General knowledge Flashcards

Question

Which org structure gives you the most control as PM? a. Matrix b. Composite c. Strong d. PMO

Answer 1

PMO If I see PMO- That means Project oriented

Answer 2

Blend of two or more models(blend of func, projectized, matrix orgs)

Answer 3

* Staff are grouped by specialty or function (e.g., finance, marketing, etc.). * Project managers have limited authority. * Employees report to a functional manager.

Answer 4

Matrix: There is a blend of functional and projectized characteristics. * Employees report to both functional managers and project managers. * There are three types of matrix structures: weak, balanced, and strong. * Weak Matrix: Closer to functional, with project managers having limited authority. * Balanced Matrix: Project managers and functional managers share authority. * NOT MEDIUM MATRIX but BALANCED! * Strong Matrix: Closer to projectized, with project managers having more authority.

Answer 5

* Project managers have full authority over the project. * Staff are dedicated to the project. * Project managers report directly to higher management.

Answer 6

Forecasting costs techniques EAC: Estimated at completion new budget based on current cost performance(updated BAC) Regression Analysis: Trend line on a scatter plot that looks for trend between 2 variables * Control Schedule: Can look at performance see if it is improving or getting worse. Graphically draw trend to predict where it will be in future

Answer 7

Value Add or non value add activities

Answer 8

Communications MP. EX2.Q.54 * Has all Shs and their comm needs, and how info will be communicated to them. Answer CGPT: * The SH Register and Comms MP are complimentary * The Comms Plan provides high level SH info requirements and information to be communicated, and reason for distribution of that information and more. * Comms plan references SH Register for more detailed information on SHs. Ex of Comms MP: SH Analysis Section * The SH register is part of the SH Engagement plan not comms MP * SH Register is output of SH Engagement plan * The SH ID, Analysis, and management is part of SH Engagement plan

Answer 9

* SH Info: Comm MP references SHR for detailed info for each SH. * Does not contain a full list of SHs w/ same level of detail as SHR. but outlines Comm requirements for each SH or SH group. * Part of SH Engagement plan not comms plan(ID, analyze, management of SHS) * Integrated approach: CommMP leverages SHR to ensure comms are tailored to meed the needs and preferences of each SH. * Specifies how often and through which channels each SH or SH group will receive updates and other comms.

Answer 10

Creating Comms MP: 1. Use SHR to ID Shs * Determine comm needs for each SH based on their roles, influence, and impact on project. * Develop Comm strategies and plans accordingly 2.Updating and Referencing * When communicating w/ SHs, refer to Comms MP to ensure you follow the agreed upon methods and schedules * Use SHR to retrieve details about each SH if needed. Example Scenario: When you need to communicate the release to SHs * Review the Comm MP: To understand the general comm strategy, channels, frequency, and responsible persons. * Cross Reference w/ the SH Register: If you need specific details about SHs, such as updated contact info or to verify roles.

Answer 11

Outlines comm strategies and plans for project detailing how info will be distributed to SHs. Contents: * Comms objectives * Info to be communicated(content) * Who will receive the info(audience) * How info communicated(methods/channels) * Freq of comms(timing/sched) * Person responsible for delivering comms(sender) * Feedback mechanism and procedures for managing comm

Answer 12

Detailed list Shs in project provides info on them, interests, influence, and impact on proj.

Answer 13

Are metrics that predict future performance/trends/changes or outcomes can be used to make proactive adjustments. Leading indicators(quantifiable): Size of project, number of items in progress in BL * Sprint Burndown Rate- Measure rate at which work being completed in a sprint. If burndown slower than expected, it may indicate potential delays. * Number of open issues: Count of unresolved issues or bugs. Increasing number of open issues can be sign of potential quality problems ahead. * Team Velocity: Amount of work that can be done in a sprint. Velocity decreasing, can indicate team burnout or inefficiencies. * Employee Engagement Levels: Measured through surveys/feedback. High engagement leads to better productivity and project outcomes * Scope Change Requests: Number and frequency of scope CRs. High number of CR’s can indicate scope creep, can lead to delays and increased costs. * Resources availability: Lack of resources indicate upcoming project bottlenecks. * Completion of Milestones: Tracking whether milestones being completed on time. Delays to Milestones can predict future schedule slippage. * Customer Feedback: Early feedback form customers or SHs about deliverable. Negative feedback can indicate future dissatisfaction or rework. Lead Ind (harder to quantify): but provide early warning signs of problems: Lack of risk management processes, SHs who are not available or engaged, poorly defined project success criteria | Clarify last summ with bullets above.

Answer 14

Lagging Indicators: Metrics for past performance and outcomes. Measure project deliverable or events. Help assess whether project goals have been met. * Examples include: number of deliverables completed, sched/cost variances, amount resources consumed. * Project completion time: Actual time taken to complete project compared to planned schedule. * Budget Variance: Diff between planned budget and actual expidenture. Indicates if project stayed w/in budget. * Number of Defects: Total number of defects or issues found after delivery. Reflects the quality of the project deliverables. * Customer Satisfaction: Measured through surveys or Net Promoter Score(NPS) after project completion. Indicates overall satisfaction w/ the project outcome. * Return on Investment: Financial gain or loss generate by project compared to cost. * Scope Achievement: Extent scope completed vs planned measures. How well project met og objectives.

Answer 15

Indicator of future performance. * Items in Backlog: Lot of them size of the project to big. * Size of project * Lack of progress * SHs not involved

Answer 16

* Deliverables completed * Schedule or cost variance * Resources consumed

Answer 17

NPS: Measures customers willingness to recommend product/service to others. Gauges customers overall satisfaction w/ orgs prod/serv and customer loyalty Memorize NPS means Net Promoter score, didn’t know what acronym meant on exam

Answer 18

A and B?(double check B) Known costs of project Changes and managing change vs Indirect Costs at activity level, if they are included in project estimate * Indirect Costs at activity level: indirect costs like overhead, admin costs, other supporting activities can be included in proj estimate if they attribute to project activities. * These costs are part of total project cost and should be considered when estimating budget. * Direct Costs: Expenses linked directly to the creation or delivery of project outputs. Cost incurred as direct consequences of project activities and deliverables. * Cost of change(qlty issues) can’t be predicted(Can't Estimate) for we won’t know until it happens later. Assuming the cost of changes in Proj BL would distort our project baseline and make it hard to measure performance and progress of the project. * So we use it as a reference point. * Reserves: Later in CMP, we can compare changes added to original BL.Reserves are just buffers. They don’t target specific changes, we can’t know

Answer 19

Process Group: Develop Team(Resource Mgmt) * Help team grow and improve and help work together more effectively. * Main Output: Team Performance Assessments, take these and use our leadership skills and help serve our team to grow, improving trust making jobs easier. * TT: Individual and Team Assessments- Tools can give us insights into our teams areas of strengths and weaknesses * Attitudinal Surveys: are the happy and engaged in project, do they want to work w/ us? * Specific Assessments(ex:agile): How well do they know agile? * Structured Interviews * Ability Tests: For BA, or Developer, Or Tester? * Focus Groups on team capability. * Output: Team Performance Assessments- As we make efforts to develop team through training, team building, co-location we might also want to see if it is working or not. Can make formal/informal assessment of project teams’ effectiveness including checking things like: * Improvement in project skills * Improvement in competencies or disciplines as a team * Reduced staff turnover rate * Increased team cohesiveness – open sharing of info.

Answer 20

Process: Acquiring Resources: Gathering and assigning both team resources and other material resources required to complete project. * Main Outputs: Physical Team(assignments) and Physical Resource Assignments, and Resource Calendar to see availability * Physical Resource Assignments: We want to document the physical resources we are allocating to the project. Might include: * Materials * Equipment * Supplies * Locations * And Other physical resources that will be used during the project. * Project Team Assignments: Want to document team members, and their roles and responsibilities for the project we need. * This could be project team directory or names inserted into the project management plan * Ex: Project org charts or scheduled activities, resource breakdown structure. * Resource Calendars: Now we know the resources we need and are acquiring them for our project, we can make the resource calendar now. * Resource Calendar: ID’s the working days, shifts, start, and end of normal biz hours, weekends, and public holidays when each specific resource is available. * This will help us figure out who can work on which activity.

Answer 21

Decision Tree: used to support selection of best of several alt courses of action. * Alt paths through the project are shown in the decision tree using branches representing diff decisions or events, each of which can have associated costs and related individual project risks(both threats and Opps) * Risk: Has the Prob and impact associated w/ that choice. * The end-points of dec tree rep the outcome from following that path, can be pos/neg * The dec-tree is evaluated by calculating expected monetary value of each branch(quant anal), allowing the optimal path to be selected.

Answer 22

Operations: Ongoing activities that produce repetitive products, serv, results. * Don’t have defined end, ongoing activities. * Repetitive: Output of operations is repetitive and consistent. Same products, serv, results produced regularly in predictable manner. * Efficiency focused: Ops aims to maintain and improve efficiency of current processes to produce same output at lower costs w/ higher quality. * Stable Process: Consistent outcomes. * Examples of Operations: * Manufacturing: Production line produces same parts daily * IT Services: managing IT support services handle routine helpdesk queries and tech issues. * Customer Services: operating call center handle customer inquiries and complaints regularly. * Accounting: Routine financial operations like payroll, billing, tax filing.

Answer 23

* SH Influence: High at beginning due to needd for input and decision making. * Decrease over time as project scope and plans are set, and execution underway. * Risk Levels: High at beginning due to uncertainty and many unknowns. * Decreases as uncertainties are resolved, risk are mitigated, and project progresses towards completion

Answer 24

Mandatory: Contractually required inherint to project work. Not Modifiable. Discretionary: guideline/best practice, modifiable Internal: Relationship btw project activity and non project activities. CAN be modified External: Relationship btw project activity and non project activities. Cannot be modivied

Answer 25

1. Triangualr: E=(O+M+P)/3 2. Beta (Pert avg) Distribution: E=(O + 4M + P)/6

Answer 26

To help support our estimate we document how we came up with our estimates. Basis of estimate * Assumptions made * Range of estimates * Any constraints * Confidence level in the estimate * Assoc risks.

Answer 27

Overarching tech used to create the project schedule model we’ll use: Critical Path Method, Resource Optimization, Modeling Techs * Critical Path Method: * Critical Path: Sequence of activities which determine the shortest possible project duration. * CP Method: used to calculate this, using the amount of free float(for an activity) and total float(total schedule flexibility) on diff paths. * Calc Float: w/ Forward and Backward Pass * Float: Difference btw Late Start and Early Start. CP= zero float * Resource Optimization: Resource Leveling and Smoothing * Leads and Lags * Sched Compression

Answer 28

Plan Knowledge Management: 1. Identify knowledge needs and gaps. * Determine the methods and tools for capturing and sharing knowledge. 2. Collect Knowledge: Gather both tacit (personal experience) and explicit (documented) knowledge from project activities and stakeholders. 3. Share Knowledge: Facilitate the sharing of knowledge through formal and informal interactions, documentation, and presentations. 4. Apply Knowledge: Use the gathered knowledge to make informed decisions, solve problems, and improve project performance. C5. reate New Knowledge: Encourage innovation and the creation of new knowledge through collaboration and reflection. 6. Store Knowledge: Store knowledge in a way that it can be easily accessed and retrieved for future use.

Answer 29

Knowledge management is concerned w/ managing tacit and explicit knowledge * For 2 purposes: * Reusing existing knowledge and creating new knowledge * Key Activities use both: Knowledge Sharing and Knowledge Integration(of knowledge from different domains, contextual knowledge, and proj mgmt knowledge) * Common Misconceptions * Managing knowledge involves only documenting it so it can be shared. * Managing knowledge involves just obtaining lessons learned at end of project in order to use for future projects * Only Explicit knowledge can be shared this way. * But codified explicit knowledge lacks context and is open to different interpretations, * Even though it can be easily charred, it’s not always understood and applied correctly.

Answer 30

Comparison of actual or planned products, processeses, and practices or projects qlty standards to those of comparable orgs or projects , to **identify**: * Best practices * Performance gaps * And **Generate** ideas for improvement(from gaps) * And provides a **basis** for measuring performance. Benchmarked projects may exist within the performing org or outside of it. * Or can be within the same application area Benchmarking allows analogies to be made for projects in different application areas or different industries. * Purpose: ID areas of improvement(Find gaps), set performance goals, and implement best practices Benchmark steps 1. ID subject of BM 2. Select Benchmark partners(org or processes to compare against) 3. Collect data on the identified metrics. 4. Analyze the data to ID gaps and Opps 5. Implement changes to improve performance 6. Monitor results and repeat the process as needed. ## Footnote Do Benchmarking w/ similar **non-competitive** company, add process improvements My issue, not a competitive company. CGPT: Reasons why non-competitive better than competitive 1. Collaborative and Openness: Non comp orgs more likely to share their processes and strategies. Direct competitor may not be able to share because of confidentiality. 2. Industry Best Practices:Benchmarking a similar org w/in same industry can reveal industry best practices that are relevant to your ops. These practices can be adopted to improve efficiency, reduce costs , and enhance profitability. 3. Innovation and Improvement: Learning from these orgs can inspire new ways of thinking, problem solving. 4. Avoid Conflict of Interest: Benchmarking against competitors can raise ethical concerns and potential conflicts of interest. Better to benchmark against on the market products if immediate solution needed. If just want long term strategy, no immediate solution needed, can do benchmark on competitor products for future production.

Answer 31

* Empowers the Team: Encourages team involvement in decision-making, fostering ownership and accountability. * Promotes Collaboration: Builds a cooperative environment where team members work together to achieve project goals. * Practices Transparency: Openly communicates goals, constraints, and challenges, building trust within the team. * Focuses on Development: Prioritizes the growth and development of team members, providing opportunities for learning and advancement. * Listens Actively: Values and considers the input of all team members, ensuring everyone’s voice is heard and respected.

Answer 32

Bid process= Tender process The **process** of where a buyer** Solicits bids** from selected sellers. Terms such as bid, tender, or quotation used when seller selection based on price. * Aka Bid process: invite sellers, vendor submits bid, evaluate bids, award contract, 1. Tender/Procurement.SOW Preparation: Translate project **requirements** into a detailed tender/SOW document, including specifications, evaluation criteria, and terms of the contract. 2. Invitation to Tender: Issue tender/bid publicly or to selected bidders. providing them with tender document. 2. Submission of Bids: Bidders submit proposals with pricing, timelines, technical solution. On how they will meet the requirements 3. Evaluation of Bids: Assess bids based on cost, capability, compliance. 4. Awarding the Contract: Select and formalize agreement with the best bidder. 5. Contract Management: Monitor project delivery as per contract terms. ## Footnote process where an organization, called the buyer, invites other parties, called suppliers, to submit bids or proposals to provide goods or services.

Answer 33

Tender: * A process within procurement where bids are invited from potential contractors or suppliers. * Focuses on obtaining the **best offer** from competing bidders. * Involves steps like tender(Bid) preparation, bid submission, evaluation, and contract awarding. Procurement: * The overall process of acquiring goods, services, or works from external sources. * Includes planning, sourcing, contracting, managing, and closing contracts. * Tendering is just one part of procurement, alongside other methods like direct purchasing and negotiations.

Answer 34

No. Because it is the overarching plan of how procurement will be managed in a project. Not specific to a particular procurment scope in a bid document, that bidders respond to. Procurement SOW is pulled from the scope of the project and shows what work is planned to be handed off to a vendor.

Answer 35

You do NOT update Issue Log. You update the Change log first.

Answer 36

* Creating/Writing a Change Request: This means formally submitting a proposed change to the CCB or your Sponsor in form of a 1-Pager **AFTER** the **impact analysis is done** * Documenting a Change Request: This is the first step when a change is verbally proposed by a stakeholder. Generally, this means updating your 'change log' document with this change as a 'new request'.

Answer 37

Formally submitting a proposed change to the **CCB** or your **Sponsor** in form of a 1-Pager **AFTER** the **impact analysis is done.**

Answer 38

This is the first step when a change is verbally proposed by a stakeholder. Generally, this means updating your 'change log' document with this change as a 'new request'

Answer 39

Documenting a change(Change log), in itself updates the change/config management systems. The change log is directly tied into them. Then you can move on to next ICC steps: Impact analysis->CCB Review

Answer 40

Ans: Business Case * PC Starts w/ Needs Assessment(why we need to do project) * Feeds into Business Case: Financial Why of project * Benefits MP: Lives in business case. And is the plan to realize the benefits we expect from project. Wrong: Benefits MP

Answer 41

Needs assessment used to make the business case. * Benefits MP also lives in Business case, part of biz docs.

Answer 42

1. Requirements MP: Scope MP- Plan Scope Management 2. Change MP: Develop Project MP 3. Config MP: Develop Project MP

Answer 43

Functional org: Hierarchicle structured org, that seperates specialized team that are good at only one thing. They work in silos and report to 1 superior. * NGC EX: Team 1: Automation, Team 2: Manf.Engineering, Team 3: Business Group, Team 4: Facilities. * Each Team Has 1 clear superior.(Beck, omid) * Everyone reports to someone. * PM: is coordinator part time. No Power * Owned: Functional manager. ## Footnote Pros: stable org structure.

Answer 44

B. throughout Project Best to capture lessons as you address issues and improvments promptly * More granular in timeframe than just waiting until phase over.

Answer 45

Rolling Wave Planning: Plans work to be done in the short term first, and plans longer time frame work later. * starts like most projects with a **WBS, work packages, planning packages** which are aligned with the scope. * the only Difference is the work packages and WBS are only filled up to the PMs current knowledge. * Agile and Predictive projects Plan Driven Approach: Regular sequential steps in predictive project, where each new phase begins after previous stage is done.

Answer 46

Both aspects of iteration planning style. Progressive Elaboration: Continuously improving and detailng plan as more specifics becomes available over time. Rolling Wave: Plan short term work in detail, and future term work at high level. * Technique in Define Activities process. Ensures** detailed planning done for work packages** to be delivered in near term while only **high level planning(planning package)** to be delivered later. * Starts with WBS, work packages, planning packages that are filled up to PMs best knowledge. * As project progresses and requirements become clearer , more detailed planning next work package then delivering it. Note: Agile has the rolling wave planning technique baked into it. So we can say that Predictive projects can use agile techs like rolling wave planning. * Agile use: The idea is plan an iteration in detail, deliver it and move to the next iteration. * Pred Use: **Plan in detail deliver work package** instead t**hen moving onto planning next work package** then delivering it.

Answer 47

A project may have multiple components that are delivered at different times throughout project. * Ex: Project to deliver new drug. This is a sequential example * Phase 1: Preclinical Trial * Phase 2: Trial Result * Phase 3: Trial Results, Registration, and launch. Non Sequential example where deliveries developed seperately with multiple deliveries * Ex: Project- Update Building Security * Physical barriers to entry * new badges * new key code pads etc.. * Each is a seperate delivery, but don't need to come in specific order.

Answer 48

Feasibility: Phase determines if biz case is valid and if org has capability to deliver the intended outcome. Design: Planning and analysis lead to the design of project deliverable that will be developed. Build: Construction of deliverable with integrated QA activities is conducted. Test: Final quality review and inspection of deliverables are carried out before transition, go-live, or acceptance by customer. Deploy: Project **deliverables are put into use** and **transitional activities** required for sustainment, **benefits realization**, and org change mangement are completed. Close: Project is closed, project knowledge and artifacts archived, project team members are released, and contracts are closed.

Answer 49

Smooth/Accommodate * Emphasize areas of agreement- to maintain relationships, but not address issue. * Concede position to maintain harmony and relationships * Useful when reaching overarching goal is more important than the disagreement. used when theirs a difference in the relative authority or power of the individuals. * ex: Appropriate when there is a disagreement with the sponsor. Since sponsor outranks PM, then there desire to maintain a good relationships with sponsor, adopting and accommodating posture may be appropriate. Withdraw/Avoid * Retreat from the situation * Postpone the issue Collaborate/Problem Solve * Incorporate multiple viewpoints * Enable cooperative attitudes and open dialogue to reach consensus and commitment Force/Direct * Pursue your viewpoint at the expense of others * Offer only win/lose solutions Compromise/Reconcile * Search for solutions that partially satisfy everyone * Compromise to temporarily or partially resolve the conflict

Answer 50

Smooth/Accommodate * Emphasize areas of agreement- to maintain relationships, but not address issue. * Concede position to maintain harmony and relationships Compromise/Reconcile * Search for solutions that partially satisfy everyone * Compromise to temporarily or partially resolve the conflict

Answer 51

Theory X: Where the team is lazy/unmotivated, will avoid work if they can and has little motivation. Needs a more authoritarian style of mgmt, hands on to ensure the work is done. * Require external control and incentives($) to perform their job. * Offering pay raise for motivation is Theory X. * Theory Y: The team believes and takes pride in their work and sees their work as a challenge. Individual motivated, creative and self driven. * Pay raise doesn't align w/ THeory Y * Motivation comes from the work itself and the opportunity for self direction. Uses an inclusive and participative management style, trusting the team to take ownership of the work. Coach team instead of micromanaging(agile)

Answer 52

Relationships: Btw 2 activites F-F, S-F, S-S, F-S, S-F Dependencies: Dependency between activities, some can be fast tracked, others cannot. * dependency modififiable or not? * Internal, External, Mandatory, Discretionary

Answer 53

* Parametric Estimating: Uses statistical relationships between **historical data** and **Variables/proj.parameters** to calculate estimates, often invovling mathematical formulas * Key Is Parameters + historical data * Analogous Estimating: Uses **historical data** from similar projects to estimate the duration or cost of a current project. Difference: Analagous just historical data. Parametric is Historical + variable.

Answer 54

* Customers: They are the **individuals** or organizations **purchasing the product or servic**e. They have a vested interest in the outcome, and their requirements often shape project goals and deliverables. * End Users: These are the **people** who will **directly interact with and use the product **or service. * T**heir needs and feedback** are **crucial** for **ensuring the product meets its intended purpose.**

Answer 55

****Pre-Assignment Tools: Assess candidates before assigning and confirming team roles. Helps immensely by giving you a baseline and will enable you to provide direction to your appraisal meetings. * Structured Interviews: Interviews conducted with a **standardized set of questions** and a predetermined format to ensure consistency and comparability in** evaluating candidates or gathering information.**

Answer 56

Team Norms: **Ground rules **are **set at the onset during team chartering formation**, and you, as a PM, should always drive discipline to adhere to that during entire project. * Whenever conflict happens between team members, always go back to the team norms to find best way to resolve conflicts * Establish expected team behaviors at the beginning of the project. * Enable teams to handle challenges as the project progresses. * Include guidelines and techniques for: * Meetings * Communications * Conflict management * Shared values * Decision-making * Aligns with the PMI Ethics and Code of Conduct

Answer 57

Scope Statement meeting -

Answer 58

1. ID SH(init): ID all relevant SHs a. ID SHs: Identify all shs using interviews, org charts etc, gather their needs and **expectations**. b. **Assess Shs**: **Power/Influence**, Directions of influence(What Shs have influence on others to leverage), Salience Model * Output: SH Register: has SH data including Power/Influence. 2.Plan SH Engagement: Strategy on how you'll engage these stakeholder. * TT: **Stakeholder Engagement Matrix**: Track enagement. Created during planning. 3.Manage Sh Engagement(execute): Engage Shs through project maintian good relationships and their their expectations met. 4.Monitor SH Engagement(M&C): Monitor SH engagement levels, making sure they are at desired levels, and readjust engagement strategy if they are not at desired level.

Answer 59

A hierarchical chart that breaks down the project's resources into categories such as labor, materials, and equipment. It gives the sponsor a clear view of early resource estimates, which include types, quantities, and allocation of resources. Sharing a draft of the RBS directly addresses the sponsor’s request and provides the most relevant information at this stage.

Answer 60

WBS: Hierarchical breakdown of decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. RBS: a document that outlines the project's resources, including the types of resources, the quantities of resources, and the costs of resources

Answer 61

Part of McClellands Motivation Theory: which has 3 Motivation Factors - Achievement: Desire to accomplish challenging goals. Explains why certain individuals are more motivated to achieve than others - Affiliation: Desire for social relationships. - Power: Desire for influence. Con: Doesn't focus on external rewards(like financial compensation or vacation time). Emphasizes more on internal drives for success.

Answer 62

* Emphasizes the **importance** of both the **leader's personality** and the** situation in which that leader operates.** * Emphasizes situational leadership. * In the context of leadership and motivation, suggests that there is no one-size-fits-all approach. * Success of a leader depends on how well their style fits the situation at hand. * **Factors** such as: * The **leader’s relationship with the team** * **Task structure** * **Positional power influence outcomes**. * This theory is more focused on leadership style and decision-making rather than individual or team motivation. * In the scenario, the emphasis is on motivating the team with rewards, not on adapting leadership styles to the situation,

Answer 63

Key Differences: Objective: * Develop Team focuses on improving the skills and collaboration of the team to enhance performance. * Manage Team focuses on monitoring and correcting team performance through feedback, conflict resolution, and behavioral management. Emphasis: * Develop Team emphasizes building the team’s competence, trust, and relationships. * Manage Team emphasizes managing the performance and behavior of team members. Timing: * Develop Team is ongoing throughout the project and focused on growth and development. * Manage Team is more reactive and focused on managing day-to-day interactions, performance issues, and conflict resolution. * Both processes work together to ensure that the team is not only capable but also aligned, motivated, and performing effectively to meet the project’s goals.

Answer 64

* Performance Metrics * CPI < 1.0 / SPI < 1.0: If both are **significantly low** with no recovery plan, consider termination. * Trend Analysis: Worsening CPI/SPI over time signals deeper issues. * Budget and Financials * 70%+ Budget Spent: With poor results and no clear path to completion, termination may be needed. * Additional Funding: If more funds are required but not available, consider stopping. * Scope and Requirements * Scope Creep / Major Changes: If constant changes are overwhelming, closing the project may be best. * Shifting Requirements: If requirements are unclear or keep changing, the project may lose direction. * Stakeholder Engagement * Disengaged Stakeholders: If key players lose confidence, it's a strong sign the project should end. * Lack of Sponsorship: Without sponsor support, the project may not survive. * Strategic Alignment * Lost Alignment: If the project no longer fits organizational goals, stopping it makes sense. * Irrelevance: Projects that no longer serve current business needs should be reconsidered. * Risk Management * Unmanageable Risks: Significant risks that can't be mitigated may justify closing the project. * High Risk of Continuing: If the costs of continuing outweigh the benefits, consider termination. * Team Performance * Ineffective Team: If the team is underperforming or morale is low with no recovery in sight, closing the project may be necessary. * Deliverables and Quality * Poor Quality: If the deliverables are consistently below standard with no improvement, reconsider continuing. * Customer Dissatisfaction: Persistent unhappiness from users can signal the project’s end. * External Conditions * Market Changes: External shifts making the project redundant or unfeasible could require closure. * Opportunity Cost * Higher Value Projects: If resources would be better used elsewhere, ending the current project may be beneficial. * Legal Issues * Compliance Problems: Legal or regulatory challenges that can’t be easily addressed may force closure. * No Clear Path to Recovery * Infeasible Recovery: If recovery isn't realistic, it's likely time to terminate.

Answer 65

Project Charter Milestones: Summary High level milestones Project Schedule Management: Milestone Chart output from Develop Schedule Milestones List: Identifying all project milestones and indicates whether the milestone is mandatory, such as those required by contract or optional or those based on historical information. * Maybe have scheduled dates for specific milestones, which may influence the way activities are sequenced.

Answer 66

A structured, interactive forecasting and** decision-making method** that relies on a group of experts to achieve consensus. * It’s widely used in project management, particularly in areas like **risk identification, estimating, and strategic planning.**

Answer 67

Room dedicated to the project to provide comms and collaboration space for project team. With visual management to monitor project.

Answer 68

Structured brainstorming/InfoGathering activity w/ silent voting.Helps group ideas

Answer 69

Method used to compare different projects to see which one is worth investing in. We normalize each project by setting each NVP = 0 * Finding at what "i" does NPV = 0. Adjusting "i" by trial and error * When NPV= 0 i = IRR * Higher IRR the better means more cashflow * If IRR < Borrowing costs(bad investment); IRR>Borrowing costs(good inv) *

Answer 70

* NPV: Finds the true value of a project. Consider a project w/ multiple returns from diff time periods * Convert all FVs to PV and sum them up * FV= PV(1+i)^n * Minus investment *IRR: Max return on money expecte from project. IRR is the discounted rate at which NPV = 0 * Already takes into account time value of money for all cashflow periods * IRR = i Payback Period: Time to recoup initial investment. PP= Cost of Investment/ avg annl cashflow. Preferred for short term projects Opp Cost: Comparing projects, the projects I don't chose I lose the opp $ on that entire projected revenue.