5 - Approaches to Corporate Governance & Objective Setting

Question 1

What is the purpose of a governance structure?

Answer 1

Individual accountabilities and responsibilities are understood, focus on meeting project deliverables, effective audit trail

Question 2

What acronym is used to understand responsibilities?

Answer 2

RACI – Responsible, Accountable, Consulted, Informed

Question 3

What is a project initiation document?

Answer 3

Outlines objectives, scope, rationale, roles, risks, control, reporting, budget, milestones
It is a way of obtaining buy in & good comms tool

Question 4

What are the 3 main project structures?

Answer 4

Project – team separate from org, PM full authority – risk: silo mentality
Functional – within business area with most interest – risk: resource conflict
Matrix – people from different functions – risk: juggling competing demands

Question 5

What are the key elements of project reporting?

Answer 5

Project plan – detailed, tasks, activities, milestones
Progress reports – review at project board meetings
Variance report – changes to plan

Question 6

What needs to be taken into account when developing project objectives

Answer 6

Stakeholders (power/interest), accurate estimate, org goals, budget, resources, external factors (PESTLE)

Question 7

Name the 2 types of specification

Answer 7

Conformance specs: input based, no innovation

Performance specs: describing functions output based, allows innovation