OMIS 352 Final Exam Study Guide Solutions

OMIS 352 Final Exam Study Guide Solutions Project Charter - ANSWER-Starts the whole process Scope - ANSWER-Defines the work to be done Resources - ANSWER-Things we need to complete charter Definition Phase - ANSWER-Develops vision and approach, writes mission statement, produces product charter Planning Phase - ANSWER-Develop strategy, plan implementation, produces project management plan Execution and Control - ANSWER-Monitoring progress, taking corrective action, execute change management plant, execute implementation plan Closeout - ANSWER-Review of Project Project Life Cycle - ANSWER-Conception --> Definition --> Planning --> Execution --> Closeout Systems Development Life Cycle - ANSWER-Planning --> Analysis --> Design --> Implementation --> Maintenance Scope Management - ANSWER-Create scope management plan, collect requirements, defining scope, create work breakdown structure (WBS), Validating and Controlling scope Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED Copyright ©Stuvia International BV Page 2/8 Project Network Diagram - ANSWER-Uses WBS as basis, requires determining parallel activity, requires estimate of activity (PERT) Critical Path Analysis - ANSWER-The longest path in project network and the shortest time in which the project can be completed. Path with zero (float) slack. MUST be monitored. Stakeholder Analysis - ANSWER-Identify: Stakeholders, Interest (+1 to -1), Influence (0 to 5), Potential Conflicts, Role, Objective, Strategy Communications Plan - ANSWER-Stakeholders, Information Requirements, Type of Report or Metric, Timings or Availabilities, Medium or Format Project Metrics - ANSWER-Understandable, Quantifiable, Cost effective, Proven, Effective Earned Value - ANSWER-A performance measurement of how much budget we really should have spent for work accomplished so far. EV = Planned Value (PV) x % complete Silence can Kill a Project - ANSWER-No news is bad news Project Risk - ANSWER-An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives such as scope, schedule, cost, and quality. Risk appetite - ANSWER-the degree of uncertainty an entity is willing to take on in anticipation of a reward. risk tolerance - ANSWER-the degree, amount, or volume of risk that an organization or individual will withstand. Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED Copyright ©Stuvia International BV Page 3/8 risk threshold - ANSWER-measures of uncertainty or level of impact at which a stakeholder may have a specific interest. Project Risk Management - ANSWER-Create a risk plan, identify risks, analyze risks, develop risk strategies, monitor and control risks, respond and evaluate risk Analyzing Risk - ANSWER-Determine what threats or opportunities require attention or response Determine each risk's probability and impact on project Prioritize so an effective risk strategy can be formulated Expected Value - ANSWER-generally, the mean. Also, probability-weighted average of all possible values Payoff table - ANSWER-risk, probability, payoff, (prob x payoff) Decision Trees - ANSWER-options and results with probabilities and cost (o