Proj mgmt ch 3

problems

undesirable situations that prevent an organization from achieving its goals

if estimates for total discounted benefits for a project are $120,000 and total discounted costs are $100,000, what is the estimated ROI?

20 percent

project charter

a document that formally recognizes that existence of a project and provides direction on the project's objectives and management

change control board (CCB)

a formal group of people responsible for approving or rejecting changes on a project

change control system

a formal, documented process that describes when and how official project documents may be changed

return on investment (ROI)

a method for determining the financial value of a project; the ROI is the result of subtracting the project costs from the benefits and then dividing by the costs

net present value (NPV) analysis

a method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time

discount factor

a multiplier for each year based on the discount rate and year

configuration management

a process that ensures that the description of a project's products are correct and complete

weight scoring model

a technique that provides a systematic process for selecting projects based on numerous criteria

mind mapping

a technique that uses branches radiating from a core idea to structure thoughts and ideas

Name some best practice for new product development project

aligning projects and resource with business strategy, focusing on customer needs in identifying projects, assigning project managers to lead projects

baseline

approved proj mgmt plan plus approved changes

cash flow

benefits minus costs or income minus expenses

___ ensures that the descriptions of the project's products are correct and complete

configuration management

strategic planning

determining long term objectives by analyzing the strengths and weaknesses of an organization, studying opportunities and threats in the business environment, predicting future trends, and projecting needs for new products and services

what are the processes involved with project integration management

developing the project charter, developing the project management plan, closing the project or phase

a new government law requires an organization to report data in a new way. Which of the following catefories would include a new information system to provide this data?

directive

project mgmt plan

document used to coordinate all project planning documents and guide project execution and control

what tool and technique is used for all processes of project integration mgmt?

expert judgement

organizational process assets

formal and informal plans, policies, procedures, guidelines, information systems, financial systems, management systems, lessons learned and historical information that can influence a project's success

interface management

identifyfing and managing the points of interaction between various elements of a project

integrated change control

identifying, evaluating and managing changes throughout the project life cycle

balanced scorecard

methodology that converts an organization's value drivers to a series of defined metrics

required rate of return

minimum acceptable rate of return on an investment

which of the following items are normally included in a project charter?

name of the project manager, budget information, stakeholder signatures

directives

new requirements imposed by management, government or some external influence

project integration mgmt

processes that coordinate all project management knowledge areas throughout a project's life, including developing the project charter, developing the preliminary project scope statement, developing the project mgmt plan, directing and managing the project, monitoring and controlling the project, providing integrated change control, and closing the project

a _____ is a document that formally recognizes the existence of a project and provides direction on the project's objectives and management.

project charter

what is the last step in the four stage planning process for selecting IT projects?

resource allocation

SWOT analysis

strengths, weaknesses, opportunities, threats; used in strategic planning

payback period

the amount of time needed to recoup the total dollars invested in a project, in terms of net cash flow

internal rate of return (IRR)

the discount rate that results in an NPV of zero for a project

opportunity cost of capital

the rate used in discounting future cash flow; also called the capitalization rate or discount rate

discount rate

the rate used in discounting future cash flow; also called the capitalization rate or opportunity cost of capital

capitalization rate

the rate used in discounting future cash flow; also called the discount rate or opportunity cost of capital

cost of capital

the return available by investing capital elsewhere

business service management (BSM) tools

tools that help track the execution of business process flows and expose how the state of supporting IT systems and resources affects end to end business process performance in real time

which of the following are suggestions for performing integrated change control?

use good configuration management, establish a formal change control system, view project mgmt as a process of constant communication and negotiation