2.01 Project Management Flashcards
A project has 3 key aspects…
1) start and end point
2) specific objectives
3) specific resources at disposal
A project may be measured ITO…
Outcomes
Output
Or benefits
Note
Projects bring about change and PROJECT MANAGEMENT is recognised as the most efficient way of managing such change
Ways in which a project may fail? (3)
Overrun (time)
Over-budget
Restarted/cancelled
See
Successful/unsuccessful project page 2.3
What are the triple constraints of a project? Why are they important?
Time
Cost
Quality
Important to define and control each of these parameters to increase likelihood of successful project
(Often a gain in one constraint leads to a compromise in another)
What other constraints are often relevant in a project? (4)
Benefits
Resources
Risk
Health and safety
6 benefits of project management?
1) improved project communication
2) effective resource management
3) better delivery of results
4) facilitates risk taking
5) lessons learned and shared
6) improves governance
BEFIIL
(Page 2.5 expands on these!)
What is operations management?
It is the activity of the business that is affected by, but does not form part of, a project.
Ie. BAU (business as usual)
(OM is concerned with managing routine activities, performing ongoing activities that produce the same product or a repetitive service)
See and understand
Operations management diagram page 2.6
Note
The delivery of routine products and services fulfills the strategic mission of the organisation, and the expansion or improved efficiency within BAU constitutes the benefits of a project, programme or portfolio
5 characteristics of projects (vs BAU)?
1) projects have SPECIFIC results, with objectives being measured ITO time/cost/quality parameters
2) Follow LIFE CYCLE of specific phases
3) complex interrelationships and cross functional in nature
4) cost of changing objectives rises as completion nears
5) stakeholder influence, risk and uncertainty is typically greatest at start of project
(See table 2.7)
What is programme management?
The coordinated management of projects and change management activities to achieve beneficial change
Basically a programme has a vision of a changed organisation and the benefits that will arise from this, and to achieve this changed organisation it uses multiple projects and possibly some BAU activities
(Diagram page 2.8)
Key difference between project and programme management?
A project typically produce or change something and then are disbanded
An organisation undergoing a programme will typically realise some of the benefits of the programme whilst the programme is still happening (eg. Could be several years)
What does a programme manager NOT do?
Not involved with day-to-day running of individual projects
What is portfolio management? What is its main goal?
The selection, prioritisation and control of an organisations projects and programmes in line with its strategic objectives and capacity to deliver.
It’s goal is to balance change initiatives and BAU while optimising return on investment
What is a portfolio?
An organisations management of several programmes and projects. A company may have several portfolios (eg. Categorised by product type/market sectors etc.)
Main differences between programme and portfolio management?
Portfolio managers are even more concerned with:
1) Identification and management of resource conflicts
2) Increased governance responsibility
3) balancing high risk/return activities and activities that ensure LT viability of the organisation
What is organisation?
The management structure applicable to the project, programme, or portfolio and the organisational environment in which it operates
What are the 4 layers of the organisational structure of a project?
DEMS:
1) external: host/client organisation for the work
2) sponsorship: provides a link between management and external levels
3) management: day-to-day responsibility for the management of the project (where project manager sits)
4) delivery: those who create the outputs (team managers and team members)
Which organisational later defines funding and requirements? Which has overall accountability for the overall success of the project?
1) External
2) sponsorship
What other 2 layers of management are there, and where do they sit/what are their roles?
Sit alongside the 4 levels:
ASSURANCE: provides confidence that the management and delivery of the work are being conducted effectively and appropriately
ADMINISTRATIVE SUPPORT: provides services to the management and delivery levels of an administrative and/or technical nature
What is an EPMO?
Enterprise project management office:
Temporary project, programme and portfolio organisations may be supported by a permanent governance infrastructure that ‘owns’ P3 management, called an EPMO
APM states that good governance can be demonstrated through establishing…? (3)
Clearly defined roles, responsibilities, and performance criteria
(See exercise 2.12 and 2.13)
What is a project steering group or a project board, and when is it used?
Often used on larger projects, may consist of a range of stakeholders of the project (ie. representatives from client business, the user and/or producer of the deliverables), the project board provides strategic guidance to the project and is responsible for ensuring the project is managed correctly (may also help to resolve project issues)
Who will chair the steering group when one exists?
The project sponsor - they are accountable for the responsibilities of the steering group and liaising with stakeholders
What are the responsibilities of the team members (including external suppliers)?
1) creating project deliverables
2) identification of project risks and sequencing of project activities
3) regular status updates
Who defines the need for the project and provides necessary input to the specified requirements and acceptance criteria?
Users (ie. customer)
What is the role of the project office?
The project office will be involved in the support and governance of the project, including the mandating of project control and reporting mechanisms. They may also audit selected projects to ensure compliance with agreed processes, and provide guidance/specialist skills to the project, and mentoring/development for project staff
What is the organisation breakdown structure (OBS)?
It defines the organisation of the project team and represents hierarchal structure, helping with communication and reporting lines within the project
What is a RAM/RACI chart?
Responsibility assignment matrix
See page 2.15!!!
What is the internal and external environment for a project?
Internal: project and company
External: wider economy/other companies/industry sector/location/regulation/competition
What factors may influence the internal environment within which a project is undertaken?
See 2.17 exercises (haven’t done yet)
What is SWOT analysis used for? What do the letters stand for and mean?
Used to analyse a project’s internal and external environment.
Strengths: internal factors that can enhance project delivery
Weaknesses: failings that may need addressed (eg. By outsourcing or partnering)
Opportunities: potential for additional benefits to be realised
Threats: risks that need to be mitigated in order for the project to succeed
What is PESTLE analysis?
The external/macro environment is often analyses through PESTLE analysis:
Political (changes in central/local gov and factors this may affect)
Economic (ERs, inflation, resource costs etc)
Sociological (culture, income levels, buyer behaviours etc)
Technological (existing/developed, availability of skills to design/operate/maintain)
Legislative (local and national laws, environmental/employment laws etc)
Environmental (carbon footprint, energy costs, flora and fauna, weather etc)
What is a life cycle of a project?
It is used to define the steps in a project, most importantly that there is a clear start, middle and end to the project to provide a structure for progressing and finishing the work
When are formal reviews typically conducted?
At the end of each phase
See and learn
Life cycle diagram 2.19 and exercise table 2.20 (both v important!!!)
What are the 5 review types?
1) stage (sub management stages with work being authorised one stage at a time)
2) gate (key review points for senior managers)
3) project evaluation (formal; can be done by project manager or by external auditor)
4) post-project (often used to document lessons-learned for future use)
5) benefits (measures realisation of benefits, normally in the project’s operational phase)
SGPPB
5 main benefits of life cycle structures?
1) improved decision making
2) improved governance
3) more effective planning (eg. With resources/machinery use in particular)
4) improved communication
5) management focus on the early phases
IMIMI
Read page 2.21 to expand on these
