Term
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Definition
| A temporary endeavour undertaken to create a unique product, service or result. |
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Term
| What are the 7 attributes of a Project? |
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Definition
Clear Objective
Interdependent Tasks
Utilizes Resources
Specific Time Line
Unique/one-time endeavour
Funded by a customer/sponsor
Uncertainty (Risk) |
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Term
| What are the 7 Project constraints? |
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Definition
Scope
Quality
Schedule
Budget
Resources
Customer Satisfaction
Risk |
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Term
| How can globalization effect Project Management? |
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Definition
Creates a dynamic and unstable environment through:
Currency Fluctuations and Exchange Rates
Country Specific Work Codes and Regulations
Interdependence of economies
Corporate Joint Ventures and Partnerships
Political Relations
Availability of High-Demand workforce skills |
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Term
| What are the 4 Phases of a Project life cycle? |
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Definition
| Initiating, Planning, Performing and Closing |
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Term
| Benefits of Project Management? |
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Definition
Satisfied Customers
Additional Business
Expanded Career Opportunities
Satisfaction of being on a winning team
Increased Knowledge and Skills |
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Term
| Name some of the customers considerations in Phase 1 of the project life-cycle? |
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Definition
Positives/Advantages
Negatives/Disadvantages
Consequences
Overall Company Goals |
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Term
| What are 2 methods of soliciting Proposals? |
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Definition
Identify a selected group of contractors and send each of them an RFP
or Advertise in industry specific publications or websites |
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Term
| Who are the project stakeholders? |
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Definition
| All people or organisations that might be affected by project activities |
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Term
| What factors are considered by the contractor in a bid/no-bid decision? |
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Definition
| Competition, Risk, Mission, Extension of Capabilities, Reputation, Customer Funds, Proposal and Project Resources |
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Term
| What should a winning proposal convince a customer of? |
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Definition
| Convince the customer that you are the best contractor to address their need, solve their problem or realise their opportunity |
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Term
| What are the three main areas of content in a Proposal? |
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Definition
| Technical, Management and Cost |
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Term
| What is it important for contractors to do in Phase 1 of the Project life-cycle? |
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Definition
| Build and maintain relationships |
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Term
| What is the aim of the technical content area of a proposal? |
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Definition
| Convince the customer that you understand their need or problem and can provide the least risky, most beneficial solution. |
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Term
| What is the aim of the Management content area of a proposal? |
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Definition
| To convince the customer that the contractor can do the planned work and achieve the intended results. |
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Term
| What is the aim of the Cost content area of a proposal? |
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Definition
| To convince the customer that the contractors price for the project is realistic and reasonable |
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Term
What are the 4 steps in project selection?
(Customers perspective in Phase 1) |
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Definition
Develop a set of criteria against each project will be evaluated.
List assumptions.
Gather information and data about each opportunity.
Evaluate each opportunity against the established criteria. |
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Term
| What are the benefits of Group Consensus in Project selection? |
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Definition
| Consensus on project choice leads to better quality decisions and higher acceptance of decisions |
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Term
| What are 6 of the main points included in a Project Charter? |
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Definition
| Project description, Funding, Major Deliverables, Acceptance Criteria, Constraints, Reporting Requirements |
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Term
| When is it not required to use an RFP? |
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Definition
When the project is not being outsourced to a contractor or consultant.
Or when they event is sought after and well known enough that companies will pro-actively submit proposals on their own. |
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Term
| What are some elements included in an RFP? |
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Definition
| Statement or Work, Customer Requirements, Expected Deliverables, Acceptance Criteria, List of customer-supplied items, Required schedule for completion, instructions on the format of proposals, due date, and evaluation criteria. |
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Term
| What are two different types of contract? |
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Definition
| Actual Cost and Fixed Price |
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Term
| What information would be included in a project objective? |
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Definition
| Expected benefits, primary product or end deliverable, completion date, budget date |
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Term
| What information would be included in a project objective? |
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Definition
| Expected benefits, primary product or end deliverable, completion date, budget date |
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Term
| Project Objectives should be SMART, what does that stand for? |
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Definition
| Specific, Measurable, Assignable, Realistic, Time Specific |
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Term
| What are the 3 elements that make up the scope of a project? |
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Definition
1. What the project team will deliver to the customer at the end of the project
2. What work needs to be accomplished to create the deliverables
3. limiting factors and boundaries |
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Term
| What are the two main factors for failed projects? |
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Definition
| Lack of user involvement and lack of effective engagement with project stakeholders |
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Term
| What are the 4 main components of Risk Management? |
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Definition
| Risk Identification, Risk Assessment, Risk response planning, Risk Monitoring |
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Term
| What is involved in closing a project? |
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Definition
Receiving and Making Payments
Recognising and evaluating staff
Conducting a post project evaluation
Documenting lessons learned
Organising and Archiving Project Documents |
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