitor them as they develop project skills.

Instead of basing a project off of a WBS as traditional project management does, agile project management uses what to define the project?

Key stakeholder requirements and project stories.

Dysfunction of Teams

Lack of trust, fear of conflict, lack of commitment, avoidance of accountability, and inattention to results.

Taking Action to Correct Problems and Reinforce Successes

Last steps in control process is to take appropriate action when there are significant deviations. This step insures that operations are adjusted to achieve the planned result

_____ show the relative amount of funds in the business supplied by creditors and shareholders.

Leverage ratios

Project/development teams

Long term projects Specific assignments e.g. research, new product development Members contribute expert knowledge One-time product, disband when done

Work teams

Make/do things e.g. manufacture, assemble, sell, provide service Well defined Clear part of organization structure Full-time, stable members

_____ refers to the situation when managers focus on short-term earnings and profits at the expense of their longer-term strategic obligations.

Management myopia

Trust

Members trust one another on a deep emotional level and feel comfortable being vulnerable with one another.

activity-on-arrow (AOA)

Method for constructing activity networks. Represents the task, or activity. Demonstrate the logical sequencing from node to node through the network.

activity-on-node (AON)

Method for constructing activity networks. Signifies an event market that suggests the completion of one activity and the potential to start the next. Represents an activity.

control and documentation

Methods that help managers classify and codify the various risks the firm faces, its responses to these risks, and the outcome of its response strategies.

Output of Team Cohesiveness

Morale and productivity.

Operator control

Multiskilled operators can rectify their own problems as they occur. This strategy is more efficient because deviations are controlled closer to their source. It is also more satisfying because operators benefit by having a more enriched job.

present value of money

Must be discounted by some factor the farther out into the future I expect to receive it. The value of money as it is today.

project success

Must take into consideration the elements that define the very nature of a project: that is, time (schedule adherence), budget, functionality/quality, and customer satisfaction. Three criteria: 1. time 2. budget 3. performance

what is a systemwide application of behavioral science knowledge to improve and reinforce the strategies, structures, and processes that lead to organization effectiveness?

Organization development

Lack of agreed-upon standards; control issue

Organization members are unclear about what needs to be achieved.

project organizations

Organizations that are set up with their exclusive focus aimed at running projects. Each project is a self-contained business unit with a dedicated project team. The firm assigns resources from functional pools directly to the project for the time period they are needed. The project manager has sole control over the resources the unit uses.

Forming

Orientation, breaking the ice.

Share Control to Spur Commitment and Motivation

Overly controlling leaders sabotage team effectiveness, by sharing it shows the members that the leader has faith that they will make good decisions.

project management office

PMO An organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain. The responsibilities can range from providing project management support functions to actually being responsible for the direct management of a project.

You are a project manager for a new hardware/software project. You just received the project charter and established your scope statement. Within the scope statement, you defined some of the key components to meet the overall project objective. Establishing requirements will be critical to define and get approved. The hardware will be new for your company, so you will need to ensure the vendor is selected and the hardware is appropriately installed into your environment. The supporting software will need to be designed and coded. It will also need to be installed and tested on the system. To ensure the users know how to use the new software, training will be needed for managers and the associates. You have assembled your team of experts and they are anxious to get started. Part 1: To ensure you have a clear scope for your team, create a 2-level WBS. Don't forget to include your WBS numbering. (15 points) Part 2: In your WBS, how many work packages have been created? (5 points)

Part 1: 1. Hardware/Software Project 1.1 Establish Requirements 1.1.1 Review Project 1.1.2 List and Define Project Requirements 1.1.3 Review and Team Approval of Project Requirements 1.1.4 Submit Requirements for Client Approval Requirements Complete 1.2 Obtain Vendor for Hardware Supplies 1.2.1 Research Possible Hardware Suppliers 1.2.2 Compare Customer Service for Supplier 1.2.3 Compare Pricing and Availability of Materials Needed 1.2.4 Choose Vendor for Hardware Supplies Vendor Selection Complete 1.3 Obtain Hardware 1.3.1 Select Appropriate Hardware 1.3.2 Order Chosen Hardware 1.3.3 Confirm Proper Hardware Upon Delivery Hardware Complete 1.4 Select Hardware Installation Team 1.4.1 Research Possible Hardware Experts for Hardware Installation from Staff 1.4.2 Review Credentials and Compare to Technical Requirements 1.4.3 Develop Installation Team Hardware Installation Team Complete 1.5 Implement Hardware Installation and Testing 1.5.1 Deliver Hardware to the Installation Team 1.5.2 Being Installation 1.5.3 Run and Test Hardware Hardware Installation and Testing Complete 1.6 Obtain Programmer(s) 1.6.1 Research Staff for Team of Programmers 1.6.2 Review Credentials Against Technical Requirements for Software 1.6.3 Develop Team of Programmers Programmer Selection Complete 1.7 Begin Design, Coding, and Testing of Software 1.7.1 Deliver Requirements to Programmer 1.7.2 Begin Designing Software 1.7.3 Review and Approve Design 1.7.4 Begin Coding of Software 1.7.5 Review, Test, and Approve Coding 1.7.6 Run Final Testing of Software Software Complete 1.8 Implement Training 1.8.1 Develop Team to Develop and Implement Training for Users 1.8.2 Design Training Program 1.8.3 Review and Approve Training Program 1.8.4 Implement Training Program 1.8.5 Ensure User Knowledge of New Software/Hardware Training Complete Part 2. As I understand the defining of a work package, it is the lowest level within a WBS. Therefore, I have created 31 work packages.

A firm stores data for other organizations. The company stores data across many states, providing backup data storage for state, municipal governments, and large corporations. The firm is deploying a new set of storage devices that are faster, denser, and more energy efficient. Part 1: List and discuss the major risk management functions from a project management perspective for the new data storage project. (15 points) Part 2: Describe a positive and a negative risk event, the related consequences, and the risk response plan for each of the two risks for the new data storage project. (5 points)

Part 1: The student must discuss the following: · risk management planning; · identify risks; · qualitative risk analysis; · quantitative risk analysis; · plan risk responses; and · control risks. Part 2: The student must describe a positive and a negative risk event, its consequences to the project, and appropriate risk responses. Week 4 Lecture

Diversity

People with different skills, thinking styles, and personal characteristics provides a source of creativity and healthy level of disagreement that leads to better decision making.

1.Writtten reports 2.Oral reports 3.Personal observation

Performance data commonly are obtained from three sources:

Which of the following is the second stage of budgetary control?

Performing budgetary operations

Productive Output

Pertains to performance and the quality and quantity of task outputs as defined by team goals.

Capacity to Adapt and Learn

Pertains to the ability of teams to bring greater knowledge and skills to do job tasks and enhance the potential of the organization to respond to new threats or opportunities in the environment.

Satisfaction of Members

Pertains to the team's ability to meet the personal needs of its members and hence maintain their membership and commitment.

Virtual teams

Physically dispersed Communicate electronically more than face-to-face Often transnational Challenges: Building trust, cohesion, team identity, overcoming isolation of virtual team members

Formal: Verbal

Presentation to Senior VP

project risk analysis and management (PRAM)

Presents a generic methodology that can be applied to multiple project environments and encompasses the key components of project risk management. The ultimate benefit is that they present a systematic alternative to ad hoc approaches to risk assessment, and hence can help organizations that may not have a clearly developed, comprehensive process for risk management and are instead locked into one or two aspects. Offers a step-by-step approach to creating a comprehensive and logically sequenced method for analyzing and addressing project risk.

analysis of probability and consequences

Presents a generic methodology that can be applied to multiple project environments and encompasses the key components of project risk managmenet.

Risk Qualification

Prioritize Risks

beta distribution

Probability distributions that are asymmetrical, suggesting we recognize that certain events are less likely to occur than others.

Accounting audits

Procedures used to verify accounting reports and statements.

Team effectiveness defined by three criteria

Productive output of team meets/exceeds standards of quantity, quality Members realize satisfaction of personal needs Members remain committed to working together again i.e. group doesn't burn out/disintegrate after grueling project - effective teams remain viable, have good prospects for repeated success in future

Work Team Effectiveness

Productive output, satisfaction of members, and capacity to adapt and learn.

PERT

Program Evaluation and Review Technique - a event and probability based network analysis technique

SPI > 1

Project is ahead of schedule.

SPI < 1

Project is behind schedule.

CPI = 1

Project is on budget.

SPI = 1

Project is on schedule.

CPI < 1

Project is over budget.

CPI > 1

Project is under budget.

project closeout

Project's conclusion. Requires project managers to consider the types of records and reports they and their clients will require at the completion of the project.

confidence interval

Provides the highest reasonable probability of being accurate.

Profitability ratio

Return on invesment

Control Risks

Risk Audits

Mitigate

Risk might happen

Avoid

Risk will not happen

_____ is a process wherein managers control work by dividing and simplifying tasks. Multiple Choice Human relations Scientific management Contingency perspective Management myopia Qualitative management

Scientific management

numeric models

Seek to use numbers as inputs for the decision process involved in selecting projects. The values can be derived either objectively or subjectively; that is, we may employ objective, esternal values or subjective, internal values.

At a town hall meeting, the CEO of a company spoke energetically about adopting cost-cutting measures due to the recent economic slump. However, a few days later, the employees found out that the CEO had gone on an exotic vacation using funds from the company. Which of the following is true about this company?

Senior managers set a bad example, implying a lack of control

Which of the following is the first step in a typical control system?

Setting performance standards

Norms

Shared beliefs about how all members should think, behave e.g. sharing information Can be positive/negative e.g. work hard; anti-management; take risks; speak favorably/critically of company

Team

Shares or rotates leadership roles, holds team members accountable to each other, sets specific team vision or purpose, has collective work products, runs meetings that encourage open-ended discussion and problem solving, measures effectiveness directly by assessing collective work, and discusses, decides, and shares work.

Team Characteristics

Size, diversity, and member roles.

_____ is the amount accruing to the corporation's owners.

Stockholders' equity

risk identification

Strategy that begins by creating a classification scheme for likely risks. These risks fall into one or more of the following classification clusters: 1. financial risk 2. technical risk 3. commercial risk 4. execution risk 5. contractual or legal risk

Which project organizations use a dedicated project team?

Strong matrix and a pure project

time value of money

Suggests that money earned today is worth more than money we expect to earn in the future.

Hammock activities are used to do which of the following?

Summarize duration and cost information on related activities.

Member Roles

Task specialist role and socioemotional role.

Determinates of Team Cohesiveness

Team interaction, shared goals, personal attraction to the team, presence of competition, and team success.

Size

Team's performance and productivity peak when there were 5 members; any more that that caused a decrease in motivation, an increase in coordination problems, and a general decline in performance.

Resource Leveling

Techniques used to smooth resource usage, resolving resource over-allocations or when resources are only available at certain times by delaying activities. Leveling may cause the critical path(s) to change.

What document is created to begin a project?

The Charter

principle of exception

The _____ states that control is enhanced by concentrating on the exceptions to, or significant deviations from, the expected result or standard

Stockholders' equity

The amount accruing to the corporation's owners.

Slack

The amount of time an activity can be delayed without delaying the finish of the project.

lead time

The amount of time it takes to bring a new product, service, etc. to market.

Liabilities

The amounts a corporation owes to various creditors

project management

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

budget

The approved estimate for the project or any work breakdown structure component or any schedule activity. A limitation of projects. A second key constraint for all projects. A key in determining project efficiency.

1.Assets are the values of the various items the corporation owns. 2.Liabilities are the amounts the corporation owes to various creditors. 3.Stockholders' equity is the amount accruing to the corporation's owners.

The balance sheet shows the financial picture of a company at a given time. This statement itemizes three elements:

heavyweight project organization

The belief that organizations can sometimes gain tremendous benefits from creating a fully dedicated project organization. Based on the notion that successful project organizations do not happen by chance or luck. Measured steps in design and operating philosophy are needed to get to the top and remain there. In these organizations, the project manager is given full authority, status, and responsibility to ensure project success.

backward pass

The calculation of late finish dates and late start dates for the uncompleted portions of all schedule activities. Determined by working backwards through the schedule network logic from the project's end date.

forward pass

The calculation of the early start and early finish dates for the uncompleted portions of all network activities.

Feedforward Control

The control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly

concurrent

The control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed is known as _____ control.

technology

The conversion process of an organization, whereby it tranforms inputs into outputs.

Project Owner

The customer, client, or internal department or group for whom a project is performed and who will, in effect own, the completed project deliverables.

Crash Costs

The direct cost associated with reducing durations.

payback period

The estimated amount of time that will be necessary to recoup the investment in a project, that is, how long it will take for the project to pay back its initial budget and being to generate positive cash flow for the company.

Team Cohesiveness

The extent to which members are attracted to the team and motivated to remain in it.

financial risk

The financial exposure a firm opens itself to when developing a project.

time

The first constraint that governs project management involves the basic requirement: the project should come in on or before its established schedule. Projects are constrained by a specified time frame during which they must be completed. They are not supposed to continue indefinitely.

Who controls the resources in a functional and weak matrix organization?

The functional manager.

weak matrix

The functional matrix. Functional departments maintain control over their resources and are responsible for managing their components of the project. The project manager's role is to coordinate the activities of the functional departments, typically as an administrator. The project manager is expected to prepare schedules, update project status, and serve as the link between the departments with thei different project deliverables, but does not have direct authority to control resources or make significant decisions alone.

project planning

The identification of the project objectives and the ordered activity necessary to complete the project, including the identification of resource types and quantities required to carry out each activity or task.

taking action to correct problems.

The last step in a typical control system is:

Comparing Performance with the Standard

The manager evaluates the performance

required rate of return (RRR)

The minimum annual percentage earned by an investment that will induce individuals or companies to put money into a particular security or project.

task contingency

The most common form of contingency reserve. Used to offset budget cutbacks, schedule overruns, or other unforseen circumstances accruing to individual tasks or project work packages. A method for offsetting the project team's inability to make an accurate budget estimate.

current ratio.

The most common liquidity ratio is current assets to current liabilities, known as the:

assets, liabilities

The most common liquidity ratio is current____ to current _______, called the current ratio or net working capital ratio.

functional structure

The most common organizational type used in business today. The logic is to group people and departments performing similar activities into units. It is common to create departments such as accounting, marketing, or research and development. Members routinely work on multiple projects or support multiple product lines simultaneously.

net present value method (NPV)

The most popular financial decision-making approach in project selection. Projects the change in the firm's value if a project is undertaken. Positive means the firm will make money. Employs discounted cash flow analysis, discounting future streams of income to estimate the present value of money.

scope statement

The narrative description of the project scope, including major deliverables, project assumptions, project constraints, and a description of work, that provides a documented basis for making future project decisions and for confirming or developing a common understanding of project scope among the stakeholders.

concurrent activities

The nature of the work allows for more than one activity to be accomplished at the same time. Parallel project activity paths are constructed through the network.

transfer price.

The price charged by one unit in an organization for a good or service that it supplies to another unit in the same organization is referred to as a(n):

duration estimation

The process of estimating the length of each activity for each step in the project. Can be done through experience, expert opinion, or mathematical derivation.

Budgeting

The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences

Budgeting

The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called budgetary controlling

conceptual development

The process that addresses project objectives by finding the best ways to meet them. The project management team must collect data and develop several pieces of information.

Project Cost Control

The processes of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis. Includes project procedures, project cost changes, monitoring actual versus budget, variance analysis, integrated cost/schedule reporting, progress analysis, and corrective action.

project structure

The project manager does not occupy a subordinate role. All major decisions and authority remain under the control of the project manager. The functional structure and its potential for siloing or communication problems are bypassed. Communication improves across the organization and within the project team. Decision making is speeded up. Project decisions can occur quickly, without lengthy delays.

turnkey contracts

The project organization assumes all responsibility for successful performance.

Project Lessons Learned

The project team's learning from the project. Usually defined during close out.

OBS

The project's organization chart.

benchmarking

The purpose is to systematically manage the process improvements of project delivery by a single organization over a period of time. Analysis and evaluation of practices Project office established

Compare and contrast crashing and fast tracking as a means of schedule compression.

The purpose of schedule compression is to reduce the amount of time spent on a project, without damaging the resulting outcome. Two method of doing this are crashing or fast tracking. There are similarities between the two, as in the desired outcome is similar. However, the methods of reaching that outcome are very different. With crashing, the project manager and sometimes the team reviews the benefits of adding on additional expenses against the benefits of having a new deadline for the outcome. In otherwords, is it better to meet the original deadline by paying more for or purchasing more materials, such as paying for expedited shippping; or is it better for everyone involved if a new deadline is proposed. The goal here is to find balance between deadlines and costs. Fast tracking, on the other hand, is possible when all the needed resources are readily available. In this method, phases and tasks are completed at the same time, instead of one after another. That being said, this method increases the chance of the occurrance of errors, mistakes, and miscommunication. The multiple teams that are required with this type of plan eliminates the possibility of review of previous tasks and assignments. It also makes it more difficult to status updates, as there are various teams and various tasks being completed at the same time. Instructor Explanation: Fast tracking: Arranging tasks on the critical path in parallel form so that they can be performed at the same time, or concurrently, rather than sequentially. Activities on the critical path are connected by predecessors. These predecessors set the order in which critical activities get accomplished. Crashing: Adding more resources like labor and equipment, either internally or subcontracted, to shorten tasks on the critical path at greater cost to cover the expense of the added resources. Remember, when crashing a project, to focus only on critical activities or near-critical path activities and remember that the project's cost will always rise when crashing a project.

successors

The schedule activity that follows a predecessor activyt, as determined by their logical relationship.

efficient frontier

The set of project portfolio options that offers either a maximum return for every given level of risk or the minimum risk for every level of return. Serves as a decision-making guide by establishing the threshold level of risk/return options that all future project choices must be evaluated against.

Crash Time

The shortest time an activity can be completed (assuming a reasonable level of resources).

culture

The solution to external and internal problems that has worked consistently for a group and that is therefore taught to new members as the correct way to perceive, think about, and feel in relation to these problems. Influences the manner in which employees commit themselves to the goals of their projects as opposed to other, potentially competing goals. The collective oer shared learning of a group, and it influences how that group is likely to respond in different situations.

execution risk

The specific unknowns related to the execution of the project plan. A broad category that seeks to assess any unique circumstances or uncertainties that could have a negative impact on execution of the plan.

scope

The sum of the products, services, and results to be provided as a project.

project portfolio management

The systematic process of selecting, supporting, and managing a firm's collection of projects. Projects are managed concurrently under a single umbrella and may be either related or independing of one another.

arrow

The task or activity and demonstrates the logical sequencing from node to node through the network.

organizational culture

The third key contextual variable in how project are managed effectively. Unique characteristics of an organization. The manner in which each organization develops its own outlook, operating policies and procedures, patterns of thinking, attitudes, and norms of behavior. The unique method for indoctrinatingemployees, responding to environmental threats and opportunities, and supporting or discouraging operating behaviors.

Payback

The time it takes to paybck the project investment (investment/net annual savings). The method does not consider the time value of money or the life of the investment.

discounted payback method

The time period in which we are interested is the length of time until the sum of the discounted cash flows is equal to the initial investment. Allows us to make a more "intelligent" determination of the length of time needed to satisfy the initial project investment. More representative of the financial realities that all organizations must consider when pursuing projects.

risk/return

The trade off which an investor faces between risk and return while considering investment decisions is called the risk return trade off. Definition: Higher risk is associated with greater probability of higher return and lower risk with a greater probability of smaller return.

Bureaucratic control

The use of rules, regulations, and authority to guide performance

bureaucratic

The use of rules, regulations, and authority to guide performance is referred to as _____ control.

Bureaucratic Control

The uses of rules, regulations, and authority to guide performance Includes: Items as budgets, statistical, reports, and performance appraisals to regulate behavior and results

Assets

The values of the various items the corporation owns.

project scope

The work that must be performed to deliver a product, service, or result with the specified features and functions.

Overhead Costs to a Project

These are typically organization costs not directly linked to a specific project. These costs cover general expenses such as upper management, legal, market promotion, and accounting. Overhead costs are usually charged per unit of time or as a percent of labor or material costs.

Resource Constraint

These constraints occur because of the absence or shortage of resources, either in quantity or resource type needed (e.g. senior software developers).

What do effective virtual team leaders do?

They use technology to build relationships, shape culture through technology, and monitor progress and rewards.

Rally People Around a Compelling Purpose

This ensures that everyone is moving in the same direction rather than floundering around, wondering why the team was created and where it is supposed to be going.

Clarify Norms and Expectations

This ensures that everyone knows what they should be doing and what they can expect from their teammates, if they are confused about their roles they will be unproductive and resentful toward other members.

Admit Ignorance

This serves as a fallibility model that lets people know that lack of knowledge problems, concerns, and mistakes can be discussed openly without fear of appearing incompetent.

predecessors

Those activities that must be completed prior to initiation of a later activity in the network.

What items make up the triple constraint?

Time, cost, and performance.

What is the purpose of a project charter?

To authorize the project.

What is the purpose of a morning stand up meeting?

To review the work of the day and any anticipated issues.

T/F: Effective team leaders need to have good monitoring, task, and relationship skills.

True

T/F: Flatter organizations support lateral decision making.

True

T/F: For teams to be effective they must be supported by an organizational culture that values collaboration.

True

T/F: Innovation and creative success is an advantage that effective teams can bring to organizations.

True

T/F: Team goals that are very clear help team processing and effectiveness.

True

Effective Team Characteristics

Trust, healthy conflict, commitment, accountability, and results orientation.

Negotiation

Type of conflict management; people engage in give and take discussions and consider various alternatives to reach a joint decision acceptable to both parties.

Project Kick off meeting

Typically the first meeting of the project team.

dummy activities

Used in AOA networks to indicate the existence of precedent relationships between activities and their event nodes. They do not have any work or time values assigned to them. They are employed when we wish to indicate a logical dependency such that one activity cannot start before another has been completed, but the activities do not lie on the same path through the network. Usually represented as dashed or dotted lines and may or may not be assigned their own identified.

project management maturity models

Used to allow organizations to benchmark the best practices of successful project management firms. Recognize that different organizations are currently at different levels of sophistication in their best practices for managing projects. 1. Center for Business Practices 2. Kerzner's Project Management Maturity Model 3. ESI International's Project Framework 4. SEI's Capability Maturity Model Integration

control systems

Vital to ensure that any changes to the project baseline are conducted in a systematic and thorough manner.

Which statement is an example of a project constraint?

We must get permits before we start work.

Lowers morale Tactical employee behavior Resistance

What are the three dangers associated with bureaucratic control?

Financial Customer Business process Learning and growth

What four indicators does the balanced scorecard use to give managers a quick overview of how the organization is doing

A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities

What is activity based costing (or activity based accounting)

ASSETS = LIABILITES + STOCKHOLDERS EQUITY

What is the relationship between liebailities, stockholders equity and assets?

Balance sheet- a report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity Profit and loss statement- an itemized financial statement of the income and expenses of a company's operations Assets - liabilities = stockholder's equity. Note that if liabilities are greater than assets, then stockholder's have no equity because the organization is in debt.

What's the difference between a balance sheet and an income statement

Team Success

When a team has favorable evaluation by outsiders it adds to cohesiveness and when others in the organization recognize the success, members feel good and their commitment to the team will be high.

Presence of Competition

When a team is in moderate competition with other teams, its cohesiveness increases as it strives to win.

tactical behavior.

When employees feel forced to attempt to "beat the system," their behavior is known as:

Personal Attraction to the Team

When members have similar attitudes and values and enjoy being together.

clan

When members of an organization have common values and goals—and trust one another—formal controls may be less necessary. Which type of control does this describe?

technical risk

When new projects contain unique technical elements or unproven technology.

Shared Goals

When team members agree on purpose and direction, they will be more cohesive.

Cost budget

Which of the following budgets is used for areas of the organization that incur expenses but no revenue?

Integrative Negotiation

Win-win assumption, all parties want to come up with a creative solution that can benefit both sides, and valued in the business environment.

Social facilitation effect

Working harder when in a group than when working alone Individuals more motivated when others present, concerned with what others think of them, want to maintain positive self-image

Social loafing

Working less hard, being less productive when in a group Believe contributions not important, others will do the work for them, lack of effort will go undetected, will be lone sucker if they work hard, others don't

Stockholders' equity

_____ is the amount accruing to the corporation's owners.

Benchmarking

_____ is the process of comparing a firm's practices and technologies with those of other organizations.

Leverage ratios

_____ show the relative amount of funds in the business supplied by creditors and shareholders.

Control processes

__________are necessary to determine when the organization isn't performing to standards so that corrective action can take place before too much damage occurs.

reflection is a process of _____.

a person states what he or she believes the other person is saying

Return on investment (ROI)

a ratio of profit to capital used, or a rate of return from capita

balance sheet

a report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity

Oral reports

allow two-way communication. When a salesperson contacts his or her supervisor each evening to report the day's accomplishments, problems, and customer reactions, the manager can ask questions to gain additional information or clear up any misunderstandings. When necessary, tentative corrective actions can be worked out during the discussion.

external audit

an evaluation conducted by one organization, such as a CPA firm, on another

profit and loss statement

an itemized financial statement of the income and expenses of a company's operations

control

any process that directs the activities of individuals toward the achievement of organizational goals

A leader who exhibits a(n) _____ style will make decisions alone, without soliciting input from others.

autocratic

Ignoring the problem or deemphasizing the disagreement

avoidance

The _____ shows the financial picture of a company at a given time. Multiple Choice debt-equity ratio balanced scorecard balance sheet theory of constraints net working capital ratio

balance sheet

A _____ refers to a control system combining four sets of performance measures: financial, customer, business process, and learning and growth. Multiple Choice balanced scorecard concurrent control management audit feedforward control standard

balanced scorecard

Control system combining four sets of performance measures: financial, customer, business process, and learning and growth

balanced scorecard

The process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences

budgeting

Bureaucratic control

budgets, statistical reports, and performance appraisals to regulate behavior and results are examples of what type of control?

The use of rules, regulations, and authority to guide performance is referred to as _____ control.

bureaucratic

_____ control includes items such as budgets, statistical reports, and performance appraisals to regulate behavior and results.

bureaucratic

Kate is the financial manager at Flavors Inc., a lollipop manufacturer. One of her duties is to make a budget that shows the anticipated receipts and expenditures of the company. The budget also shows the amount of working capital available and the extent to which outside financing may be required. Kate makes this budget after all other budget estimates have been completed. Which of the following types of budget is Kate currently working on?

cash budget

____ is the degree to which a team is attractive to its members, how motivated members are to remain in the team, and the degree to which members influence one another.

cohesiveness

which is the most important process of knowledge mgmt? -collaborating -leading -controlling -planning -organizing

collaborating

Production budget.

commonly is expressed in physical units. Required information for preparing this budget includes types and capacities of machines, economic quantities to produce, and availability of materials.

Media richness is described as the degree to which a(n):

communication channel conveys info

A company is said to lack _____ when there is an absence of policies and a lack of periodic reviews.

control

Any process that directs the activities of individuals toward the achievement of organizational goals

control

FeedbackControl

control that focuses on the use of information about previous results to correct deviations from the acceptable standard.

One approach to increasing diversity in the workplace is affirmative action, the primary intent of which is to:

correct historical discrimination and exclusion

is used for areas of the organization that incur expenses, but bring in no revenue, such as accounting, HR, Legal, etc.

cost budget

_____ means keeping costs low enough so that the company can realize profits and price its products at levels that are attractive to consumers

cost competitiveness

which of the following is a controllable environmental factor that can affect an organization -economic reason -contamination of raw material sources -government interference -demographic changes in the labor force -cost leadership strategy

cost leadership strategy

The longest continuous path of activities from beginning to end on a project describes the:

critical path

According to a study, the four key factors that lead to sustained, superior performance of companies include strategy, execution and ______. -knowledge -motivation -culture

culture

A liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities is referred to as the:

current ratio

Catherine has recently reviewed a number of indicators of financial control. The one that troubled her indicated that the company could have trouble meeting its short-term financial obligations. Which of the following was she concerned about?

current ratio

The most common liquidity ratio is current assets to current liabilities, known as the:

current ratio.

Multicultural organizations differ from pluralistic ones in that within the former: -there is prevalent use of an affirmative action approach. -there is a diverse employee population -minority groups accept the norms of the majority. -diversity is valued and leveraged

diversity is valued and leveraged

The use of market control mechanisms has been criticized by those who believe that:

economic measures do not adequately reflect the complete value of an organization

Market controls involve the use of:

economic standards.

Which of the following methods for managing resistance to change is most likely to work best when there is a lack of information or inaccurate information and analysis about the change? -education and communication -facilitation and support -negotiation and awards -manipulation and cooptation -explicit and implicit coercion

education and communication

_____has become an essential part of clan control because employees' jobs, the nature of management, and the employment relationship have all changed.

empowerment

A person can restore _____ in a number of ways by behaviorally or perceptually changing inputs and outcomes. -equity -power -loyalty

equity

Even after scanning and e-mailing became accepted technologies for sharing documents, some people still resisted using them in favor of what they were used to, such as faxing. This type of resistance to change is best classified as _____.

inertia

A periodic assessment of a company's own planning, organizing, leading, and controlling processes

internal audit

Bureaucratic control

is the use of rules, standards, regulations, hierarchy, and legitimate authority to guide performance. It works best where tasks are certain and workers are independent.

Cost budget

is used for areas of the organization that incur expenses, but bring in no revenue, such as accounting, HR, Legal, etc.

Capital budget

is used for the cost of fixed assets such as plant and equipment.

The amounts a corporation owes to various creditors

liabilities

Which of the following stages of budgetary control involves dealing with identifying what is being accomplished and comparing the results with expectancies? Multiple Choice taking action establishing expectancies performing budgetary operations estimating sales charting a broad plan for the company

performing budgetary operations

involves going to the area where activities take place and watching what is occurring. The manager can directly observe work methods, employees' nonverbal signals, and the general operation. disadvantages: It does not provide accurate quantitative data; the information usually is general and subjective. Also, employees can misunderstand the purpose of personal observation as mistrust or lack of confidence.

personal observation

Jennifer, a manager, is in charge of production at Nanosystems, Inc. Part of her job is to ensure that the components for surgical devices are extremely accurate. In fact, it is important that they are perfectly produced. When Jennifer concentrates on the significant deviations from established standards, she is using the:

principle of exception

The _____ states that control is enhanced by concentrating on the exceptions to, or significant deviations from, the expected result or standard.

principle of exception

Work teams such as new product and strategic teams frequently interact with the external environment to understand outsiders' needs through _______. -probing -parading -informing

probing

accounting audits

procedures used to verify accounting reports and statements

Required information for preparing a _____ budget includes types and capabilities of machines and availability of materials. Multiple Choice production capital cash sales cost

production

An itemized financial statement of the income and expenses of a company's operations

profit and loss statement

The _____ is an itemized financial statement of the income and expenses of a company's operations. Multiple Choice balanced scorecard current ratio return on investment balance sheet profit and loss statement

profit and loss statement

_____ ratios indicate management's ability to generate a financial return on sales or investment. -liquidity -leverage -profitability

profitability

_____ indicate management's ability to generate a financial return on sales or investment.

profitability ratios

These teams work on long term assignments, often over a period of years, and usually disband afterwards.

project and development

the goodwill stemming from one's interpersonal relationships is known as -human capital -natural capital -emotional intelligence -social capital

social capital

_____ is likely to occur when individuals are more motivated to work hard when others are present, are concerned with what others think of them, and want to maintain a positive self-image -social facilitation effect -peer motivation -social encouragement

social facilitation

The level of expected performance for a given goal: a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed is referred to as a(n):

standard

When employees feel forced to attempt to "beat the system," their behavior is known as:

tactical behavior.

Carlos noticed a pattern at the annual budgeting session of his company. Mid-level managers were asking for unrealistically high budgets while top management was attempting to limit budgets under last year's actual expenditures. The management's strategies are referred to as:

tactical behaviors

Concurrent control

takes place WHILE plans are being carried out. It includes directing, monitoring, and fine-tuning activities as they occur.

The last step in a typical control system is:

taking action to correct problems.

companies that want to grow often: -tap into international markets -remain in the local market -reduce their social capital -invest in social capital -should offer low prices

tap into international markets

Three general categories of leadership behavior are related to group maintenance, employee participation in decision making, and _____. -task performance -org tools -authority styles -personnel relationships

task performance

_____ performance goals can be dysfunctional when people work in a group if the goals create competition among team members. -individual -team -integrated -socialized

team

To adapt to change & uncertainty To uncover irregularities & errors To reduce costs, increase productivity, or add value To detect opportunities To deal with complexity To decentralize decision making & facilitate teamwork

the 6 main reasons why control processes are necessary are as follows:

Empowerment is important in organizations today because:

the nature of management has changed

Budgetary control

the process of finding out what's being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences

budgeting

the process of investigating what is being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences; also called <em>budgetary

Market control

the use of prices, competition, and exchange relationships to regulate activities in organizations as though they were economic transactions Managers who run these units may be evaluated on the basis of profit and loss

1.Assets

the values of the various items the corporation owns.

which is a characteristic of frontline managers? -include the CFO -they are the link between mgmt and non-mgmt personnel -concerned w/interaction between org and its external environment -responsible for translating goals developed by strategic managers into more specific objectives -they are called upon to be true org leaders

they are link between mgmt and non-mgmt personnel

managers who have to create and articulate a broad corporate purpose with which people can identify and one to which people will enthusiastically commit are known as: -tactical mangers -middle level managers -operational managers -frontline managers -top-level managers

top level managers

Obtaining commitment from _____ is critical for diversity programs to succeed so that other parties in the organization will take it seriously. -top management -diversity director -minority advisory groups -mcc committees

top management

_____ is a leadership perspective that attempts to determine the personal characteristics that great leaders share.

trait

The price charged by one unit in an organization for a good or service that it supplies to another unit in the same organization is referred to as a(n):

transfer price

_____ is the fee charged by one unit for a good or service provided to another unit within the organization.

transfer price

These types of leaders motivate people to transcend their personal interests for the good of the group

transformational

Clan control

unlike market and bureatic control; it does not assume that the interests of the organization and individuals naturally diverge. Instead it is based on the idea that employees may share the values, expectations, and goals of the organization and act in accordance with them.

Capital budget

used for the cost of fixed assets like plants and equipment. Such costs are usually treated not as regular expenses but as investments because of their long-term nature and importance to the organization's productivity.

Specialist control

—Operators of computer numerical control (CNC) machines must notify engineering specialists of malfunctions. With this traditional division of labor, the specialist takes corrective action.

T/F: Most experts describe team leadership is a simple process.

False

T/F: Negotiating support is an example of an internal leadership action.

False

T/F: Task forces, work units, and standing committees are examples of groups rather than teams.

False

T/F: Team leadership capacity refers to the amount of work a team leader can accomplish in a given period of time.

False

Which of the following is a definition of control?

It is any process that directs the activities of individuals toward the achievement of organizational goals.

What can strong conflict be bad?

It is destructive, it means the team won't be managed properly, and it will interfere with exchange of ideas and information.

process

Ongoing, day-to-day activities in which an organization engages while producing goods or services. Uses existing systems, properties, and capabilities in a continuous, fairly repetitive manner.

Parallel teams

Operate separately from regular work structure temporarily Members from different units Do work not normally done by standard structure Recommend solutions to specific problems e.g. task forces, safety teams

Lack of ethics in the culture; control issue

Organization members have not internalized a commitment to integr

what are the disadvantages of a virtual office?

-Loss of human interaction -burnout caused by long hours with technical tools - lack of guidance for inexperienced employees

what are the advantages of one way communication?

-communication is faster and easier -

program evaluation and review technique (PERT)

A technique for estimating that applies a weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.

Conflict

Antagonistic interaction in which one party attempts to block the goals of another.

intervenor groups

Any environmental, political, social, community-activist, or consumer groups that can have a positive or negatived effect on the project's development and successful launch.

deliverables

Any unique and verifiable product, result, or capability to perform a service that must be produced to complete a process, phase, or project.

Lax top management; control issue

Senior managers do not emphasize or value the need for controls, or they set a bad example.

_____ are targets that establish desired performance levels, motivate performance, and serve as benchmarks against which to assess actual performance. Multiple Choice Skunkworks Liabilities Management audits Gatekeepers Standards

Standards

Which of the following is true of managing in an empowered world?

Team performance and adding value to the customer should be emphasized

Adjourning/Terminating

Temporary - when complete task/fail/lose interest

The forward pass calculates which values on a project?

The early start and early finish values.

All about rules, regulations, and authority

What is bureaucratic control (pg. 326)?

Predecessor

Those activities that must be completed prior to the start of a later activity.

Which of the following leadership perspectives attempts to identify what good leaders do? -Contigency model -trait approach -behavioral approach -path goal approach -the vroom model

behavioral approach

_____ is the process of comparing a firm's practices and technologies with those of other organizations.

benchmarking

the control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly

feedforward control

Which of the following should be the subsequent step in a typical control process after setting performance standards? -taking action to correct problems -comparing performance against standards -measuring performance

measuring performance

Which of the following is a change-specific reason for resistance to change? -inertia -timing -misunderstanding -surprise

misunderstanding

Which of the following is a characteristic of the mgmt function of controlling -choosing corporate & business strategies -deciding the activities the company will engage in -monitoring performance and making necessary changes -assembling and coordinating resources needed to achieve goals -determining the resources needed to achieve the org goals

monitoring performance and making necessary changes

In computer-controlled production technology, the strategy of _____ is more efficient because deviations are controlled closer to their source. Multiple Choice market control operator control specialist control clan control concurrent control

operator control

These teams operate separately from the regular work structure of a firm on a temporary basis

parallel teams

A risk matrix is used in _____ to ____. A risk register is a _____.

qualitative risk analysis; prioritize risks; list of risks

A ratio of profit to capital used, or a rate of return from capital

return on investment (ROI)

Instrinsic rewards are:

reward a worker derives directly from job itself

The Six Sigma approach is based on _____ that contribute(s) to customer satisfaction.

statistical analysis

_____ goals are higher-level goals taking priority over specific individual or group goals that can be used to encourage collaboration. -superordinate -tactical -overriding

superordinate

nonnumeric models

Does not employ numbers as decision inputs, relying on other data.

Styles to Handle Conflict

Dominating style, avoiding style, compromising style, accommodation style, and collaborating style.

Bottom-Up

Done by performing individual

Which of the following statements is true regarding Six Sigma?

It indicates how often defects in a process are likely to occur

resources

Raw materials, personnel, and anything needed by the project team in order to complete a project.

Which of the following is recommended for managing in an empowered setting?

Reinforce responsiveness and teamwork

liquidated damages

Represent project penalty clauses that kick in at mutually agree-on points in the project's development and implementation.

How to Be a Great Team Leader

Rally people around a compelling purpose, share control to spur commitment and motivation, clarify norms and expectations, and admit ignorance.

Effective Team Leadership

Rally people around a purpose, share power, clarify norms and expectations, and admit ignorance.

Stockholders' equity

the amount accruing to the corporation's owners.

Liabilities

the amounts the corporation owes to various creditors.

FeedforwardControl

the control process used before operations begin, including policies, procedures, and rules designed to ensure that planned activities are carried out properly

Absence of policies; control issue

the firm's expectations are not established in writing.

Leverage ratios

show the relative amount of funds in the business supplied by creditors and shareholders

Four types of Schedule Predecessors

Mandatory, Discretionary, Internal, and External.

_____ control involves the use of prices, competition, and exchange relationships to regulate activities in organizations as though they were economic transactions.

Market

tangible output

Market control is most effective where ______ _________ be identified and a market can be established between the parties to be controlled.

Team Effectiveness

Productive output, satisfaction of members, and capacity to adapt and learn.

Parametric

Something per something

Distributive Negotiation

Win-lose assumption, competitive and adversarial, and each party attempts to get as much on their side as they can.

Debt-equity ratio

_____ indicates the company's ability to meet its long-term financial obligations.

Project Audit

A formal inquiry into the progress, results, or some other aspect of a project or system.

Free Riders

A free rider is a person that benefits from the groups work and success but did not pull his/her own weight during the process.

Balance Sheet

A repot that shows the financial picture of a company at a given time and itemizes assets, liabilities and stockholders equity

Functional Team

Manager and the subordinates in the formal chain of command, include 3 or 4 levels of hierarchy, and each has a specific goal to attain.

Lack of periodic reviews; control issue

Managers do not assess performance on a regular, timely basis.

_____ involves the use of pricing mechanisms and exchange relations to regulate activities in organizations as though they were economic transactions. Multiple Choice Bureaucratic control Pricing control Feedback control Market control Clan control

Market control

Team

Small number of people with complementary skills, committed to common purpose, set of performance goals, approach for which they hold themselves mutually accountable

variance (activity and project)

A quantifiable deviation, departure, or divergence away from a known baseline or expected value.

fixed-price contracts

Establish a firm, fixed price for the project upfront; should the project's budget begin to slip, the project organization must bear the full cost of these overruns.

Norming

Establishment of order and cohesion.

Team Audit

Evaluating the performance of the project team using a minimum core of conditions in place before the project began. Evaluation practices should emphasize the team as a whole, while minimizing individual performance.

_____ control focuses on the use of information about results to correct deviations from the acceptable standard after they arise. Multiple Choice Reactionary Concurrent Corrective Outback Feedback

Feedback

Lack of Commitment

If people are afraid to express their true opinions, its difficult to gain their true commitment to decisions.

ordered activity

Illustrates the scheduling goal.

stakeholders

Important organizational contributors

objectives

Something toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.

Virtual Project Team

Spatially separated project team whose members are unable to communicate face to face. Communication is usually by electronic means.

Risk Identification

Use Delphi and SWOT

Team Interaction

When team members have frequent contact, they get to know one another, consider themselves a unit, and become more committed to the team.

To be effective, control systems must:

use multiple approaches

Sales budget

usually prepared by month, sales area, and product.

1Setting performance standards. 2.Measuring performance. 3.Comparing performance against the standards and determining deviations. 4.Taking action to correct problems and reinforce successes.

what are the four major step of a typical control system?

An example of filtering would be when a:

worker who hasnt met his target tells his boss that he has reached it

social loafing is

working less hard when in a group

Dominating Style

"My way," uncooperative and assertive.

Concurrent Control

"Now" plans that are being carried out currently.

Collaborating Style

"Our way," cooperative and assertive.

Jane, an employee, received an e-mail from an angry client about a certain product. Although it was not Jane's fault, she hesitated to report it to her manager because she knew that she would be blamed for it and could even be fired. Based on this scenario, which of the following is true of Jane's company?

"Shoot the messenger" management exists, implying a lack of control

Accommodating Style

"Your way," cooperative and unassertive.

Assumptions

Conditions for planning purposes that are assumed to be true.

Functional conflict

Conflict which helps further the objectives of the project.

Storming

Conflict, disagreement.

external environment

Consists of all forces or groups outside the organization that have the potential to affect the organization.

Outsourcing

Contracting for the use of external sources (skills) to assist in implementing a project.

Formal: Written

Contracts

Can only tell the past, not the future.

Control

_____ provides managers with continuous feedback so that when plans are not carried out properly, managers can take steps to correct the problem. Multiple Choice Benchmarking Bootlegging Groupthink Control Brainstorming

Control

planning

Control and _____ have been called the Siamese twins of management.

clan control.

Control based on the norms, values, shared goals, and trust among group members is referred to as:

Rumors Going Around

Not letting people use emails for personal use will NOT work.

escalation of commitment

Occurs when, in spite of evidence identifying a project as failing, no longer necessary, or beset by huge technical or or other difficulties, organizations continue to support it past the point an objective viewpoint would suggest that it should be terminated.

contractual or legal risk

Often consistent with projects in which strict terms and conditions are drawn up in advance. Many forms of contracted terms result in a significant degree of project risk. Companies naturally seek to limit their legal exposure through legal protection, but it is sometimes impossible to pass along contractual risk to other parties.

triple constraint

Once the standard by which project performance was routinely assessed. 1. time 2. budget 3. performance

node

One of the defining points of a schedule network; a junction point joined to some or all of the other dependency lines.

Agile project management was created for what type of projects?

Ones that require innovation and collaboration to be successful.

RAM

A chart that depicts who does what on a project.

Norming

Agree on shared goals, norms, develop closer relationships

slack (also called float)

Also called float.

Performing

Channels energies into performing tasks

bad information systems; control issue

Key data are not measured and reported in a timely and easily accessible way.

Separate People From the Problem

Stay focused on the problem and the source of the conflict.

strategic management

The science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. Consists of developing vision statements and missions statements; formulating, implementing, and evaluating; making cross-functional decisions; and achieving objectives.

project portfolio

The set of projects that an organization is undertaking at any given time.

A psychological contract is described as: -a set of conditions of non-disclosure signed by an employee on joining the organization. -a set of perceptions of what employees owe their employers, and what their employers owe them. -an agreement implying fair treatment of employees without any discrimination in terms of race or gender.

a set of perceptions of what employees owe their employers, and what their employers owe them.

Procedures used to verify accounting reports and statements.

accounting audits

Max Inc. has started a new system of allocating costs according to what their employees do, rather than what the company spends. For example, labor expenses are allocated to employee tasks rather than salary and benefits. This practice is referred to as:

activity-based costing

A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities

activity-based costing (ABC)

In the Level 5 hierarchy, which of the following refers to an individual who catalyzes commitment to and vigorous pursuit of a clear and compelling vision? -level 5 executive -an effective leader -a highly capable director -a contributing team member

an effective leader

he process of finding out what's being done and comparing the results with the corresponding budget data to verify accomplishments or remedy differences.

budgetary control

The best org vision is one that : -exists at the top most level -expresses path employees should follow to achieve personal goals -forms a mental image of an org's level of hierarchy -ideal and unique

ideal and unique

Sales budget.

include forecasts of sales by month, sales area, and product.

Muriel has taught at a public elementary school for six years, and every year she simply gets the raise given to all of the teachers at her school, regardless of her performance. She has spoken to the principal about this, and has been told that it is based on the current union contract wherein job performance is not currently considered in awarding raises. Here the union contract limits the principal's _____. -reward power -coervice power -span of control -reward control

reward power

Feedforward control

takes place BEFORE operations begin and includes policies, procedures, and rules designed to ensure that planned activities are carried out properly. Examples include inspection of raw materials and proper selection and training of employees.

A(n) _____ is the charge by one unit in the organization for a good or service that it supplies to another unit of the same organization. Multiple Choice market control transfer price outsource item bureaucratic control balanced scorecard

transfer price

Declining

Deteriorates

CV

EV - AC

Compromising Style

Half way, some assertiveness and some cooperativeness.

Effective writing has what traits?

-free of sarcasm and caustic humor

Informal: Written

E-mails

SV

EV - PV

Five Stages of Team Development

Forming, storming, norming, performing, and adjourning.

1. quanity 2. quality 3. time used 4. cost

what are the common measures of performance standards?

According to Alderfer's ERG theory, people have three basic sets of needs that can operate simultaneously, they are ?

-existence -growth -relatedness

serial activities

Activities that flow from one to the next, in sequence.

_____ starts with the assumption that organizations are collections of people performing many different but related activities to satisfy customer needs. Multiple Choice Balanced scorecard approach Activity-based costing Economic value adding Lean accounting The theory of constraints

Activity-based costing

project stakeholders

All individuals or groups who have an active stake in the project and can potentially impact, either positively or negatively, its development.

co-location

All members of a project are located in the same area.

performance

All projects developed in order to adhere to some initially determined technical specifications. We know before we begin what the project is supposed to do or how the final product is supposed to operate.

profile models

Allow managers to plot risk/return options for various alternatives and then select the project that maximizes return while staying within a certain range of minimum acceptable risk. Offers another way of evaluating, screening, and comparing projects.

Self-designing teams

Also control who to hire/fire, what task to perform

profit and loss statement.

An itemized financial document of the income and the expenses of a company's operations is known as the:

Profit and loss statement

An itemized financial statement of the income and expenses of a company's operations

cross-training

Another method for mitigating risks, so that personnel are capable of filling in for each other in the case of unforseen circumstances. Requires that members of the project team leanr not only their own duties but also the roles that other team members are expected to perform.

Project Resources

Any person, groups, skill, material, equipment, or working capital used to accomplish a task, work package, or activity.

Commitment

Because all ideas are put on the table, people can achieve genuine buy-in around important goals and decisions eventually.

market control

Business units may be treated as profit centers and trade resources (services or goods) with one another via what mechanism?

_____ does not assume that the interests of the organization and individuals naturally diverge. Multiple Choice Clan control Concurrent control Formal control Bureaucratic control Market control

Clan control

Clan control

Control based on the norms, values, shared goals, and trust among group members.

Management teams

Coordinate/provide direction to subunits under jurisdiction, integrate their work, Based on authority stemming from hierarchical rank Responsible for overall performance of business unit Top of organization

_____ indicates the company's ability to meet its long-term financial obligations.

Debt-equity ratio

Risk Management Planning

Determine Methodology

Task Conflict

Disagreement among people about the goals to be achieved or the content of tasks to be performed.

CPI

EV / AC

SPI

EV / PV

simplified scoring model

Each criterion is ranked according to its relative importance.

Standard

Expected performance for a given goal: a target that establishes a desired performance level, motivates performance, and serves as a benchmark against which actual performance is assessed.

Insist That Results Be Bases on Objective Standards

Focus on the objective criteria and maintaining standards of fairness.

Feedback Control

Focuses on the use of information about results to correct deviations from the acceptable standard after they arise.

Group

Has a designated strong leader, holds individuals accountable, sets identical purpose for group and organization, has individual work products, runs efficient meetings, measures effectiveness indirectly by influence on business, and discusses, decides and delegates work to individuals.

Transfer

Hire contractors

Storming

Hostilities, conflict, jockeying for positions of power/status

project risk

Includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project.

Listen and Ask Questions

Learn about opponent's position, constraint, and needs.

Informal: Verbal

Meetings

Forming

Members attempt to lay ground rules for acceptable behavior

Healthy Conflict

Members feel comfortable disagreeing and challenging one another in the interest of finding the best solution.

Accountability

Members hold one another accountable rather than relying on managers as the source of accountability.

Inattention to Results

Members put personal ambition or the needs of their individual departments ahead of collective results.

Forcing

My way only

Avoiding Style

No way, uncooperative, and unassertive.

Multitasking

Not a good way to get things done. It is just Noise.

3 Point

Not ever been done before

change management

Part of risk mitigation strategies, requiring a useful documentation system that all partners in the project can access. Any strategy aimed at minimizing a project risk factor, along with the member of the project team responsible for any action, must be clearly identified.

Avoidance of Accountability

People don't accept responsibility for outcomes and engage in finger-pointing when things go wrong.

Lack of Trust

People don't feel safe to reveal mistakes, share concerns, or express ideas.

Fear of Conflict

People go along with others for the sake of harmony and don't express conflicting opinions.

_____ refers to limiting measures to functional or departmental responsibilities rather than the organization's overall objectives. Multiple Choice Vanity Narcissism Inanity Provincialism Pettiness

Provincialism

What type of project organizations do agile projects typically use?

Pure project or strong matrix

Risk Quantification

Refine Risks

Compromise

Requiring the party to give up something

Heuristic

Rule of thumb

Reaching a Win-Win Solution

Separate the people form the problem, focus on interest and not current demands, listen and ask questions, and insist that results be based on objective standards.

Adjourning

Task completion.

Two Types of Conflict

Task conflict and relationship conflict.

Establish performance standards Measure performance Compare performance to standards Determine whether deviations exist

The four main steps in the control process are listed on pages

Which document is created during the initiation phase of a project?

The project charter.

Top-Down

Usually given by senior management

cost-plus contracts

Which fix the company's profit for a project in advance.

Concurrent control

Which type of bureaucratic control takes place while plans are being carried out?

debt-equity ratio

a leverage ratio that indicates the company's ability to meet its long-term financial obligations. debt less than 1.5 is considered not to be exccessive

current ratio

a liquidity ratio that indicates the extent to which short-term assets can decline and still be adequate to pay short-term liabilities; 2 to 1 desirable min

activity-based costing (ABC)

a method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities

Activity-Based Costing

a method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the amount of time employees devote to particular activities.

External Audit

an evaluation conducted by one organization such as a CPA firm, on another.

The purpose of a project charter is to:

authorize the project.

A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.

balance sheet

The _____ budget is used for the cost of fixed assets like plants and equipment. Multiple Choice master capital production cash cost

capital

is used for the cost of fixed assets such as plant and equipment.

capital budget

is prepared after all other budget estimates are completed.

cash budget

Control based on the norms, values, shared goals, and trust among group members is referred to as:

clan control.

leverage ratio that indicates a company's ability to meet its long-term financial obligations

debt-equity

Bureaucratic (or formal) control systems

designed to measure progress toward set performance goals and, if necessary, to apply corrective measures to ensure that performance achieves managers' objectives.

Which of the following terms refers to all kinds of differences, such as differences in gender, race, age, nationality, and religious affiliation?

diversity

Cash budget.

essential to every business. It should be prepared after all other budget estimates are completed. It shows the anticipated receipts and expenditures, the amount of working capital available, the extent to which outside financing may be required, and the periods and amounts of cash available.

Production budget

expressed in physical units.

When an organization investigates several companies as potential new suppliers, it is conducting a(n) _____ audit.

external

An evaluation conducted by one organization, such as a CPA firm, on another.

external audit

Which of the following entities is most likely to provide the most honest, and thus the most crucial and useful, feedback about the performance of a team? -team leader -external customers -top mgmt -direct measurement against team based performance goals

external customers

A common disadvantage of _____ control is the long time lags that often occur between performance and review, slowing down managerial response -feedback -feedforward -concurrent -reactionary

feedback

control that focuses on the use of information about previous results to correct deviations from the acceptable standard.

feedback control

Policies restricting workplace romance, tattoos and body art, and public disclosure of corporate information are examples of _____ control. Multiple Choice social feedback concurrent feedforward clan

feedforward

Diversity can be a powerful tool for building competitive advantage in several ways, such as by helping companies attract and retain motivated employees and: -building greater cohesiveness. -allow-ing people to customize their benefits. -improving understanding of a differentiated market.

improving understanding of a differentiated market.

Traditionally, boards have tried to control CEO performance mainly through:

incentive pay

Master budget

includes all major activities of the business.

Master budget

includes all the major activities of the business. It brings together and coordinates all the activities of the other budgets and can be thought of as a "budget of budgets."

Liquidity ratios

indicate a company's ability to pay short-term debts.

Profitability ratios

indicate management's ability to generate a financial return on sales or investment

Cash budget

is prepared after all other budget estimates are completed.

ConcurrentControl

is the control process used while plans are being carried out, including directing, monitoring, and fine-tuning activities as they are performed.

Benchmarking

is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. Dimensions typically measured are quality, time and cost.

_____ indicate(s) a company's ability to pay short-term debts.

liquidity ratio

current ratio

liquidity ratio

An evaluation of the effectiveness and efficiency of various systems within an organization is called a(n):

management audit.

_____ control involves the use of prices, competition, and exchange relationships to regulate activities in organizations as though they were economic transactions.

market

Which of the following types of control systems depends on pricing mechanisms and economic information to regulate activities within an organization? -market control -bureaucratic control -clan control

market control

Control based on the use of pricing mechanisms and economic information is referred to as:

market control.

includes all major activities of the business.

master budget

_____ concerns how leaders influence subordinates' perceptions of their task objectives and the way they work toward attainment of those -Fiedler's contingency model -leader-member exchange theory -hershey and blanchards situational theory -Path-goal theory

path goal theory

The goal-setting theory states that:

people have conscious goals that energize them and direct their thoughts and behaviors toward a particular end.

Interpersonal and communication skills are sometimes known as: -human competencies -emotional intelligence -people skills -interpretive competencies -cognitive skills

people skills

Purple Lotus is a communications and information technology company. It plans to sell 100,000 units of a product in a quarter but manages to sell only 80,000. This difference is an example of: -performance gap -debt to equity ratio

performance gap

Balanced scorecard

performance measures: financial, customer, business process, and learning and growth

Control and _____ have been called the Siamese twins of management.

planning

is expressed in physical units.

production budget

A company enforced a rule that employees were required to submit their cell phones for safekeeping before entering their work bay. Employees followed the rule in order to avoid getting into trouble with the management. As a result, many of them missed important phone calls from their clients/customers. This scenario is an example of:

rigid bureaucratic behavior

When a control system prompts employees to do only tasks required in their formal job descriptions, it is causing:

rigid bureaucratic behavior

usually prepared by month, sales area, and product.

sales budget

Project deliverables are created in the _____, which is completed during the _____ phase of a project.

scope; planning

In order to gain employee acceptance of useful performance standards, a manager can:

set standards that employees view as possible to achieve

Which of the following refers to companies that try to change the structure of their industry, creating a future competitive landscape? -shapers -adapters -modifiers

shapers

Managers should consider three factors before deciding how to lead: forces in the manager, forces in the subordinate, and forces in the _____. -competition -market -situation

situation

_____ is designed to reduce defects in all organization processes—not just product defects but anything that may result in customer -quality control -six sigma -vroom model

six sigma

Typically, diversity training has two components: awareness building and _____. -job sharing -skill building -on-the-job training -team building

skill building

Customer defections,

the proportion of customers who no longer do business with you because of dissatisfaction, are a way to help determine customer satisfaction with your company.

Feedback control

the use of information about results to correct deviations from the acceptable standard AFTER they arise.