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Project Management
Midsem
29
Business
Undergraduate 3
08/18/2012

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Cards

Term
Define a Project?
Definition
A temporary endeavour undertaken to create a unique product, service or result.
Term
What are the 7 attributes of a Project?
Definition
Clear Objective
Interdependent Tasks
Utilizes Resources
Specific Time Line
Unique/one-time endeavour
Funded by a customer/sponsor
Uncertainty (Risk)
Term
What are the 7 Project constraints?
Definition
Scope
Quality
Schedule
Budget
Resources
Customer Satisfaction
Risk
Term
How can globalization effect Project Management?
Definition
Creates a dynamic and unstable environment through:
Currency Fluctuations and Exchange Rates
Country Specific Work Codes and Regulations
Interdependence of economies
Corporate Joint Ventures and Partnerships
Political Relations
Availability of High-Demand workforce skills
Term
What are the 4 Phases of a Project life cycle?
Definition
Initiating, Planning, Performing and Closing
Term
Benefits of Project Management?
Definition
Satisfied Customers
Additional Business
Expanded Career Opportunities
Satisfaction of being on a winning team
Increased Knowledge and Skills
Term
Name some of the customers considerations in Phase 1 of the project life-cycle?
Definition
Positives/Advantages
Negatives/Disadvantages
Consequences
Overall Company Goals
Term
What are 2 methods of soliciting Proposals?
Definition
Identify a selected group of contractors and send each of them an RFP
or Advertise in industry specific publications or websites
Term
Who are the project stakeholders?
Definition
All people or organisations that might be affected by project activities
Term
What factors are considered by the contractor in a bid/no-bid decision?
Definition
Competition, Risk, Mission, Extension of Capabilities, Reputation, Customer Funds, Proposal and Project Resources
Term
What should a winning proposal convince a customer of?
Definition
Convince the customer that you are the best contractor to address their need, solve their problem or realise their opportunity
Term
What are the three main areas of content in a Proposal?
Definition
Technical, Management and Cost
Term
What is it important for contractors to do in Phase 1 of the Project life-cycle?
Definition
Build and maintain relationships
Term
What is the aim of the technical content area of a proposal?
Definition
Convince the customer that you understand their need or problem and can provide the least risky, most beneficial solution.
Term
What is the aim of the Management content area of a proposal?
Definition
To convince the customer that the contractor can do the planned work and achieve the intended results.
Term
What is the aim of the Cost content area of a proposal?
Definition
To convince the customer that the contractors price for the project is realistic and reasonable
Term
What are the 4 steps in project selection?
(Customers perspective in Phase 1)
Definition
Develop a set of criteria against each project will be evaluated.
List assumptions.
Gather information and data about each opportunity.
Evaluate each opportunity against the established criteria.
Term
What are the benefits of Group Consensus in Project selection?
Definition
Consensus on project choice leads to better quality decisions and higher acceptance of decisions
Term
What are 6 of the main points included in a Project Charter?
Definition
Project description, Funding, Major Deliverables, Acceptance Criteria, Constraints, Reporting Requirements
Term
When is it not required to use an RFP?
Definition
When the project is not being outsourced to a contractor or consultant.
Or when they event is sought after and well known enough that companies will pro-actively submit proposals on their own.
Term
What are some elements included in an RFP?
Definition
Statement or Work, Customer Requirements, Expected Deliverables, Acceptance Criteria, List of customer-supplied items, Required schedule for completion, instructions on the format of proposals, due date, and evaluation criteria.
Term
What are two different types of contract?
Definition
Actual Cost and Fixed Price
Term
What information would be included in a project objective?
Definition
Expected benefits, primary product or end deliverable, completion date, budget date
Term
What information would be included in a project objective?
Definition
Expected benefits, primary product or end deliverable, completion date, budget date
Term
Project Objectives should be SMART, what does that stand for?
Definition
Specific, Measurable, Assignable, Realistic, Time Specific
Term
What are the 3 elements that make up the scope of a project?
Definition
1. What the project team will deliver to the customer at the end of the project
2. What work needs to be accomplished to create the deliverables
3. limiting factors and boundaries
Term
What are the two main factors for failed projects?
Definition
Lack of user involvement and lack of effective engagement with project stakeholders
Term
What are the 4 main components of Risk Management?
Definition
Risk Identification, Risk Assessment, Risk response planning, Risk Monitoring
Term
What is involved in closing a project?
Definition
Receiving and Making Payments
Recognising and evaluating staff
Conducting a post project evaluation
Documenting lessons learned
Organising and Archiving Project Documents
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