Project Management

Question 1

What is the “Project Economy”?

Answer 1

Refers to the fact that more and more companies are beginning to focus their attention on projects and project groups.

Question 2

What are some of the ways that AI will change Project Management?

Answer 2

Better selection, monitoring automation, faster project definition, Virtual assistants, Advanced testing

Question 3

What is the PMO?

Answer 3

Project Management Office

Question 4

What is a Portfolio?

Answer 4

Strategic overview of the project management section of a company.

Question 5

What is a program?

Answer 5

Group of related projects.

Question 6

What is a project?

Answer 6

Manages resources within a project.

Question 7

Is it beneficial to have multiple types of project managers?

Answer 7

Yes of course. Remember the hockey metaphor.

Question 8

What are the 4 types of project managers?

Answer 8

The gambler, the prophet, the expert and the executor.

Question 9

What type of project manager do you need the most?

Answer 9

The executor.

Question 10

What are the two different Project Management Types?

Answer 10

Waterfall and Agile

Question 11

What is the waterfall management type?

Answer 11

It is the traditional way of management. Progress flows steadily, project implemented at end when it is complete.

Question 12

What is the agile management type?

Answer 12

Also called Scrum. Iterative progress with feedback/changes. Project gradually implemented, even released and then updated.

Question 13

Framework for Agile Project Management.

Answer 13

Small teams, sprints (~ 2 weeks) daily short meetings to track progress.

Question 14

What is the definition of a project?

Answer 14

Related jobs, usually directed toward some major output, requiring significant time.

Question 15

What are the two broad categories of projects?

Answer 15

Conventional, Innovative

Question 16

What are the 5 ways we evaluate success on a project?

Answer 16

On budget, on time, is successful, Environmental, Social

Question 17

What is the most important aspect of any project?

Answer 17

Safety

Question 18

What is the fatality rule of thumb?

Answer 18

1 death per million spent.

Question 19

What is the project management triangle?

Answer 19

Scope, schedule Cost

Question 20

What is important to know about the project management schedule?

Answer 20

To gain you have to give up. Something has got to give.

Question 21

What is the Work Breakdown Structure? (WBS)

Answer 21

Breakdown of the tasks required to accomplish a project.

Question 22

When does scheduling happen?

Answer 22

After the WBS

Question 23

Where on the WBS is work done?

Answer 23

The lowest level.

Question 24

What is an activity?

Answer 24

Task that consumes time and resources.

Question 25

What is an event?

Answer 25

Point in time that represents the start or completion of one or more activities.

Question 26

What is a milestone?

Answer 26

Even of major significance.

Question 27

What is the critical path method (CPM) used for?

Answer 27

To determine project duration, what tasks are critical.

Question 28

When should you use CPM?

Answer 28

Only on things you have already done and know the time for each step.

Question 29

What is the Critical Path (CP)?

Answer 29

Sequence of activity that requires longest time.

Question 30

What are critical activities?

Answer 30

Activities along critical path, if any of these are delayed you have a problem.

Question 31

What can management do to mitigate critical activities?

Answer 31

Divert resources from activities that have some slack.

Question 32

how do we calculate slack?

Answer 32

Latest Start - Earliest Start OR Latest Finish - Earliest Finish

Question 33

What are the strengths of CPM?

Answer 33

Allows project manager to allocate resources more productively.

Question 34

Weaknesses of CPM?

Answer 34

No indication of risk/spread of project.

Question 35

What does project crashing mean?

Answer 35

Expediting tasks in order to reduce project completion time and/or overall project costs.

Question 36

What are direct costs?

Answer 36

Reducing duration will increase costs, ex. overtime, expedited materials.

Question 37

What are indirect costs?

Answer 37

Reduce times, reduce costs, for example paying for overtime to avoid late penalties.

Question 38

What is a time/cost curve for?

Answer 38

Direct project costs.

Question 39

How do you calculate the cost to expidite?

Answer 39

(Crash Cost - Normal Cost) / (Normal Time - Crash Time) = $/Time

Question 40

What is on the bottom of a project crash curve?

Answer 40

The cheapest/optimal point.

Question 41

What is on the very left of the project crash curve?

Answer 41

The fastest possible completion time.

Question 42

What is step one of crashing a project?

Answer 42

Find critical point, determine total direct costs and project duration.

Question 43

What is step two of crashing a project?

Answer 43

Systematically crash critical activities, always choose cheapest option first, make sure it's still possible, make sure there is still a benefit.

Question 44

When do you stop project crashing?

Answer 44

When you either are no longer producing a net benefit (for cheap), or you can't get any faster.

Question 45

What are some project crashing risks?

Answer 45

Quality of work, safety of employees, employee relations, reduced slack