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CIMA E2 > C. Managing projects > Flashcards

C. Managing projects Flashcards

1
Q

what are the key attributes of a project?

A
  • unique undertaking
  • specific objective
  • defined beginning and end
  • project has allocated resources
  • stakeholders
  • some degree of uncertainty
  • integrated into day-to-day once completed
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2
Q

what is the definition of a project?

A

a human activity that achieves a clear objective against a time scale

  • team put together for this
  • disbanded after completion
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3
Q

what is project management?

A

managing of the work of a team or teams to achieve specific goals and objectives

-project manager will report to project sponsor

‘the integration of all aspects of a project, ensuring that the proper knowledge and resources are available when and where needed, and above all to ensure that the expected outcome is produced in a timely, cost-effective manner’

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4
Q

what are the primary constraints of a project i.e. the project triangle?

A

time cost and quality

  • might be conflicting nature
  • time and cost and quality positively correlated
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5
Q

what are some other constraints on a project?

A
  • legal
  • technological
  • political
  • environmental
  • ethical
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6
Q

what happens through the identification of a need stage of the project life cycle?

A
  • a feasibility study is done to check benefits, alternatives and lifetime costs
  • at the end of phase 1, company decides whether to proceed
  • if they continue, a PID is raised
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7
Q

what is a PID?

A

a project initiation document

  • includes vision and a business case for the project
  • guide to decision-making throughout the project
  • encourages motivation and congruent goals in the project team
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8
Q

what is the development of a proposed solution stage?

A
  • all proposals submitted and evaluations

- most appropriate solution to satisfy the need will be selected

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9
Q

what is the implementation stage of a project?

A
  • actual performance of project
  • detailed planning
  • implement plan
  • solution divided into separate deliverables to achieve milestones
  • achievements may be linked to stage payments
  • project objectives monitored
  • action any deviations
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10
Q

what is the completion stage of a project?

A
  • confirm deliverables met and accepted
  • payments finished
  • performance evaluated and appraised
  • obtain customer feedback
  • check whether any subsequent actions are needed to ensure achievement of the anticipated benefits
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11
Q

how is the PMI’s 5 step project management process different to the project lifecycle graph?

A

more emphasis on the ‘planning’ and ‘controlling\ activities

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12
Q

what happens in the initiating stage of the project management process?

A
  • initiated when a need or objective is defined
  • might have to select from competing projects
  • pick most worthwhile
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13
Q

how do companies decide the most worthwhile project to undertake?

A

feasibility

risk and uncertainty of project

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14
Q

who conducts feasibility assessment?

A
  • sometimes project manager is involved in feasibility study

- they need to understand feasibility assessment

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15
Q

what are the different types of feasibility?

A

technical
social (operational)
ecological (environmental)
economic (financial)

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16
Q

what is social (operational) feasibility?

A

assess operational and social factors of implementation

  • people required
  • skills required
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17
Q

what is ecological(environmental) feasibilty?

A

-may be driven by the understanding that customers would prefer to purchase alternative products or services due to eco factors

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18
Q

what is the CBA performed during economic feasibilty?

A
  • financial costs:NPV, IRR, payback
  • look at multiple measures

benefits:

  • tangible benefits
  • intangible benefits, which would be excluded usually

costs:

  • capital costs
  • revenue costs:repairs, consumables
  • finance costs:interest
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19
Q

what are the primary reasons for having a PID?

A
  • for AUTHORISATION by project steer co or board

- act as BASE DOCUMENT against which progress and changes can be assessed

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20
Q

what does a PID include to show stakeholders are in general agreement?

A
  • defines the project and its scope
  • justifies the project
  • secured funding for the project, if necessary
  • defined the roles and responsibilities of project participants
  • gives people the information they need to be productive and effective right from the start
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21
Q

what is the contents of a PID?

A
  • purpose statement:why undertaken
  • scope statement:major activities outlined
  • deliverables
  • cost and time estimates
  • objectives:clear mission, CSFs and milestones
  • stakeholders
  • chain of command:project org structure
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22
Q

what is the need for planning stage in a project?

A
  • communicate what has to be done, when and by whom
  • encourage forward thinking
  • provide the measures of success for the project
  • make clear the commitment of time, resources (people and equipment) and money required for the project
  • determine if targets are achievable
  • identify the activities the resources need to undertake
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23
Q

what are the separate detailed plans drawn up during a project?

A
  • time
  • quality
  • resources
  • contingency for risks
  • cost
  • communication
  • deliverables
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24
Q

what are the responsibilities of a project manager?

A
  • primarily:define the project objective
  • then communicate this objective
  • make it clear what constitutes a successful project outcome
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25
Q

how is quality of a project measured?

A

customer satisfaction

-e.g. bugs in computer system, response times

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26
Q

other than project time, cost and quality, what is an important constraint of projects?

A

scope/functionality

  • work that must be carried out to satisfy project’s objective
  • manage variations of scope and agree on them
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27
Q

how long is the executing stage of a project?

A

can be weeks, months or years long

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28
Q

change is an inevitable part of any project, how can it be controlled?

A
  • have a change management process
  • can occur at any stage
  • use PID and detailed project plans as baselines against which change is measured
  • ensure changed are communicated before they are implemented
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29
Q

what are the problems if change is not managed?

A
  • working on old plans meaning time is wasted and no longer relevant
  • project is unlikely to deliver the set objectives if change is not well managed
  • end users unhappy if not aware of issues
  • project may cost more or continue for longer
  • cause confusion and conflict for the project stakeholders
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30
Q

what should a change management process include?

A
  • methods for prioritising changes requested:changes that must be done and would be nice to have
  • authorisation for changes
  • agreement of a change budget
  • recording of changes:who will?
  • communication of changes
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31
Q

what is configuration management?

A

tracking and controlling all aspects of the projects and all documentation and deliverables from the project

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32
Q

what is included in configuration management?

A
  • version control for documentation
  • ownership and responsibility for documentation
  • authorisation and tracking procedures for any changes required to documentation
  • monitoring and control procedure to ensure only authorised documents and records are held
  • access control over projects records
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33
Q

what is the most important aspect of project control?

A

ensuring that monitoring progress is carried out and reported on a regular basis

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34
Q

what must a project manager do if they spot deviation?

A
  • report the deviation
  • obtain authorisation if necessary
  • take corrective action to get the project back on track

-set up regular reporting period depending on complexity

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35
Q

what are the main purposes of a control system?

A
  • prevention of deviations
  • correction of deviations
  • prevention of any future deviations by revising plans, target, measures
  • implementation of recommendations from monitoring, reviewing and evaluating the project
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36
Q

what is performance management?

A

required throughout project in order to assess the progress of each aspect of the project

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37
Q

what are the measurements to assess a project’s performance?

A
  • scope performance measures
  • functional quality measures
  • technical quality performance measures
  • client satisfaction measures
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38
Q

what do conformance management systems focus on?

A
  • inspection
  • quality control
  • quality assurance
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39
Q

what are the 2 most important elements used in the control of projects and reports and meetings?

A

reports and meetings

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40
Q

what is a project reports?

A

enhance and facilitate the communication of control and progress throughout the life of the project, the main reports are produced:

  • exception reports
  • progress reports
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41
Q

what is a exception report? what is a progress report?

A

exception: only report exception
progress: both formal and regular, update on project

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42
Q

what is the difference between team meetings and project progress review meetings?

A

team:regular, formal/informal, with project team

project progress review:regular, formal, involve project manager, team members and customer or steering com

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43
Q

what are a number of activities that must be undertaken in the closing stage of the project?

A
  • project is delivered to users
  • end of project meeting
  • formal sign off of project
  • project review meetings
  • final report issues
  • project team disbanded
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44
Q

what takes place in the internal end of project review meeting?

A

with team:

  • an opportunity to review the planning, management, reporting and control
  • an opportunity to discuss the success and failures of the project process
  • to establish what can be learned in future for the benefit of other projects
  • an opportunity for the project manager to discuss with individual team members their role in the project and the means by which they could improve their own performance on future projects
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45
Q

what takes place in the external end of project review meeting?

A

with customer:

  • a crucial aspect of project closure
  • an important part of establishing whether the project has satisfied the customer’s requirements
  • to obtain feedback to help improve future projects
  • when customers can voice any concerns regarding how the project was carried out
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46
Q

what are the constraints of the final report?

A
  • brief overview of project
  • customer original requirements and original project deliverables
  • list of deliverables which the customer received
  • actual achievements re costs, schedules and scope
  • degree to which the original objective was achieved
  • future considerations
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47
Q

what documents should be referenced before the final report?

A
  • feasibility study and report
  • PID
  • project planning reports
  • milestones and gates
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48
Q

what is the purpose of the closing stage of the process?

A
  • ensure completion and conforming
  • formal comparison to PID and project outcomes
  • evaluate against agreed levels
  • costs completed
  • time comparison
  • effectiveness of the management process
  • complete project termination activities
  • provide continuous improvement and feedback
  • learn from experience
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49
Q

what is the Post Completion Audit (PCA)?

A
  • carried out a few months after the project is completed
  • designed to REVIEW the success of the project as a whole as well as to receive the user’s feedback on it
  • establish whether project brought benefits
  • improve knowledge for future projects
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50
Q

what are the key areas of the post completion audit?

A
  • technical performance review
  • quality level achieved
  • benefits achieved
  • cost/budget performance
  • schedule performance
  • effectiveness of project planning and control
  • team relationships
  • problem identification process
  • customer relationships
  • communication
  • risk evaluation and assessment
  • outstanding issues
  • recommendations for future management of projects
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51
Q

what is the WBS?

A

Work Breakdown Structure

  • breaks complex tasks into manageable pieces
  • sets out the logical sequence of project events
  • provides a logical framework for making decisions
  • provides an input into subsequent project processes, such as estimating time and resources
  • provides a framework for continuous assessment of the project progression
  • provides a communication tool
52
Q

what is a WPs or SOWs?

A

Work Packages and Statement of Work

  • specifies the work to be done for each package described in the WBS
  • describes deliverables against which measured
  • both type of document identify in detail work to be done and may state the standard to which the work is to be done
  • the statement of work also indicates who is responsible and when the work needs to be delivered
53
Q

what is the PBS?

A

Product Breakdown Structure

  • products required for each activity would then be listed
  • description of the machinery and equipment required for the project would be made
  • allows different suppliers to be compared
54
Q

what is the CBS?

A

Cost Breakdown Structure

  • gathers information from WBS, WP, SOW and PBS and capital and revenue costs identifies in the CBA and feasibility study
  • describes the categories that require costing

created the detailed FINANCIAL PLAN

55
Q

what are the benefits of using breakdown structures include?

A
  • summarising all the activities comprising the project, including support and other tasks
  • displaying the interrelationships of the various jobs (WP) to each other and the total project
  • establishing the authority and responsibility for each part of the project
  • estimating project cost
  • performing risk analysis
  • scheduling jobs (WIP)
  • providing a basis for controlling the application of resources to the project
56
Q

what is the PQP?

A

Project Quality Plan

details the standards that must be adhered to to ensure success

57
Q

what is included in the PQP?

A
  • risk assessment
  • project overview
  • project requirements
  • project organisation
  • monitoring and reporting procedures
  • key development stages and processes
  • key standards to be used in the project (quality assurance)
  • testing strategy
  • procurement policy
  • configuration management
58
Q

what is network analysis?

A

techniques used to analyse the inter-relationships between the tasks identified by the work breakdown structure and to define the dependencies of each task

  • shows order
  • what can be done in parallel
59
Q

What is the CPA?

A

critical path analysis

  • network analysis
  • most commonly used technique in management
60
Q

what is the CPA process?

A
  1. Analyse the project & breakdown
  2. Draw the network
  3. Estimate the time and costs of each activity
  4. Locate the critical path
  5. Schedule the project
  6. Monitor and control the progress of the project
  7. Revise the plan
61
Q

what do nodes and arrows show?

A

arrows: name and duration
node: number, EET and LET

62
Q

what is the EET?

A

earliest event time at which activity can be reached

  • work left to right
  • always select highest
63
Q

what is the LET

A

latest event time by which node must be reached if the project is to finish in time

  • right to left
  • always choose lowest
64
Q

what is the critical path?

A

the activities where any delay will lead to a delay in the overall project

EET=LET

65
Q

what is the float?

A

slack for increase in project durations

EET=/=LET i.e. the difference

66
Q

what are dummy activities?

A

do not consume any time or resources

67
Q

are loops allowed in a CPA?

A

no as the network shows a series of activities ie progression of time

68
Q

can an activity be repeated on the CPA?

A

no, can only occur once

69
Q

what are the limitations of CPA?

A
  • it may be time consuming to produce and monitor for large projects
  • difficult to use for less routine projects with lots of uncertainty
  • overly complex for some smaller short-term projects
70
Q

what are the benefits of CPA?

A
  • assists in identifying all activities required for completing the project
  • assist in identifying dependent activities and parallel activities
  • identify activities on critical paths that can’t overrun
  • network diagram will identify those activities that are non-critical and exhibit float or buffer. Allows management to rank each activity in relation to how much flexibility is available
  • network diagram will show the minimum completion time for the project, and will allow for sensitivity analysis to be introduced into the project
71
Q

what is a resource histogram?

A

graphical aid for determining the total requirement for a specific resource during the project

  • block graph showing fluctuating need
  • can assist in planning
  • smooth flow is easier and cheaper to plan for
72
Q

what are the benefits of resource histograms?

A
  • helps with capacity planning, resource scheduling and management
  • resource availability and allocations can be shown on a histogram, to highlight overloads and under-utilisation
  • easy visualisation of resource requirements
  • drawn in real time
73
Q

How can the project management software for planning?

A
  • ability to create multiple network diagrams
  • ability to create multiple Gantt charts
  • ability to create PID, PQP and WBS

-most useful here

74
Q

How can the project management software be used for estimating ?

A
  • ability to consider alternative resource allocation
  • ability to create and allocate project budgets
  • ability to allocate time across multiple tasks
75
Q

How can the project management software be used for monitoring?

A
  • network links to all project team members
  • central store for all project results and documentation
  • automatic comparison to the plan and plan revision
76
Q

How can the project management software be used for reporting?

A
  • access to team members
  • ability to create technical documents
  • ability to create end of stage reports
77
Q

what are the advantages of using project management software?

A
  • improved planning and control
  • improved communication
  • improved quality of systems developed
  • accuracy
  • ability to handle complexity
  • what if analysis
  • timesheet recording
78
Q

what are the important qualities to look for in a project management software?

A
  • determine requirements of organisation future and current needs
  • identify 3/4 which meet the essential functions/budget
  • demonstration of the packages on a trail basis
  • select a package including ‘roll out’ strategy with installation, training etc
79
Q

what are the functions of a project management software?

A
  • budget and cost control
  • calendars
  • graphics
  • multiple project handling
  • planning
  • scheduling
  • resource planning
  • resource histograms
  • reporting
80
Q

what is project management methodology?

A

set of guidelines which define methods and processes to be followed which should help the project be delivered successfully
-SYSTEMATIC and DISCIPLINES approach

81
Q

what is PMBOK?

A

Project Management Body of Knowledge

provides a knowledge base and roadmap for effective project management

  • toolbox, not replacement for project lifecycle
  • easily customisable
82
Q

what is PRINCE2?

A

Projects IN Controlled Environments, version 2

  • US based Project Management Institute (PMI)
  • process-based approach for project management developed by UK Gov
  • How To approach
  • customisable
83
Q

what are the benefits of using a single methodology in project management?

A
  • structured step-by-step approach
  • stages in the methodology become familiar which speed up the completion of the project
  • helps keep the project on track and to identify any deviation at an early stage
  • users become familiar with the tools and reports used, so can compare different projects
  • team members and project managers become familiar with the approach
  • can be developed over time and can result in a best practice approach
84
Q

what are the limitations of using a single methodology in project management?

A
  • is unsuitable, will make managing projects more difficult
  • no one methodology can be suitable for all projects
  • all projects different, so methodology may need modifying for each project
  • some will be too detailed for smaller projects
  • strictly adopting a methodology may become too bureacratci
  • all features of the methodology may not be required for all projects
85
Q

what does the PRINCE2 define as a successful project?

A
  • delivery of the agreed outcomes
  • on time
  • within budget
  • conforming to the required quality standards
86
Q

what are the main control features of PRINCE2?

A
  • enforces clear structure of authority and responsibility
  • ensures the production of key products-PID, project budget, plan & progress reports
  • gives clear understanding of the tasks to be completed
  • contains several quality controls, such as clearly defined procedures
87
Q

what issues doe the PRINCE2 parts address?

A
  • organisation:structure
  • plans
  • controls
  • products:tools
  • quality:PQPs
  • risk management
  • control of change management and configuration management
88
Q

what are the PRINCE2 process areas?

A
  • starting up a project
  • initiation:similar to feasibility
  • managing stage boundaries:ensure all deliverables done
  • controlling a stage:day-to day operations
  • managing product delivery:allocation of WPs
  • project closure:sigh off, end project report

-

89
Q

why do some projects fail?

A
  • poor leadership
  • emphasis on maintaining the plan rather than managing the project
  • resources may not be managed realistically
  • poor setimates
  • inadequate skills
  • work breakdown
90
Q

What is the risk management process?

A
  • identify risk
  • analyse risk
  • prioritise
  • management
  • resolution
  • monitoring
91
Q

why is uncertainty impossible to evaluate?

A

impossible to assign probability to an uncertain event

-use contingency planning

92
Q

what is contingency planning?

A
  • considering alternative actions which could be taken if uncertain event occurs
  • help avoid unnecessary delays

may include

  • contracting lenders to discuss possible additional finance
  • replanning the remaining project with a longer duration
  • identifying if required materials are available from other possible suppliers
93
Q

how can risk and uncertainty be dealt with in the detailed planning stage?

A

PERT
scenario planning
buffering

94
Q

what is PERT?

A

Project Evaluation and Review Technique

used to overcome uncertainties over times taken for individual activities in a network diagram
-calculated expected time

o=optimistic (best) time
m=probable time
p=pessimistic (worst) time

95
Q

what are the advantages of using PERT?

A
  • gives expected completion time
  • gives probability of completion before the specified date
  • gives Critical Path
  • gives slack through earliest and latest start times
  • allows calculation of contingency to be added to the plan
96
Q

what are the limitations of using PERT?

A
  • activity times are very subjective

- assumes probability distribution of project completion time as the critical path

97
Q

what is scenario planning?

A

consider one or more sets of circumstances that might occur, other than ‘most likely; or ‘expected’ set

  • tested to establish what outcomes would be
  • would allow the PM to switch to the appropriate plan for whichever contingency arose
98
Q

what is buffering?

A

more simplistic way to incorporate risk by adding artificial slack into risky activities

  • padding
  • should not be encouraged as build-up of slack could lead to complacency
99
Q

what is a Gantt Chart?

A

alternative/complimentary approach to network analysis

  • graphical rep of project activities
  • horizontal bar chart where length=duration
  • can compare planned vs actual
100
Q

what are the benefits of Gantt charts?

A

Similar to network analysis advantages:

  • assists in identifying all activities required for completing the project
  • assist in identifying those activities that need to be completed before the next i.e. dependent activities
  • identify activities that can be done in parallel
  • show minimum completion time and allow sensitivity analysis

additional benefits:

  • easier visualisation
  • unlike CPA, drawn to scale so significant activities can be highlighted
  • drawn in real time
  • actual durations can be shown alongside budget
  • aids resource allocation
101
Q

what are the limitations of the Gantt chart?

A

has limitations for large/complex projects:

  • doesn’t identify potential weak links between phases
  • doesn’t reveal team problems due to unexpected delays
  • doesn’t coordinate resources and networking requirements needed at critical phases of the schedule
  • does not show the degree of completion for each phase
102
Q

what is a milestone?

A

event that is clearly identifiable as a measure of how far the project has progressed and how far it has to run

  • involves partitioning into phases that are well defined targets
  • symbolised as a triangle on gantt chart
103
Q

what is a control gate?

A
  • significant completion of milestone
  • opportunity to review progress
  • make decision whether to proceed or terminate

pass=meeting pre-defined performance standards

104
Q

what happens if control gates are not met?

A

terminate project or review overall project plan

105
Q

what is the role of the project sponsor?

A

makes yes/no decisions about the project

  • initiates the project
  • appoints PM
  • provides resources
  • monitors the progress of the project from the info provided
  • provides support and senior management commitment to the project
106
Q

what is the role of the project owner?

A

person for whom project is being carried out

  • interested in end result being achieved
  • concerned with scope and functionality
  • head of dept or represent end user
  • usually sit on steer co and may chair this committee for sponsor
107
Q

what is the role of a project customer/user?

A
  • whose needs project should satisfy
  • can be hard to satisfy whole group
  • might have rep on steer co but may hijack project
108
Q

what is the role of the project manager?

A

responsible for successful delivery of the project objectives

  • ensuring project objectives are achieved
  • making decisions relating to system resources
  • planning, monitoring and controlling the project
  • selecting, building and motivating the project team
  • serving as a point of contact with management hierarchy
  • communicating with the chain of command
  • selecting and managing subcontractors
  • recommending termination where necessary
109
Q

what is the project steering committee/project baord?

A
  • make all the high level decisions regarding the project
  • smaller will have either or
  • larger project will have both with board being superior
  • chaired project sponsor
  • members represent major stakeholders
110
Q

what is the difference project steering committee and project board?

A
  • steering:
  • meet more regularly
  • inferior to board

board:

  • meet less frequently
  • require high-level progress reports
111
Q

what is the project champion?

A

informal role within the project with no decision making or reporting responsibility

campaign on behalf of the project at the highest levels of the organisation

112
Q

what role can CMAs undertake in a project?

A
  • project manager
  • project sponsor
  • project customer/user
  • member of project team
  • providing financial information for the project
113
Q

what is the competence toolbox?

A

ability to be able to discern stakeholder values, beliefs, assumptions and expectations

114
Q

once project stakeholders are identified, how can they be mapped?

A
  • likelihood of each stakeholder group attempting to impress their expectations on others
  • power and means available for them to do so
  • impact of stakeholder expectations on the project

could use Mendelow’s matrix

115
Q

what are some common reasons for stakeholder conflict?

A
  • unclear objectives
  • role ambiguity within the project team
  • unclear schedules and performance targets
  • low level of authority given to the PM
  • remote functional groups within the project, working almost independently
  • interference from local or functional management
  • personality clashes or differing styles of working
116
Q

what should thee PM include in a framework to predict the potential of disputes?

A
  • risk management: unforeseen conflict

- dispute management:procedures to minimise impact

117
Q

what are some techniques used for dispute management?

A

negotiation

mediation: 3rd party negotiation
partnering: create links
compromise: both sacrifice something

118
Q

what are the 6 main skills a PM needs?

A 
leadership
communication
negotiation
delegation
problem solving
change-management skills
119
Q

what does the ideal project team consist of?

A
  • no non-performing members
  • project team and project manager
  • group of specialists assigned or recruited for project
120
Q

in the management of project teams, we must pay attention to which 2 particular characteristics?

A
  • each project is a complete entity and unique in terms of experiences, problems, constraints and objectives
  • the members of the team concerned may well have not worked together as a group on any previous occasion
121
Q

what is an effective project management structure?

A
  • establishing one is critical for success
  • conventional functional or divisional structure may lack clarity
  • if project forms a major part of business, may need a matrix where lines of authority are clearer
122
Q

what is a matrix structure?

A
  • combines benefits of decentralisation (motivation, speed of decision making) and co-ordination (Eos, cross synergies)
  • adds flexibility and lateral coordination
  • each individual has a dual role as they maintain functional/divisional responsibilities as well as team membership
  • both vertical and horizontal relationships are emphasised
  • has been widely criticised but still used in engineering, construction, consultancy, audit etc
123
Q

when is the matrix structure most suitable?

A
  • when there are a SERIES OF PROJECTS
  • when projects have DIFFERENT START AND END dates so continuous reassigning of resources
  • COMPLEX projects so staff benefit from from also being assigned to a technical function where knowledge can be shared
  • the projects are EXPENSIVE so having resources controlled by functional heads could lead to better utilisation
  • projects are CUSTOMER-FACING so customers require single point of contact to deal with needs and problems
124
Q

how can the matrix structure impact on the achievement of the project?

A
  • improved decision-making by bringing a wide range of expertise to problems that cut across departmental or divisional boundaries
  • replacement of formal control by direct contact
  • assists in the development of managers by exposing them to company wide problems and decisions
  • improves lateral communication and cooperation between specialists
125
Q

what are the disadvantages of a matrix structure?

A
  • lack of clear responsibility
  • clashes of priority between product and function
  • functions lose control of the psychological contract
  • career development can often be stymied
  • difficult for one specialist to appraise performance of another discipline in multi-skilled teams
  • project managers are reluctant to impose authority as they may be subordinated in a later project
  • employees may be confused by reporting to two bosses
  • managers will need to be able to resolve interpersonal frictions and may need training in human relation skills
  • managers spend a great deal of time in meetings to prioritise tasks

CIMA E2 (3 decks)

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