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Prince2 > Foundation > Flashcards

Foundation Flashcards

1
Q

OV - 7 What are the SEVEN Principles:

A
  1. Continued business justification
  2. Learn from experience
  3. Defined roles and responsibilities
  4. Manage by stages
  5. Manage by exception
  6. Focus on products
  7. Tailor to suit the project environment
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2
Q

OV - 6 aspects of project performance to be managed

A
  1. Costs
  2. TimeScale
  3. Quality
  4. Scope
  5. Risk
  6. Benefits
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3
Q

OV - 5 characteristics of a project

A
  1. Change
  2. Temporary
  3. Cross functional
  4. Unique
  5. Uncertainty
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4
Q

OV - 4 integrated elements on which Prince2 is based

A
  1. principles
  2. themes
  3. processes
  4. the project environment
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5
Q

OV - 7 Benefits of using Prince2

A
  1. can be applied to any projects
  2. common vocabulary & approach
  3. integrates easily with industry specific model
  4. ensure management by exception to make efficient use of executives time
  5. ensure focus on the continuing viability of the project
  6. lot of accredited training & consultancy org
  7. explicit definition of roles & responsability
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6
Q

OV - 5 characteristics of a project (detailed)

A
  1. Change : projects are the means to introduce changes
  2. Temporary : one desired change has been implemented business as usual resume (start & end)
  3. Cross functional : projects involve a team of people with different skills working together to introduce a change outside of the team. Often cause strains since each has a different perspective
  4. Unique : every project is unique. different team, customer, location
  5. Uncertainty : threats & opportunities. More risks.
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7
Q

OV - Definition of a project

A

a temporary organisation that is created for the purpose of delivering one or more business products according to an ageed Business Case

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8
Q

OV - 7 themes

A
  1. Business Case : why
  2. Organisation : who
  3. Quality : What
  4. Plans : How? How much? When?
  5. Risk : what if?
  6. Change : what’s the impact
  7. Progress : where are we know? Where are we going? Should we carry on?
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9
Q

BC - Purpose of the BC theme

A

is to establish mecanism to judge whether the project is (and remains) desirable, viable and achievable as a means to support decision making in its (continued) investment

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10
Q

BC - How the BC supports the continued biz justif principle

A

by documenting the business justification in the business case describing the reasons for the project based on estimated cost, risk & expected benefits

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11
Q

BC - Difference between output, outcome & benefit

A

output : any of the project’s specialist products (tangible or not); (ex : New Sales System)

outcome : the result of the change derived from using the project’s output (ex:Sales Order are processed faster)

benefit: measurable improvement resulting from an outcome that is perceived as an advantage by one or more stakeholders (Costs are reduce by 15%)

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12
Q

BC - Purpose of BC & Benefit Review Plan

A

BC: used to document the justification for the undertaking of a project based on the estimated costs against the anticipated benefits to be gained & offset by any associated risks.

BFR : how & when a measurement of the achievement of the project’s benefit, expected by senior user, can be made

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13
Q

BC - Recommended composition of a BC (9)

A
  1. Exec Summary
  2. Reasons
  3. Business options
  4. Expected benefits
  5. Expected dis-benefits
  6. Timescale
  7. Costs
  8. Investment appraisal
  9. Major risks
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14
Q

Risk - Procedure - Identify (Context)

The primary goal of the ’Identify context’ step

A

to obtain information about the project in order to understand the specific objectives that are at risk and to formulate the Risk Management Strategy for the project

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15
Q

Risk - Procedure - Identify (Risks)

The primary goal of the ’Identify risks’ step

A

to recognise the threats and opportunities that may affect the project’s objectives.

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16
Q

PRINCE2 recommends a risk management

procedure comprising the following five steps:

A 
■ Identify (context and risks)
■ Assess (i.e. Estimate and Evaluate)
■ Plan
■ Implement
■ Communicate
17
Q

Risk - Procedure - Assess (Estimate)

The primary goal of the ’Estimate’ step

A

to assess the threats and the opportunities to the project in terms of their probability and impact.

The risk proximity will also be of interest to gauge how quickly the risk is likely to materialise if no action were taken.

18
Q

Risk - What is a Risk cause

A

This should describe the source of the risk, i.e. the event or situation that gives rise to the risk. These are often referred to as risk drivers. They are not risks in themselves, but the potential trigger points for risk. These may be either internal or external to the project

19
Q

Risk - What is a Risk event

A

This should describe the area of uncertainty in terms of the threat or the opportunity

20
Q

Risk - What is a Risk effect

A

This should describe the impact(s) that the risk would have on the project objectives should the risk materialise.

21
Q

Risk - Procedure - Assess (Evaluate)

The primary goal of the ’Evaluate’ step

A

is to assess the net effect of all the identified threats and opportunities on a project when aggregated together.

This will enable an assessment to be made of the overall severity of the risks facing the project, to determine whether this level of risk is within the risk tolerance set by the Project Board and whether the project has continued business
justification.

22
Q

Risk - Procedure - Plan

The primary goal of the ’Plan’ step

A

is to prepare specific management responses to the threats and opportunities identified, ideally to remove or reduce the threats and to maximise the opportunities.

Attention to the Plan step ensures as far as possible that the project is not taken by surprise if a risk materialises.

23
Q

Risk - Threat responses (6)

A 
■ Avoid
■ Reduce (probability and/or impact)
■ Fallback (reduces impact only)
■ Transfer (reduces impact only, and often only the financial impact)
■ Share
■ Accept
24
Q

Risk - Opportunity responses (4)

A

■ Exploit
■ Enhance
■ Share
■ Reject

25
Q

Risk - Procedure - Implement

The primary goal of the ’Implement’ step

A

is to ensure that the planned risk responses are actioned, their effectiveness monitored, and corrective action taken where responses do not match expectations.

26
Q

Risk - Procedure - Communicate

Risks are communicated as part of the following management products:

A

Communication is a step that is carried out continually.

The ’Communicate’ step should ensure that information related to the threats and opportunities faced by the project is communicated both within the project and externally to
stakeholders.

Risks are communicated as part of the following management products:
■ Checkpoint Reports
■ Highlight Reports
■ End Stage Reports
■ End Project Reports
■ Lessons Reports.
27
Q

Risk - What is a Risk budget

A

A risk budget, if used, is a sum of money included within the project budget and set aside to fund specific management responses to the project’s threats and opportunities (for example, to cover the costs of any fallback plans should they need to be implemented).

28
Q

Plans - Purpose

A

The purpose of the Plans theme is to facilitate communication and control by defining the means of delivering the products (the where and how, by whom, and estimating the when and how much).

29
Q

Plans - What is a plan?

A

It is a document describing how, when and by whom a specific target or set of targets is to be achieved.
These targets will include the project’s
products,
timescales,
costs,
quality
and benefits.

30
Q

Plan - What is the Planning Horizon?

A

The period of time for which it is possible to accurately plan.

31
Q

Plan - What is the Project Plan?

A

The Project Plan provides a statement of how and when a project’s time, cost, scope and quality performance targets are to be achieved, by showing the major products, activities and resources required for the project.

32
Q

Plan - What is a Stage Plan

A

A Stage Plan is required for each management stage. The Stage Plan is similar to the Project Plan in content, but each element will be broken down to the level of detail required to be an adequate basis for day-to-day control by the Project Manager.

Each Stage Plan for the next management stage is produced near the end of the current management stage.

33
Q

Plan - What is a Team Plan

A

A Team Plan is produced by a Team Manager to facilitate the execution of one or more Work Packages.

Team Plans are optional; their need and number will be determined by the size and complexity of the project and the number of resources involved.

34
Q

Plan - What is an Exception Plan

A

An Exception Plan is a plan prepared for the appropriate management level to show the actions required to recover from the effect of a tolerance deviation.
If approved, the Exception Plan will replace the plan that is in exception and it will become the new baselined Project Plan or current Stage Plan, as appropriate.

Prince2 (2 decks)

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