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ISDS 4113 Exam 1, ISDS 4113 - James Davis - Exam 1(100% Correct!)
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Project Management - ANSWERThe application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements. Project (3 definitions) - ANSWER1. A temporary endeavor undertaken to create a unique product, service, or result 2. A complex, non-routine, one-time...

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  • October 15, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • isds 4113 exam 1 isds 4113 james davis exam 1

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ISDS 4113 Exam 1, ISDS 4113 - James
Davis - Exam 1(100% Correct!)
Project Management - ANSWERThe application of knowledge, skills, tools, and techniques to project
activities in order to meet project requirements.

Project (3 definitions) - ANSWER1. A temporary endeavor undertaken to create a unique product,
service, or result

2. A complex, non-routine, one-time effort to create a product or service limited by time, budget,
and specifications

3. A planned undertaking of related activities to reach an objective that has a beginning and an end

Examples of a project - ANSWER♣ Building a custom house

♣ Producing the movie "Battle: Los Angeles"

Routine, repetitive work

Business processes - ANSWERA project IS NOT

Characteristics of a Program - ANSWER♣ The change is WIDE-RANGED, and designed to achieve a
strategic business objective-common goal (MOST IMPORTANT)

♣ Multiple deliverables over a period of time

♣ Timescale = loose and flexible

♣ Complex

♣ Scope = fluid and dynamic changes expected

Project Failure - ANSWERProjects can and do fail

The ability to properly manage projects and/or save failing projects is highly valued

Chaos Report - ANSWER♣ NARROW view of success/failure

♣ Standish Group consulting firm

♣ Periodic survey of project successes and failures

♣ Results based on estimates of COST, TIME, AND SCOPE vs project realities

If any were over -> project=unsuccessful

♣ BIASED!

♣ 16.2 % "success" rate

♣ Example:

Star Wars budget was 8 mill, spent 11 mill

Box office = 775.4 mill

, In Standish group's view point, Star Wars was an unsuccessful project

Ambler Article - ANSWER♣ Scope, time, and cost PLUS QUALITY & STAFF

Quality (Ambler Article) - ANSWER• Delivering high quality is more important then delivering on time
and on budget

Staff (Ambler Article) - ANSWER• Healthy (both mentally and physically) workplace is more
important than delivering on time and on budget

Strategic Management Approach

Project Portfolio Management - ANSWERProject Selection types (2)

Strategic Management Definition - ANSWERThe process of assessing "what are we" and deciding and
implementing "what are we intend to be and how we are going to get there"

Strategic Management Steps - ANSWER♣ 1. Mission

• Identifies "What we want to become/who we are", scope of organization in terms of its
product/service

♦ More Specific mission statements-> better results b/c of a tighter focus

♣ 2. Long-Range Goals & Objectives

• Translate the organizations mission into specific, concrete, measurable terms

♣ 3. Strategies to Meet Objectives

• What needs to be done to reach each objective

♣ 4. Projects

• How the strategies will be realized, given available resources

• Strategic projects

• Operational projects

• Compliance (must do) projects - ANSWERProject Portfolio Types

1. Financial

2. Non-Financial

3. Using Multi Weighted Scoring Model - ANSWERProject Portfolio Management Selection Types (3)

1. Financial - ANSWERpayback, net present value (NPV), etc.

Payback Model - ANSWERMeasures the time it takes to recover the project investment. The shorter
the better!

Payback Period Calculation - ANSWER= Estimated Cost/Annual Savings

-cost higher than savings (?)

Limitations of Payback Model - ANSWERIgnores time value of money

does not consider profitability

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