Daily Questions Flashcards
Four Values from the PMI Code of Ethics
FHRR
Fairness
Honesty
Respect
Responsibility
Eight Performance Domains
- Development Approach
- Measure
- Stakeholders
- Team
- Uncertainty
- Planning
- Project Work
- Delivery
HOW - Develeopment Approach (How to build)
Measure (How to Prove)
WHO - Stakeholders (Outsiders
Team (Insiders)
Uncertainty (Unknown)
WHAT - Planning (plan what)
Project work (make what)
Delivery (delivery what
12 Principles of Project Management
- Be a diligent, respectful , and caring steward
- Create a collaborative project team Environment
- Effectively engage with stakeholders
- Focus on Value
- Recognize, evaluate, and respond to system interactions
- Demonstrate leadership behaviors
- Tailor based on context
- Build quality into processes and deliverables
- Navigate complexity
- Optimize risk responses
- Embrace adaptability and resiliency
- Enable change to achieve the envisioned future state
B, C, E, F
R, D, T, B
N, O, E, E
What are the two leadership models?
Situational Leadership II
OSCAR
What are the two main variables in Situational Leadership II
Competence & Commitment
What are the five contributing factors in the OSCAR Model
Outcome
Situation
Choices/Consequences
Actions
Review
What are the three communication models?
Cross-Cultural Communication
Effectiveness of Communication
Gulf of execution and evaluation
Cross-Cultural Communication is
The message is influenced by the sender’s frame of reference and influenced by the receiver’s frame of reference.
Effectiveness of Communication Channels
Axes: Effectiveness and Richness
Most Rich & Most Effective: Face to Face
Least Rich & Least Effective: Paper
Gulf of Execution and Evaluation
USER INTERFACE / UX
The Gulf of Execution is the degree to which an item corresponds with what a person expects it to do. (it does what I think it sholud do or be able to do)
The Gulf of Evaluation is the degree to which an item support the user in discovering how to interpret the item and interact with it effectively. (it does it how I would expect it to do it)
or
The gulf of execution is the degree to which the interaction possibilities of an artifact, a computer system or likewise correspond to the intentions of the person and what that person perceives is possible to do with the artifact/application/etc.
The gulf of evaluation is the degree to which the system/artifact provide representations that can be directly perceived and interpreted in terms of the expectations and intentions of the user
Example:
Gulf of Execution - the auto parking car didn’t auto park when I hit park
Gulf of Evaluation - I can’t figure out how to get the auto parking car to auto park
https://www.interaction-design.org/literature/book/the-glossary-of-human-computer-interaction/gulf-of-evaluation-and-gulf-of-execution
What are the four motivation models?
- Hygiene and motivation factors
- Intrinsic versus extrinsic motivation
- Theory of needs
- Theory X, Theory Y, and Theory Z
What is the Herzberg’s Motivation-Hygiene Theory (or dual-factor theory or two-factor theory)?
Frederick Herberg
Ferderick Herzberg
According to Herzberg, there are some job factors that result in satisfaction while there are other job factors that prevent dissatisfaction. According to Herzberg, the opposite of “Satisfaction” is “No satisfaction” and the opposite of “Dissatisfaction” is “No Dissatisfaction”.
OR
The two-factor theory (also known as Herzberg’s motivation-hygiene theory and dual-factor theory) states that there are certain factors in the workplace that cause job satisfaction while a separate set of factors cause dissatisfaction, all of which act independently of each other.
https://www.managementstudyguide.com/herzbergs-theory-motivation.htm
Hygiene factors
Pay: The pay or salary structure should be appropriate and reasonable. It must be equal and competitive to those in the same industry in the same domain.
Company Policies and administrative policies: The company policies should not be too rigid. They should be fair and clear. It should include flexible working hours, dress code, breaks, vacation, etc.
Fringe benefits: The employees should be offered health care plans (mediclaim), benefits for the family members, employee help programmes, etc.
Physical Working conditions: The working conditions should be safe, clean and hygienic. The work equipments should be updated and well-maintained.
Status: The employees’ status within the organization should be familiar and retained.
Interpersonal relations: The relationship of the employees with his peers, superiors and subordinates should be appropriate and acceptable. There should be no conflict or humiliation element present.
Job Security: The organization must provide job security to the employees.
List Motivators in Two-Factory Theory
These factors are called satisfiers. These are factors involved in performing the job. Employees find these factors intrinsically rewarding. The motivators symbolized the psychological needs that were perceived as an additional benefit. Motivational factors include:
Recognition: The employees should be praised and recognized for their accomplishments by the managers.
Sense of achievement: The employees must have a sense of achievement. This depends on the job. There must be a fruit of some sort in the job.
Growth and promotional opportunities: There must be growth and advancement opportunities in an organization to motivate the employees to perform well.
Responsibility: The employees must hold themselves responsible for the work. The managers should give them ownership of the work. They should minimize control but retain accountability.
Meaningfulness of the work: The work itself should be meaningful, interesting and challenging for the employee to perform and to get motivated.
What are the three type is of intrinsic motivators is Intrinsic versus Extrinisic Motivation Model?
Daniel Pink “Drive” and “Motivation 3.0”
https://www.mindtools.com/asmdp60/pinks-autonomy-mastery-and-purpose-framework
Autonomy
Mastery
Purpose
AMP - like ‘amp’ you up!
https://www.mindtools.com/asmdp60/pinks-autonomy-mastery-and-purpose-framework
According to the Theory of Needs, all people are driven by the needs of ___, ___, and ___.
David McLellan’s Theory of Needs model
Acheivement
Power
Affiliation
What is Theory X?
Douglas MacGregor Book “The Human Side of Enterprise”
Theory X is based on negative assumptions regarding the typical worker. This management style assumes that the typical worker has little ambition, avoids responsibility, and is individual-goal oriented. In general, Theory X style managers believe their employees are less intelligent, lazier, and work solely for a sustainable income.
https://en.wikipedia.org/wiki/Theory_X_and_Theory_Y
What is Theory Y?
Theory Y is based on positive assumptions regarding the typical worker. Theory Y managers assume employees are internally motivated, enjoy their job, and work to better themselves without a direct reward in return. These managers view their employees as one of the most valuable assets to the company, driving the internal workings of the corporation
https://en.wikipedia.org/wiki/Theory_X_and_Theory_Y
What is Theory Z?
Humanistic psychologist Abraham Maslow, upon whose work McGregor drew for Theories X and Y, went on to propose his own model of workplace motivation, Theory Z. Unlike Theories X and Y, Theory Z recognizes a transcendent dimension to work and worker motivation. An optimal managerial style would help cultivate worker creativity, insight, meaning and moral excellence.[11]
Transecentdent dimension to work where individuals are motivated by self-reailization, values, and a higher calling.
https://en.wikipedia.org/wiki/Theory_X_and_Theory_Y
Management style for theory X
Often seen in a production or labor-intensive enviornment, or one with many layers of management.
Mangement style for Theory Y.
Often seen in creative an knowledge work environments
Mangement style for theory Z
promote high productivity, morale, and satisfaction
What are the five change models?
Managing Change in Organizations
ADKAR Model
8-Step Process for Leading Change
Virginai Satir Change Model
Transition
*Many projects containg an aspect of changing systems, behaviors, activi
Future Value / Present Value
FV = PV * (1+r)^n
PV = FV / (1+r)^n
Example:
Using the above example, the same $1,000 invested for five years in a savings account with a 10% compounding interest rate would have an FV of $1,000 × [(1 + 0.10)5], or $1,610.51.
What are the five associated elements interconnected through a series of feedback loops in Managing Change in Organizations?
OR
What is the Life Cycle Framework for Change
iterative model based on common elemnts across a ragne of change management models
Formulate change - buld rationale, help people understand change is needed
Plan change - Idnetify activities
Implement change - iterative element, demonstrate future capabilities, checking capabilities, making adjustments
Implement Change: Planning, implementation, and transition processes are overlapping, as shown, which reinforces the concept that change implementation is an iterative process. Implementation focuses on the process of developing the programs and projects in alignment with the strategic intent and with a view to the intended outcomes.
Manage transition - how to address needs related to the change that may surface once acheived
Sustain change - ensure that the new capabiliteis continue and previous processess/behaviors cease
*only 20% pf organziation adopt a formal organizational change maangemen
https://www.pmi.org/pmbok-guide-standards/practice-guides/change
What is OPM3
Operational Project Mangement Maturity Model
https://www.pmi.org/learning/library/managing-change-organizations-5872
What are the five sequential step that individuals undergo when adapating to change in the ADKAR Model
Awareness
Desire
Knowledge
Ability
Reinforcement
Awareness of the need for change
Desire to participate and support the change
Knowledge of how to change
Ability to implement desired skills and behaviors
Reinforcement to sustain the change
What is the 8-Step Process for Leading Change?
John Kotter
1 Create Urgency -ID threat/opportunities that drive the need for change
2 Form a powerful coalition-ID change leaders (influential)
3 Create a vision for change-ID values central to the change
4 Communicate the vision
5 Remove obastacles-ID obstacles
6 Create short-term wins-to build momentum and support
7 Build on the change-set goals for CI
8 Anchor the chagnes in corporate culture-tell success stories and recoginze folks
Urgency
Coaliition
Vision
Comms
Obtacles
Wins
Track
Anchor
https://www.kotterinc.com/methodology/8-steps/
What are the six aspects of the Virgina Satir model of how people experience and cope with change?
*Its purpose is to help project team members understand what they are feeling and enable them to move through change more efficiently
Late status quo
The foreign element
Chaos
The transforming idea
Practice and integration
New status quo
What are the three stages of the Tranistion Model?
William Brdiges’ Transtion Model
Provides an understanding of what occurs to individualspsychologically when an organizational change take place.
The model differentiates between change and transition
Ending (losing, and letting go) - anger, denial, confusion
The neutral zone - excitement, anxiety, resistance, creativity, and innovation
The new beginning - relief, confusion, uncertainty, commitment, exploration
Endings (Losing and Letting Go): Managing transitions during change means understanding that it starts with an end or loss. Employees are saying goodbye to the way things used to be done, which can involve feelings of anger, denial, confusion, and frustration.
Neutral Zone: This stage in the Bridges transitions model is when people have managed to let go of negativity with leaving a process behind and are processing new information about the change. This is a time of flux and can include feelings of excitement, anxiety, resistance, creativity, and innovation.
New Beginnings: This part of the Bridges change model includes a release of power and energy in the new direction. It means cementing new ways of doing things and incorporating those as the new norm. Feelings in this stage can involve relief, confusion, uncertainty, commitment, and exploration.
https://www.ocmsolution.com/bridges-transition-model/
What are the two Complexity Models
Cynefin Framework
Stacey Matrix
Cynefin Framework
Dave Snowden
a conceptual framework used to diagnose cause-and-effect realtionships as a decision-making aid.
The framework offers five probelm and decision-making contexts: OCCCD
Obvious
Complicated
Complex
Chaotic
Disordered
Stacey matrix
Ralph Stacey
Similar to the Cynefin Framework, bu tlooks at two dimesntion to determine the relative complexity of project:
a) Relative uncertainty of the requirements for the deliverable
b) the relative uncertainty of the the technology that will be used to create the deliverable
c) the relateive uncertainyt of the these dimensions, a projec tis consiered SiMPLE, COMPLICATED, COMPLEX, or CHAOTIC
The degree of complexity is one factor that influences tailoring methods and practices for the project
What are the two Project Team Development Models?
Tuckman Ladder
Drexler / Sibbet Team Performance
Tuckman Ladder - Five statges
FSPNA
1. Forming
2. Storming
3. Norming
4. Performing
5. Adjourning
Drexler / Sibbet Team Performance
- Orientation
- Trust Buliding
- Goal Clarification
- Commitment
- Implemetation
- High Performance
- Renewal
What are the five Process Groups?
Initiating
Planning
Executing
Monitoring & Controlling
Closing
Salience Model is used to…
analyze stakeholders
https://pmstudycircle.com/salience-model-to-analyze-project-stakeholders/
What are the four processes of Stakeholder Engagement?
The PMI’s 2013 Pulse of the Profession report asserts that “the most crucial success factor in project management is effective communication with all stakeholders.”
- Identify
- Plan
- Manage
- Monitor
Stakeholder engagement has four processes:
Identify project stakeholders.
Plan stakeholder engagement.
Manage stakeholder engagement.
Monitor stakeholder engagement.
Salience means…
Salience means “the quality of being particularly noticeable, important or prominent.” So, stakeholder salience means the quality of a stakeholder or its importance.
Stakeholder salience is the degree…
Stakeholder salience is the “degree to which managers prioritize competing stakeholders’ claims in their decision-making process.”
In the Salience model, a stakeholder has what three attributes? PUL
https://pmstudycircle.com/salience-model-to-analyze-project-stakeholders/
Here, a stakeholder has three attributes:
**Power
Legitimacy
Urgency
**
Power
Power is the authority or influence of the stakeholder on your project or its objectives.
Focus on stakeholders with high power. These stakeholders are fewer in number.
Legitimacy
Legitimacy is how genuinely involved a stakeholder is with your project. You should not spend your time on a stakeholder who doesn’t have a legitimate interest.
Pay attention to stakeholders with legitimate claims.
Urgency
Urgency is the degree to which stakeholder requirements call for immediate attention.
What are the seven groups of stakeholders from the Venn Diagram
Dormant
Discretionary
Dominant
Dangerous
Core
Dependent
Demanding
TBD
To develop your strategy, you divide these groups into three categories:
Latent stakeholders
Expectant stakeholders
Definitive stakeholders
Latent Stakeholders
These stakeholders have one attribute. Besides “power,” the other attributes are not significant; therefore, they receive little attention.
Examples of latent stakeholders are: dormant, discretionary, and demanding.
Dormant Stakeholders
These stakeholders have high power, low legitimacy, and low urgency. Being high power, they can impact your project, so you will manage them carefully.
A stakeholder from top management does not take part in meetings and has no interest in your project.
However, you will still watch these stakeholders as they have power, and you never know when they will change their minds.
Discretionary Stakeholders
These stakeholders have high legitimacy, low power, and low urgency. Although they have low power and low urgency, you will fulfill their requirements because of their legitimacy.
NGOs or charitable organizations are examples of discretionary stakeholders. They do not have power or urgency, but they are legitimate stakeholders.
Demanding Stakeholders
These stakeholders have high urgency, low legitimacy, and low power. They are usually vocal and can influence other stakeholders if their requirements are not met. These stakeholders want attention. You will manage them carefully.
For example, your project is in a public place, and residents from the neighborhood show interest in your project and ask for information.
Expectant Stakeholders
These stakeholders have two attributes: they are active and have expectations of the project.
Some examples of expectant stakeholders are dominant, dangerous, and dependent.
Dominant Stakeholders
These stakeholders have high power and high legitimacy but low urgency. As these stakeholders have a legitimate interest in your project, you will manage them closely. Since the urgency is low, their rank is below the core group.
For example, you are constructing a building where local authorities are stakeholders. Though they don’t have urgent issues with your project, you will manage them closely as they have both power and legitimacy.
Dangerous Stakeholders
These stakeholders have high power, and high urgency but low legitimacy, and this makes them vulnerable. They can be violent and can create trouble for your project. You will manage them cautiously.
For example, suppose you are working in a remote area of a third-world country; in this case, a group of local terrorists can act as dangerous stakeholders.
The security of your team members is paramount. You must identify these stakeholders and mitigate the threats they pose.
Dependent Stakeholders
These stakeholders have high urgency, high legitimacy but low power. Since these stakeholders have little power, you will not pay as much attention.
For example, if you are doing construction work in a public place, local residents can be an example of dependent stakeholders.
You will monitor these stakeholders closely because of their legitimacy and high urgency. They may form a group or associate with powerful stakeholders and can create trouble for you if their requirements are not met.
Definitive Stakeholders
These stakeholders have three attributes and require the most attention. You will manage these stakeholders closely.
An example of definitive stakeholders is “core.”
Core Stakeholders
These stakeholders have high power, high urgency, and high legitimacy. You will manage them closely.
Risk: An ___ event or condition that, if it occurs, has a positive or negative effect on one or more project objectives
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives
List the five negative risk strategies
ATEAM
Accept (common)
Transfer
Escalate (common)
Avoid
Mitigate
https://projectmanagementacademy.net/resources/blog/strategies-for-risk-response/
List the five positive risk strategies
EASE-E
Escalate (common)
Accept (common)
Share
Exploit
Enhance
https://projectmanagementacademy.net/resources/blog/strategies-for-risk-response/
Negative Risk Response when authorization is needed from outside the project team
Escalate
For example, if a customized shipping container cracks after the project closes, the risk will be high for the next project requiring it. Escalation, such as notifying the shipping manager of the container damage, can help ensure a risk response is activated to help future projects.
Negative Risk Response when taking steps to keep a risk from happening “eliminating the threat or protecting the project from its impact”
Avoid
For instance, if the project’s computers have no internet access, you avoid malicious external software attacks and the risk of losing data.
Negative Risk Response when “shifting the impact of a threat to a third party.”
Transfer
When a company outsources customer service operations, for example, the risk of personnel recruitment expenses will transfer from the project company to the vendor. Should the vendor fail to meet the requirements, the risk transfers back to the project company to addres
Negative Risk Response when “decreasing the probability of occurrence or impact of a threat>’
Mitigate
For example, to mitigate theft, a company installs exterior security cameras. The residual risk is that a fire might destroy the building and its contents without internal warning system
Negative Risk Response when “not taking any action unless the risk occurs” (based on the company’s tolerance level for risk influences this)
Accept
In our external security camera example, the lack of a sprinkler system shows that they accept the risk of fire but do not accept the risk of theft.
Positive Risk Response when the risk needs to be addressed by an authority beyond the project team
Escalate
If, for example, a potential customer asks for a one-time discount, the positive risk of gaining the business may be escalated to the company owner to decide if the sale is worth it.
Positive Risk Response when “ensuring that an opportunity occurs.”
Exploit
For instance, to exploit the positive risk (opportunity) of early delivery of a project deliverable, an incentive (free lunch) is offered to the team to work overtime.
Positive Risk Response when “the ownership of an opportunity to a their party who is best able to capture the benefit of the project”
Share
If a manufacturer provides a part to help you meet new customer requirements, you may share the risk of internal costs so that you both benefit from increased sales.
Positve Risk Response when you “incresae the probability of occurrence or impact.”
Enhance
Consider a government-funded project example. If a vendor knows that certification will increase their preferred status, they may obtain it to enhance the opportunity of being selected for more government contracts.
Postive Risk Respons when “no action is taken.”
Accept
Returning to our vendor seeking government contracts, if a lack of certification means the risk of not winning projects with dangerous and costly materials handling requirements, the company may accept it to save safety protocol costs.
A risk management matrix charts what two variables?
Probability & Severity
or
Probablity & Impact
Risk Register
How much money will I have in two years from now if I invest $100 at an expected 20% annual return?
Future Value
$100 x 1.2 for year 1 is $120
$120 x 1.2 for year 2 is $144
$100 x (1.2)^2 = $144
PV x (1+r)^n = FV
Present Value
How much money do I invest today to achieve $144 two years from now at an annual 20% return?
Present Value
$144 / 1.2 for year 2 is $120
$120 / 1.2 for year 1 is $100
$144 / (1.2)^2 = $100
FV / (1+r)^n = PV
WACC
Weighted Average Cost of Capital
Weighted average cost of capital (WACC) represents a company’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. As such, WACC is the average rate that a company expects to pay to finance its business.
NPV
Investment $1000
Benefits Year 1 $400
Benefits Year 2 $400
Benefits Year 3 $400
Benefits Year 4 $400
WACC 20%
Net Pesent Value (NPV)
Year 1 PV = $333 (400/1.2)
Year 2 PV = $278 (400/1.2^2 or 1.44)
Year 3 PV = $231 (400/1.2^3 or 1.728)
Year 4 PV = $193 (400/1.2^4 or 2.0736)
NPV = sum all amounts minus Investment = $35
Net means deducting investment amount from future cash flows
NPV>0 Accept
- A program manager is reviewing the business case for a few projects which have been suggested for funding in the forthcoming portfolio cycle. Project A is forecasting a NPV of $15 million; Project B is forecasting a payback period of 26 months; Project C has a benefits cost ratio of 1:1.5; Project D has an IRR of 12% as against a cost of capital of 8%. Which project would you select if you can only invest in one?
Project A - NPV of $15 million
Project B - payback period of 26 months
Project C - BCR 1: 1.5
Project D - IRR 12% vs cost of capital 8%
Answer: d)
Option C is not a viable project as BCR < 1.
NPV and IRR are better measures of benefit cost analysis than payback period as they consider the time value of money.
Option D provides more conclusive supporting data because it provides not just a value for the IRR, but also informs that it exceeds the hurdle rate.
Option A Whereas an NPV of $15 million may be good or bad, depends upon the overall return on investment it provides and whether it is an acceptable rate of return.
BCR - Benefit-Cost Ratio
NPV - Net Present Value - calculated in absolute terms
IRR - Internal Rate of Return - uses %
Decision making is easy in NPV but not in IRR
NPV - estimate future cash flows disccounted to present value (discount rate is the cost of captial)
The difference between Lead and Lag indicators
Leads - predict performance
Lags- postdict performance
Metric Acronym
SMART
Specific
Meaningful (Measurable)
Achievable
Relevant
Timely
WIP
Work in Progress
The number of items in progress
Development Approach is driven be
Requirements Clarity
Measurement Domain is driving by what 2 kinds of requirements and what
Stakeholders can be individuals, groups, or organizations that ___, ___, or ___ by a decision, activity, or outcome of a portfolio, program, or project
may affect
be affected by
perceive themselves to be affect by
A Schedule Management Plan describes how the schedule will be managed throughout the project lifecycle. The plan will address issues such as:
who is..
how offten…
what…
how…
who is responsible for maintaining the schedule
how often the schedule will be updated
what methods will be used to track progress
how changes to the schedule will be controlled
https://projectmanagementacademy.net/resources/blog/schedule-management-plan/
What is the Rule of Seven and what artifact does it use?
This rule says that the process may be out of control if seven consecutive data points fall on one side of the centerline in a control chart
