Project Management Basics
a) What is a project?
b) What is project management?
c) Give 3 examples of projects you have worked on (at work, at home, etc.); explain.
d) Give 3 examples of projects you have managed; explain.
e) What are 5 skills that are often necessary for project managers? Explain.
f) How does project management differ from general management?
Question 2 (40%): Project Scheduling
Below are 8 stages of a hypothetical system upgrade project.
Stage Direct predecessor Duration
1. Stakeholder buy-in 30 days
2. Define requirements 1 10 days
3. Define scope, schedule, goals, objectives 1 20 days
4. Team formation 2,3 30 days
5. Development 4 90 days
6. Testing 5 45 days
7. Maintenance 5 180 days
8. Closeout 7 5 days
a) What is the critical path for this project?
b) What is the earliest possible completion time?
c) What are the potential repercussions of incorrectly estimating the duration of stages?
d) Create a WBS for this project.
e) Create a Gantt chart for this project.
Question 3 (10%): Project Team Dynamics
a) Name two things that can cause conflict on a project team.
b) What are three tools that a project manager can employ to avoid interpersonal conflict in team setting?
Question 4 (20%): Cost Analysis
In order to “sell” your current and future projects, you will need to perform basic cost-benefit analyses. If you would like for partial credit to be considered, please show your work where necessary. HINT: see Week 3 reading.
a) Calculate the net present value of a software update project which requires an initial investment of $200,000 and is expected to generate cash inflow of $70,000 each year for years 1-5. Assume that the salvage value of the project is zero. The target rate of return is 4% per annum. Be sure to use time adjustments.
b) During which year will the project achieve its payback period (accounting for time adjustments)?
c) What is the cost-benefit ratio?
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