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59 Cards in this Set
- Front
- Back
Project Selection Methods - 1 |
1. Benefit measurement methods (comparative approach) - Murder board - Peer review - Scoring models - Economic Models( > Present Value > Net Present Value > Internal Rate of Return > Payback period > Cost-Benefit analysis )
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Project Selection Methods - 2 |
Constrained optimization methods (mathematical approach) - Linear programming - Integer programming - Dynamic programming - Multi-objective programming |
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Seven basic quality tools |
1. Cause effect diagrams 2. Flow charts 3. Check sheets 4. Scatter diagrams 5. Histograms 6. Pareto diagram 7. Control charts |
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PERT |
Program Evaluation and Review Technique / Beta Distribution method of 3 point estimating |
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GERT |
Graphical Evaluation and Review Technique - think about PERT - activity network diagram |
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Preceding Diagramming Method |
aka: Activity on Node |
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Types of Costs |
- Fixed - Variable (aka Marginal cost) - Direct - Indirect |
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Contingency Reserves |
Reserves for known, identified risks. Included in the performance measurement baseline (PMB) |
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Management Reserves |
Reserves for unknown, unforeseen work that is within scope. Not included in performance measurement baseline (PMB) |
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Accuracy of Estimates |
- Rough Order of Magnitude (ROM) estimate (-25/+75%) - Preliminary Estimate (-15/+50%) - Budget Estimate (-10/+25%) - Definitive Estimate (-10/+10% or -5/+10%) - Final Estimate (0%)
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Performance Measurement Baselines |
Scope Baseline Schedule Baseline Cost Baseline |
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Seven sources of conflicts in order of frequency |
1. Schedule 2. Project Priority 3. Resources 4. Technical opinions 5. Administrative procedures 6. Cost 7. Personality |
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Main conflict resolution techniques |
Collaboration (Problem Solving, Confronting) - win-win Compromising (Reconciling) - lose-lose Withdrawal (Avoidance) - postpone Smoothing (Accommodating) - agreement Forcing (Directing) - win-lose |
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Power of Project Manager |
Formal (Legitimate) Reward Penalty (Coercive) Expert Referent |
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Motivation Theories |
McGregor’s Theory of X and Y Maslow's Hierarchy of Needs David McClelland's Theory of Needs Herzberg's Theory
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Maslow's Hierarchy of Needs |
1. Physiologic (need for air) 2. Safety (stability) 3. Social (friendship, love) 4. Esteem (recognition) 5. Self improvement (learning, growth) |
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David McClelland's Theory of Needs |
1. Achievement 2. Affiliation 3. Power |
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Herzberg's Theory |
- Hygiene Factors (salary, status, work conditions, personal life, relationships, security) - Motivating Agents > Responsibility > Self actualization > Professional Growth > Recognition |
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Tuckman Ladder |
1. Forming 2. Storming 3. Norming 4. Performing 5. Mourning (Adjourning) |
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Risk Response Strategies |
For Threats > Avoid > Mitigate > Transfer
For Opportunities > Exploit > Enhance > Share
For both Threats and Opportunities > Accept (active and passive acceptance) |
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Main Contract Types |
Fixed Price Contracts (FF) Time and Material Contracts (T&M) Cost Reimbursable Contracts (CR) |
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Fixed Price Contract Types |
Firm Fixed Price (FFP) Fixed Price Incentive Fee (FPIF) Fixed Price Award Fee (FPAF) Fixed Price Economic Price Adjustment (FP-EPA) Purchase Order (PO) |
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Cost Reimbursable Contract Types |
- Cost Contract - Cost Plus Fee (CPF) or Cost Plus Percentage of Cost (CPPC) - Cost Plus Fixed Fee (CPFF) - Cost Plus Incentive Fee (CPIF) - Cost Plus Award Fee (CPAF) |
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Code of Ethics and Professional Conduct |
1. Responsibility 2. Respect 3. Fairness 4. Honesity |
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Stakeholder Engagement Levels |
Unaware Resistant Neutral Supportive Leading |
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Salience Model Criteria (Stakeholder) |
Power Urgency Legitimacy (involvement in project) |
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Revenue and Price |
Profit = Revenue - Cost Price = Cost + Fee |
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Types of Floats/Slacks |
- Total Float - Free Float - Project Float |
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Project Budget Components |
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What is Quality? |
The degree to which the project fulfills requirements. |
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Depreciation Forms |
1. Straight Line Depreciation 2. Accelerated Depreciation - Double declining balance - Sum of the years digits |
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Design of experiments |
Determine statistically what variables improve quality. Eg. which combination of materials, construction and structure will produce highest quality product. |
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Theory Z |
Permanent job offer. Developed by Dr. William Ouchi, this theory results in increased productivity, it puts an emphasis on the well-being of the employees both at work and outside of work, it encourages steady employment, and it leads to high employee satisfaction and morale. |
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W. Edward Deming |
- Organizations can increase quality and reduce costs by practicing continuous process improvement and by thinking of manufacturing as a system, not as bits and pieces.
- PDCA cycle was proposed by Deming
- TQM - Fourteen points of management that call for awareness of quality in all processes.
- Defined theory of Seven Deadly Diseases |
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Joseph Juran |
- Applied the Pareto principle to quality issues (80/20) |
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Philip B. Crosby |
Considered the following to be the Absolutes of Quality Management:
Crosby’s response to the quality crisis was the principle of Doing It Right the First Time (DIRFT).
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Merrill and Reid motivational theory |
Merrill and Reid identified four personal styles that motivate people. - Driver: prefer to control and tell - Expressive: prefer to involve others and disallow isolation - Amiable: favor association - Analytical: need time to reflect before taking an action |
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F.C. Moore |
Delegation means assigning work to the others and giving them authority to do so. (Other pioneers: O. S. Miner, Louis Allen) |
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Peter Principle |
Halo Effect |
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Correspondence |
Contract terms and conditions often require written documentation of certain aspects of buyer/seller communications, such as the need for warnings of unsatisfactory performance and requests for contract changes or clarification. This can include the reported results of buyer audits and inspections that indicate weaknesses the seller needs to correct. |
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Contingency Theory |
Fred Fiedler’s Contingency Theory states that effectiveness of a leader’s management style is dependent upon the situation. |
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Expectancy Theory |
Expectancy Theory is from Victor H. Vroom |
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Nominal Group Technique |
- One of group creativity technique - Enhances brainstorming with voting process for useful ideas to further brainstorming or prioritization |
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Plurality vs. Majority |
Plurality take most voted even 1 person Majority requires 50% support at least |
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100 % Rule |
In WBS total work at lowest levels should roll-up to the higher levels so that nothing is left out and no extra work is performed. This is called 100% rule. |
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Working Capital |
Working Capital is money available to the company for day-to-day operations |
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Liquidated damages |
In contracts these are estimated damages for specific defaults, described in advance |
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Retainage |
This is an amount of money usually 5-10% withheld from each payment to ensure work is complete. It is paid when all the final work is complete. |
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Journey to Abilene |
Means that most people agree to do certain things as a group, or an organization, which they personally do not agree or believe in, just to be a team player, to save face, and/or to avoid conflict. |
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Direct costs |
Team training, team travel, team salary |
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Indirect costs |
Fringe benefits, manager's salary, taxes |
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Fixed costs |
Rent of office, bulldozer |
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Variable costs |
Fuel for bulldozer |
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Autocratic |
PM makes decision without soliciting information from team |
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Assertive Project Management Style |
Confronts issues and displays confidence; establishes authority with respect |
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Global literacy |
Global literacy is an axiom used for ability to succeed in cross cultural environment |
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Ethnocentrism |
Ethnocentrism refers to belief that one’s culture is superior to other cultures. |
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Sociocentrism |
Sociocentrism refers to belief that one’s social group is superior to others. |
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Elapsed time |
Elapsed time includes non-working days in a given work week. |