Doing the Work Flashcards
Risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Can be positive (opportunities) or negative (threats)
Trigger Condition
An event or situation that indicates that a risk is about to occur.
Project Risk Management
The project management knowledge area that includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.
(consider the ‘likelihood’ that the risk event will occur, and the ‘potential impact’ of the risk
Risk Management Plan
a component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.
Effect-based Risk Classification
Involves classifying risks according to their effects on
schedule, cost, quality, and scope.
Sourced-Based Risk Classification
Involves classifying risks according to their sources:
- Internal
- External
- Technical
- Non-technical
- Industry-specific
Risk Classifications (4)
• Known known - Information that is fully studied and well understood
• Known unknown - Information that is understood to exist but is not in the possession of the person seeking it
• Unknown unknown - Something unforeseeable
• Unknown known - Information that an individual or organization has in its possession but whose existence, relevance or value has not been realized
Risk Threshold
The maximum amount of risk, and the potential impact of that risk occurring, that a project manager or key stakeholder is willing to accept
Risk Appetite
The degree of uncertainty an organization or
individual is willing to accept in anticipation of a
reward.
Risk Tolerance
The level of risk exposure above which risks are
addressed and below which risks may be accepted.
Business Value
The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible or both. Example:
1. Financial gain
2. Social
3. Improvements
4. New customers
5. First to Market
6. Technological Improvements
Product Roadmap
- Display the strategy and direction of the product and the value it will deliver.
- Are progressively elaborated over time with information and work inputs and refinement of the vision.
- provide long term and short term visualization of the product.
Incremental Delivery
Enables the project to deliver value sooner than the end of the project. Benefits:
• Higher customer value and increased market
share.
• Partial delivery (or previews) to customers— this often creates excitement for the product and can build customer loyalty
• Enables early feedback for the project team allowing for adjustments to the direction, priorities, and quality of the product.
Minimum Viable Product (MVP)
The smallest collection of features that can be included in a product for customers to consider it functional.
Minimum Business Increment (MBI)
A term used in Disciplined Agile approaches, an MBI
is the smallest amount of value that can be added to
a product or service that benefits the business.
- enables team to incrementally build on success or pivot as needed.
What is a timebox and benefits
Timebox is a fixed period of time, for example, 1 week, 2 weeks, 3 weeks, or 1 month.
- Allow for better tracking over time
- Creates a sense of urgency
- Cycling the project through similar timeboxes provides progress measurements from one timebox to the next.
Stakeholder Engagement Assessment Matrix
A matrix that compares current and desired stakeholder engagement levels.
Project Artifacts
are created by project teams during project work. Artifacts facilitate management of the project. Example: Spreadsheets, emails, and meeting minutes.
Deliverable
Any unique and verifiable product, result, or capability (tangible or intangible) to perform a service that is required to be produced to complete a process, phase or project. Example: a planned software improvement.
Project documents
Integral documents for a project; they define and support the work of the project. They are regularly updated by project management processes.
Example: a scope management plan.
Configuration Management
A tool used to manage changes to a product or service being produced as well as changes to any project documents
Configuration Management System
A collection of procedures used to track project artifacts and monitor and control changes to these artifacts.
What are some causes of project changes (4)
- Inaccurate initial estimates - from lack of experience, lack of information, inaccurate data.
- Specification changes- new options become apparent that weren’t considered during the initial planning.
- New regulations - governmental or industrial
- Missed requirements
Change Control Systems
A set of procedures that describe how modifications to the project deliverables and documentation are managed and controlled. it includes de forms, tracking methods, processes, and approval levels required for authorizing or rejecting requested changes.
Change Control Board (CCB)
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.
Type of Change Requests (4)
- Corrective Action - Adjusts the performance of the project work with the project management plan.
- Preventative Action - Ensures future performance of the project work with the project management plan
- Defect Repair - Modifies a non-conformance within the project
- Update - Modifies a project document or plan.
Explicit Knowledge vs. Tacit Knowledge
Explicit - can be documented and shared with others
Tacit - Personal knowledge that can be difficult to articulate and share such as beliefs, experience, and insights.
Scope creep
When additional scope or requirements are accepted without adjusting the corresponding schedule, budget, Or resource needs.
To manage this, use a change control system. Where all changes are evaluated for potential value, resources, time and budget.
Change needs to be formally approved.
