Chapter 8 - Managing Project Stakeholders & Communications Flashcards
Describe what is meant by informal organization.
The informal organization is how people actually relate to one another in an organization, as opposed to how they SHOULD relate to one another.
Why should the project manager be concerned with understanding the informal organization?
The informal organization dictates a flow of information and influence separate from the formal organization, and needs to be considered.
What is a stakeholder?
A stakeholder is anyone who has a stake in the project’s outcome, good or bad.
What is the purpose of developing a project communications plan?
A project stakeholder plan allows us to determine what information needs to get where, by what channels, and when.
What are project metrics?
A project metric is a quantitative measurement of some portion of the project, something that is able to be tangibly observed.
Describe the qualities of a good metric.
A metric should be:
- Understandable
- Quantifiable
- Cost-Effective
- Proven (Accurate)
- High Impact (Should matter)
Why should a project have a good measurement system in place?
A measurement system allows the stakeholders in a project to understand how the project is going, and adjust accordingly.
Describe the concept of earned value (EV).
Earned value is the amount that we should have paid for an activity or component, rather than what we actually have to pay.
What is PV?
PV stands for Planned Value, that is, the planned or budgeted cost for an activity or component.
What is BAC?
BAC stands for budget at completion, which is the cumulative planned value for a project; it’s what we expect to have spent, in the end.
What is a project review, and what purpose does it serve?
A project review is a formal, or informal meeting with stakeholders. It may focus on some deliverables, milestones, phases, etc. It’s purpose it twofold, to show that work is being done, but also to confirm that things are up to snuff.
What is a status report?
A status report describes the current state of the project, usually compared to the baseline plan.
What is a progress report?
A progress report is a report to tell specifically what has been accomplished.
What is a forecast report?
A forecast report does exactly what it sounds like it would do, predict future progress.
What is CPI?
CPI, or cost performance index, is a measure of how effectively the money being spent is being used. It’s calculated as so:
CPI = EV / AC
A CPI of less than one is inefficient, over one is efficient.
