5 - Approaches to Corporate Governance & Objective Setting Flashcards

1
Q

What is the purpose of a governance structure?

A

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

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2
Q

What acronym is used to understand responsibilities?

A

RACI – Responsible, Accountable, Consulted, Informed

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3
Q

What is a project initiation document?

A

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

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4
Q

What are the 3 main project structures?

A

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

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5
Q

What are the key elements of project reporting?

A

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

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6
Q

What needs to be taken into account when developing project objectives

A

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

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7
Q

Name the 2 types of specification

A

Conformance specs: input based, no innovation

Performance specs: describing functions output based, allows innovation

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