Review for Final in ISQS 5343 Final will

Review for Final in ISQS 5343 Final will take place: Friday, August 9, 2013, 11: 00 am – 1: 30 pm, this room

Format b 85 multiple choice worth 50% • 30 of these are from previous segments of the course b 5 discussion problems worth 50% • All of these will be taken from project management bexam is closed notes/closed book b. Exam will be comprehensive

Bring b Pencils b Calculator b Orange Scantron sheet

Content b We have covered Chapters 2, 3, 4, 6, 7, 9, 10, 11, 12, 13, 14, 15 b material on project management b Goldratt’s Critical Chain b 3/4 ths of the test material will come from the last fourth of the course—

Possible Discussion Questions b Name ten characteristics of a project b Successful project management entails what exactly b Name four stages of the project lifecycle • Show their sequence b Why is project management important b Name four core knowledge areas b Name four facilitating knowledge areas

More discussion questions b What is the ninth knowledge area and what is its purpose b Name some things we do poorly in projects b What term do we use to describe an event at which a major deliverable is completed? b What device or construct is often used to initiate a project? b What steps are used to launch critical chain project management?

Typical discussion problems b Construct an activity on node network chart from a table; Determine duration, ES, EF, LS, LF and mark the critical path b Perform earned value analysis: BCWP, BCWS, ACWP, CV, SV///EV, PV, AC, CI, SI b Perform crashing of networks

Why has Project Management become so in-vogue? b Diversity of new products and product markets b Shorter life span of products b Rapid technological changes

What are the major reasons for project failure? b Inadequate conceptualization and definition • Specifically, inadequate requirements b Absence of a plan b Unavailable resources when needed b Scope and hope creep b Unresponsive contractors who deliver their product late

What are the four stages of the project lifecycle? b Conceptualization and Definition b Planning and Budgeting b Execution and Control b Termination and closure

In which of these stages is a WBS started? b Conceptualization and Definition • First 3 levels b {The WBS is usually finished in the Planning and Budgeting stage}

What are the nine knowledge areas? b Scope management b Time management b Cost management b Quality management b. Integration management b Risk management b Procurement management b Human resource management b Communications management

In which stage is scope management most important? b The first stage: Definition Conceptualization and b In which stage should the WBS be started? Is should be completed in the second stage —Planning and Budgeting b In which stage should crashing be done? — second stage, at the end

‘Define activities’ is ___ b a subproject b a process b a problem b a plan b. WHICH? ? ?

‘Define activities’ is part of what knowledge area? b Time management

Project Scope Management Processes b Collect Requirements b Define Scope b Create WBS b Verify Scope b Control Scope

Project Time Management Processes b Define Activities b Sequence Activities b Estimate Activity Resources b Estimate Activity Durations b Develop Schedule b Control Schedule

Project Cost Management Processes b Estimate Costs b Determine Budget b Control Costs

Project Quality Management Processes b Plan Quality b Perform Quality Assurance b Perform Quality Control

The main purpose of a project plan is ____ b acquire resources bguide project execution. b meet standards expectations. b reduce risk.

The most important output of project execution is b Work products b Not---change requests b Not—the WBS

The Principle… b That work tends to fill up the time allotted to it is known as…. .

Most core knowledge areas have a b Planning process b And a b Control process

During the … b Conceptualization and definition stage, it is important that the project manager get

What are the five steps of the Theory of Constraints (Goldratt)? b IDENTIFY the project constraint b Decide how to EXPLOITE that constraint b SUBORDINATE everything to that decision b ELEVATE the system’s constraint b Go back to step a

NOT… b SUBORIDNATE that decision to everything else

According to Goldratt… b Team players put too much ____ into their estimated durations

As Goldratt sees it, …. b The ultimate constraint in projects is….

Which of the following does Goldratt regard as a positive thing b Safety b Multitasking b Student syndrome b Win/win contracting b None of the above

An activity has probabilistic completion times of 20, 50 and 80 for the optimistic, most likely and pessimistic durations. What is the average time (duration) assuming a beta distribution? b 30 b 40 b 50 b 60 b 70

You should know b How to construct a NETWORK chart from a table b How to construct a Gantt chart from a table b How to perform NETWORK crashing b How to do EVA

A work package… b Has $100, 000 budgeted for it b Is 50% complete b What is its BCWP = EV? ? b $30, 000 b $40, 000 b $50, 000 b $60, 000

A task with a $10, 000 budget has a start date in the future b Its BCWS is • • $0 $5, 000 $10, 000 Can’t be determined

A task with a $10, 000 budget has a stop date in the past. b Its BCWS is $0 $5, 000 $10, 000 Can’t be determined

A task with a $10, 000 budget and a 6 day duration has just finished day 3 b Its BCWS is $0 $5, 000 $10, 000 Can’t be determined

A task has a budget of $20, 000 and a scheduled duration of 5 days b What is its daily burn rate? b If the project is 20% complete what is its BCWP? b If day three has just transpired, what is the BCWS? b What is the task’s SV (schedule variance) b Is the task ahead or behind schedule? ? ?

Questions about MS Project b Which key for subordination b Which key for linking b How to view project duration and cost on the project information dialog box b How to see all of the activity costs

For MS Project to cost your project, it needs to know b Resource hourly costs b Activity fixed costs b THIS IS ALL

In MS Project, durations/costs of phases (summary tasks) …. . b Containing one or more subordinate tasks can be specified only by MS Project

Task info is entered in which view of MS Project, usually? ? b The Gantt view, using the entry table

When using the standard calendar, MS Project assumes b 8 -hour work days b No work on Sat or Sun

Questions over CRITICAL CHAIN b Major conclusions, recommendations b Goldratt’s view of EVA b What to Measure b What to Focus on

More Questions on CRITICAL CHAIN b To avoid non critical paths from becoming critical you should… b Critical chain is the sequence of tasks performed by key persons both on and off the critical path

Measurements should b Induce the parts to always do what is good for the system as a whole

Why does Goldratt not like BCWP, BCWS, ACWP? b Because they have no sensitivity to the critical path

If you have a task on the critical path and …. . b Your time to complete that task has arrived, then Goldratt recommends that you drop everything and just focus on that task until you get it done!!

Notes on shortening project durations b This should be done in the Planning and Budgeting stage b Crashing • Reducing the duration of tasks on the critical path b Fast-tracking • Starting tasks sooner b Adding resources? ? b Checking for parallelism opportunities in the schedule • Pull as much work off of the critical path as you can

More Tips on shortening project durations b REUSE, REUSE b Do it right the first time b Avoid changes to requirements

More techniques for shortening projects b Scrub the requirements • Remove from the requirements those items that add little or no value • Remember the Pareto principle— 80% of the value comes from 20% of the functionality b Do everything right the first time (AGAIN) b. REMOVE SAFETY--GOLDRATT

For each chapter…. b Skim the chapter b Examine the SUMMARY and the SUMMARY OF KEY TERMS SECTIONS at the end of each chapter

Chapter 2: Operations Strategy b Know the four operation types b Know the three types of make-to b Know the difference between core competencies and support competencies

Chapter 3: Quality Management b Name three quality gurus b Describe the relationship between TQM and continuous improvement b Understand the costs of quality b What is the relationship between quality and productivity? • Remember the yield formula? ?

Chapter 4: Statistical Quality Control b Know p-charts, c-charts, xbar-charts, rbar- charts b Which of these are used for attributes, which for variables? b Will not test you on AOQ, LTPD • {old antiquated concepts}

Chapter 6: Processes and Technologies Quality Function Deployment House of Quality

Chapter 6, Cont’d: Process Planning, Analysis… b Process analysis, flowcharts • SYMBOLS: Operation, Inspect, Transport, Delay, Storage b Flexible Manufacturing Sys, Robotics b IT: Ex. NETWORK Systems, Decision Support Systems b CIM

Reengineering design principles b Eliminate handoffs b Organize around outputs b Capture information once at the source b Eliminate multiple external contact points b Simplify work

Chapter 10: Supply Chain Management b Logistics by any other name b IT Integration b The bane of SCM is ______?

Chapter 13: Capacity Planning & Aggregate Production Planning b Long-range planning b Medium range planning—aggregate prod planning b Short-range planning

Chapter 12: Inventory Management b Basic EOQ model b Basic re-order point model b All units price discounting

Chapter 15: Just-in-time and Lean Production b Name five approaches to leanness… b What does SMED mean? b How can small lots be made economically effective?

Chapter 14: Enterprise Resource Planning b ERP Implementation is _____ b MRP assumes ____ demand b MRP is An ______ system b Inputs to MRP: MPS, Inventory Master file, Bill of materials (product structure file) b Outputs: Purchase orders, shop orders b Taken by itself, is MRP at all sensitive to capacity? ?

Chapter 9: Project Management b Probabilistic NETWORK—be able to find the mean and standard deviation when given an optimistic, most likely and pessimistic estimate b. BE able to calculate project duration, project variance for NETWORK project TASKS

Network diagrams, drawn by commercial software b. Do they use • Activity-on-Node, or • Activity-on-Arrow representations?

That’s all folks b {I enjoyed having you as a class—one of the better classes I’ve had)