Project Management Unit 4

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Questions and Answers

What is the project life cycle?

A series of stages undertaken in a project to achieve its goals and objectives (correct)

A framework for managing projects only in the construction industry

A methodology for project closure only

A model that applies to all projects universally

What determines the shape of a project life cycle?

The size of the project team

The duration of the project

The industry or technology used (correct)

The location of the project

What does a node represent in an activity-on-node diagram?

A dependency line

An event or stage

An activity (correct)

A resource allocation

Why may the project life cycle be repeated?

Depending on the nature and size of the project Signup and view all the answers

What is the purpose of the project life cycle phases?

To provide a basic framework for managing the project Signup and view all the answers

What is common among project life cycles in the same industry or organization?

They have significant variations Signup and view all the answers

What are the four stages of a project life cycle?

Initiation, planning, execution, and closure Signup and view all the answers

What is the primary purpose of the initiation phase in a project life cycle?

To establish project objectives and define specifications Signup and view all the answers

What is the characteristic of cost and staffing levels in a project life cycle?

They are low at the start, peak during execution, and drop rapidly at the end Signup and view all the answers

What is the primary purpose of the planning phase in a project life cycle?

To create a plan for executing the project Signup and view all the answers

What is the highest point in a project's lifecycle when stakeholders can influence the project's characteristics without significant cost implications?

At the start of the project Signup and view all the answers

What is the primary purpose of the execution phase in a project life cycle?

To carry out the actual work involved in the project Signup and view all the answers

What type of organisation is the transmission business line of DBA?

Matrix organisation Signup and view all the answers

What is included in the closure phase of a project life cycle?

Delivering the final project product to the customer, reassigning project resources, and conducting a post-project review Signup and view all the answers

What is the primary purpose of a post-project review?

To access the project’s performance and capture lessons learned Signup and view all the answers

How many key members were in the Abacus Project team originally?

4-5 Signup and view all the answers

What is the name of the project manager assigned to the Abacus Project?

Tom Lennon Signup and view all the answers

When is risk and uncertainty at its highest in a project life cycle?

At the start of the project Signup and view all the answers

What is the purpose of the project initiation phase in the Abacus Project?

To identify potential load problems on the grid Signup and view all the answers

What is the purpose of estimation in the planning phase of a project life cycle?

To create tentative milestones for the project Signup and view all the answers

What is the main advantage of an adaptive life cycle?

It keeps stakeholder influences higher and the costs of changes lower throughout the life cycle Signup and view all the answers

What is the term for budget and schedule allocations set during the initiation and planning phases of a project?

Baseline Signup and view all the answers

What is the name of the phase that comes after project initiation in the Abacus Project?

Environmental evaluation Signup and view all the answers

What was the total personnel count at the end of the Abacus Project?

Almost 200 Signup and view all the answers

What was the role of Trian Moore in the Abacus Project?

Director of Planning Signup and view all the answers

What is the primary purpose of risk and cost changes in project management?

To identify and mitigate risks that may impact the project's cost Signup and view all the answers

Study Notes

Project Life Cycle

A project life cycle refers to the series of phases a project goes through from start to finish to achieve its goals and objectives.
The phases are generally in chronological order, providing a basic framework for managing the project.
There is no particular model that applies to all projects, and variations can occur depending on the nature and size of the project.

Phases of Project Life Cycle

Initiation: defining project objectives, forming teams, and assigning responsibilities.
Planning: developing a plan to complete the project, including estimation, scheduling, and resource allocation.
Execution: carrying out the project plan, including actual work and control measures.
Monitoring and Control: tracking project progress, identifying and correcting deviations from the plan.
Termination: closing the project, including delivering the final product, reassigning resources, and conducting post-project reviews.

Characteristics of Project Life Cycle

Cost and staffing levels are typically low at the start, peak during execution, and decrease rapidly towards completion.
Risk and uncertainty are highest at the start of the project and decrease as decisions are made and deliverables are accepted.
The ability to influence the project's product characteristics without significantly impacting cost is highest at the start of the project and decreases as it progresses.
Cost and staffing curves may not apply to all projects, and significant expenditures may be required early in the project life cycle.

Effective Project Closure

Five benefits: formal acceptance of project deliverables, documentation of lessons learned, evaluation of project success, release of project resources, and finalization of project accounts.
Five disadvantages: delayed or incomplete project deliverables, inadequate documentation, poor evaluation of project success, inefficient resource allocation, and inaccurate project financials.

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