2. Project, Programme and Portfolio Management

Question 1

Define the term Project.

Answer 1

Unique, transient endeavours, undertaken to bring about change and achieve planned objectives.

Success if it achieves objectives according to its acceptance criteria, within an agreed timescale and budget.

Usually use capital expenditure to acquire, upgrade and maintain assets, services, products and capabilities.

Need to take into account the ultimate requirements for decommissioning and disposal.

Some multiple projects running in parallel, or related, provide support or build additional capabilities. These multiple projects require priority with schedule deployment, or the availability of key resources, skills or individuals.

Question 2

Project delivery

Answer 2

Project Delivery constrained - to obtain the value required it has to be:
Delivered within a certain time
For the required budget
Specification, quality and performance characteristics sufficient for output users to gain the benefits required.
The output value MUSt be greater than the investment required to deliver the project’s output.

Question 3

Projects triple constraints

Answer 3

Time
Cost
Quality

Question 4

BAU

Answer 4

Business as usual.

Question 5

The difference between a Project and BAU

Answer 5

BAU: day to day running, Steady State.

Projects: deliver outputs and require appropriate structures, management and controls.

Question 6

Project v BAU
purpose

Answer 6

Project: To achieve objectives then terminate

BAU: sustain organisation to achieve business purposes and goals.

Question 7

Project v BAU
Timescale

Answer 7

Project: Limited, pre-defined start and end points.

BAU: ongoing without defined endpoint.

Question 8

Project v BAU:
Outcome

Answer 8

Project: unique product or service

BAU: repetitive, non-unique product, service or result.

Question 9

Project v BAU:
People

Answer 9

Project: Temporary teams formed across org. Boundaries, May not be aligned with business structure.

Question 10

Project v BAU:
Management

Answer 10

Project: manager appointed for project duration, May not have direct line authority over teams.

BAU: long-term management with direct line authority.

Question 11

Project’s objectives

Answer 11

Deliver outputs.
Build a process or service that can be used by BAU team.

Question 12

BAU objectives

Answer 12

Uses products of projects to realise benefits.

Question 13

Project Management

Answer 13

The application of processes, methods, skills, knowledge and experience to achieve project objectives within the agreed parameters.

Question 14

Difference between Project Manager and Manager

Answer 14

PM’s final delivery is constrained by time. Wide range of skills including technical, people management and business awareness.

Management is an ongoing process.

Question 15

Key purpose of PM

Answer 15

Change poses difficulties for organisations due to complex relationships within the organisation. Structured projects bring about changes enabling organisations to adapt, improve and grow.

Project work represents investment in development, enhancement and improvement.

Question 16

Programme Management: Programmes are defined as

Answer 16

Unique, transient, strategic endeavours undertaken to achieve beneficial change.

Incorporating a group of related projects and BAU (steady state) activities.

Question 17

Programs

Answer 17

Programs typically combine new deployment with some BAU (steady state) elements. They use capital expenditure to acquire assets, services, products and capability alongside meeting operating expenses incurred by BAU services.

Programs deliver change, typically incorporating the full utilisation of benefits to satisfy the business case.

A Programs success is measured by the realisation of the expected benefits involving the use of capabilities or facilities created by the program for BAU.

Question 18

Portfolios

Answer 18

Portfolios are used to select, prioritise and control an organisations, programs, and projects, in line with its strategic objectives and capacity to deliver.

Their goal is to balance, the implementation of change initiatives and maintenance of BAU, while optimising return on investment.

Question 19

Projects can be

Answer 19

Either part of a program, part of a portfolio or standalone.

Standalone projects are managed independently by the host organisation of an existing program or portfolio.

Question 20

Portfolios

Answer 20

Portfolios are used to structure investments.

Question 21

What business questions do portfolios address?

Answer 21

Are the projects and programs delivering strategic objectives, subject to risk, resource constraints and affordability?

Is the organisation delivering them effectively and effectively?

Are the full potential benefits from the investment being realised?

Question 22

Portfolios are particularly concerned with interdependencies between projects and programs in terms of:

Answer 22

Scarce or limited resources

Risk/return balance within the portfolio

Alignment with the strategic intent and main priorities

Timing

Bottleneck capacity

Question 23

Managing structured portfolios involves

Answer 23

Constant review of the balance of investment and benefit, creating and closing projects as required.

Question 24

OKRs

Answer 24

Objectives and Key Results