Deck 1 Flashcards by Steve Veltman

PRINCE2

Projects in a Controlled Environment v2

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4 major PM orgs

PMI - largest, 400k members, founded 1969, OPM3
APM - UK based
IPMA - founded 1965
AXELOS - joint venture between UK govt and Captia PLC

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3 types of org structure

FUNCTIONAL (departmentalized): works well when projects are not too complex and operations don’t need a lot of collaboration among each other
PROJECTIZED: SMES assigned to work for a PM
MATRIX: less clearly defined lines of reporting, weak (like functional); balanced; strong
project is central focus

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5 levels of org maturity re PM

ad hoc - no standards
planned - basic documentation exists, inconsistent management support
managed - formal documentation, inconsistent application
integrated - metrics in place to collect performance data across projects
sustained - metrics exist to collect data across projects, portfolios and programs

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3 types of procurement

commodity
specialty items
personnel

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reasons to close project early

project no longer aligns with company strategy
not technically feasible
negated by competitive pressures
not economically feasible

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4 phases

Defining
Planning
Executing
Closing

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Stage vs phase

stages are segments of work in the project

phase - project with a deliverable

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when can closeout practice occur in a project

at any stage in the project
phase completion
iteration completion
deliverable completion
any juncture where segment of work is completed

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Project closure activities

turn over final project deliverables
close out all procurements
complete administrative work to close project

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project charter

defines/documents project existence
authorizes project (contract document)
created after project is selected
identify sponsor, PM, purpose, general scope, budget, performance measures, milestones, major deliverables, assumptions, constraints, business need, signatures

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what ends the project defining phase

selection/rejection of project

creation/approval of project charter/proposal

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outputs of planning phase

scope
budget
schedule
all approved by customer/sponsor

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What is used in planning phase to detail the plan?

WBS

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2 type of project deliverables

specific

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levels in WBS

Program
Project
Deliverables
Activities
Tasks/Subtasks

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definition of business scenario

relevant past events
key current information
expected/desired outcomes

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business strategy

activities, methods, tactics used to meet business goals

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project success

meets time, budget and scope goals

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portfolio

group of related programs that support long term company objective

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program

group of related projects

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project

group of activities that generate a result to support a program

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risk appetite

degree of uncertainty an entity is willing to take on

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risk tolerance

degree of uncertainty an entity can withstand

risk threshold

measurements of uncertainty stakeholder is interested in. Risk accepted below threshold, not tolerated above.

risk planning

review every aspect of project to find risks | internal and external influences

3 types of risk

organization external technical

RBS

risk breakdown structure - follow WBS task by task to evaluate risk in each task

transfer risk

transfer risk to another party ie insurance, outside party, may increase budget

risk mitigation

reduce impact or likelihood of risk occurring

approaches to opportunity management

accept enhance share

what risk management strategy is most desirable

avoidance

float time

time a task can be delayed without affecting completion date

what does project baseline determine

what is included in scope, functional requirements, business needs, stakeholder

Project charter most important function

authorizes project | contract document

what's included in scope

SOW baseline schedule baseline cost

SOW

``` DEFINES objectives, deliverables, acceptance criteria, requirements, milestones, constraints, assumptions ```

What is essential in project scope statement?

deliverables and acceptance criteria

types of non cognitive skills for a PM

``` leadership teamwork communication negotiation conflict management self control flexibility and creativity professionalism ethics decisiveness ```

planned vs managed maturity level

planned - standards, etc. exist but not an organizational standard managed - standards, processes, etc. are an org. standard

time value of money vs NPV

TVM - value of money today compared to future | NPV - calculate if benefits (revenue, income, savings, etc.) are greater/less than cost of project

realistic vs capable project selection model flexible defn comparable defn

realistic - reflects business processes, appropriate for level of resources capable - pertinent, relevant factors, covers its dimension well flexible - accurate measures across ranges of conditions easy to use low cost comparable - usable across range of projects, outcomes used to compare projects

non numeric selection models

competitive necessity operation necessity sacred cow checklist

triangular distribution

used to estimate time for a task | (O+L+P)/3

beta distribution

``` DURATION used to estimate time for a task (O+4L+P)/3 RANGE (P-O) SD (P-O)/6 ```

top down budget estimating

aka parametric ratio - uses experience to apply to size of project apportion - apply cost to portion of project based on overall cost of project and relative portion of segment

bottom up cost estimating

aggregate costs from individual task costs in WBS

management vs contingent reserve

Mgmt - covers unknown risks | contingent covers known risks from risk mgmt process

calendarized budget

combined info from WBS, budget and network diagram

information in a network diagram

resources, time and sequence

earned value | value of all work completed to date

planned value dollar value of all work scheduled to have been completed to date pertains to schedule

actual cost cost of all work completed to date pertains to cost

BAC

budget at completion | total baseline budget for completed project

cost variance

EV-AC | Negative means behind

schedule variance

EV-PV | negative number means behind

CPI

cost performance index EV/AC >=1 is good

SPI

schedule performance index EV/PV >=1 is good

project closeout tasks

acceptance of deliverables procurement admin