OPMA 317 03 - PROJECT MANAGEMENT AND
SCHEDULING | QUESTIONS WITH VERIFIED
ANSWERS
project - Answers - A series of related jobs usually directed toward some major output
and requiring a significant period of time to perform.
project planning - Answers - Planning, directing, and controlling resources (people,
equipment, material) to meet the technical, cost, and time constraints of a project.
what are the two broad categories of projects? - Answers - - conventional (low-tech)
- innovative (high-tech)
conventional (low-tech) projects - Answers - - "repetitive projects"
- a lot of certainty
- tasks, sequence, durations, and resource requirements are known
- tested methods are preferred
examples of conventional projects - Answers - - home construction
- financial audit
- oil well drilling
innovative (high-tech) projects - Answers - - "unique projects"
- a lot of uncertainty; must be managed differently
- non-linear progress, and iterations; change is normal
- flexible plans
examples of innovative projects - Answers - - new product development
- unique buildings
"scrum" projects - Answers - scrum = framework for addressing complex adaptive
problems
- small teams, 'time-boxed' iterations (sprints around 2 weeks), daily short meetings
(scrums) to track progress and re-plan, 'customer' input
- used in a variety of projects however heavily used in software development
triple bottom line - Answers - A business strategy that includes social, economic, and
environmental criteria.
- people, planet, profit
What criteria should be used to evaluate if a project has been "successful"? - Answers -
1. cost: did actual expenses exceed project budget?
, 2. time: was the project completed on schedule?
3. quality: did the project deliver what it promised?
4. environmental: how were environmental concerns addressed?
5. social: how were people (stakeholders) impacted by project?
6. (an unsaid criteria because it is a given) - safety: if you have a project where people
were injured or killed, it is immediately a failure
the project life cycle - Answers - - identify a need (ex. send request for proposal [RFP]
to vendor)
- develop a proposed solution: design determined/selected
- perform the project (most effort and money spent in this phase); implementation
- terminate the project: close activities (handoff), "audit" for learning
project planning & control - Answers - a project manager constantly REplans,
REschedules, and REallocates resources as a project progresses
- control should include recording reasons for differences to budget/schedule/quality
project management triangle - Answers - - three elements schedule (time), cost, and
scope; quality is not a variable because we never want to trade off quality; ex. lower
cost should not mean lower quality
-a project change in one area will impact the others
- tool is used to help manage changes during project
impact on the triangle if we want to complete a project faster (Schedule decrease) -
Answers - - cost increase: overtime, expediting, etc.
- scope decrease: reduce activities to complete faster
impact on the triangle if we want to cut budget (cost decrease) - Answers - - schedule
increase: cannot afford overtime, expediting, etc.
- scope decrease: reduce activities to save money
impact on the triangle if we want to complete additional activities (increase scope) -
Answers - - cost increase: more labour, materials, equipment, etc.
- schedule increase: more activities means project will take longer
risk premium - Answers - the amount paid to avoid risk
- for projects, additional expenses incurred to ensure flexibility; the project progresses,
but flexibility is maintained for a cost
Dual Development Strategy - Answers - requires extra engineering and extra tasks
which may not even be used, but can still buy you time and reduce risk
Work Breakdown Structure (WBS) - Answers - - a hierarchical breakdown of what is to
be accomplished during the project
- facilitates the planning, budgeting, scheduling and control for the project manager
- the heart of project management
SCHEDULING | QUESTIONS WITH VERIFIED
ANSWERS
project - Answers - A series of related jobs usually directed toward some major output
and requiring a significant period of time to perform.
project planning - Answers - Planning, directing, and controlling resources (people,
equipment, material) to meet the technical, cost, and time constraints of a project.
what are the two broad categories of projects? - Answers - - conventional (low-tech)
- innovative (high-tech)
conventional (low-tech) projects - Answers - - "repetitive projects"
- a lot of certainty
- tasks, sequence, durations, and resource requirements are known
- tested methods are preferred
examples of conventional projects - Answers - - home construction
- financial audit
- oil well drilling
innovative (high-tech) projects - Answers - - "unique projects"
- a lot of uncertainty; must be managed differently
- non-linear progress, and iterations; change is normal
- flexible plans
examples of innovative projects - Answers - - new product development
- unique buildings
"scrum" projects - Answers - scrum = framework for addressing complex adaptive
problems
- small teams, 'time-boxed' iterations (sprints around 2 weeks), daily short meetings
(scrums) to track progress and re-plan, 'customer' input
- used in a variety of projects however heavily used in software development
triple bottom line - Answers - A business strategy that includes social, economic, and
environmental criteria.
- people, planet, profit
What criteria should be used to evaluate if a project has been "successful"? - Answers -
1. cost: did actual expenses exceed project budget?
, 2. time: was the project completed on schedule?
3. quality: did the project deliver what it promised?
4. environmental: how were environmental concerns addressed?
5. social: how were people (stakeholders) impacted by project?
6. (an unsaid criteria because it is a given) - safety: if you have a project where people
were injured or killed, it is immediately a failure
the project life cycle - Answers - - identify a need (ex. send request for proposal [RFP]
to vendor)
- develop a proposed solution: design determined/selected
- perform the project (most effort and money spent in this phase); implementation
- terminate the project: close activities (handoff), "audit" for learning
project planning & control - Answers - a project manager constantly REplans,
REschedules, and REallocates resources as a project progresses
- control should include recording reasons for differences to budget/schedule/quality
project management triangle - Answers - - three elements schedule (time), cost, and
scope; quality is not a variable because we never want to trade off quality; ex. lower
cost should not mean lower quality
-a project change in one area will impact the others
- tool is used to help manage changes during project
impact on the triangle if we want to complete a project faster (Schedule decrease) -
Answers - - cost increase: overtime, expediting, etc.
- scope decrease: reduce activities to complete faster
impact on the triangle if we want to cut budget (cost decrease) - Answers - - schedule
increase: cannot afford overtime, expediting, etc.
- scope decrease: reduce activities to save money
impact on the triangle if we want to complete additional activities (increase scope) -
Answers - - cost increase: more labour, materials, equipment, etc.
- schedule increase: more activities means project will take longer
risk premium - Answers - the amount paid to avoid risk
- for projects, additional expenses incurred to ensure flexibility; the project progresses,
but flexibility is maintained for a cost
Dual Development Strategy - Answers - requires extra engineering and extra tasks
which may not even be used, but can still buy you time and reduce risk
Work Breakdown Structure (WBS) - Answers - - a hierarchical breakdown of what is to
be accomplished during the project
- facilitates the planning, budgeting, scheduling and control for the project manager
- the heart of project management
