Exam 1 Study Guide Fall 2009

Exam 1 Study Guide (Spring 2015)Exam 1 (100 points) will be in-class, close book and close notes. A double sided, letter size cheat sheet prepared by yourself is allowed during the exam. Exam I covers topics listed below

Questions will be in true/false, multiple choice, matching, problem solving and short essay format. Verzuh Chapter 11. What is a project?

-A project

Has a beginning and an end

Produces a unique product

2. What is project management?

-Project management is a discipline

Includes a set of methods, theories and techniques

Is both an art and a science

3. Why is project management relevant?

-Project management as a strategic strength

Executives select projects

Functional managers sponsor, lead or oversee projects within their departments

Team members who understand PM make entire project run more smoothly

Verzuh Chapter 21. What is the difference between projects and operations? Projects have a beginning and an end; produce a unique product

Operations have no defined end; produce similar, often identical, products

2. How is success defined for a project? What does iron triangle or triple constraint of project management mean? -How is success defined for a project?

On time

On budget

High quality

Scope

Performance

3. What are the three project management functions? Identify major activities under each function. -Project Definition

Lays out the foundation for a project

Project Planning

Puts together the details of how to meet the projects goals, given the constraints

Project Control

Keeps the project moving toward the goal

4. What are the difference between product life cycle and project life cycle? -Product life cycle

industry specific; describes the work required to create the product

Project life cycle

industry independence; focuses on managing the work

5. How different types of organizational structure impact projects? What are the three major types of organizational structure? -Impact of organizational structure on projects (project managers)

Authority

Communication

Priority

Focus

Chain of commandFunction, divisional, matrix6. What are the skill sets required for project managers? - Project management

pure PM discipline (Verzuhtextbook)

Business management

soft skills (Whetten& Cameron textbook)

Technical skills

field specific competence (your major courses)

Verzuh Chapter 31. What is the definition of stakeholder? - Stakeholder

Anyone who contributes to the project or who is impacted by its result

2. Who are the typical project stakeholders and what their roles are? - Typical Stakeholders

Project manager

Project team

Management

Project sponsor

Resource manager

Managers with decision authority

The customer

Customers establish requirements

Customers provide funding

Representatives of external constraints

Advocates, opponents, and innocent bystanders

3. What is a stakeholder register? How to create a stakeholder register?- A Stakeholder Register is a project management document, which contains the information about all project stakeholders. - (Name, Position, Internal/External, Project Role, Contact Info)

4. How to lead the stakeholders? - Lead the stakeholders Control who becomes a stakeholder Manage upward How to manage someone who has more formal authority than you?Verzuh Chapter 41. Why is it necessary to create project rules? - Project success factors (from Ch1)

Agreement on the goals Controlled scope Management support A plan

Good communication

2. What are the five key project definition documents? What are the key purpose and content of each document? (for project proposal, you only need to know its key purpose.) - Five key documents

Project charter

Statement of work

Responsibility matrix

Communication plan

Project proposal (Ch16)

The basis for project selection before a project is approved

3. How to create and assess the quality of a project charter and a statement of work? - A project charter announces that a new project has begun

Purpose

To formally authorize a new project and the project manager

To demonstrate management support for the project and the project manager

Content

Name and purpose of the project

A statement of support from the issuer

The charter is an announcement

Charter comes before statement of work, responsibility matrix, and communication plan

It is a one-time announcement

Verzuh Chapter 5

1. What is risk and why is it important to have good project risk management? - Project risk

An uncertainty that can have a negative or positive effect on meeting project objectives - Risk management

The means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives.

2. Understand and distinguish between known risks vs. unknown risks and business risk vs. project risk. - Known risks vs. unknown risks (known unknowns vs. unknown unknowns)

Known risks future situations that may be partially planned for

E.g., a 20 percent rate of turnover for IT personnel

Unknown risks future situations that are unpredictable

E.g., an important supplier goes out of business

3. What are the key steps in the risk management framework? What are the major activities in each step? - Step one: identify the risks

Getting information about risk from stakeholders

Using a risk profile

Historical records

Estimating schedules and budgets

Step two: analyze and prioritize the risks

Defining the risk

Condition: a brief statement describing the situation that is causing concern or uncertainty

Consequence: a brief statement describing the possible negative outcomes that may be caused by the condition

Using probability theory in risk management

Expected value = Probability X Impact

Step three: develop response plans

Step four: establish contingency and reserve

Expected value of contingency = cost of contingency X probability of risk event

Step five: continuous risk management

Monitor known risks

Check for new risks

Repeat major risk identification activities

Prepare response plans for new risks

Retire risks that didnt materialize

4. Understand the five major risk response strategies. - Risk response strategies

1. Accept the risk

2. Avoid the risk

3. Contingency plans

Monitor the risk and have an alternative course of action ready

Detectability: the ability to detect the risk in time to respond

Trigger events: the line we cross between monitoring the risk and implementing the contingency plan

4. Transfer the risk

E.g., purchase insurance, hire an expert to do the work, use a fixed-price contract for service,

5. Mitigate the risk

E.g., use proven technology, have competent project personnel, use various analysis and validation techniques

5. Understand and distinguish between contingency reserves and management reserves. - Reserves

Contingency reserves account for identified risks, known unknown

Management reserves account for the unknown risks (unknown unknowns)

6. What are the common sources of risks on information technology projects? - Broad categories of risks help identify potential risks

Market risk

Financial risk

Technology risk

People risk

Structure/process risk

Verzuh Chapter 6

1. What is a work breakdown structure (WBS) and why is it important? - Work Breakdown Structure (WBS) A tool for breaking down a project into its component parts The foundation of project planning2. How to build a WBS based on major deliverables from SOW? Identify and understand the three steps in building a WBS.3. Step one: begin at the topList all major deliverables from SOW on tier one-Step two: name all the tasks required to produce deliverablesDecompose each deliverable into a set of tasksA task name describes an activity that produces a product: a strong verb + a strong nounE.g., identify candidate vendors, test the database-Step three: organize the WBSDifferent ways of organizing work packages may emphasizing different aspects of a project4. What is a summary task? What is a work package? - Summary tasks Tasks that are decomposed into smaller tasks Work packages A task at the lowest level of the WBS5. What are the three criteria for a successful WBS?1. The WBS must be broken down starting at the top the WBS must be a top-down decomposition (Figure 6.6)2. Work packages must add up to the summary task (Figure 6.7)3. Each summary task and work package must be named as an activity that produces a productVerzuh Chapter 7 (for this chapter, Exam 1 only covers content on p.152-157)1. What are sequence constraints? - Sequence constraints Certain tasks must be performed before others Sequence constraints are governed by task relationships (task dependencies)2. What are the four types of task relationships (i.e., task dependencies) and what do they mean? 3. How to record sequence constraints using a network diagram? -

4. What is a milestone? - Milestones Significant project events with zero duration Tools for setting schedule goals and monitoring progressWhetten& Cameron Introduction1. Identifies essential management skills Verbal communication (including listening) Managing time and stress Managing individual decisions Recognizing, defining, and solving problems Motivating and influencing others Delegating Setting Goals and articulating a vision Self-awareness Team building Managing conflict2. Why is developing management skills important? A high IQ alone does not guarantee success in life and work The development of skills needed to manage ones life as well as relationships with others is a ceaseless endeavor Management skills can be improved with the proper balance of conceptual learning and behavioral practiceWhetten& Cameron Chapter 11. Why is self-awareness important?- 2. What are the key dimensions of self-awareness?- 3. What are the three dimensions of cognitive style?- Whetten& Cameron Chapter 21. What are the four types of common stressors?-2. What role does resiliency play in managing stress? -Resistance

Defense mechanism

3. What are the three strategies for managing stress?-4. Understand and distinguish between effective time management vs. efficient time management. -Effective time management

align time use with core personal principles

5. What are the two dimensions in the Time Management Matrix? What do they mean?-Importance and Urgency6. How to use a Time Management Matrix to effectively manage time?-

Whetten& Cameron Chapter 41. What is supportive communication?-Supportive communication

Preserve or enhance the current relationship while providing information that is not complimentary or while resolving an uncomfortable issue with another person

2. Understand and distinguish between coaching and counseling. -Coaching

Giving advice, direction, or information to improve performance

Counseling

helping the person understand and resolve a problem themselves by displaying understanding

3. Identify and understand the eight attributes of supportive communication.

4. What are the three steps of descriptive communication?-5. What are the four types of responses?-6. What are the four types of probing responses?-Whetten& Cameron Chapter 5

1. What is the difference between power and influence?-2. What are the sources of personal power and position power, respectively?-

3. What are the three major influence strategies?-4. What are the direct and indirect approaches for each strategy?-

5. What is issue selling? -Issues selling:

convince your boss that a particular issue that concerns you is so important that it requires his or her attention

6. What does neutralize inappropriate influence attempts mean? -Neutralizing retribution strategies by others Use countervailing power to shift dependence to interdependence Confront the exploiting individual directly Actively resist Neutralizing reciprocity strategies by others Examine the intent of any gift or favor-giving activities Confront individuals who are using manipulative bargaining tactics Refuse to bargain with individuals who use high-pressure tactics Neutralizing reason strategies by others Explain the adverse effects of compliance on performance Defend your personal rights Firmly refuse to comply with the requestMIS 02325 Project Management Professor: Dr. Yide Shen

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