Summary: Yvor Project Basis

Read the summary and the most important questions on YVOR project basis

• 1 Introduction

• Describe a project?

  Endeavour where human, financial and material resources are organized in a novel way

• Describe rol of People are key and the PM

  Teamwork is needed to achieve better results. A team consists of a group of people working together towards a joint goal. The PM is able to control early involvement of all stakeholders to create fully integrated team.

• Explain why something is a project

  It is non-ongoing or process work with (pre-defined) unique scope and has a begin and end. Needs to done within a budget.

• 2 Preparation

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• State the 4 PM stages and activities

  Initiation: Scope, requirements, team, feasibility
  Design: WBS, Schedule, Cost & returns, specifications
  Execute: Status reports, change orders, quality audits, contingencies 
  Delivery: Train user, transfer documents, lessons learned

• What is a stage gate and who is involved in this

  Stage gate between every project phase, check if all pre-work and necessary tasks have been fulfilled to move on to next stage, PM managers delivers info to project board. They decide

• Describe FED stages

  FED1: business goals, project objectives, requirements
  FED2: evaluation stage gate 1, basic design
  FED3: evaluations stage gate 2: basic engineering design
  FID: final investment decision (independent org reviews)

• PM is about making trade offs, explain:

  Each project is unique, and quality of a project is limited between time, budget and scope. Improving time can cost more money (trade off). The goal is to maximize quality. The key is to set priorities depending on the value drivers of the project and then make the right decisions and trade offs.

• What is the triple constraint triangle?

  Triangle of scope, cost and time. Quality of project always limited with these 3 constraints. Improving one means always at least changing one other as well.
  Scope: tasks required to fulfill goals
  Time: Schedule to reach goals
  Cost: Money to spent. Project budget

• What is successful PPM

  Control, efficiency, governance, feasibility meet objectives, handles risks

• Project selection methods

  BCG matrix, based on growth rate of business and market share of business
  
  bubble diagram, based on probability of technical succes of business and reward of the business. Bubble size displays the size of the risk.