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.
Explain the role of contingency planning in projects
Monetary value
It can help mitigate financial risks and uncertainties that may arise during the projects implementation, ensuring that the project stays within budget and meets his final financial objectives.
Contingency planning can help manage monetary value in projects by sure that the project has sufficient financial resources to address unexpected events and issues
It can help control project costs and prevent overspending.
Some examples of ways contingency plan, it can help manage monetary value in Projects is cost estimation, risk mitigation, cost, control, stakeholder communication, and risk management. .
Explain internal rate of return
Internal Rate of Return (IRR)
-The IRR is the discounted rate that results in a net present value of zero. A higher IRR indicates a more attractive project.
Explain approaches to producing estimates
Analogous Approach
Analogous Approach
-this approach involves using data from a similar project to estimate the cost, duration for other project parameters. This method relies on the assumption that projects with similar characteristics will have similar costs and durations
Explain approaches to producing estimates
Analytical approach
Analytical Approach
this approach involves breaking down the project into smaller, more manageable components and estimating the time and cost required for each component.
Explain approaches to producing estimates
Delphi approach
Delphi Approach
this approach involves soliciting expert opinion is the estimated cost duration or other project parameters. Experts are asked to provide their estimates anonymously, and the results are then aggregated and used to produce a final estimate.
Explain the benefits of re-estimating throughout the project life cycle
4 benefits IA - IV BC -BC
Improved accuracy
Improved visibility
Better communication
Better control
Explain the relationship between the deployment baseline and the development of a project management plan in a iterative life cycle
In an iterative life-cycle, the deployment baseline and project management plan are developed concurrently and may be revised to the project.
In an iterative life-cycle, the project is broken down into smaller, iterative phases and each phase may have its own deployment baseline and project management plan
The project management plan, outlines of goals, scope budget and schedule for the overall project while the deployment baseline outlines technical requirements for each iteration.
As each iteration is complete, the deployment baseline is updated and the project management plan is revised to reflect any changes, or lessons learned
Explain the relationship between the deployment baseline and the development of a project management plan in linear and iterative life cycles
The relationship between the deployment baseline and the project management plan is essential
The project management plan provides a framework for the project while the deployment baseline insures that the project meet its technical requirement.
In both cases, the two documents are used to ensure that the project is executed successfully, and the deliverables meet the projects, goals and objectives.
By continually refining and updating these documents project managers can stay on track with any issues or risks and ensure they are addressed in a timely manner .
Explain the role of contingency planning in projects
Time contingency
It can help mitigate time related risks and uncertainties that may arise doing a project complementation, ensuring that the project stays in schedule metres time objectives.
Contingency planning can help manage time contingency in projects puncher another project as sufficient time resources to address, unexpected events in issues.
It can help the project timeline and prevent delays ensure that project meets itstime objectives.
Some examples are, schedule estimation, risk mitigation, schedule control, stakeholder communication and risk mitigation
