6. Understand planning for success

Question 1

Name the 5 stages in benefits management process

Answer 1

identification
definition
planning
tracking
realisation

Question 2

explain identify step in benefits management (what)

Answer 2

Identify - this stage is where benefits are identified in respect to what the project is tryin to achieve in terms of its deliverables.

Question 3

explain identify step in benefits management (why x3)

Answer 3

This is beneficial during the concept phase of the project in order to align the projects deliverables to achieve its intended benefits. This is also done to compare against a baseline as the project develops throughout the lifecycle to maintain the alignment of project scope. This can aid the PM in cost management of the project as clear defined benefits in the concept phase can prevent costly changes through later parts of the project lifecycle

Question 4

explain planning step in benefits management (what)

Answer 4

This stage is to determine the baseline benefits to track against throughout the project lifecycle.

Question 5

explain planning step in benefits management (why x3)

Answer 5

It is beneficial to plan the benefits in order to align key milestones to maintain project schedules and prevent delays. This can help analyse any dependencies that may affect the achievement of the project benefits previously determined. Another benefit is the PM can optimally allocate resources to reduce cost and schedule impacts of a project. This is typically achieved in definition phase and written into the business case.

Question 6

explain tracking step in benefits management (what)

Answer 6

this stage is where the pm and sponsor align with what benefits are tracked and how from handover to BAU. this will be identified within the deployment phase of the project lifecycle.

Question 7

explain planning step in benefits management (why x3)

Answer 7

A benefit of this is it maintains effective communication between the pm and sponsor make sure the project is fit for purpose. Another benefit of tracking is it allows for continual improvement by monitoring progress and learning from success and failures throughout the project. Its can also help with risk mitigation as any deviations of benefits can be tracked and corrective measures can be implemented

Question 8

Explain the 3 actions a PM can take to support stakeholder engagement

Answer 8

Stakeholder mapping
RACI
Comms plan

Question 9

what is stakeholder mapping

Answer 9

This is where the PM identifies key stakeholders within a project in terms of their power and influence.

Question 10

What are the benefits of stakeholder mapping to support engagement?

Answer 10

its beneficial to identify the key stakeholders for the project as this can help manage expectation and levels of engagement of certain stakeholders. This can help target specific stakeholders who may have a more significant influence on the projects deliverables and cater to their needs. This can prevent schedule and cost implications due to the more efficient allocation of resources to engage with stakeholders early to understand their needs and apply them to the business case

Question 11

What are the benefits of RACI in support engagement?

Answer 11

The PM can benefit from analysing stakeholders in this way as key decision makers can be identified and make more efficient decisions. This can help reduce additional cost and schedule delays to the programme, affecting the projects deliverables. This also aids in the accountability of each stakeholder which can prevent miss communication, double work and blame when it comes to decision making.

Question 12

What are the benefits of comms plan in support engagement?

Answer 12

This is benefited as trust and credibility can be fostered between the stakeholder and the PM allowing for a better working relationship. It also helps with conflict resolution as there is an effective plan of communicating if an issue arises. This can also aid in the alignment of stakeholders expectation when issues or updates are effectively communicated with the PM

Question 13

what is a RACI

Answer 13

this is where the PM identifies stakeholders who have the following requirements; Rinsible, accountable, consulted , informed

Question 14

what is a comms plan

Answer 14

this is where the PM has identified which stakeholders require what level of communication and the medium that the communication should be exercised.

Question 15

what are two things a PM can report on to help the project succeed

Answer 15

Project progress
Costs

Question 16

How can reporting on project performance help project success for a PM

Answer 16

PMs typically produce project reports throughout the entire project lifecycle. They commonly produce end of stage reports at during gate way reviews and present to the sponsor. This benefits the project as performance can be tracked from a scheduling perspective to maintain time line alignment. This also benefits by reviewing the project objectives against the progress made to ensure the project maintains its fitness for purpose. This can help the sponsor review the project to make go/no go decisions for the project.

Question 17

How can reporting on cost help project success for a PM

Answer 17

PMs also review/ cost manage the project throughout the project lifecycle. This benefits the project in achieving its deliverables in line with the allocated budget assigned by the project sponsor. This can help identify and capture if there is any scope creep that can increase project cost that need to be reported back to the sponsor. This can allow for the sponsor to make key decisions in agreeing or amending cost impacts raised by the PM. This can help maintain project alignment from a cost and a time perspective.