Project Management Exam
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. What would you like to do?
What is the difference between a contingency and mitigation plan?
Contingency plan is developed after the risk has occurred whereas the mitigation plan is developed prior to the risk occurring.
What is a project?
- Service or
A temporary endeavor undertaken to create a unique product, service or result
Temporary - every project has a definite beginning and end
Unique product, service or result --- a project creates unique quantifiable deliverables which are different in some fundamental characteristics from other products or services
Explain the difference between projects and operations.
- Projects are NOT ongoing efforts (temporary)
- Projects are undertaken to attain a set of objectives and are then terminated
- Ongoing operations are meant to sustain the business
- Projects always require some budget or resource to meet stakeholders' needs and expectations
What are the triple constraints?
What is scope creep?
- If the scope increases the time and costs will as well (think of triangle diagram)
- It is a risk in most projects
- Can occur when the scope of a project is NOT adequately defined, documented or controlled
What are project constraints? List some.
- Things that limit your options
What is project management?
The application of knowledge, skills, tools and techniques to project activities to meet the project requirements.
How is project management accomplished?
- It is accomplished through the application and integration of the project management processes of
- monitoring and controlling
What is progressive elaboration?
Projects are progressively elaborated which involves increasing the level of detail in the Project Management Plan as more accurate estimates become available.
What is a program?
A collection of related projects, sub-programs and program activities managed in a coordinated way to obtain benefits not available from managing them individually
What is a portfolio?
A collection of projects, programs, sub-portfolios and operations managed as a group to achieve strategic objectives.
What is Project Management Office (PMO)?
A management structure that standardises the project related governance processes and facilitates the sharing of resources, methodologies, tools and techniques.
List the organisational influences.
- Organisational systemsproject based and non-project based
- Organisational cultures and stylesshared values, beliefs, policies, procedures, work ethics
- Organisational structurestructures constrains the availability of resources in a range from functional to projectised, with a variety of matrix structures in between
What is a Functional Organisation?
- Functional Manager - project coordination
- Each employee has one clear superior
- Independently managed functional departments, hierarchically organised
What is a cross functional project?
Team members report to their functional managers
What is Projectised Organisation?
- Project Manager
- Team members report directly to their PM
- PM has a lot of authority and independence
- Team members are often co-located
What is a Balance Matrix Organisation?
- Functional Manager
- Project Manager
- Functional Manager is in charge and therefore PM doesn't have power
- Recognises the need for a PM BUT doesnt provide the PM with full authority over the project and project funding
What is Strong Matrix Organisation?
- Functional Manager - Manager of PMs
- Staff - PM
- Staff - PM
Full-time PM with considerable authority and full-time project admin staff
What are the PM's roles and responsibilities?
- PM is in charge of all aspects of the project
- Including but not limited to:
- Develop PMP and component plans
- Acquire, develop and manage project team
- Keep project schedule and budget on track
- Identify, monitor and respond to project risks
- Identify stakeholders and manage their expectations
- Provide accurate and timely reporting of project metrics
What areas of expertise are required to have an effective PM?
- Area specific skills
- General management proficiencies
- Knowledge and performance
- Personal effectiveness
Describe the project and product lifecycles.
LOOK AT DIAGRAM IN NOTES
- ProductBusiness plan - idea - product - operations - divestment - upgrading
- initial - intermediate - final
Characteristics of project life cycle.
- Risk should drop as project proceeds - discover more about what you are doing over time
- Uncertainty is greatest at the start of the project
- Cost of staffing is low at the start, peak in the middle and drop rapidly as the project concludes
- Stakeholder influence is highest at the starts and drops as the project continues
- Cost of changes and correcting errors increases as the project progresses
What is a stakeholder?
Anyone that can influence and/or is affected by the project.
How is project success measure?
- Generally measured within the constraints of
- time, cost, scope
Stakeholder satisfaction is a KEY project objective and will help determine the overall SUCCESS
What is effective project management?
- Monitoring and controlling
What is the Project Initiating Road Map?
- Please Acknowledge
- Enhancing Oral
- Presentation Skill Means
- Pushing Cameron
- Into Space
- Project assessment
- Environment and organisation
- Project selection methods
- Project charter
- Identify stakeholders
What is and does Project Assessment involve?
- Assessing the project.
- Want information about the desired outcomes.
- Understand the methods and tools used to select the project
- Must review - assumptions and constraints and Statement of Work(SoW)
What is a SoW?
- Statement of Work is a description of products or services.
- Information to evaluate feasibility of new products or services stated assumptions and/or constraints
List business case justifications.
- Market demand
- Organisation need
- Customer need
- Technological advance
- Legal requirement
- Ecological impacts
- Social need
What are the Enterprise Environmental Factors?
- Organisational culture, structure and governance
- Government or industry standards
- Marketplace conditions
- Political climate
- Conditions that cannot be controlled by the project team
List the project selection methods.
- Benefit-Cost Ratio (BCR)
- Payback period
- Scoring Model
- Present Value
What is the BCR?
- Benefit to cost ratio is:
- BCR=expected revenue/total cost
- BCR>1 benefits>costs
- BCR=1 Break-even, benefits=costs
- BCR<1 costs>benefits not financially feasible
What is the payback period?
The amount of time periods it takes to get the project investment money back and start making money
time value of money is NOT considered
What is the scoring method?
- AKA weighted score method
- Criteria - Weighting - Score - Weighted Score
What is Present Value?
Value of future work to be performed expressed in today's value
What is NPV?
- Net Present Value is the present value of the total benefits minus the costs over many time periods
- NPV= PVs of all income - PVs of all costs
General ROT if NPV>0 investment is a good choice
What is a Project Charter?
- It formally authorises the existence of the project
- Appoints PM
- Issued by the project initiator or sponsor during the PROJECT INITIATION PHASE
- Provides a description of project objective and success criteria
- Provides high-level requirements and project description
- Specifies high-level risks
- Specifies schedule milestones and summary budget
What is the contents of a typical project charter?
- Project PURPOSE or JUSTIFICATION
- Project DESCRIPTION (summary-level)
- High-level project and product REQUIREMENTS
- Summary BUDGET
- Initial high-level RISKS
- Summary MILESTONES
- Project OBJECTIVES and SUCCESS CRITERIA
- ACCEPTANCE CRITERIA
- PM and AUTHORITY level
Who is in the Project Team?
- Project Sponsor
- Project Manager
- Core Team
- Extended Team
- Core team - key personnel formed during the project initiation stage, involved with planning
- Extended team - specific skills, as required, involved in project execution
Explain the difference between goals and objectives.
- GoalsBroad, brief statements of intent or vision for planning
- ObjectivesVery clear with a definite, measurable outcome
What are SMART objectives?
- Specific - what exactly are we going to do?
- Measurable - is it measurable and can we measure it?
- Achievable - can it be done within the proposed time frame, environment and for this amoutn of money?
- Relevant - will this objective lead to the desired results?
- Time bound - when will we accomplish this objective?
List some examples of stakeholders.
- Project sponsor
- Portfolio managers
- Portfolio review board
- Functional managers
- Operations management
- Sellers and business partners
- Program managers
What is the 3-step stakeholder analysis process?
- 1) Identify stakeholder
- 2) Analyse potential impact or support
- look at matrix power vs interest
- 3) Classify stakeholders and develop management strategies
What is the project management plan?
- I Saw Tom Cruise Questioning Hillary Clinton Real Problem Stop
- Human Resources
- Project complexity controls detail
- Defines how the project is executed, monitored and controlled and closed
What is the difference between product and project scope?
- Product scopeincludes the features and functions that characterise a poduct, service or result
- Project scopeincludes all the work (and ONLY the work) that needs to be performed to deliver a product, service or result with the specified features and functions
- Product scope
- Product specification
- Project scope
- All the work that needs to be done
What is the Scope Baseline?
- A sufficiently detailed description of the projects deliverables and/or its components
- so that deviations from the baseline can be measured
- Project scope statement
- Work Breakdown Structure (WBS)
- WBS dictionary
project sponsor or customer and project team must agree
What is the scope management plan?
Part of the PMP
- Provides guidance on how the project scope is:
What is the difference between Functional and Technical Requirements?
- Functional requirements define the WHAT'S
- what it is and does
- customer orientated
- features and capabilities
- Technical requirements define the HOW'S
- Detailed components
- Particular technology
- Project team orientated
- Performance specifications
List some gathering techniques
- Focus groups (interactive discussions with
- Group creativity techniques (brainstorming, Delphi, mind mapping, affinity diagram, Multi Criteria Decision Analysis, Nominal Group Technique)
- Group activities
- Questionnaires and surveys
Describe the four ways a group decision can be reached?
- Dictatorship - 1 person makes the decision
- Unamity - everyone agrees
- Majority - majority rules
- Plurality - largest block in a group decides
Good requirements are...
Need the requirements to develop the scope
- Consistent and Clear
- Testable and Traceable
What is the Project Scope Statement and what does it include?
- Detailed description of project's deliverables and the work required to create those deliverables
- Products scope description
- Acceptance criteria
- Project exclusions
What is a WBS?
Work Breakdown Structure
A hierarchical breakdown of the scope of work for a project
Organises and defines the total scope of the project
Represents the work contained in the Scope Statement
- MUST code each item, use verb noun format
- Outline Indented format
- MUST code each item
What are Work Packages and Control Accounts?
- Work packages
- Lowest level items for which cost and duration can be estimated and managed
- Control accountsLevel above work packages
- predetermined for management reporting and accounting purposes
What is a WBS Dictionary?
Work Breakdown Structure Dictionary
- Includes work package descriptions and planning information
- such as schedules, budgets and staff assignments
What are included in the Scope Baseline?
- Updated Project Scope Statement
- WBS dictionary
WORK BREAKDOWN STRUCTURE
What are the 3 ways a WBS can be organised?
- Phase - start to finish of a project
- Deliverables - deliverables broken down into components
- Project Management Process - deliverables associated with IPEMCC
Describe the three ways activities can be defined.
- DecompositionDividing work packages up into smaller more manageable components called Schedule Activities
- Rolling Wave Planning
- Form of progressive elaboration
- Work to be conducted in the future is planned in less detail than that to be undertaken soon
- Milestone ListIDENTIFIES significant points or events in the project
- INDICATES whether milestone is mandatory or optional
- Can ALSO be included as checkpoints
Explain the Precedence Diagramming Method (PDM)
- Nodes (boxes) represent the activity
- Arrows connecting nodes show the dependencies
- 4 types of dependenciesFinish-Start (FS)
- Start-Start (SS)
- Start-Finish (SF)
- Finish-Finish (FF)
- Finish to StartA must be completed before B starts
- Start to StartB can starts after A has started
- Start to Finish A must start before B can finish
- Finish to FinishA must finish before B finishes
Explain the difference between base, task and resource calendars.
- BASE -
- TASK - usual workday
- RESOURCE - every resource has its own availability
Explain Analogous and Parametric Estimating.
- Comparing your project to others
- Using historical data from similar activities or projects as the basis of estimating
- Top-down approach
- Estimate by multiplying the quantity of work by productivity ate
- Estimate time for one level and then the rest
What are 3-point and PERT estimates?
3-point average of the optimistic, pessimistic and most likely
- Program Evaluation Review Technique
What are the 4 steps of the Critical Path Method?
- 1)FORWARD PASS (ES and EF)
- determine the earliest start and earliest finish for each activity
- 2)BACKWARD PASS (LS and LF)
- determine the latest start and latest finish for each activity
- 3)CALCULATE FLOAT
- LS-ES or LF-EF
- 4)IDENTIFY THE CRITICAL PATHS
- Where float is 0 or negative
- Longest path through the network
- Shortest amount of time in which the project can be completed
- As you go forward use the largest number
- As you go backwards use the smallest number
Can have one or more critical paths but the more critical paths the greater the risk
What are the resource optimisation techniques?
- Resources smoothing
- Doesnt change completion date
- 10, 20 and 30 hours
- reschedule so 20 hrs per week
- Resource leveling
- Level the peaks and troughs use from other work periods
- Leveling results in increased costs and schedule slip
Schedule compression; crashing and fast tracking.
- Add more resources to finish work quick
- Have to be effort driven
- Fast tracking
- Do activities in parallel instead of sequentially for at least part of their duration
- May cause rework and increase risk
What does cost aggregation consist of?
- Total budget
- Management reserve
- Cost baseline
- Contingency reserve
- Project level
- Control accounts
- Work packages
Two types of reserve analysis?
- Contingency reservefor known unknowns
- 5-20% of total work activity and cost estimates
- Management reservefor unknown unknowns
- 2-5% of cost baseline
List and give examples for the three communications methods.
- Interactive - meeting, video conference, phone calls
- Push - memos, reports, emails, faxes
- Pull - intranet information repositries
Describe risk management planning.
- Developing plans for
- increasing the likelihood and impact of positive events
- decreasing the likelihood and impact of negative events
- Determined using these methods:
- Risk management plan
- Identify risks
- Quantitative risk analysis
- Qualitative risk analysis
- Plan risk responses
A risk is composed of three parts. Name them.
- An Event
What are the types of risk?
- Business risk
- Pure/insurable risk
- Predictable risks 'known unknowns'
- Contingency reserve
- Unpredictable risks 'unknown unknowns'
- Management reserve
What would you like to do?
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