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BUSI 3309 Final: Study Guide

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BUSI 3309
Paul Kendrick

Program: A group of related projects designed to accomplish a common goal over an extended period of time. Project: A temporary endeavor undertaken to create a unique product, service, or result. Project life cycle: The stages found in all projects-definition,planning,execution, and delivery Project Management Professional: An individual who has met specific education and experience requirements set fourth by the Project Management Institute. A PMP must satisfy continuing certification requirements or lose the certification. Implementation Gap: The lack of consensus between the goals set by top management and those independently set by lower levels of management. This lack of consensus leads to confusion and poor allocation of organization resources. Net Present Value: A minimum desired rate of return discount is used to compute present value of all future cash inflows and outflows. Organizational Politics: actions by individuals or groups of individuals to acquire, develop, and use power and other resources to obtain preferred outcomes when there is uncertainty or disagreement over choices. Payback: The time it takes to pay back the project investment. The method does not consider the time value of money or the life of the investment. Priority System: The process used to select projects. The system uses selected criteria for evaluating and selecting projects that are strongly linked to higher-level strategies and objectives. Priority team: The group (sometimes the project office) responsible for selecting, overseeing, and updating project priority selection criteria. Project portfolio: Group of projects that have been selected for implementation balanced by project type, risk, and ranking by selected criteria. Project screening matrix: A matrix used to asses and compare the relative value of projects being considered for implementation. Project sponsor: Typically a high-ranking manager who champions and supports a project. Sacred cow: A project that is a favorite of a powerful management figure who is usually the champion for the project. Strategic management process: the process of assessing "what we are" and deciding and implementing "what we intend to be and how we are going to get there." Balanced matrix: A matrix structure in which the project manager and function managers share roughly equal authority over the project. The project manager decides what needs to be done; functional managers are concerned with how it will be accomplished. Dedicated project team: An organizational structure in which all of the resources needed to accomplish a project are assigned full time to the project. Matrix: Any organizational structure in which the project manager shares responsibility with the functional managers for assigning priorities and for directing the work of the individuals assigned to the project. Organizational culture: A system of shared norms, beliefs, values, and assumptions held by an organization's members. Projectized Organization: A multi-project organization in which project managers have full authority to assign priorities and direct the work of persons assigned to their project. Project Office (PO): A centralized unit within an organization or department that oversees and improves the management of projects. Strong matrix: A matrix structure in which the project manager has primary control over project activities and functional manager support project work. Weak matrix: A matrix structure in which functional manager have primary control over project activities and the project manager coordinates project work. Cost account: A control point of one or more work packages used to plan, schedule, and control the project. The sum of all the project cost accounts represents the total cost of the project. Milestone: An event that represents significant, identifiable accomplishment toward the project's completion. Organization breakdown structure (OBS): A structure used to assign responsibility of work packages. Priority matrix: A matrix that is set up before the project begins that establishes which criterion among cost, time, and scope will be enhanced, constrained, or accepted. Process breakdown structure (PBS): A phase-oriented grouping of project activities that defines the total scope of the project. Each descending level represents an increasingly detailed description of project work. Project charter: A document that authorizes the project manager to initiate and lead a project. Responsibility matrix: A matrix whose intersection point shows the relationship between an activity (work pack-age) and the person/group responsible for its completion. Scope creep: The tendency for the scope of a project to expand once it has started. Scope s
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