Flashcards in PM cards 3rd 20 Deck (20)
Benefit measurement methods and constrained-optimization models are the two primary categories of what?
Benefit measurement methods of decision making do what?
Provide a means to compare the benefits obtained from project requests by evaluating them using the same criteria.
What is the most commonly used method of decision making models?
Benefit measurement methods
What are the four benefit measurement methods?
Cost-benefit analysis, scoring model, payback period, and economic model.
What type of decision making method is cost-benefit analysis?
Benefit measurement method
What is cost-benefit analysis based on?
It is a benefit measurement method. Compares the cost to produce the product or service to the financial gain (or benefit) the organization stands to make as a result of executing the project.
What is a scoring model based on?
It is a benefit measurement method. has a predefined list of criteria against which each project is rated. Each criterion is given both a scoring range and a weighting factor.
How does the economic model of decision making work?
It is based on cash flow techniques and provides data on the overall financials of the project.
What type of decision making model is the payback period?
A benefit measurement method.
The economic model of decision making methods considers what calculations?
Discounted cash flow, IRR and NPV.
Discounted cash flows, IRR and NPV are used in what decision making model?
The economic model, which is a benefit measurement method.
What are constrained optimization models?
It is a decision making method based on mathematical methods.
What type of decision making model is usually used with very complex projects?
Constrained optimization models
What is often used in conjunction with the two methods of decision making?
Tools and techniques used to complete projects are called __________.
What are Project Management Knowledge Areas?
Collections of individual processes that have elements in common.
What are the nine Project Management Knowledge Areas?
Project Integration Management, Project Scope Management, Project Time Management, Project Cost Management, Project Quality Management, Project Human Resource Management, Project Communications Management, Project Risk Management, Project Procurement Management
What skills are needed to manage a project beyond technical knowledge of the product?
Key general management skills include leadership, communication, problem solving, negotiation, organization, and time management.
What is the project life cycle?
The total composition of the multiple phases of a project - beginning, middle, end, etc.