Initiating a Project Flashcards
What analysis could a PM complete to help understand the different factors affecting the organisation
PESTLE Analysis
Explain what PESTLE analysis is
Political - Current and potential influences from political pressure
Economic - Local, National and World economic impact
Sociological - The affect of changes in the needs of society
Technological - New and Emerging technology
Legal - Local, National and world legislation
Environmental - Local, National and world environmental issues
Explain SWOT analysis
Strengths
Weakness
Opportunities
Threats
What analysis could a PM conduct to test options being considered (a comparative analysis)
SWOT
When would a VUCA analysis be conducted
For unpredictable projects
What does VUCA stand for?
Volatility
Uncertainty
Complexity
Ambiguity
What is meant by Working Conditions
Working conditions are set out in employment law and governs working conditions and rights such as hour, leave etc
What is meant by Management of Risk in the Workplace
Health and safety at work regulations. A PM must ensure that all aspects of workplace risk are considered and managed
What is meant by Governance
A framework to provide confidence to stakeholders that the project is being managed in a compliant manner.
Explain three difference between a Project and BAU
They are two distinct types of work within an organization. Here are 3 differences:
Goals: Projects are temporary and are designed to achieve goals or objectives, such as implementing a new system or process. BAU is just the ongoing activities required keep the business functioning day-to-day.
Scope: Projects have a defined scope, timeline, and budget and involves non-routine work that needs specific skills and resources, BAU involves routine, repetitive work that is well-defined.
Management: Projects require a dedicated PM who is responsible for managing the project team, schedule, budget, and scope. Project management involves ensuring the project is completed on time, within budget, and to the required standards. BAU activities are managed by functional managers, who ensure their department meets its operational targets.
Overall, the key differences are their goals, scope, and management. Projects are temporary have goals, defined scope and a PM
Describe two differences between portfolio and project management
Focus: Project management focuses on specific project/s to meet specific objectives. Portfolio management focuses on a group of projects to achieve a strategic goal or objective. .
Time Frame. Portfolio management typically operates on a longer time frame, making strategic decisions about which projects to pursue based on long-term business objectives. Project management focuses on completing individual projects within a shorter time frame, typically ranging from a few months to a few years.
Differentiate between Project Management, Portfolio Management and Programme management
Focus:
Project management - manages individual projects, delivering goals within a defined time frame.
Program management - manages a group of related projects and activities.
Portfolio management - manages a group of projects and programs as a collective, with a focus on achieving long-term business objectives.
Scope:
Project management - manages individual projects through planning, execution, monitoring, and control.
Program management - coordinates of a group of related projects, aligning objectives, deliverables
Portfolio management - manages a group of projects, through project selection, prioritization, and resource allocation.
Time frame:
Project management - operates on a shorter time frame, typically completed within a few months to a few years.
program management - managing a group of related projects over a longer time horizon.
Portfolio management - evaluating projects over a period of years or even decades
Level of control:
Project management - managing individual projects and ensuring that they are completed on time, within budget, and to the required quality standards.
program management - coordinating multiple projects to achieve strategic objectives.
Portfolio management - strategic decision-making and resource allocation across a group of projects.
Outline the difference between Programmes, Projects and Strategic Change
Scope:
Projects - temporary designed to achieve a specific goal or deliverable
Programmes - larger and more complex involving multiple projects.
Strategic change - major organisational changes that are designed to achieve long-term goals
Time:
Projects - completed within a defined time frame
Programmes - Span several years or even decades
Strategic change - Longer-term initiatives designed to achieve major organizational objectives.
Describe when Programme Management may be appropriate
Programme management may be appropriate when:
Large scale
Large resource
Large risk
Large-scale initiatives That involve multiple projects that are complex and require coordination.
When an organization needs to manage resources across multiple projects.
When there is a need to manage risk across multiple projects. This may involve identifying and mitigating risks at the programme level, rather than at the project level, to ensure that the overall programme objectives are achieved.
Describe a situation where the use of a portfolio manager may be appropriate
To coordinate, structure and support deployment of projects by prioritising resources to align with the strategy and deliver best value.
Differentiate between permanent and temporary Org structures (Including functional, matrix and Project)
Organizational structures can be permanent or temporary.
Permanent structures - set up for ongoing business operations
Temporary structures - designed to achieve objectives or projects within a set time frame.
Functional structures are permanent designed around functional departments, such as marketing, finance, and operations.
Matrix structures is temporary and bring employees from different departments together to work on specific projects.
Project-based structures are temporary designed around specific projects or initiatives.
How does a business case help and organisation?
Is a recognised framework where spending proposals can be recorded, reviewed and audited to learn lessons. It is like a baseline for reviewing the project throughout.
What are the 5 key questions that need to be answered in a Business Case (5 case model)?
Strategic - How does it support the strategy
Economic - Is it value for money or can a ROI be made
Commercial - What’s the commercial viability of it
Financial - Level of funding and can we afford it
Management - Who delivers it and do we have existing capability
Who is involved in creating the business case
Key stakeholders
Steering Group - Consider if the change is needed
Sponsor - Appointed by the steering group and is owner of the project
Project Manager - may write under the Sponsor
Users
BAs
SMEs
Suppliers
Explain the importance of a Business Case throughout the lifecycle
Concept - Why it’s needed, investment required
Definition - As a response to the BC, the PM developes a PMP defining success criteria. The BC will be used for gate reviews
Deployment - Reference to the BC is key to effective decision making
Transition - Reference the BC to review if the benefits are being realised
Explain what is meant by Benefits Management
The identification, definition, planning, tracking and realisation of benefits.
Explain 3 Benefits of the Project Management Plan
Direction
Control
Communication
Direction . Outlines the goals and objectives, the scope of work, and the processes and procedures that will be used to manage the project.
Control - provides a way to track progress through schedule and the risk management plan etc.
Communication - outlying the roles and responsibilities of the team.
By having a well-developed PMP, the team can improve project control, communication, and collaboration.
Two differences between linear and iterative life cycle
two different approaches to managing projects. Linear and iterative
Predictability: Linear are more predictable, as they follow sequential series of activities, completed in a fixed order.
Iterative involve a number of iterations involving multiple rounds of planning, execution, and evaluation. Its less predictable due to uncertainty and change.
Flexibility: Iterative cycles are more flexible, as they allow for changes to be made throughout the project which allows the team to adapt to changing circumstances and requirements.
Linear life cycles are less flexible, & involve a fixed sequence of activities that are completed in a specific order.
For projects that are more predictable and have well-defined requirements, a linear life cycle may be appropriate. For projects that involve more uncertainty and change, an iterative life cycle may be more suitable.
Explain 3 differences between a project lifecycle and an Extended Lifecycle
Duration
Complexity
Stakeholders
Duration: A project lifecycle is typically designed to cover the duration of a specific project. An extended lifecycle covers a longer duration that may extend beyond the typical project timeframe. This may be necessary for projects that involve long-term support, maintenance, or operations.
Complexity: An extended lifecycle may involve more complexity compared to a standard project lifecycle because it may include additional stages that require more planning, coordination, and resources. For example, integration, user acceptance testing, or deployment.
Stakeholder involvement: An extended lifecycle may involve more stakeholders compared to a standard project lifecycle.
List the types of reviews
Benefits review - Carried out during benefit realisation about 6-12 month after handover
Audit - Independent body. Assures sponsor that project is being managed using agreed governance process.
Stage Reviews - Included in the schedule, conducted by the PM, using PMP as base. Post project will use the stage reviews for complete picture.
Post Project Review - Done at the end of a transition phase or when a project is terminated early. Conducted to learn from mistakes.
Explain why some projects may close early
Historically there are many projects that, if reviewed, should not have continued. It may be the case that a review identifies that sufficient value cannot be created to justify the investment. It should be considered as a positive decision and not a failure.
List and explain some benefits of managing stakeholders expectations
Improved risk management
Improved communication Planning
Improved team productivity
Improved engagement
Improved likelihood of project success
