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What is the project manager’s role
- To perform integration management
- Note: put the pieces together into a cohesive whole
- Balancing the processes in the knowledge areas
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List the knowledge areas
- scope
- Time
- Cost
- Quality
- Human resource
- Communications
- Risk
- Procurement management
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Name the process groups containing the scope knowledge area
- Planning
- Monitor & control
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Name the process group containing the time knowledge area
- Planning
- Monitor & control
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Name the process group containing the cost knowledge area
- Planning
- Monitor & control
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Name the process group containing the quality knowledge area
- Planning
- Execute
- Monitor & control
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Name the process group containing the human resources knowledge area
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Name the process group containing the communications knowledge area
- Initiation
- Planning
- Execute
- Monitor & control
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Name the process group containing the risk knowledge area
- Planning
- Monitor & control
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Name the process group containing the procurement knowledge area
- Planning
- Execute
- Monitor & control
- Close
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What process actions are used in creating the project charter
- Id stakeholders
- High level req, Project Scope, Risks, Issues
- Define Product scope, objectives, success criteria, doc risks
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Two project selection methods
Benefit measurement-comparative, Constrained optimization-mathematical
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Benefit measurement(comparative) project selection method
Murder Board, Peer Review, Scoring Models, Economic Models
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Constrained optimization(mathematical)project selection method
Linear, Integer, Dynamic and Multi objective programming
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PV: Present value-understand concept only
- The value today of future cash flows
- An economic model for project selection
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PV has 2 meanings, what are they
- Present Value: project selection
- Planned Value: cost management
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NPV: Net Present value-understand concept only
- The present value of total benefits over many time periods, + NPV
- is good
- An economic model for project selection
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IRR: Internal rate of return - understand concept only
- The higher value of IRR is better
- An economic model for project selection
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Payback period - understand concept only
- The # of time periods to recover investment
- An economic model for project selection
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Benefit cost ratio - understand concept only
Benefit of project related to cost, >1 benefit greater than cost. Payback in this case is 1 x the cost. An economic model for project selection
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Economic Value Added (EVA) - understand concept only
- The amount of added value a project produces for the company’s shareholders. An economic model for project selection.
- Note: EVA is also Earned Value Analysis as a cost measurement
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Which Project would you choose using "Net present Value (NPV)"
Project A: $95,000
Project B: $75,000
Project A
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Which Project would you choose using "Internal Rate of Return (IRR)"
Project A: %13
Project B: %17
Project B
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Which Project would you choose using "Payback Period"
Project A: 16 Months
Project B: 21 Months
Project A
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Which Project would you choose using "Benefit Cost Ratio"
Project A: 2.79
Project B: 1.3
Project A
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Opportunity Cost - understand concept only
The opportunity given up by selecting one project over another. An economic model for project selection
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Sunk Cost - understand concept only
Expended costs. Should not be considered when deciding whether to continue a troubled project. An economic model for project selection
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Law of Diminishing returns - understand concept only
After a certain point, adding more input does produce increased productivity. An economic model for project selection
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Working Capital - understand concept only
Current assets minus current liabilities. $ available to invest. An economic model for project selection
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Depreciation - understand concept only
Assets that lose value over time. There are 2 forms. Straight Line and Accelerated. An economic model for project selection
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Straight Line Depreciation - understand concept only
Assets that lose value over time. Same amount is taken each year. An economic model for project selection
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Accelerated Depreciation - understand concept only
Assets that lose value over time. Depreciates faster than Straight Line. There are 2 kinds. Double Declining Balance and Sum of the Years Digits. An economic model for project selection
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List constraints
Scope, Schedule, Budget, Resources, quality, risks, cost
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Operations are not a project. Define Operations.
Ongoing execution of activities that produce the same product or repetitive service requiring business process management.
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