Samenvatting Class notes - Financial Project Management

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Samenvatting - Class notes - Financial Project Management

  • 1454281200 Introduction to projects

  • What is a project?
    A project is a planned temporary endeavour undertaken to create a unique product or service or other complete and definite outcome (deliverable) within a limited time scale and budget.
  • What are the steps in the Value Creation Framework?
    1. Strategy->
    2. identify->
    3. Opportunity 1,2,3->
    4. select->
    5. Projects->
    6. contribute->
    7. Benefits   
  • What different activities are there in the PBO Value Chain?
    Directing Activities (strategic & marketing management f.e.)
    Primary Activities (project initiation & execution f.e.)
    Support Activities (Financial & HR management f.e.)
  • What is the project hierarchy?
    • Projects within the programme or portfolio
    • Sub-projects or sub-contracts
    • Work packages
    • Activities
  • What are the three dimensions of project management?
    • Cost
    • Time
    • Quality
  • What are the aspects of the Project Quality Framework?
    • Realising the product
    • Quality of the delivery process
    • Methodology/body of knowledge
    • Management standards
  • 1454367600 Project Life Cycle & Stakeholders

  • What are the characteristics of a project life cycle?
    • Defines the beginning and end of a project and is typically divided into phases/stages
    • Determines transaction action to take place at beginning and end of the project or stages (overlapping/fast tracking)
    • Level of uncertainty & risk
    • Resource allocation
    • Stakeholder influences
  • What are the five phases in the project life cycle?
    1. Need/Idea/Task ->
    2. Investigation -> Proposal to management/sponsor
    3. definition -> Project plan of execution
    4. mobilisation -> Funciontal project team |
    5. implementation -> implement and functional project
    6. close-out -> close out and review project
  • Describe the project life cycle
    Zie plaatje
  • What are the characteristics of the project phases and stages?
    Marked by completion of deliverables and review to decide on continuation and detect and correct errors cost effectively
  • What are project stakeholders?
    People or organizations:
    • Who are affected by the project.
    • Who have influence or power over the project.
    • Who have interest in its success or unsuccessful conclusion.
  • 1454454000 Initiate, Define and Authorise

  • What does defining a project entail?
    Planning a project through the following steps:
    • Initiate and authorise the project. (Why) 
    • Define the projects scope. (What & Where) 
    • Defining the work. (How) 
    • Estimate time and cost efforts. (How long/much) 
    • Allocate responsibilities. (Who) 
    • Sequence the activities. (When) 
    • Plan control measures.        
  • What are the steps in defining and planning the project?
    1. Objectives of the project
    2. Scope defeninition/key deliverables
    3. WBS
    4. Identify dependencies
    5. Summary schedule as per life-cycle
    6. Detailed schedule for next phase
  • What is a project charter?
    • A document that formally authorizes a project
    • Issued by a manager or executive external
    • May be needed to be signed in case of a contract
    • There may be input documents such as: project statement of work, contract, business case or previous phase documents
  • What are the characteristics of a project charter?
    It should include:
    • The business need that the project was undertaken to address
    • The product or service description
    • Intended benefits and beneficiaries
    • Project sponsor and source of funds
    • Assigned project manager including authority and responsibility
  • 1454540400 Samenvatting Project Management

  • What is the definition of a process?
    The constitution of links between activities and the transformation that takes place within the process.
  • What are the characteristics of a process?
    1. Definability: it must have clearly defined boundaries, input and output
    2. Order: it must consist of activities that are ordered according to their position in time and space.
    3. Customer: there must be a recipient of the pocess'outcome, i.e. a customer.
    4. Value-adding: the transformation taking place wihin the process must add value to the recipient, either upstream or downstream.
    5. Embeddedness: A process can not exist in and of itself; it must me embedded in an organizational structure.
    6. Cross-functionality: a process regularly can, but not necessarily must, span several functions.
  • What is the definition of a project?
    A temporary endeavor undertaken to create a unique product, service or result.
  • What are characteristics of a project?

    A project:
    • will deliver business and/or technical objectives
    • is made up of defined processes & tasks
    • will run for a set period of time
    • had budget and resources
    • there may not be a pre-existing blueprint for the project's execution
    • there may not be a need to repeat the project once it is completed
  • What are characteristics of a project?
    1. Consists of temporary activities that have predetermined start and end dates
    2. Uses restricted resources
    3. It has a single goal or a set of goals
    4. All events are to be realized to develop a single new output
    5. Usually had a budget
    6. Usually a project manager is responsible for coordinating all activities
  • What are features where as a result of a project may be initiated?
    • A market demand
    • A business need
    • A customer request
    • A technological advance
    • A legal requirement
    • A social need
  • What is the traditional characterization of an organisation?
    There is a split-up between competence and management (leadership), which is focused on an efficient and effective job processing.
  • What should be the aim of a project organization?
    The aim should be to give the involved departments and project members a maximum degree of freedom in their decisions, to consider personnel restrictions and requirements of the organisation and to avoid havoc caused by unclear job descriptions or an accumulation of co-ordination requirements.
  • What should be the internal and external requirements the management has to identify prior to a project start?
    The organisational structure has to reflect the requirements of the project and the organisations, has to fit the possible requirements as well as technological and human-social factors.
  • What is the definition of the structural organisation?
    A static framework of an organisation that defines on one side the internal distribution of tasks to individuals or deparments, and on the other side the relationship between individuals/departments.
  • What is the definition of the operational structure?
    When, where and how often something has to be done.
  • What are the two tasks of the structural organisation in Project Management?
    • Definition of how a project organisation is embedded within the parent organisation (organisational models).
    • Definition of how the organisation is structured internally within the project team. 
  • What is the definition of a project sponsor?
    The manager or executive within an organisation who is not directly involved in the operational work of the project but who can oversee a project, delegate auhority to the project manager and can provide support as a trainer or coach to the project manager.
  • What is a steering committee?
    A group of senior managers responsible for business issues affecting the project
  • What are characteristics of a steering committee?

    • Have budget approval authority
    • Make decisions about changes in goals and scope
    • are the highest authority to resolve issues or disputes
    • has to assess project progress and report on the project to senior management and higher authorities
  • What is an advisory committee?
    A group of people that represent key project stakeholders and provides advice to the project.
  • What are characteristics of an advisory committee?
    • Are generally recruited from senior management
    • Can not make decisions regarding the project
    • Provide insights to the team regarding stakeholder interests, technical advice and other relevant initiatives.
    • Assist with resolving issues and risks and should use their influence and authority to assist the project in achieving its outcomes and to communicate about the project progress within their organizations 
  • What is the definition of project governance?
    All activities and processes which ensure that directors and managers act in the interests of the organisation and are accountable for their use of those assets.
  • What is a project manager?
    The key person within the project organization and has the overall responsibility for meeting project requirements within the agreed to time, cost, scope and quality constraints which form the framework of the project plan. Project managers report to the steering committee, which has delegated its authority to the project manager.
  • What are the general tasks of a project manager?
    • Supervision and guidance to the project team
    • Regular (weekly and monthly) project status reports to the project sponsor/steering committee
    • Chair risks and change control committees
    • Attend steering committee meetings and prepare supporting materials with the project sponsor
    • Execute project management processes: risk, issues, change, quality, and document management
    • Ensure project plan, schedule and budget are up-to-date; detect and manage variances.
  • What is a team leader?
    A person responsible for managing one part of a project or a subproject.
  • What is a team member?
    A person assigned to a team who is responsible for performing a clearly defined part of the project activities
  • What are the five steps in choosing the right project organisation?
    1. Definition of the project
    2. Determination of the key tasks
    3. Breaking down the project into tasks
    4. List of any special characteristic of hampering factor associated with the project
    5. With the advantages and disadvantages from steps 1-4 chose the structural form.
  • When can the structure of the project be changed?
    1. During the planning period, maximum knowledge of different departments can be given to the project, while not all the team members have to be involved full-time in the project.
    2. In the realisation phase, a pure project organisation helps te project team to solely concentrate on the fulfilment of the project goals.
    3. In the last stage, team members can more easily reintegrate into their line function by selecting a functional project oganisation and can elp to integrate the newly found knowledge in their 'home' departments.
  • What are the three issues in the magic triangle?
    Scope, time and cost

    Planning is the key to careful overview and balance these three parallel goals.
  • What are the three phases of a project?
    • Planning - matrix PO - Multidisciplinary
    • Realisation- Pure Po - high impact on business results
    • Phase out/testing - Functional PO - project concepts proven succesful, delivery usage within the organisation
  • What are the three typical objectives project managers try to achieve during the first meeting of the project team?
    1. Provide an overview of the project: scope and objectives, general schedule, methods and procedures and basic rules
    2. Address some of the interpersonal concerns captured in the team development model: who are the other team members, how will I fit in, will I be able to work with those people?
    3. Begin to model how the team is going to work together toe complete the project.
  • What is the definition of a project scope?
    A precise explanation of the expected result of the project or project for the customer from an external as well as from an internal point of view in a specific, tangible and measurable way.

    The scope describes what one expects to deliver to the customer when the project is complete.
  • By whom should the scope be developed?
    Under the joint direction of the project manager and the customer
  • What elements should the project scope contain?
    1. Project objective
    2. Deliverables
    3. Milestones
    4. Technical requirements
    5. Limits and exclusions
    6. Reviews with customer: common understanding and agreement of expectations
  • What is scope creep?
    The tendancy for the project scope to expand over time, usually by changing requirements, specifications and priorities.
  • What is a work breakdown structure?
    A grouping of the work involved in a project oriented towards the deliverables that defines the total scope of the project.
  • Name some characteristics of the WBS
    1. It can be imagined as a roadmap of the project which breaks down the total work required for the project into seperate tasks and helps group them into a logical hierarchy.
    2. It serves as a framework for tracking cost and work performance
  • What is decomposition?
    The process of dubdeviding project deliverables into smaller, more compact and manageable components until the work and deliverables are defined at the work package level
  • What is the definition of a project communication plan?
    A project communication plan maps out the flow of information to all different stakeholders in a project.
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Voorbeelden van vragen in deze samenvatting

What is a project?
What are the steps in the Value Creation Framework?
What different activities are there in the PBO Value Chain?
What is the project hierarchy?
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