Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

PROJECT MGT-GOOGLE-GLOSSARY > Course Two Readings > Flashcards

Course Two Readings Flashcards

1
Q

What are the six benefits of a cost-benefit analysis?
(Most Men Can’t Kill Real Kings)

A

A cost-benefit analysis can minimize risks and maximize gains for projects and organizations; help you communicate clearly with stakeholders and executives; and keep your project on track.

Because this type of analysis uses objective data, it can help reduce biases and keep stakeholder self-interest from influencing decisions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Five questions to ask to determine the benefits of a project?

(Vampires Seek Mostly Trained Iguanas)

A

To determine the benefits of a project, you might ask:
* What value will this project create?
* How much money could this project save our organization?
* How much money will it bring in from existing customers?
* How much time will it save?
* How will it improve the customer experience?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are 4 questions about tangible benefits to consider when determining project costs?

A
  • How much time will people have to spend on this project?
  • What are the one-time costs?
  • Are there any ongoing costs?
  • What about long-term costs?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What are four intangible benefits to consider in a cost-benefit analysis?

A
  • Customer satisfaction. Will the project increase customer retention, causing them to spend more on the company’s products or services?
  • Employee satisfaction. Is the project likely to improve employee morale, reducing turnover?
  • Employee productivity. Will the project reduce employee’s overtime hours, saving the company money?
  • Brand perception. Is the project likely to improve the company’s brand perception and recognition, attracting more customers or providing a competitive advantage?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is the difference between an Objective and a Key Result, in OKRs?

A

Objectives: Defines what needs to be achieved; describes a desired outcome.

Key results: The measurable outcomes that objectively define when the objective has been met.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Project-level OKRs describe…

A

Project-level OKRs describe the focused results each group will need to achieve in order to support the organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

To determine the benefits of a project, you might ask:

Value/Money/Customers/Time/UX

A
  • What value will this project create?
  • How much money could this project save our organization?
  • How much money will it bring in from existing customers?
  • How much time will it save?
  • How will it improve the customer experience?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

To determine the costs of a project, consider:

Time/Types of costs (3)

A

How much time will people have to spend on this project?
* What are the one-time costs?
* Are there any ongoing costs?
* What about long-term costs?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Common ROI formula:

A

(G-C) / C = ROI
Ex: : ($10,000 - $6,300) ÷ $6,300 = 0.58 = 58%
The ROI comes to 0.58, or 58%. You consider this to be a strong ROI, so you decide to pursue the project.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

SMART goals are:

A
  • Specific: The objective has no ambiguity for the project team to misinterpret.
  • Measurable: Metrics help the project team determine when the objective is met.
  • Attainable: The project team agrees the objective is realistic.
  • Relevant: The goal fits the organization’s strategic plan and supports the project charter.
  • Time-bound: The project team documents a date to achieve the goal.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Why are measurable goals important?

A

.Measurable goals are important because they leave little room for confusion around expectations from stakeholders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What do OKR’s combine?

A

OKR stands for objectives and key results. They combine a goal and a metric to determine a measurable outcome.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the key difference between the two?

A

Objectives: Defines what needs to be achieved; describes a desired outcome. Key results: The measurable outcomes that objectively define when the objective has been met

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

. Project-level OKRs help establish …

A

Project-level OKRs help establish the appropriate scope for your team so that you can say “no” to requests that may get in the way of them meeting their objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Project objectives should be…
(AAACS)

A

Project objectives should be aspirational, aligned with organizational goals, action-oriented, concrete, and significant.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What should you consider when setting objectives?

A

Consider the vision you and your stakeholders have for your project and determine what you want the project team to accomplish in 3–6 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Strong key results meet what 4 criteria?
(MARS)

A

Strong key results meet the following criteria:
* Results-oriented—not a task
* Measurable and verifiable
* Specific and time-bound
* Aggressive yet realistic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What does defining scope do?

A

The scope provides the boundaries for your project. You define the scope to help identify necessary resources, resource costs, and a schedule for the project.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Clarifying Scope question samples (Stakeholders):

A

Stakeholders
* How did you arrive at the decision to do…?
* Did the request originate from the company, customers, or other stakeholders?
* Who will approve the scope for the project?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Clarifying Scope question samples (Goals):

A

Goals
* What is the reason for…?
* What isn’t working in the current …?
* What is the end goal of this project?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Clarifying Scope question samples (Deliverables):

A

Deliverables
* Which …is being updated?
* What exactly needs to be updated?
* Does … need…?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Clarifying Scope question samples (Resources):

A

Resources
* What materials, equipment, and people will be needed?
* Will we need to hire contractors?
* Will we need to attain …(ex. a floor plan and building permits? )

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Clarifying Scope question samples (Budget):

A

Budget
* What is the budget for this project? Is it fixed or flexible?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Clarifying Scope question samples (Schedule):

A

Schedule
* How much time do we have to complete the project?
* When does the project need to be completed?
Do we need to allow time for testing?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Clarifying Scope question samples (flexibility):

A

Flexibility
* How much flexibility is there?
* What is the highest priority: hitting the deadline, sticking to the budget, or making sure the result meets all the quality targets?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Best practices for scope management and controlling scope creep: Requirements

A
  • Define your project’s requirements. Communicate with your stakeholders or customers to find out exactly what they want from the project and document those requirements during the initiation phase.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Best practices for scope management and controlling scope creep: Project Schedule

A
  • Set a clear project schedule. Time and task management are essential for sticking to your project’s scope. Your schedule should outline all of your project’s requirements and the tasks that are necessary to achieve them.
  • Determine what is out of scope. Make sure your
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Best practices for scope management and controlling scope creep: Define Out of Scope

A
  • Determine what is out of scope. Make sure your stakeholders, customers, and project team understand when proposed changes are out of scope. Come to a clear agreement about the potential impacts to the project and document your agreement.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Best practices for scope management and controlling scope creep: Provide Alternatives.

A
  • Provide alternatives. Suggest alternative solutions to your customer or stakeholder. You can also help them consider how their proposed changes might create additional risks. Perform a cost-benefit analysis, if necessary.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Best practices for scope management and controlling scope creep: Set up Change Control Process

A
  • Set up a change control process. During the course of your project, some changes are inevitable. Determine the process for how each change will be defined, reviewed, and approved (or rejected) before you add it to your project plan. Make sure your project team is aware of this process.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Best practices for scope management and controlling scope creep: Learn how to Say No.

A
  • Learn how to say no. Sometimes you will have to say no to proposed changes. Saying no to a key stakeholder or customer can be uncomfortable, but it can be necessary to protect your project’s scope and its overall quality. If you are asked to take on additional tasks, explain how they will interfere with the budget, timeline, and/or resources defined in your initial project requirements.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Best practices for scope management and controlling scope creep: Collect Costs for out-of-scope work.

A
  • Collect costs for out-of-scope work. If out-of-scope work is required, be sure to document all costs incurred. That includes costs for work indirectly impacted by the increased scope. Be sure to indicate what the charges are for.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Launching:

A

In project management, a project “launching” means you have delivered the final results of the project to the client or user.

34
Q

Landing:

A

“land” it by thoroughly measuring the results. This is when the success criteria and the metrics you defined initially when setting SMART goals will come in handy.

35
Q

Launch first, land later

A

Ex: You complete a project that takes a year to finish. One of the goals measures that 20% of the customers use it in the next 5 years. The project may launch, but won’t land for 5 years. You need to check back in periodically over the next five years to see if the training program is on target to produce a 20% increase

36
Q

Launch and Forget

A

when a project manager delivers the project to the client and the client accepts the project delivery, but the project manager doesn’t assess if the project deliverables satisfy the customer or user

37
Q

How do you use OKRs to evaluate a project’s progress.
C&T/S/A/M/D/S

A

Communicate and Track
Share OKRs
Assign Owners
Measure Progress
Determine Scoring
Schedule Checkpoints

38
Q

Main reason to communicate and track OKRs?

A

Conducting regular check-ins and actively tracking progress with your team can help ensure that objectives are being met and that any issues are resolved as soon as possible.

39
Q

Why share your OKRs with your team?

A

so that everyone knows how to focus and align their efforts.

40
Q

Why assign ownership to every OKR?

A

so that everybody knows who’s responsible for what. This helps add clarity and increases accountability.

41
Q

Why measure your OKRs?

A

It is a shortuct to determining the status of a project and they’re helpful tools for determining how close you came to achieving your objectives.

42
Q

How to you score OKRs?

A

Many different ways:
As a % of the objective completed
Scale 1 to 10
traffic Light
Yes/No
Grade KR on a scale (ex: 6 KR, 3 launched = .50)

43
Q

When should you review OKRs?

A

it can be helpful to have monthly check-ins on the progress of OKRs to give both individuals and your team a sense of where they are. Typically, at the end of the quarter, you’ll grade each of your OKRs to evaluate how well the team did to achieve its goals.

44
Q

What skills are you looking for when assembling a team, whether large or small?

A

Technical
Problem Solving
Interpersonal
Leadership
(Also Availability and Diversity)
Motivated

45
Q

Essential Roles: PM

A

the project manager is responsible for the overall success of the team, and ultimately, the project as a whole.

46
Q

Essential Roles: Stakeholders

A

Primary (Key)
Team Members/Sr. Leaders/Customers
… or Secondary (indirectly affected by project outcome-ex. someone in Legal dept)

47
Q

Essential Roles: Project Sponsor

A

A sponsor initiates the project and is responsible for presenting a business case for its existence, signing the project charter, and releasing resources to the project manager.

48
Q

p52 Stakeholder Analysis: key steps

A
  1. Make a list. Ask: Who is invested/impacted/contributed?
  2. Determine the level of interest and influence for each stakeholder.
    3.Assess stakeholders’ ability to participate and then find ways to involve them.

some will be active stakeholders with more opinions and touchpoints and others will be passive stakeholders, preferring only high-level updates and not involved in the day-to-day.

49
Q

Steering committee

A

a collection of key stakeholders who have a high level of power and interest in a project. A steering committee can influence multiple departments within the organization, which means that they have the potential to release a greater number of resources to the project manager.

50
Q

What does the power grid show?

A

A power grid shows stakeholder interest in the project versus their influence over the project.

51
Q

What is the purpose of the Power Grid?

A

This four-quadrant tool helps project managers evaluate how to manage their stakeholders; to determine the appropriate level of engagement required by the project team needed to gain the stakeholders’ trust and buy-in.

52
Q

What will make for successful stakeholder engagement?

A

the project manager’s ability to know their stakeholders’ motivations and inspirations. This takes time, interpersonal skills, and insight into the organization’s internal political workings

53
Q

Tips for gaining key stakeholder buy-in include:

A
  • Clearly mapping the work of the project to the goals of the stakeholder.
  • Describing how the project aligns with the goals of the stakeholder’s department or team.
  • Listening to feedback from the stakeholder and finding ways to incorporate their feedback into the project’s charter where appropriate.

Manage your stakeholders’ expectations by presenting a realistic view of your team’s abilities. Do not over-promise and under-deliver!

54
Q

p.55 Four RACI Chart Roles (aka a Responsibility Assignment Matrix (RAM),

A

R: Responsible: who gets the work done
A: Accountable: who makes sure the work is done
C: Consulted: who gives input or feedback on work
I: Informed: who needs to know the outcome

55
Q

Individuals who are assigned the “responsible” role for a task are …

A

the ones who are actually doing the work to complete the task.

56
Q

What is a best practice regarding the number of “responsible” team members?

A

a best practice to try to limit the number of team members assigned to a task’s responsible role, but in some cases, you may have more than one.

57
Q

The “accountable” person is responsible for…

A

The “accountable” person is responsible for making sure the task gets done. It is important to have only one individual accountable for each task. This helps clarify ownership of the task

58
Q

In order to determine who should be tagged as the accountable team member, consider:

A
  • Who will delegate the task to be completed?
  • Who will review the work to determine if the task is complete?

where possible, it is helpful to separate these roles. Ensuring that accountability is not shared with who is doing the work, ensures that there is no confusion on who the ownership belongs to.

59
Q

When is someone added as “Consulted” on a RACI chart?

A

Team members or stakeholders who are placed in the “consulted” role have useful information to help complete the task.

60
Q

Three ways to identify who is appropriate to be “Consulted” on a project.

A
  • Who will the task impact?
  • Who will have input or feedback for the responsible person to help the work be completed?
  • Who are the subject matter experts (SMEs) for the task?

The consulted people will be in frequent, two-way communication with the responsible party, so it is key to make sure that the right people are in this role to help accomplish the task efficiently and correctly.

61
Q

RACI Chart: who is “Informed?”

A

Individuals who are identified as needing to be “informed” need to know the final decisions that were made and when a task is completed.

It is common to have many people assigned to this category and for some team members to be informed on most tasks.

*They are not asked for feedback

62
Q

Two Key questions to ask yourself in order to ensure that you have appropriately captured individuals in the “informed” role are:

A
  • Who cares about this task’s completion?
  • Who will be affected by the outcome?
63
Q

A great way to manage updating all of the “Informed” team members?

A

You could end up with a large number of team members and stakeholders who are placed in the “informed” role. If so, make sure that you have a plan to keep them informed that is not labor-intensive.

Something as easy as view-only access to your project plan or meeting notes could prevent you from having to create separate communications along the way

64
Q

Using a RACI chart helps to:

A

Using a RACI chart to determine responsibility for tasks can help mitigate single points of failure known as creating silos,

65
Q

What do you need to do before your use your finished RACI chart?

A

You will first need to share your RACI chart with your sponsors and stakeholders to get buy-in and sign-off. When you get stakeholder buy-in, you will be able to set clear expectations for your team and ensure that everyone is aligned on their responsibilities.

66
Q

Four primary Reasons that Projects Fail?

A

Unclear Expectations-

Miscommunication

Lack of Resources-

Scope Creep

67
Q

Unclear Expectations-

A

Unclear Expectations-without directions, you can never reach your destination.

Unrealistic Expectations-don’t commit to firm dates when initiating the project to avoid setting unrealistic expectations.

68
Q

Miscommunication

A

Miscommunication-not delivering pertinent information, or sending it to the wrong person. As you are kicking off a project, make sure you take some time to understand the communication needs of your team and stakeholders.

69
Q

Lack of Resources-

A

Lack of Resources-includes your team members, budget, and materials. Clarify your resource needs and confirm their availability with leadership up front to avoid delays or issues further along in the project

70
Q

Scope Creep

A

Scope Creep: make sure that everything is documented in the initiation phase. Have a plan for how to handle scope creep if it occurs, and clarify who has the authority to approve scope changes.

71
Q

Three Common aspects of your project budget will include:

A
  • Team: the cost of the people performing the work
  • Services: any outside vendors helping your project
  • Materials: any tangible items purchased to complete the project
72
Q

Be sure to use: ____________to guide the direction of your charter.

A

Be sure to use the business case—the reason for initiating the project—as the guiding direction to your project charter

73
Q

Develop the project charter in collaboration with…

A

with stakeholders and team members.

74
Q

Project charters will vary but usually include some combination of the following key information:

Impressive Gardens Bring Potatoes, Melons, (and) Beans, So Children Run Over After

A
  • introduction/project summary
  • goals/objectives
  • business case/benefits and costs
  • project team
  • scope
  • success criteria
  • major requirements or key deliverables
  • budget
  • schedule/timeline or milestones
  • constraints and assumptions
  • risks
  • OKRs
  • approvals
75
Q

p.67 What should you do before you introduce a new tool to the team, ESPECIALLY in mid-project?

A

Be sure that this change is actually going to benefit the project and ensure that those involved in your project understand the benefits of this change.

76
Q

How can you demonstrate that you have the best interest of your team in mind, when introducing new tools?

A

Taking the time to introduce the new tool to your team members will also demonstrate that you have the best interest of the team in mind—not just the success of the project

77
Q

important considerations and keys to successfully introducing new tools

A
  • Discuss the tool early and often, if possible.
  • Ask for feedback from key stakeholders
  • Involve the key stakeholders in demonstrations as you get closer to making the final decision on the project tracking tool
  • Ensure the tool is fully functional before the team is introduced to it.
  • Set up training for the tool as needed before you ask the team to actually use it.
78
Q

Role of pushback…

A

Remember, some pushback is normal, but successful project managers should take the steps to prepare and mitigate any friction for their team when possible.

79
Q

Pro tip for introducing new tools?

A

If time allows, plan for a period of transition if you are replacing an existing tool. It is common to allow both tools to operate during this period

80
Q

NOTE: Programs you should know

A

Pro tip: Learn more by trying free tutorials or trial versions of popular project management tools. By navigating project management software, you will be able to explain the uses and functionality of these types of tools firsthand. Here are some examples to get started:
* Asana and Asana Guide
* Basecamp
* Trello
* Jira
* ClickUp
* Monday.com
* Microsoft Project or Project Libre (open source)
* Smartsheet (Demo)

81
Q
A

PROJECT MGT-GOOGLE-GLOSSARY (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions