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Questions and Answers
What does the term 'measurable' imply in the context of setting objectives?
What does the term 'measurable' imply in the context of setting objectives?
Which of the following best describes 'achievable' objectives?
Which of the following best describes 'achievable' objectives?
What is the implication of an objective being 'relevant'?
What is the implication of an objective being 'relevant'?
Given the cash outflow for Y0 is -100,000, what could be interpreted regarding initial investments?
Given the cash outflow for Y0 is -100,000, what could be interpreted regarding initial investments?
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What is the calculated payback period in months based on the provided data?
What is the calculated payback period in months based on the provided data?
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Which value represents the 'net present value' (NPV) as calculated?
Which value represents the 'net present value' (NPV) as calculated?
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What describes the cash inflow for the second year?
What describes the cash inflow for the second year?
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In calculating the payback period, what does the negative value represent in year one?
In calculating the payback period, what does the negative value represent in year one?
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How is the discounted cash flow for year three calculated?
How is the discounted cash flow for year three calculated?
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What does the term 'discounted factor' signify in financial calculations?
What does the term 'discounted factor' signify in financial calculations?
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Study Notes
Project Lifecycle Phases
- Initiation: Establishes project goals and specifications.
- Planning: Develops a schedule and allocates budget.
- Execution: Involves task assignments and progress monitoring.
- Termination: Includes final deliverable review and project documentation.
Project Management Network Diagram Legend
- Early Start: The earliest point when an activity can begin.
- Activity ID: A unique identifier for each task within a project.
- Early Finish: The earliest completion date of an activity.
- Slack: Extra time that can be used if a task is delayed.
- Description: Brief explanation of the task or activity.
- Duration: Total time required to complete the activity.
- Late Start: The latest point when an activity can start without delaying the project.
- Late Finish: The latest completion date of an activity.
Project Definition and Characteristics
- Definition: A project is a complex, non-routine effort designed to meet customer needs, with defined time, budget, resources, and performance specifications.
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Characteristics:
- Has established goals.
- Involves performing unique activities.
- Defined span with a clear beginning and end.
Differentiation of Projects, Programs, and Portfolios
- Project: Temporary endeavor with specific objectives and a defined life cycle.
- Program: A collection of related projects that provides more significant benefits relative to strategic objectives.
- Portfolio: A group of programs and projects managed to achieve specific strategic business goals.
Accelerating Projects
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When resources are constrained:
- Fast Tracking: Overlapping tasks to shorten duration.
- Critical Chain: Adjusting project schedules based on resource availability.
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When resources are not constrained:
- Adding Resources: Increasing workforce or materials.
- Outsourcing Project Work: Engaging third parties for specific tasks.
Identifying Organizational Culture
- Study the organization through available materials.
- Evaluate physical characteristics and layout of the organization.
- Observe interaction patterns among employees within the organization.
Types of Project Risks
- Financial Risk: Potential losses affecting project budgets.
- Operational Risk: Risks impacting daily operations and processes.
- Regulatory Risk: Compliance-related risks emerging from regulations.
- Market Risk: Risks related to market competition and changes.
Guidelines for Managing Risk and Uncertainty
- Conduct Risk Assessment: Identify and analyze factors that could harm the project.
- Practice Diversification: Spread out risks across different areas.
- Implement Regular Monitoring: Continually assess risk factors throughout the project.
- Develop Contingency Planning: Create backup plans for risk mitigation.
SMART Project Objectives
- Specific: Clear and well-defined goals.
- Measurable: Criteria to evaluate progress and success.
- Achievable: Objectives should be realistic and attainable.
- Relevant: Align with broader strategic goals of the project.
Priority Rules for Resource Allocation
- To prioritize projects, criteria can include potential returns, urgency, and strategic alignment.
Financial Analysis and Payback Calculation
- Net Cash Flow calculations reflect the difference between cash inflows and outflows.
- Discounted Cash Flow provides the present value of future cash flows based on established discount factors.
- Net Present Value (NPV) assesses the profitability of the project, calculated at 72,227.
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Payback Period:
- Initial investment recovery is projected at approximately 17.74 months based on cash inflows and timing.
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Description
Test your knowledge of the project lifecycle in IT project management. This quiz covers key processes, events, and specifics about network diagrams used in project management. Prepare to showcase your understanding of the initiation, planning, execution, and termination phases.
