Deck 1 Flashcards
PRINCE2
Projects in a Controlled Environment v2
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
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
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
3 types of procurement
commodity
specialty items
personnel
reasons to close project early
project no longer aligns with company strategy
not technically feasible
negated by competitive pressures
not economically feasible
4 phases
Defining
Planning
Executing
Closing
Stage vs phase
stages are segments of work in the project
phase - project with a deliverable
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
Project closure activities
turn over final project deliverables
close out all procurements
complete administrative work to close project
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
what ends the project defining phase
selection/rejection of project
creation/approval of project charter/proposal
outputs of planning phase
scope
budget
schedule
all approved by customer/sponsor
What is used in planning phase to detail the plan?
WBS
2 type of project deliverables
PM
specific
levels in WBS
Program Project Deliverables Activities Tasks/Subtasks
definition of business scenario
relevant past events
key current information
expected/desired outcomes
business strategy
activities, methods, tactics used to meet business goals
project success
meets time, budget and scope goals
portfolio
group of related programs that support long term company objective
program
group of related projects
project
group of activities that generate a result to support a program
risk appetite
degree of uncertainty an entity is willing to take on
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
EV
earned value
value of all work completed to date
PV
planned value
dollar value of all work scheduled to have been completed to date
pertains to schedule
AC
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
