Exam (elaborations)
Project Management (Chapters 1-5).
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Project Management (Chapters 1-5).
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Project Management (Chapters 1-5)Traceability - ANS-The tracking of something from the beginning to end.
Two things (or metrics) to combine that make a project valuable - ANS-(1) something to
compare to and (2) come up with a trend to see how things are going over time.
Metrics - ANS-Measures an organization's activity performance.
Work Breakdown Structure (WBS) - ANS-A selective outline of the project used for
collecting information to use through all phases of the life cycle, to meet needs of all
stakeholders, and measure performance against the strategic plan of the organization.
*Gives you the activities you need to be able to create the project plan.
How would you use a weighted scoring matrix to decide on a movie to see? -
ANS-Come up with criteria for each movie and rate each criteria's importance to you,
such as movie ratings, times, genres, sold out or not, reviews, etc.
Business Case - ANS-A wish-list of projects used for selecting projects after the
strategic management process.
4 Items Included in a Business Case - ANS-(1) cost, (2) time, (3) how it's aligned with
vision/goals, (4) risk.
Work Package - ANS-The basic unit for planning, scheduling, and controlling the
project.
The lowest level of the WBS - ANS-Work package
6 Items Included in Each Work Package - ANS-(1) defines work - what
(2) identifies time to complete a work package - how long
(3) identifies and time-phased budget to complete work package - cost
(4) identifies resources needed to complete a work package - how much
(5) identifies a single person responsible for units of work - who
(6) identifies monitoring points for measuring progress - how well
Project Manager - ANS-Person who comes up with a business plan.
, Functional Manager - ANS-Person who figures out what projects to do that will support
the company and comes up with a business case to justify that project.
Another phrase for project selection - ANS-Vetting process
Top-Down Estimating - ANS-Uses experience and/or information to determine project
duration and total cost. *Used typically when there is not enough information available
to make accurate time and cost estimates.
Bottom-Up Estimating - ANS-A more detailed process of estimating cost and time.
*Usually done by those doing the work, based on elements found in the WBS.
How does the customer benefit from bottom-up estimates? - ANS-They can compare
low-cost, efficient methods with any imposed restrictions (trade-offs) such as lower cost
with a trade-off of longer project duration.
5 Methods of Top-Down Estimates - ANS-(1) Consensus
(2) Ratio
(3) Apportion
(4) Function Point
(5) Learning Curve
Consensus Method - ANS-Uses pooled experience from senior and/or middle
management (Delphi method group decision process about the likelihood that certain
events will occur).
Ratio Method - ANS-Uses past time experience ratios (contractors using past dollar
amount per square foot) to estimate time and cost as a whole.
Apportion - ANS-Used when projects relate closely to past projects, but cost and time
are estimated by single tasks.
Function Point - ANS-Used for software development and system projects. They are
major input parameters (such as inputs, outputs, inquiries, data files, interfaces) which
are adjusted according to complexity and then added. *The total is the basis for
estimating.
Learning Curve - ANS-Labor hours are reduced with repetition of a task/project.
Which top-down estimate methods are parametric? - ANS-Consensus and apportion.
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