ISDS 4113 Exam 1, ISDS 4113 - James Davis - Exam 1(100% Correct!)
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Course
ISDS 4113
Institution
ISDS 4113
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...
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 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
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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