CBT Nuggets Flashcards
Manifesto for Agile Software Development:
1. We value individuals and interactions over
processes and tools
Manifesto for Agile Software Development:
2. We value working software over
comprehensive documentation
Manifesto for Agile Software Development:
3. We value Customer Collaboration over
contract negotiation
Manifesto for Agile Software Development:
4. We value Responding to Change over
following a plan
What does a Project Charter consist of?
- Project purpose and high-level requirements, objectives etc.
- Overall project risk
- Summary schedule and budget
- Key stakeholders
- Success criteria and approval
NPV
Net Present Value: The project selection method provides a value based on the assumption that money is worth more today than tomorrow. Choose projects with a high NPV
IRR
Internal Rate of Return: Project selection method providing a value based on the idea that if this project was an interest rate %, what would it be? Choose projects with a high IRR.
ROI
Return On Investment: A % value that shows how much money will be made when investing. When used as project selection method, choose projects with a high ROI.
BCR
Benefit to Cost Ratio: How much money do I get back for every $1 I invest? For example, a BCR of 2:1 means we get back $2 for every $1 invested. Only invest in projects where the first number is bigger than the second.
PBP
Pay Back Period: How long with
CapEx (Capital Expenditure)
- Major investments recorded as capital assets (ex: buying servers)
-Depreciated over time (usually 3 years)
OpEx (Operational Expenditure)
- Ongoing expenses (ex: cloud subscriptions)
- Often tax deductible
Procurement Artifacts
Artifacts = Templates, documents, or outputs used in procurement
- Pre qualified vendor list
- Existing contracts
- Partner agreements
Vendor Engagement Documents
- RFI (Request for Information) - Early stage inquiry to see if vendors have the skills and capacity
- RFP (Request for Proposal) - Detailed request including:
- Approach/design
-Timelines
-Costs
-Evaluates factors beyond price - RFQ (Request for Quote) : used when you know exactly what you need.
- Request for Bid: used by government organizations and focused on lowest price.
What are procurement artifacts?
Templates, documents, or outputs used in procurement.
Pre-qualified vendor list
Suppliers already approved by the procurement department, making the process faster. (Procurement Artifact)
Existing contracts
Using current contracts speeds up the process by avoiding lengthy procurement requests (Procurement Artifact)
Partner agreements
Pre-existing deals with partner organizations, simplifying procurement.
Fixed - Price Contracts
A total fixed price is set for the product or service. This is appropriate when the scope is well defined and no significant changes are expected.
Firm Fixed Price (FFP)
Price is fixed at the outset and won’t change unless we change the scope.
FPIF (Fixed Price Incentive Fee)
Financial incentives if targets are met
FPEPA (Fixed Price with Economic Price Adjustments)
Adjustments to cover exchange rates or interest rates or cost changes or commodities
Cost Plus Contracts
The buyer pays the seller for the actual costs, plus a fee representing profit for the seller.
Appropriate when the scope is expected to change significantly.
Cost Plus Fixed Fee (CPFF)
All costs paid by the buyer and then a fixed fee paid on completion.
Cost Plus Incentive Fee (CPIP)
Costs paid by the buyer and then a bonus if targets are met.
Cost Plus Award Fee (CPAF)
All costs reimbursed, extra fee awarded based on buyer’s judgement of the seller’s performance.
Time and Materials Contracts
Contains aspects of both fixed-price and cost-reimbursable contracts
Statement of Work
The details of the services or goods we want to purchase so that the vendor knows what we’re asking them to provide
Project Charter
The document issued by the project sponsor that formally authorizes the existence of a project.
Sponsor
The sponsor is the person who provides resources and support for the project and is accountable for enabling success.
What should a Project Charter contain?
Project Purpose and high level requirements, objectives etc
Overall project risk
Summary schedule and budget
Key Stakeholders
Success criteria and approval
Exit Criteria
Project Manager name and level of authority
Charter in Waterfall Projects
- Detailed planning is done upfront
-Charter lays the foundation before full-scale planning begins
Charter in Agile Projects
- Still need a charter, but it may be less detailed
-Acts as a flexible guidline - May require updates as the project evolves.
Benefits of a Project Charter
- Projects with a well-defined charter are less likely to go off track
- Helps align stakeholders and set clear expectations
- Serves as a reference point throughout the project
What are key differences between Project Charter and Business Case?
Project Charter - AUTHORIZEs the project to begin
Business Case -JUSTIFIES whether the project should proceed.
Project Charter - Sets Objectives, boundaries and success criteria.
Business Case - Defines the value proposition and business benefits
Project Charter- High level document for project start
Business Case - Used to evaluate the project’s feasibility.
Project Charter - Created after the business case
Business Case - Created BEFORE the charter
What phase of project management is the scope statement created?
Planning phase - apart of the Project Management Plan
Stakeholder
An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.
What are some internal stakeholders?
Sponsor, PMO, Program manager, team members, other managers
What are some external stakeholders?
Customers, end users, suppliers, shareholders, competitors
Stakeholder register
necessary to help prioritze stakeholders and kept and updated for other projects
Responsibility Assignment Matrix (RAM)
- used to organize project deliverables by clarifying stakeholder roles.
- Important during the INITIATION Phase of a project.
What does RAM help with?
-Early stakeholder engagement
- Clarifying responsibilities
-Avoiding future confusion about roles
-Gauging stakeholder buy-in
Simple RAM Example
- List of high-level deliverables
-Assign a responsible stakeholder to each
From RAM to RACI
RACI = A type of RAM that adds accountability level
Stands for:
Responsible - Does Work
Accountable - Approves/signs off (A = Approver)
Consulted - Provides input/info
Informed - Needs to be kept in the loop
What are RACI best practices?
- Only one RESPONSIBLE and one ACCOUNTABLE per deliverable
- Consulted and Informed can include multiple people
- Sometimes, the same person can be both R and A.
- At initiation, R might be a manager, not the actual worker (resources not assigned yet)
RAM/RACI Takeaways
- Use RAM/RACI early to DEFINE ROLES
- Update and Refine in later stages
-Use RACI again for detailed resource planning during project planning - AGILE Environments may NOT use RACI as teams are self-organizing
What phase of the Project Management Process does Records management fall
In the initiation phase
Agile Project Initiation Phase: Key Concepts
Project Charter - Authorizes the project to begin
- Based on elements from the Business Case
- Applies to both traditional and agile projects
Agile Specific Terms: Product Vision
- High-level business goals of the product
- Not a list of features
- Should be:
-Short (1-2 sentences)- Stable over time (review annually if long project)
Agile Definition: Purpose
- Clarifies project purpose
- Aligns stakeholders and team
