Exam 1 - MAN6581

win ratio

# won / # submitted

expected time (t) (PERT)

(a+4m+b)/6

project planning process

1. Establish project objective 2. Define scope 3. Create WBS 4. Assign responsibility 5. Define specific activities and sequences 6. Estimate activity & duration of resources 7. Develop project schedule 8. Estimate activity costs & determine budget

start and finish

The schedule for a project specifies when each task should _______.

True

True or false? Network diagrams do not cycle because projects do not cycle. They go from beginning to end.

baseline plan

What needs to be done - scope & deliverable; How it'll get done - activities & sequence; Who will do it - resources & responsibilities; durations, schedule, budget, risk

Before (the RFP is prepared)

When should you begin developing a relationship with potential sponsors?

variance of time (v) (PERT)

[(b-a)/6]^2

performing

accomplish project objectives; increase pace as resources are added; monitor & control progress & changes with sponsor approval; take corrective action as needed; achieve customer satisfactory with acceptance of deliverable

project

an endeavor to accomplish a specific & clear objective through a unique set of interrelated tasks and the effective utilization of resources; -one-time, has a sponsor/customer, and has some degree of uncertainty

responsibility assignment matrix

assigns responsibility to individuals; p = primary (can only be one per work item) s = support (can be multiple per work item)

(contract) terms & conditions

client right to approve/refuse subcontractors; misrepresentation of cost (overruns/schedule delays); customer-furnished equipment; patents; disclosure of proprietary information; international considerations; termination; terms of payment

closing

collect & make final payments; recognize & evaluate staff (bonuses); post-project evaluation & lessons learned - record & document; archive project documents

activities (network diagramming)

consume time & are described by a verb in network diagrams

bid/no-bid (a.k.a. go/no-go)

decision-making method where the potential contractor decides if it wants to create a proposal or take on a project. Factors include: competition, risk, company mission, capabilities, reputation, customer funds, & resources

project scope

defines in detail what needs to be done & establishes a common scope understanding with stakeholders; includes, customer requirements, deliverables, WBS, statement of work, & acceptance criteria

cost-reimbursement (types of contracts)

low risk contract for contractor, higher-risk contract for sponsor; price for actual costs

fixed price (types of contracts)

low-risk contract for customer, higher-risk contract for contractor; used for well-defined, low-risk projects

change control system

mentioned in the project scope, this is put in place to avoid scope creep

most likely (m) (PERT)

most likely time an activity can be completed in a PERT chart

contract(s)

must be signed before starting work, established communication, agreement of deliverables for a certain price

laddering

network diagram method that allows for the shortest possible time & best use of people

PERT (program evaluation & review techniques)

network diagram that shows activities as boxes and arrows to show relationships and to sequence work items

CPM (critical path method)

network diagram that shows activities as boxes with early start & finish times and late start & finish times, finds the path with no slack, and shows length of each activity

soliciting proposals

notify potential contractors, maintain competitiveness (equal info to all bidders), communication methods (formal? verbal?)

project identification

occurs during the initiation phase; recognize the need/problem/opportunity & determine if it's worth pursuing

elements of project charter

project manager, sponsor designee, approval signature, title, purpose, description/objective; major deliverables/risks; constraints

(project) constraints

resources, risk, customer satisfaction, scope, quality, schedule, budget

planning

show how project scope will be accomplished, plan the work & work the plan, develop the baseline plan, have actual resources help with this phase

project variance ((SDp)^2) (PERT)

sum of all variances of the critical path activities

(project) objective

tangible end-product, often stated in the RFP or charter, that establishes what is to be accomplished; clear definition of what is to be accomplished including the end-product (a.k.a. deliverable), schedule, & budget, agreed upon by the customer

(3) sections of a proposal

technical, management, cost

best and final offer

BAFO

(4 phases of) project life cycle

Initiating, Planning, Performing, Closing

network diagram (types)

PERT, CPM, PDM (presence diagramming method)

IS PDLC (IS project development life cycle)

Plan, Execute, Control: Define, analyze, design, develop, test, implement

technical (section of a proposal)

understand need, propose approach/solution, benefits to customer

total money value

value won / value submitted

success measures

win ratio & total money value

execution

1. Perform the work 2. Monitor & control progress 3. Control changes

WBS (work breakdown structure)

deliverable-oriented hierarchical decomposition that organizes work & deliverables; graphic chart or indentured list; creates logical work groupings and subdivides them into manageable components

management (section of a proposal)

description of work tasks, deliverables, project schedule & organization, related experiences, equipment & facilities

project charter

document that formally authorizes a project; provides sponsor approval; commits funds; summarize key conditions & parameters; establishes framework to develop base plan

optimistic time (a) (PERT)

earliest time an activity can be completed in a PERT chart

types of contracts

fixed price or cost-reimbursement

RFP (request for proposal)

formal or informal document describing project requirements in detail for contractors to create bid proposals; includes need, problem, or opportunity description

project selection

identify needs, costs, benefits & determine which of those should move forward as a project to be implemented; develop a graded criteria, list assumptions, gather data, evaluate each opportunity, combine gut feeling with evidence

initiating

identifying the need/problem, determine & select the project, develop a project charter, decide if a RFP is needed

business development

in project management, idea that developing a relationship with potential customers/clients is an internal cost to the contractor (project team) and not the potential sponsor. This is in hopes that the developed relationship leads to unsolicited & uncompetitive contracts.

cost (section of a proposal)

labor (breakdown of man hours needed), materials (equipment, facilities, subcontractors), travel, documentation, overhead, escalation, contingency, fee/profit

pessimistic time (b) (PERT)

latest time an activity can be completed in a PERT chart

critical path

longest path through the network, showing the shortest time in which the project can be completed; any delay here will delay the project; activities on this path have no slack