Creating value

Question 1

What are some ways organizations create value for stakeholders?

Answer 1

Organizations create value through new products, positive social and environmental contributions, efficiency, transitions to a new state, and sustaining benefits.

Question 2

What are the components that deliver value in a project?

Answer 2

The components include portfolios, programs, projects, products, and operations.

Question 3

Why is it important for a project manager to be aware of the external environment?

Answer 3

The external environment includes factors like the economy, competition, and legislation, which can impact the project’s success and value delivery.

Question 4

What role do policies and governance structures play in delivering value?

Answer 4

They provide a framework for:
* Functions and processes that guide activities
* Functions for evaluating changes, issues, and risks

Question 5

What is a governance structure?

Answer 5

A governance structure enables smooth workflows, manages issues, supports decision-making, and provides oversight to ensure projects deliver value.

Question 6

How does a governance structure define authority?

Answer 6

It specifies who has the authority to approve changes and make decisions, which is crucial for maintaining project direction.

Question 7

What is the role of oversight in governance structures?

Answer 7

Oversight ensures that projects remain focused on delivering value and achieving desired outcomes.

Question 8

What is change control in project management?

Answer 8

Change control is the process of managing changes to the project scope, schedule, and resources to ensure that only approved changes are implemented.

Question 9

Why do projects change?

Answer 9

Projects change due to risks, evolving requirements, and stakeholder requests.

Question 10

How do predictive projects manage change?

Answer 10

In predictive projects, teams evaluate change requests carefully to combat scope creep and ensure that only approved changes are included in the project baseline.

Scope creep refers to the gradual expansion of a project’s goals and deliverables beyond its original plan.

Question 11

What is a change control board (CCB)?

Answer 11

A CCB is a group that guides change requests through the change control process in predictive projects.

Approved changes are integrated into plans, backlogs and scope and communicated to the appropriate stakeholder

Question 12

How do adaptive projects handle changes differently?

Answer 12

In adaptive projects, changes may lead to reprioritizing the backlog rather than a strict evaluation process.