ISDS 4113 Exam 1, ISDS 4113 - James Davis - Exam 1(100% Correct!)
4 views 0 purchase
Course
ISDS 4113
Institution
ISDS 4113
Project Management - ANSWERThe application of knowledge, skills, tools, and techniques to project activities in order to meet project requirements.
Project (3 definitions) - ANSWER1. A temporary endeavor undertaken to create a unique product, service, or result
2. A complex, non-routine, one-time...
ISDS 4113 Exam 1, ISDS 4113 - James
Davis - Exam 1(100% Correct!)
Project Management - ANSWERThe application of knowledge, skills, tools, and techniques to project
activities in order to meet project requirements.
Project (3 definitions) - ANSWER1. A temporary endeavor undertaken to create a unique product,
service, or result
2. A complex, non-routine, one-time effort to create a product or service limited by time, budget,
and specifications
3. A planned undertaking of related activities to reach an objective that has a beginning and an end
Examples of a project - ANSWER♣ Building a custom house
♣ Producing the movie "Battle: Los Angeles"
Routine, repetitive work
Business processes - ANSWERA project IS NOT
Characteristics of a Program - ANSWER♣ The change is WIDE-RANGED, and designed to achieve a
strategic business objective-common goal (MOST IMPORTANT)
♣ Multiple deliverables over a period of time
♣ Timescale = loose and flexible
♣ Complex
♣ Scope = fluid and dynamic changes expected
Project Failure - ANSWERProjects can and do fail
The ability to properly manage projects and/or save failing projects is highly valued
Chaos Report - ANSWER♣ NARROW view of success/failure
♣ Standish Group consulting firm
♣ Periodic survey of project successes and failures
♣ Results based on estimates of COST, TIME, AND SCOPE vs project realities
If any were over -> project=unsuccessful
♣ BIASED!
♣ 16.2 % "success" rate
♣ Example:
Star Wars budget was 8 mill, spent 11 mill
Box office = 775.4 mill
, In Standish group's view point, Star Wars was an unsuccessful project
Ambler Article - ANSWER♣ Scope, time, and cost PLUS QUALITY & STAFF
Quality (Ambler Article) - ANSWER• Delivering high quality is more important then delivering on time
and on budget
Staff (Ambler Article) - ANSWER• Healthy (both mentally and physically) workplace is more
important than delivering on time and on budget
Strategic Management Definition - ANSWERThe process of assessing "what are we" and deciding and
implementing "what are we intend to be and how we are going to get there"
Strategic Management Steps - ANSWER♣ 1. Mission
• Identifies "What we want to become/who we are", scope of organization in terms of its
product/service
♦ More Specific mission statements-> better results b/c of a tighter focus
♣ 2. Long-Range Goals & Objectives
• Translate the organizations mission into specific, concrete, measurable terms
♣ 3. Strategies to Meet Objectives
• What needs to be done to reach each objective
♣ 4. Projects
• How the strategies will be realized, given available resources
3. Using Multi Weighted Scoring Model - ANSWERProject Portfolio Management Selection Types (3)
1. Financial - ANSWERpayback, net present value (NPV), etc.
Payback Model - ANSWERMeasures the time it takes to recover the project investment. The shorter
the better!
Payback Period Calculation - ANSWER= Estimated Cost/Annual Savings
-cost higher than savings (?)
Limitations of Payback Model - ANSWERIgnores time value of money
does not consider profitability
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
