6. Planning For Success Flashcards
Explain the importance of a business case throughout the project life cycle
Hint: 5 points
A-J-B-G-C
- Alignment with organisational objectives
- Justification of the project
- Baseline for measurement
- Guide for decision making
- Communication tool
Explain what it’s meant by benefits management
Hint 4 statements
Benefits management is a process of identifying planning, tracking and realising the benefits of a project or initiative.
Includes identifying KPI’s will be used to track progress.
Effective benefits management requires ongoing monitoring and review to ensure that the project is on track to deliver the expected benefits.
Critical aspect of project management that helps to ensure that projects are aligned
Explain investment appraisal techniques used by a project manager
- NPV
- NET PRESENT VALUE
- this technique involves capturing the present value of a projects cash inflows and outflows, taking into account the time value of money. A positive NPV indicates that the project is expected to generate value, while a negative NPV indicates that it may not be financially viable.
Explain an information management process
-Collection
-Storage
-Curation
-Dissemination
-Achieving
-Destruction
Collection - formative step in the process that is key as understanding type, size and scale of the files that will potentially change how later stages are undertaken.
Storage - needs appropriate user access rights so that unauthorised people cannot change information
Dissemination- making sure the right people have the right information at the right time
Explain factors which would typically be reported on to help ensure successful project outcomes
Hint: 6 points
Q-P-B RSC
- Quality Management
- Project process
- Budget and resource utilisation
- Risks and issues
- Stakeholder communication
- Change management
Explain the relationship between the deployment baseline and the development of a project management plan in a linear life cycle
In a linear life-cycle the deployment baseline and project management plan are typically develop sequentially with the project management plan being developed before the deployment baseline.
The project management plan is developed at the beginning of the project and outlines the project goals. Scope budget schedule another key parameters.
Once a project management plan is complete. The deployment baseline is developed which dandify is the projects technical requirements and serve as a reference for validating the project performance.
The deployment baseline as used ensure that the project means a technical requirements and that the deliverables are aligned with the project management plan.
Explain the importance of producing a project management plan
HINT: 5 Points
DTPS-EPG+O-OTPS- DR+R -IR+M
- Defines the project scope
- Establish project goals and objectives
- Outline the project schedule
- Defines roles and responsibilities
- Identifies risk and mitigation
Describe the typical contents of a project management plan
PO– PS – PS– PB – PO – CP – RMP – QMP – CMP – PP – AC – PC
1.project overview
- project scope
3.project schedule
4.project budget
5.project organisation
6.communication plan
7.risk management plan
8.quality management plan.
9.change management plan.
- Procurement plan
- Acceptance criteria.
12.project closure.
Explain approaches to producing estimates
Parametric Approach
Parametric Approach
- this approach involves using statistical techniques to estimate the cost duration or other project parameters
-It is based on historical data and mathematical models that use parameters such as size, complexity and productivity to estimate the effort required.
Explain the reasons for of re-estimating throughout the project life cycle
3 reasons CIS - CIRA - R
Changes in scope
Changes in resource availability
Risk
Explain the relationship between stakeholder analysis, influence and engagement
Stakeholder analysis helps project managers identify and understand. Stakeholders needs and interests.
Influence helps project managers. Anticipate and manage stakeholders impact on the project.
Engagement helps project managers build, relationships and Create buy inamongst stakeholders.
Explain the importance of managing stakeholder expectations to the success of the project
5 points
AOG -MR - IS - IC - BDM
Alignment of goals
Minimise risk
Increased support
Improved communication
Better decision making
Explain why a project manager would use earned value management
5 points
BCOP- BCOPS- EIOPP- ICWS-MAF
Better control of projects.
Better control of project schedule.
Early identification of potential problems.
Improve communication with stakeholders.
More accurate forecasting
Interpret earned value data
Xxxx
Explain the benefits of using the interpretation of earned value data
EDOPP -BCOPC – bCOpS – IcwS– Maf
Early detection of potential problems.
Better control of project costs.
Better control of project schedule.
Improved communication with stakeholders.
More accurate forecasting.