These are flashcards an notes made by students on topics like 'project', 'value' and 'plan', originating from:

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- Joseph Phillips
ISBN-10 0071775919 ISBN-13 9780071775915
1205 Flashcards & Notes
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Study Cards on project, value, plan

Who does authorize the project charter?
This is not the project manager, it is issued outside the project confines by the project initiator, which could be: 
  • an enterprise
  • a government agency
  • a company
  • a program organization
  • a portfolio organization
  • an authorized organizational representative


This does not need to be the project sponsor
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How can the project manager define the reasons why the project is chartered?
They can do this by defining a business cases that defines why a project needs to be chartered. It will include the project purpose and other characteristics.
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What should be included in the project charter (directly or by reference to other documents):
  • Project Purpose - why the project is being initiated
  • Project Requirements for Satisfaction -what it will take to complete the project
  • High level requirements - high level purpose, the business need and/ or product requirements
  • High level risks
  • Milestone schedule
  • Summary budget
  • Stakeholder list
  • Project approval requirements - what does it take for the project to be successful and who signs off on deliverables
  • Project manager
  • Project sponsor
  • Functional Organizations - who and their level of participation
  • Contract - needed if the project is completed for another entity
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What should a SOW include?
  • The business needs
  • The product scope description
  • How the project fits within the strategic plan
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What should happen with any agreement/ contract?
Any agreement between the project initiator and the project customer, it should be documented and referenced as part of the project charter.
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List the enterprise environmental factors that could impact a project
  • Organizational cultures and structures
  • Government and industry standards
  • Organizational infrastructures, such as facilities and equipment
  • The availability of human resources and their competencies
  • Personnel administration
  • A work authorization system
  • Marketplace conditions
  • Stakeholder risk tolerances
  • Standardized cost estimating databases
  • Project management information systems
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What do we mean with project selection methods?
  • Resolving the unknown, predicting the likelihood of project success and determining expected value of project succes (or cost of failure)
  • To be able to select projects to keep and those to discard
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Why is the payback period method a weak selection method?
Since the cash inflows are not discounted against time it takes to begin creating the cash.
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Provide the formulas for calculating PV and FV?
  • Future Value (FV) = Present Value (PV) * (1 + interest rate (i)) ^ n (number of time periods
  • Present Value = Future Value / (1 +i ) ^ n
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What do we need to know about constrained optimization methods?
They are not typically used for most projects and instead being utilized for multiphase, complex projects. These could include linear programming, nonlinear programming, integer algorithms, dynamic programming and multiobjective programming.
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What is a project plan methodology?
It is a structured approach to developing the project plan. Methodologies can be
  • Simple or complex
  • Based upon the project type, requirements of the performing organization or multiple inputs
  • led by either hard or soft tools in the organization
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What is important about the project plan?
It is almost always the go to document to check when anyone (stakeholders, project team members) has a question about the project. It is used to communicate something to someone at some time.
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What is expert judgment?
It is a technique to rely on the experts within your organization, consultants, stakeholders (including the project customers), professional associations, or industry groups for advice. These experts can contribute to the project selection method by offering their opinion, research and experience.
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