Class: BA645 Project Management Essentials
Instructor: Clifton D. James
Assignment: Review questions page 32 Project Management in Practice
1. Use the characteristics of a project to differentiate it from a non-project.
A project has a beginning and an end. Projects are unique, specific, have a deliverable, and due date. The implementation of a new accounting system is a project. Daily reports that come out of the accounting system are non-projects.
2. Contrast win-lose negotiation with a win-win negotiation and explain why the latter is so important in project management.
There is no real winner in a win-lose negotiation of a project. One of the parties may have gotten ...view middle of the document...
S and J are the two types of project life cycles. S starts off slow then fast then slow again while the J lifecycle starts of slow and gradually increases to completion. Each lifecycle requires the program manager to focus attention on aspects of the project. It is important for the project manger to know what life cycle their in because your focus early on in one life cycle may not be your focus early on in the other.
5. How does the weighted scoring approach avoid the drawbacks of the NPV approach? Can the two approaches be combined? How? What weights would be appropriate if they were combined?
Weighted scoring gives value to all criteria and an accurate value of the project. Net Present Value can be used in conjunction with weighted scoring and add appropriate scoring to both monetary and non-monetary objectives.
6. What advantages are lost if the sum of the weights in a weighed scoring approach does not add to 1.0? Why is it suggested that factors with less than 2 percent or 3 percent impact not be considered in this approach?
The advantage lost is the weighted approach is the calculation. If a factor does not add up to 1.0 it could scum the calculation and make a less risky project look very risky. It is important to limit your factors to major factors and eliminate marginal criteria.
7. Draw a distinction between a project and a program. Why is the distinction important?
A program is made up of smaller pieces called a project. It is important to distinguish between the two because your success will be determined by your portfolio of projects within the program.
8. Why is it important for a project to have "flexibility"?
If the project does not have "flexibility", it will fail. Projects must be...