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63 Cards in this Set
- Front
- Back
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What is a project? |
A unique transient endeavour undertaken to achieve planned objectives |
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The 5 characteristics of projects |
1. Unique endeavour 2. Specific defined objectives 3. Defined time/cost/quality 4. Cross team functional working 5. Uncertainty and risk |
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What is a project lifecycle? |
The inter-related phase of a project which provides structure for governing the work |
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Project Life Cycle |
Concept Definition Development Handover & Closure Extended: as above plus Operation & Benefits Realisation Product: as above plus Termination |
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What is change control? |
The process through which all requests to change the baseline scope of a project are captured evaluated and then approved, rejected or deferred |
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What is change control? |
The process through which all requests to change the baseline scope of a project are captured evaluated and then approved, rejected or deferred |
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What is the change control process? |
Request Review Assess Decide Implement |
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What is the requirement management process? |
Gather Analyse Justify Baseline |
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Formulae for: EV SV CV |
EV=BAC/%age complete SV=EV/PV CV=EV/AC |
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The formulae for SPI CPI |
SPI = EV/PV CPI = EV/AC |
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Calculate outturn of cost |
OOC=AC/%age complete Or OOC=BAC x AC/EV |
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Calculate outturn of time |
OOT=Duration x PV/EV |
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What are the COST and SCHEDULE calculations in EVM? |
Steph Eats Pears SPI=EV/PV SV=EV-PV Cassie Eats Apples CPI=EV/AC CV=EV-AC |
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Types of project reporrs |
Routine Exception Request Special |
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What is project reporting? |
The collection and dissemination of project information, which requires and understanding of SH needs. Reporting requirements are planned in the definition stage of the PLC |
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What is the purpose of the PMP? |
To pull all plans and information together in one central set of document in the PMP |
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What should be in the PMP? |
Baseline for project to allow deviations from the plan to be analysed. Content includes: Who / What / When / Where / How / £ Includes all other plans eg benefits, change, comms, risk etc |
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What are the 4 types of contractual relationships? |
1. Distanced - little or no contact / exchange. Traditional buyer/seller little or no risk 2. Turnkey - supplier provides compete package, works with customer. Little risk. 3. Preferred - buyer/seller good history, managed thru key account manager, build/ strengthen relnship 4. Partnering/Alliance/ JV - work together mutual trust shared objectives. Appear as one company. Large/complex projects |
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Types of supplier reimbursement |
1. Firm price 2. Fixed price - tariff for scope 3. Cost plus - cost with profit 4. Per unit quantity - hours/days/kgs 5. Targets cost (TCIF) - share pain and gain w supplier 6. Max price - caps cost plus at a firm price |
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What are the content of a procurement strategy? |
Purchase requirement - make rent of buy? Supplier arrangement (single/multiple) Supplier relationship Selection (tender) procedures Form of contract Method of payment/pricing |
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What are the steps in supplier selection process? |
1. Research 2. PQQ 3. Tender 4. Award 5. Manage 6. Close |
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What are the 5 steps of the risk mgmt process? |
Initiate Identify Assess Plan responses Implement responses |
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What are 5 methods of risk identification? |
Brainstorm Assumption analysis Constraint analysis Delphi technique What if scenario planning |
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What are the risk responses? |
Avoid - design out Reduce - mitigate Transfer - to another party Accept - deal with it |
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What are the opportunity responses? |
Exploit - design in Enhance - increase prob Share - with another party Accept - deal with when it happens |
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What are 5 benefits of risk management? |
Better informed plans/schedules/budgets Leads to suitable contract Assess contingencies better Identifies responsibility to best owner Common understanding |
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What is the difference between a risk and an issue? |
An issue has or will happen and is escalated to the Sponsor for action |
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What are the advantages of risk /issue escalation? |
Allows sponsor to consider mitigation Essential as otherwise issue will impact on project Increases visibility of project status, aids good project governance |
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What are the disadvantages of risk / issue escalation? |
Can lead to adverse reaction through transparency May lead to increased cost and time Erode PM authority / decision |
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What are the advantages of a functional organisation? |
+ strong specialist skills + efficient use of resource + clear comms + simple reporting + central control |
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What are the advantages of a functional organisation? |
+ strong specialist skills + efficient use of resource + clear comms + simple reporting + central control |
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What are the disadvantages of a functional organisation? |
- concentration on specialists - poor integration - slow to change / adapt - poor customer focus - narrow view |
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What are the advantages of a matrix organisation? |
+ balance between projects and BAU + integrates projects in functions + visible priorities + flexible use of resources + develops and retains specialist knowledge |
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What are the disadvantages of matrix organisation? |
- divides loyalties - authority difficult - complex structure / reporting - balance difficult - increased stress / conflict |
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What is the benefits management process? |
1. Define: Ben Mgmt plan 2. Identify: and structure Ben 3. Plan: Ben realisation 4: Track: implement change 5: Realise: the benefits |
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Identify sources of conflict in the project lifecycle |
Concept: requirements / options / objectives Definition: schedule/ resourcing / priorities Development: contracts/payments / legal challenge / issues and changes Handover & Closure: acceptance / payment Benefits Realisation: meet objectives / expectations / review findings |
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What is a benefit? |
A measurable and quantifiable improvement from completion of deliverables that are perceived as positive by stakeholders |
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Explain how the PESTLE tool assessed a project context |
Political Economic Sociological Technological Legal Environmental |
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List 5 responsibilities / activities of the project SPONSOR |
Monitor project context Delivery of project benefits Approval of the BC and changes Advocate for the project Governance of the project done correctly |
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What are the key roles and responsibilities of the project manager? |
Manages the PT Produces BC on behalf of Sponsor with input from SHs Owns and produces the PMP To deliver the projects outputs to cost time and quality Manages change in the project |
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Explain the benefits of conducting project reviews |
Improves processes and procedures Improves estimating and resourcing Increases accuracy in reporting Increases confidence in project delivery and plans Better risk identification and management |
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Explain 5 factors that define an effective team |
Common focus or goal Commitment Supporting each other Shared motivation (values) Collaboration |
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What is the purpose of the business case? |
To document the justification for doing the proposed project considering the cost/benefit and risk to achieve the objective. The business case defines Why the project is reqd What the change is How it fits with strategy How it contributes to the orgn goals |
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Define Quality Management |
A discipline for ensuring the output and benefits (and processes by which they are delivered) meet SH requirements and are fit for purpose |
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What are the key benefits of quality management? |
Confidence - poor quality damages SH confidence. Culture of quality breeds pride and confidence => right first time Cost - cost ratio of correcting mistakes means applying quality reduces cost of failures especially by identifying quality issues early on in the project life cycle Cost of correction is exponential: Concept - 1 Definition - n Implementation - nsquared Handover - ncubed |
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What are the advantages of the project organisation? |
+ Strong commitment + integration + clear mgmt / delegation + easy comms + precise project budgets |
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What are the disadvantages of project organisation? |
- short termism no job security - inefficient use of resources - duplication of resources - dilutes specialist expertise - poor knowledge retention |
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What are the types and objective of resource management? |
2 categories: Consumable and Re-usable Obj: resources are made available to the project at the correct time |
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What is resource scheduling and three methods? |
Resource scheduling are techniques used to calculate what resources required and when Methods: Display schedule (eg Gantt, Network) Histogram S Curve (cumulative cost/ resources) |
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What is the purpose of resource management and what techniques are used? |
Resource management is used to align resource requirement with the resource availability by making adjustments to the schedule Techniques: Smoothing - adjust same end date Levelling- changes end date due to resource constraint Done by splitting or stretching tasks |
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Describe three investment appraisal techniques |
Payback = time to recoup investment / cost NPV = £ net profit or loss in today’s money IRR = %age the discount factor which results in NPV = 0 |
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Describe 5 benefits that a project office provides |
Routine reporting frees up the PM Consistency of approach across projects and programmes Learning from other projects and progs Continuous improvement Central standards processes and information for the business |
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Describe 5 stages of the information management provess |
Collection Storage Dissemination Archiving Destruction |
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What are the benefits of an information management system? |
Comes with variety and volume of project information Enables effective mgmt of info Mapping of info to SHs ensures get right info at right time Allows categorisation Allows confidentiality and security IMS enables planning and coordination of info |
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Describe 5 types of legislation and how a project should manage them |
H&S- risk assessments, working practices, emergencies FoI- respond to FoI requests Data Protection- personal info, protect store and destroy Employment law- equality and conditions Environmental- flora and fauna, pollution, noise/light/dust |
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What is float? |
The amount that activities can be moved without affecting the overall schedule / finish time |
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What is free float? |
The amount of time an activity can be delayed without affecting the next activity. |
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What is a critical path? |
The longest path through the network, it determines the the duration of the project and passes through activities that have no float |
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What is total float? |
The difference between the early and late times for each activity. The amount of time a series of activities on the same path can be delayed before the project is delayed. |
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Explain the term leadership |
Leadership is the ability to establish vision and direction, to influence and align other to a common purpose, and to empower /inspire people to achieve success |
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State 5 leadership qualities |
Vision Empowerment Respect Trust Communicate/ Articulate |
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What are the four stages of team development? |
Forming - testing, guarded, leader dependent Storming - infighting, establish, power struggles, need to be focused Norming - R&R clear and accepted. Consensus, delegation, socialise Performing - shared vision and focus. Independence, autonomy. |
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Explain the importance of a robust procurement strategy |
Legally compliant Coherent with governance reqts Affects risk Affects relationship Major component of PMP |
