Learning review: Questions marked PMBOK have similarity to the PMP exam questions.

Complete the following in Project Management terms to make the idea or goal become an objective or project.

I ‘need’ a new computer.

1. Use the S.M.A.R.T. formula to turn this “idea” or goal into an objective.

Specific, Measurable, Attainable, Realistic and Timely.

Example: I am going to buy (or lease) a Pentium 4 with a 40 GB. Hard Drive

With a 64 MB Ram Graphics Card, in the next month for between $1800-$2000

With saving and my earnings for the next two weeks.

I think I could make ‘some’ money starting up a health food business.

Use the S.M.A.R.T. formula to turn this “idea” or goal into an objective.

Starting in JAn. 2004 I want to be a Sole Proprietor of a home delivery service; of a selected menu of meals prepared from organically grown vegetables or range fed chickens and beef.

The prices will be between $11 and $19. Desserts will be available. I expect to make a net profit of $1000 in the first year with an initial investment of $10,000.

I expect to make $30,oo net in year three. My investors will be friends and family.

There has to be a way of ‘getting’ homeless people off the streets.

Use the S.M.A.R.T. formula to turn this “idea” or goal into an objective.

I want to develop and sell the City of Toronto and the Toronto Taxi Association the concept of homeless people being given taxi vouchers whch they can use to pay a cab driver. They can flag down any empty taxi and get a ride until the driver gets a paying customer. This means whenever as homeless person is lonely or cold they can warm up in a cab. I would ask United Way to contribute funds for this program. The redemption of

of couposn would indicate # of users. We would start this program when temperatures are below 0 degrees centigrade. It would be on a one winter trial basis.

We have to get Web CT ‘working’ for the students.

Use the S.M.A.R.T. formula to turn this “idea” or goal into an objective.

Fred says this one is yours.

If you developed the above into an R. F.P. format or a list of requirements what is the name for that list of items that would you need to include if a contractor or agency etc. was going to help you with the project.

P. 30. Gido and Clements. The S.O.W. or Statement of Work

Name six of essential items you would need on the above list?

Answer on P. 31–P. 33. Customer requirements, Deliverables, Approvals, Type of contract, Schedule, Payment Terms, Chain of Command, Budget/Estimated costs,

If you included the above list in your contract with a supplier would the conditions be legally binding? Yes. The final Statement of Work is agreed on by the two parties and forms the contract or the rules. This document gives us the foundation for the WBS (Work Breakdown Structure. Sometime we have to go back and change the S.O.W. if the WBS is changed.

Name one type of program that the H. R. dept. would need to develop if the executives decided to develop a project management culture in the organization? PMBOK.

A training program which gives a cross section of vetted executives, middle managers and line workers two days of training in Project Management, The trained personnel would be expected to promote project management practices when initiating any new project. Employees who express and interest in learning will be given opportunity to takes course.

Scope appears to have a variety of meanings. What are the elements that make up the “scope” of a project? . PMBOK

The extent of the budget, time and customer requirements. Or the specific work that needs to be done to acheive the objective.

Choosing a project can be based on many models of decision-making. Name three.

Major categories: Financial, % of return, Payback period, and Net present value.

Non-financial: Competitive necessity, Power/Political (Sacred Cow), Operating necessity,

Product Line extension

Weighted (mixed).

Stakeholders are anyone who can influence the Outcome of the project.

The document that announces the start of a project is called a Charter……………….

Could you describe the difference between an R.F.P., a proposal, a project and project management? Go ahead in a few words for each….

R.F.P is the documents that summarizes or helps Define what we think we want.

Proposals are suggestions of how to get what we want. They are a form of Plan

A Project is the entire procedure/process of getting the objective completed on time, on budget meeting the customer’s requirements,

Project Management is the process of Defining, Planning and Controlling the project.

Where does the information for a Responsibility Matrix come from?

From the WBS work package descriptions.

Do you send information about the project to all the Stakeholders?

No you have to be selective. The right information to the right people at the right time is a good guideline.

A financial method of calculating return on investment that considers inflation and interest rates is called?

Net Present Value

I am trying to estimate how much to spend on an item. I have six previous purchases. I have one high price, one low price and four about the same. Write the formula for what my price will based on.

Probable price Realistic= Lowest + Highest+ 4x most common/6