Project Management Flashcards

Question

The APM defines Project Management as:

Answer 1

**an efficient way of introducing change** — achieved by: * Deﬁning goal, generally in terms of time, cost, and various technical and quality parameters; * Developing and executing a plan to achieve these, ensuring progress aligns with objectives; * Using appropriate project management techniques to plan, monitor and maintain progress; * Employing persons skilled in project management who are given [single] responsibility for introducing the change and are accountable for its successful accomplishment.

Answer 2

projects just to be new and prove visible change

Answer 3

is it viable, realistic compared to measures of success (STEEPLE)

Answer 4

people approving major changes; high-level team (aka. project board)

Answer 5

1. Concept / Initiation 2. Design / Development 3. Implementation 4. Handover **_The Concept / Initiation Phase_** * Identifying the need for a project * Sufficient justification for this project? * High-level: * Benefits/Cost analysis * Risks and uncertainties * Timeline * Plan who will be involved * **Concept Phase produces the _Business Case_** / Project Charter / Project Initiation Document (PID) (depends on methodology used) **_Design Phase_** * the definition phase; adding detail * the sponsor gets the SMEs from their company that the project manager wants in his team * Design Specification Document

Answer 6

evaluating if it's worth it to invest the resources for the expected benefits

Answer 7

**Pre-Initiation** * Current activities and information needs * Current data storage and data flow * Current Processes * Opportunities for improvements? * Align and support the business strategy

Answer 8

*A critical evaluation of a deliverable, business case or project management process.* Done by another project manager or actual project manager. * An outside view shows big picture * Third party can critique higher staff

Answer 9

**Gate review** * occurs at after a phase is complete * opens the gate for the next phase * chaired by the sponsor, steering group and PM at minimum (“sign off”) **Peer review** * evaluation by one or more people of similar competence to the producers of the work * done to maintain or enhance quality or performance of the project * usually done by stakeholders, since they have a high interest **Audits** * a formal, structured review * assesses the progress (inter alia) * checks if objectives are still aligned **Post-project review** * team feedback on future improvements * lessons learned **Benefits realisation review** * chaired by sponsor! * have the benefits been realised * Any issues? * etc...

Answer 10

Benefits are often realised only **later** after the implementation. Hence, the **sponsor is responsible for benefits realisation**, since he sticks around after the completion of the project.

Answer 11

* setting the right people for the best chances of succeeding * having a well-throughout methodology * having a thoughtful sponsor * identifying and managing key players * managing the interaction between corporate management and project management

Answer 12

**External**: * Macro: political (Brexit), technological * Micro: new entrant, regulatory, competitor **Internal**: * External to project but internal to organisation: * strategic objectives, resource availability, customer * Internal to project: * poor estimating

Answer 13

* the justification of the project * owned by the sponsor * a project manager is usually not yet appointed at this point * balancing cost / risk / benefits * comparing alternatives using a common measure **Content** * reason for project * project scope * high-level time-line (+milestones) * assumptions and constraints * stakeholders and sponsorship * steering group * success criteria * success criteria — the measures of success (e.g. set time, budget) * success factors — things that can increase your chance of success * deliverables * expected benefits * expected costs * feasibility study * required documents * options * financial appraisal * risk and opportunities

Answer 14

**Sponsor** * Champions the benefits of the project, signs off Business Case **Project Team / Subject Matter Experts (SMEs)** * High level estimates, risks, items for consideration, how certain things can be done **Project Finance** * Validating the anticipated financial benefits (ROI) (evaluate inflation, etc.) **Customer** * Validates the customer benefits **(Project Manager)** * _If in place_, manages project team for the development of the Business Case

Answer 15

* stakeholders must be ***continuously** (**early and often**),* * **identified * analysed * informed/consulted * negotiated * **_understand_** their * level of interest * power/influence over the project * expectations! * necessary level of involvement * how they will be engaged * appreciate their perspectives * manage potential conflicts of interests

Answer 16

*the process whereby **outputs** (and sometimes **benefits**) are **identified, defined** and **controlled*** The output of scope management is a specification that may be presented as a **PBS** and **WBS**. * the scope of work decides whether it will be managed as a project, programme or portfolio * the way in which scope is managed depends upon two things; * the nature of the objectives (outputs, benefits or strategic) * the definability of the objectives * the scope of a project will typically include outputs, but may be extended to cover benefits

Answer 17

* assigning stakeholders to revelvant places within the organisation: * assignes responsbilities * relates work packages to the organization’s structure example of stakeholderes being assigned: * steering group * day-to-day * approvers * chain of command * work package managers OBS is a hierarchical model describing the established organizational framework for project planning, resource management, time and expense tracking, cost allocation, revenue/profit reporting, and work management.

Answer 18

* Hierarchical breakdown of work to be done (tasks) * use **verbs** to describe the actions * A decomposition of the project scope * decomposition allows for easier problem identification * **basis for resource estimates** * ****because the individual segments can be estimated more accurately than estimating the entire project * **basis for the schedule** * Reduces the risk of activities being overlooked * Is used to identify process risks, and schedule risk * Is used to monitor progress towards completion of products * Aids budgetary control * Top level is based upon project objectives * Lowest level items are **work packages**

Answer 19

* Cost * Duration * Resources needed/assigned * Completion criteria * Dependencies

Answer 20

**unit of work** at lowest WBS level * allocated to a WP manager or team member * consists of: * Specification * Quality criteria * Constraints * Dependencies * Interfaces * Reporting * what specifications are associated with that particular work

Answer 21

* identifies **outputs** (products/deliverables — **nouns**) necessary to meet objectives * deliverables to customer may be tangible or intangible * but not the same as resources used to deliver * Good for **measuring progress**, as we can tick off things done * essential for the application of EVM techniques * Hierarchical structure; main output at the top level * Each product has defined acceptance criteria and quality control methods. * the PBS facilitates analysis of those products * includes ‘persistent’ and ‘non-persistent’ products * analysis of lower levels of the PBS highlights build processes involved (aka. activities required) * forces clarity around **specifications** of the products * facilitates identification of **product-based risks** * Identifies parallel and dependent tasks

Answer 22

* Owned by the project manager * Project need * Project Planning (how, what, where, when, why, how much) * Includes: * Budget * Schedule * Resources * Deliverables * Objectives _Extended Content of the PMP:_ * Objective * Success criteria and KPIs * Requirements * Deliverables * PBS, WBS, OBS, RAM * Estimates - time/cost/resources * Budget * Quality management plan * Health, safety and environment plan * Risk management plan * Assumptions and constraints * Project organisation * Resource plan * Stakeholder management plan * Information and communication plans * Benefit realisation plan * Project controls * Schedule

Answer 23

**PBS** items can be used for milestones— may fix schedule with penalties for late delivery. **WBS** gives schedule the activities and their sequence and duration that are plotted on the schedule * WBS requires resources — availability of which may influence sequencing or overall duration of work packages or project.

Answer 24

* Shows commitment * Identifies possible areas of concern * Determines resource needs * Allows options to be evaluated * Framework for monitoring and control * Models the achievement of the objective * Supports setting of objective that can be shared * Provides common understanding to stakeholders

Answer 25

Needs that a project has to **satisfy to deliver the benefits** the customer wants. should be * comprehensive * clear * well-structured * testable

Answer 26

The process of capturing, analysing and testing the documented statement of user wants and needs: 1. **Capturing** — _ask end-users_: questionnaires, prototypes, consensus reaching, interviews 2. **Analysis** — feasibility, impact, costs, assumptions; Systems Requirement Report 3. **Prioritisation** — must-haves, could-haves, won’t-haves 4. **Testing/Validation** — document requirements and show it customer (which is difficult in software projects; technical illiteracy)

Answer 27

* work out possible risks * try everyone agree how long tasks will need * show confidence to the sponsor * communicate delivery times to contractors * knowing people’s availability * assessing project viability * preparing tenders * obtaining funding * determining duration * assessing resource demand * providing basis for control

Answer 28

* **Assumptions!** * Subjective * Denial * Inexperience * Optimistic/Pessimistic * WBS is incomplete * Risks

Answer 29

Consistent methodologies for projects makes comparing / estimating projects simple.

Answer 30

**Comparative (Top Down)** * based on opinions of experienced person using recollections of a similar project * done early in project * usually requires scaling and adjusting * also to organisational culture, computer literacy, mgnmt support * _Limitations_ * relies on accurate historical data * projects may not be as similar as they appear * need to adjust to scale * less reliable (uncertainty and lack of detail) **Parametric** * quantitative (that is scalable, linear tasks — 1 meter of rail costs 2€) * multi-variable formula * cost, effort or material data * software tools * known as Boehm’s Constructive Cost Model (‘COCOMO’) **Bottom Up** * uses the WBS * planning phase onwards * can be complex relationships between factors * identify full costs of each task * ask the people who will do the work * aggregate to give the total cost * _Limitations_ * time-consuming * ‘contingency’ may be added in by task owners * errors may compound **Three-Point Estimating** * Estimate that reflects current uncertainty. * Asking SMEs for **3 data points**: * optimistic (O) * pessimistic (P) * the most likely (ML) estimate * Gives the impression of **scientificness**, which it is NOT because they are still based on guesses. Human error and bias.

Answer 31

Estimates improve as the project progresses

Answer 32

* Clarity of the specifications for the product/activity * Unstable specifications = changes * Optimism/pessimism of the estimator * Estimators inexperience * Novel processes * Insufficiently detailed plans being used as the basis for the estimating process * Errors in the estimating process itself * User involvement and availability * Use of contract staff

Answer 33

* Unique projects with much innovation * Estimates often produced early – before specification agreed * No professional estimators * Few published metrics available

Answer 34

Because of the numerous and significicant estimating limitations, **contingency & management reserves** are put in place, having a **financial and timely buffer** for anticipated estimate uncertainties.

Answer 35

* Focus on known areas, where reliable metrics available * Only offer firm estimates once scope of work well-defined * Collect and analyse metrics, to improve later estimates * Try to achieve some specialisation in the skill of estimating * Use a standard project structure if possible * Get more than one opinion * Revisit estimates in the light of the project risk analysis

Answer 36

* **High-level Gantt Chart for initiation and concept** * to assess _feasibility_ based on timeline * by discussing it with team members, _refinements_ can be made * the PM will only make a rough first-draft timeline based on their estimates * used as a planning and communication tool * **planning**: shows people their task and given time, and shows them the work that needs to be done beforehand * Gantt Chart (visually) helps indentify _milestones_ * acts as _baseline_ for the future changes and deadlines * **communication**: may not give exact details but shows stakeholders what the project entails and what the overall high-level duration will be

Answer 37

* Network Diagram * Gantt Chart

Answer 38

* insufficient momentum * lack “critical mass of understanding” * insufficient business requirements * unclear business need

Answer 39

* too many opinions about reaching good requirements * everyone wants to be steering, which creates chaos * an executive pushes the wrong approach * because so many projects fail (75-95%!), most people only saw incorrect methods * the vast major of business analysts, executives and other people are not regularly exposed to project planning (maybe once every 1 or 2 years) * People distort benefits because only projects that clearly have more benefits than risks get developed.

Project Management Flashcards

(66 cards)