Benefits of

Question 1

5 Benefits of risk management

2 Drawbacks of risk management

Answer 1

1. Identifies and allocates responsibility to the best risk owner
2. Contributes to a lessons learnt log to assist in better management of future projects
3. Increases the likelihood of the project adhering to its budget and schedule
4. Formal assessment of mitigations and contingencies
5. Discourages acceptance of financially unsound projects

Drawbacks

1. Visibility - It tells us what we don’t want to know e.g. additional budget required to reduce risks
2. Overhead - A significant effort of time is required and a significant budget.

Question 2

5 Benefits of conducting reviews

Answer 2

1. Lessons are learnt throughout the project lifecycle, not just at the end
2. Reassurance to senior management that the project is following agreed processes, methods and governance.
3. Project performance can be assessed
4. Opportunity to recognise team members performance
5. Forms an audit trail for the project

Question 3

Benefits of Project Organisation Structure

= Uses a dedicated team and is good for big, long-term projects

Answer 3

1. Project manager has full authority
2. Focused on project goals
3. Dedicated resources
4. Good environment for project development skills
5. Strong sense of identity with the project and team

Question 4

Disadvantages of a project structure

Answer 4

1. Dedicated team is expensive
2. Can be inefficient use of finances
3. Teams can become isolated
4. Limits the number of simultaneous projects
5. End of project can mean end of employment

Question 5

Benefits of Matrix Organisation Structure

= Resources are shared between projects and business as usual / operations

Answer 5

1. Can handle different types of projects
2. Efficient use of resources
3. Easy to respond to changes

Question 6

Disadvantages of a Matrix structure

Answer 6

1. Resource conflict is common
2. Easy to overload resources
3. Conflict of loyalties
4. Conflict over development path - functional or project

Question 7

Benefits of Functional Organisation structures

= Good for projects contained in a single department

Answer 7

1. Full control over resources e.g finance department
2. Easy access to expertise
3. Simple communication structure
4. Good for personal development within department
5. Projects are learning opportunities

Question 8

Disadvantages of Functional structures

Answer 8

1. Resources are more loyal to their operation tasks than to project tasks
2. Tends to be inward looking
3. Larger projects get passed from department to department
4. Larger projects have many project managers
5. No single authority for larger changes

Question 9

Benefits of Project Offices

= Admin support and assistance to project manager, collection, analysis and reporting of project information, assurance of project management processes

Types

Embedded PMO = in the project
Central PMO = one separate entity for all projects
Hub-and-spoke = One central PMO (Hub) for setting and monitoring systems and processes - the standards and then additional hub PMO’s (Spoke) for project managers to report to - the admin.

Answer 9

1. Provides a centre of excellence for planning tools, risk software, etc
2. Provides economies of scale in supporting multiple projects
3. Maintains corporate standard through ensuring consistent use of processes
4. Ensures effective governance
5. Supports quality assurance

Roles

1. Line management
2. Project management professional development
3. Expertise and provision of tools, techniques and information
4. Coaching and mentoring of project managers and project sponsors
5. Continuous improvement of project management
6. Facilitates the ability to manage entire collections of programmes and projects

Question 10

Benefits of project management methodology

Typical contents:
1. Description of lifecycle phases
2. Inputs and outputs of each phase, and activity description
3. Documentation guidelines and templates
4. Role definitions
5. Risk management procedure
6. Change control procedure
7. Quality management procedure

Answer 10

1. Used to support the governance structure for management of a project - authorisation, consistency, lessons learned, business case, roles, reporting and recording.
2. Process models
3. Organisational structure with defined roles
4. Documentation templates
5. Guidance for adapting the methodology to different situations
6. Consistent terminology
7. Understanding the roles of other team members
8. Consistent documentation across projects
9. Continuity and clarity
10. Capability and confidence
11. Provides structure

Question 11

Benefits of programme management

= co ordinated management of related projects and business as usual activities in order to achieve the organisation’s desired beneficial change

Characteristics

1. Define and realise organisation strategic objectives (focus on strategic benefits)
2. Manage interdependencies between projects and between projects and business as usual
3. Manage resources and resource conflicts
4. Manage programme level risks, issues and changes
5. Initiates, accelerates, decelerates, redefines, and terminates projects depending on the organisation strategic objectives