Additional Foundation Review Questions Flashcards
Created by Jackie from the Foundation Delegate booklet (aka, the slides)
What is the definition of a project?
A A unique, transient endeavour undertaken to achieve planned objectives. (APM, BoK)
B A group of related projects and change management activities that together achieve beneficial change for an organization. (APM, BoK)
C A grouping of an organization’s projects and programmes. Portfolios can be managed at an organizational or functional level. (APM, BoK)
A
2.2
A unique, transient endeavour undertaken to achieve planned objectives. (APM, BoK)
What is the definition of a programme?
A A unique, transient endeavour undertaken to achieve planned objectives. (APM, BoK)
B A group of related projects and change management activities that together achieve beneficial change for an organization. (APM, BoK)
C A grouping of an organization’s projects and programmes. Portfolios can be managed at an organizational or functional level. (APM, BoK)
B
2.2
A group of related projects and change management activities that together achieve beneficial change for an organization. (APM, BoK)
What is the definition of a portfolio?
A A unique, transient endeavour undertaken to achieve planned objectives. (APM, BoK)
B A group of related projects and change management activities that together achieve beneficial change for an organization. (APM, BoK)
C A grouping of an organization’s projects and programmes. Portfolios can be managed at an organizational or functional level. (APM, BoK)
C
2.2
A grouping of an organization’s projects and programmes. Portfolios can be managed at an organizational or functional level. (APM, BoK)
What are benefits defined as?
the measurable improvement from change, which is perceived as positive by one or more stakeholders, and which contributes to organizational (including strategic) objectives.
What is the definition of benefits management?
the identification, quantification, analysis, planning, tracking, realization and optimization of benefits.
What is the definition of a programme?
a group of related projects and change management activities that together achieve beneficial change for an organisation
What is the definition of programme management?
the coordinated management of projects and change management activities to achieve beneficial change
What is the definition of a project management?
A The application of processes, methods, knowledge, skills and experience to achieve the project objectives. (APM, BoK)
B The coordinated management of projects and change management activities to achieve beneficial change. (APM, BoK)
C The selection, prioritization and control of an organization’s projects and programmes in line with its strategic objectives and capacity to deliver. (APM, BoK)
A
2.2
The application of processes, methods, knowledge, skills and experience to achieve the project objectives. (APM, BoK)
What is the definition of a programme management?
A The application of processes, methods, knowledge, skills and experience to achieve the project objectives. (APM, BoK)
B The coordinated management of projects and change management activities to achieve beneficial change. (APM, BoK)
C The selection, prioritization and control of an organization’s projects and programmes in line with its strategic objectives and capacity to deliver. (APM, BoK)
B
2.2
The coordinated management of projects and change management activities to achieve beneficial change. (APM, BoK)
What is the definition of a portfolio management?
A The application of processes, methods, knowledge, skills and experience to achieve the project objectives. (APM, BoK)
B The coordinated management of projects and change management activities to achieve beneficial change. (APM, BoK)
C The selection, prioritization and control of an organization’s projects and programmes in line with its strategic objectives and capacity to deliver. (APM, BoK)
C
2.2
The selection, prioritization and control of an organization’s projects and programmes in line with its strategic objectives and capacity to deliver. (APM, BoK)
What are dis-benefits?
the measurable result of a change, perceived as negative by one or more stakeholders, which detracts from one or more organizational (including strategic) objectives.
What are emergent benefits?
i.e. benefits that are unanticipated, but which emerge as the initiative is developed and, most often, as it is deployed or implemented.
What are intermediate or enabling benefits
benefits which arise from a change initiative and which can in turn enable the realization of the end benefits that the initiative was designed to realise
What is an intangible benefit?
benefits that are difficult to quantify and measure reliably, such as improved staff morale and decision-making. In such cases proxy indicators of such benefits can be developed.
In the Benefits Management Model, what is the definition of Principle -
Align benefits with strategy?
Benefits represent the measurable improvements which contribute towards one or more organizational or strategy objectives. As such, new strategy objectives must be clearly articulated so this contribution can be measured consistently and reported in the performance management system.
Guide Reference 1.5, 3.1
In the Benefits Management Model, what is the definition of Principle -
Start with the end in mind (SWTEIM)
By adopting benefits-led rather than output-driven programmes and projects, commissioning organizations can better identify how the scope of the proposed investment is determined by the benefits required. Simply, the benefits required should determine the scope (and the business requirements) for investment approval rather than vice versa.
Guide Reference 1.5, 3.1
In the Benefits Management Model, what is the definition of Principle -
Utilize successful delivery methods
Disciplined delivery methods like the Praxis Framework remain a necessary pre-requisite for benefits realization. If programmes and projects are not delivered effectively, or if they are delivered late, there will inevitably be adverse impacts on benefits realization.
Guide Reference 1.5, 3.1
In the Benefits Management Model, what is the definition of Principle -
Integrate benefits with performance management
Linking benefits from programmes and projects to the performance management system is further enabled where balanced scorecards and strategy maps are cascaded down and across the organization. By doing so, it enables benefits to be mapped to measures used at a unit and functional level.
Guide Reference 1.5, 3.1
In the Benefits Management Model, what is the definition of Principle -
Manage benefits from a portfolio perspective
Managing benefits at a portfolio level does not mean that you can dispense with benefits management at a programme or project level. A portfolio-based approach to benefits management does, however, help to ensure consistency of practice, enabling a clear line of sight with new strategy objectives, efficiency in the use of funding and people resources and effectiveness in term of optimizing benefits realization.
Guide Reference 1.5, 3.1
In the Benefits Management Model, what is the definition of Principle -
Apply effective governance
This is to ensure that clear, aligned, consistent and active governance exists with agreed accountability for enabling business changes upon which benefits realization is dependent, and for the realization of the required benefits in operational service. The intent is not to attribute blame but rather ensure clear allocation of accountabilities and transparent reporting of performance as a basis for continuous learning and improvement.
Guide Reference 1.5, 3.1
In the Benefits Management Model, what is the definition of Principle -
Develop a value culture
Effective benefits management is enhanced by the shift from a delivery-centric culture (where the focus is on delivering capability to time, cost and quality tolerances) to a value-centric culture (where the primary focus is on delivering value to customers). Given value is largely subjective, embracing both monetary and non-monetary benefits, it needs to be actively managed to deliver the most efficient use of finite resources and to optimize the benefits realized from the portfolio of programmes, projects and other work.
Guide Reference 1.5, 3.1
FOUNDATION TEST
In Benefits Discovery Workshops, what are the factors to consider?
Membership
* Authority to act
* Duration
* Agenda – including review of the strategic drivers & investment
objectives for the initiative
* Facilitator – informed, intelligent, impartial
Guide Reference 5.2.1
When using benefits mapping, what techniques can be used?
- MSP® Benefits Map
- Results Chain
- Benefits Dependency Network
- Benefits Logic Map
Guide Reference 5.2.2
Value for money is considered in terms of the 3Es. Which is NOT one of the 3Es?
A Economy
B Effort
C Efficiency
D Effectiveness
B
2.3.2 pg 18
The 3 Es include Economy, Efficiency & Effectiveness.
Which one is NOT an objective of benefits management?
A We can demonstrate the above - not just as part of the framework of accountability, but also so we learn what works as a basis for continuous improvement.
B Benefits are realized as early as possible and are sustained for as long as possible.
C Forecast benefits are realized in practice, including by ensuring the required enabling, business and behavioural change take place.
D Emergent or dis-benefits are not documented and put aside to prioritise other benefits because there is no potential for value for money to be achieved.
D
2.5
Emergent or dis-benefits are not documented and put aside to prioritise other benefits because there is no potential for value for money to be achieved.
Which is not a practice of the benefits management cycle?
A Value and Appraise
B Scope
C Plan
D Realize
E Review
B
1.5, pg 7
The benefits management cycle consists of five practices.
Identify and Quantify
Value and Appraise
Plan
Realize
Review
What is the definition of value?
is the extent to which benefits (financial and non-financial) exceed the resources required to realize them. 2.3.1, 6.4, 6.4.1-3
What is the definition of value management?
“The concept of Value is based on the relationship between satisfying needs and expectations and the resources required to achieve them. The aim of Value Management is to reconcile all stakeholders’ views and to achieve the best balance between satisfied needs and resources.” IVM 2.3.1, 6.4, 6.4.1-3
FOUNDATION TEST
What is Function Analysis System Technique (FAST)?
a diagrammatic representation of functions and their hierarchy
6.4, 6.4.1-6.4.3
True or False
Value and Benefits Management are mutually supportive disciplines
True
Guide Reference 2.3.1, 6.4, 6.4.1-3
What is a value tree?
a diagram that shows the relationship between, and hierarchy of, value drivers, which can be both financial and non-financial. Can be further enhanced by:
- Prioritizing the primary value drivers to create a Value Profile.
- Value Index - to assess the performance of an option or initiative against the organization’s Value Profile
- VFM ratio - the Value Index is divided by the resources/costs required to deliver that value
Guide Reference 6.4, 6.4.1-6.4.3
What is value analysis (VA)?
is a structured team-based approach that reviews the design and material composition of a product, building or process so that modifications can be made that reduce cost but do not reduce value to the customer.
Guide Reference 6.4, 6.4.1-6.4.3, pg. 95
What is value engineering (VE)?
is a method of maximizing value within a design. It can be distinguished from VA by when it occurs: VE is concerned with reducing or avoiding costs before the production phase, whereas VA is concerned with reducing or avoiding costs during production.
Guide Reference 6.4, 6.4.1-6.4.3, pg. 95
In Appraising and evaluating value for money, in the economics perspective, what is investment appraisal?
undertaken ‘ex ante’ or prior to investment: to determine whether an investment is justified (i.e. whether the benefits are realistic and worth the cost to realize them), taking into account any previous lessons learned, dis-benefits and the risks and consequences of not undertaking the initiative.
Guide Reference 2.3.2, pg 18
In Appraising and evaluating value for money, in the economics perspective, what is investment evaluation?
undertaken ‘ex post’ or after completion): to determine whether value for money was achieved and to ensure new lessons are learned and applied going forward.
Guide Reference 2.3.2, pg 18
Value for Money - the economics perspective
In VFM, what are the 3 Es?
VFM and the 3 E’s:
- Economy: minimizing the cost of inputs – doing things at lowest cost.
- Efficiency: the relationship between outputs and the resources required to
produce them – doing things right. - Effectiveness: the relationship between the intended and actual outcomes
achieved – doing the right things.
Guide Reference 2.3.2
In VFM & the 3 Es, what is the definition of ‘Economy’?
Economy: minimizing the cost of inputs – doing things at lowest cost.
Guide Reference 2.3.2
In VFM & the 3 Es, what is the definition of ‘Efficiency’?
the relationship between outputs and the resources required to
produce them – doing things right.
Guide Reference 2.3.2
In VFM & the 3 Es, what is the definition of ‘Effectiveness’?
the relationship between the intended and actual outcomes
achieved – doing the right things.
Guide Reference 2.3.2
Which one is not a barrier to effective benefits management?
A Successful collection of baseline data
B Benefits measures unrelated to the MIS
C Some benefits are difficult to measure
D Attribution
E Initiative shut down before benefits are fully realized
A
Guide Reference 4.3.1, pg 50
All of the barriers to effective benefits management are:
- Long time lag between initiative planning and benefits realization
- Staff leave
- Failure to collect baseline data
- Benefits measures unrelated to the MIS
- Some benefits are difficult to measure
- Attribution
- Initiative shut down before benefits are fully realized
