Distributed Project Management System Study Guide

Distributed Project Management System Study Guide

Keyword List

Term Definition Application Service Provider (ASP) A third party that provides software as a service (SaaS) to multiple parties such as contractors, subcontractors, owners, and lenders over a communications network. Blockchain A distributed ledger technology used to record peer-to-peer digital transactions without the need for a central repository or single administrator. Private Blockchain A permissioned blockchain with limited access to blockchain data and transaction participation. Smart Contract Pre-written logic (computer code) stored on a distributed storage platform that defines a series of rule-based "if/then" transactions, executed/run by a computer network, and communicates with the blockchain to provide ledger updates. Distributed Ledger A record of transactions maintained by a blockchain network, distributed across multiple nodes in the network. Project Template A predefined project plan that outlines the tasks, milestones, and payment schedules required to complete a project. Master Template A high-level template that contains the overall scope of a project. Dependent Templates Templates that link to the master template and represent discrete Statement of Work (SOW) records that guide contractors in establishing appropriate work and payment milestones. Payment Milestones Project milestones with specific to-do items that add up to the total milestone. To-do List of actionable tasks associated with each payment milestone. Funds held by the ASP are held in escrow by a third party until specific conditions outlined in the smart contract are met. Short Answer Questions

How do private blockchains differ from public blockchains? Private blockchains are permissioned, meaning access to the network and the right to participate in transactions are limited to authorized entities. Public blockchains, on the other hand, are open and anyone can participate and verify transactions.

Explain the role of smart contracts in a distributed project management system. Smart contracts automatically execute and enforce the terms of an agreement stored on a blockchain network. In the context of project management, smart contracts can define milestones, payment terms, and dispute resolution clauses, ensuring transparency and trust between all parties.

Describe how project templates are used to create smart contracts. A project template acts as a framework for creating smart contracts. It outlines the scope of work, payment schedule, and key milestones for project execution. Contractors can select a template, customize it to meet the specific needs of the project, and then compile it into a smart contract.

What is the difference between a master template and a slave template? A master template provides an overall view of the project, while a slave template focuses on a specific task or work package. Slave templates link to master templates, creating a comprehensive project breakdown structure.

How does the system manage payments using payment milestones? Payment milestones are embedded into smart contracts and represent payments triggered upon completion of specific project phases. Once all parties verify that milestones have been met, payments are automatically released to the contractor or subcontractor.

How does the daily reporting feature enhance transparency and accountability? The daily reporting feature allows contractors and subcontractors to record their progress, provide proof of task completion, and record any issues or change orders. This information is then accessible to all interested parties, ensuring transparency and facilitating timely project completion.

Describe how the system handles change orders. When a change order arises, contractors can submit a request through the platform detailing the scope of the change and the associated cost impact. The owner can then review and approve or reject the change order. Upon approval, the smart contract is updated to reflect the changed scope and payment schedule.

Explain the role of escrow in managing project funds. An escrow service ensures that funds are held by a neutral party until predetermined milestones are met. This arrangement protects both the owner and contractor, as funds are only released when both parties meet their contractual obligations.

How do contractors and owners benefit from the ratings generated by the system? The system collects feedback on the performance of contractors and owners to build a reputation system. These ratings can help owners select reliable contractors for future projects and enable contractors to identify potentially challenging clients.

How can the system help streamline the project closing process? Once a project is complete, the system can generate a final report documenting all transactions, payments, and milestones completed. This information can be used to streamline the final settlement process and minimize the potential for disputes between parties.