IPM Exam Flashcards
- Risk vs. Issue in a Project
Risk: A potential problem that might affect the project in the future.
* Example: A key supplier might go bankrupt.
Issue: A problem that has already happened and needs immediate attention.
* Example: A key supplier has delayed a delivery, causing a project delay.
Key Difference: Risks are about preparing for possible future problems, while issues are about fixing problems that have already occurred.
- Resource Loading vs Resource Leveling
Resource Loading: The amount of work assigned to a resource (person, equipment, etc.) within a given time frame.
*Example: Assigning a designer to create 10 website pages in 2 week
Resource Leveling:A technique to smooth out resource allocation by adjusting task start and finish dates to balance resource usage.
*Example: If the designer is overwhelmed, spreading the work to create the 10 pages over 4 weeks instead of 2.
resource loading is done in the project planning stages to preempt resource risks. Whereas resource leveling is done after resource allocation to ensure that resource workloads are balanced,.
- Functional vs. Matrix Organizational Structures
Matrix Organizational Structure
* Structure: Employees report to both a functional manager and a project or product manager.
* Complexity: More complex due to dual reporting lines.
* Best For: Companies with multiple product lines or projects.
Functional Organizational Structure
* Structure: Employees are grouped by specialized functional areas like marketing, finance, or production.
* Complexity: Simpler and easier to manage.
* Best For: Organizations with a single product line operating in one location.
- Characteristics of a Good Team
- Clear leadership
- Defined goals
- Assigned roles
- Open communication
- Collaboration
- Trust
- Conflict resolution
- Sources of Conflict in a Project
Personality Conflicts: Different working styles and communication styles.
Resource Constraints: Limited resources, budget, or time.
Schedule pressures: tight deadlines and schedule changes.
Scope Creep: Uncontrolled changes to the project scope, leading to increased work and costs.
Communication Barriers: Misunderstandings, lack of clear communication, or different communication styles.
Power imbalances: inequitable distribution of authority or influence.
- Roles and Responsibilities of Project Managers in IBM
Project managers at IBM are crucial to their success as a project-based enterprise. They have several key roles:
Strategic alignment: They ensure projects align with IBM’s overall goals, supporting their transition to AI and cloud solutions.
Leadership: They lead cross-functional teams, motivating and managing them to meet project goals.
Planning & Execution: They develop and execute project plans, managing scope, budget, and timelines.
Risk Management: They identify and mitigate risks to ensure project success.
Communication: They keep stakeholders informed and address concerns effectively.
Project Management Champions: They embody best practices and encourage their teams to adopt them.
By integrating project management disciplines, project managers contribute to:
Improved efficiency and effectiveness: leading to better outcomes and increased productivity.
A project-based culture: encouraging a focus on achieving project goals.
Adaptability and agility: helping IBM adapt to the changing landscape of technology and business.
In short, project managers at IBM are vital to the company’s success, driving the integration of project management and ensuring their transformation into a project-based enterprise.
- Identifying Stakeholders from a Case Study
Here are the key stakeholders involved in the IBM PMCOE:
Internal:
Executive Leadership: Provide vision, resources, and support for the PMCOE.
Business Units: Benefit from PMCOE services and expertise.
Project Managers: Use PMCOE resources to improve their skills and deliver projects.
HR: Recruits, trains, and develops project managers.
IT: develops and maintains PMCOE technology infrastructure.
External:
Clients: Benefit from improved project quality and client satisfaction.
Industry Partners: Provide knowledge and expertise.
Consultants: Offer specialized expertise and training.
Key PMCOE Project Stakeholders:
Project Sponsors: Champion the project and provide resources.
Project Management Team: Responsible for establishing and managing the PMCOE.
Stakeholder Representatives: Provide input on PMCOE scope and objectives.
External Consultants: Provide specialized expertise.
The PMCOE’s success depends on collaboration and support from all these stakeholders.
- Tools for Cost Estimation in a Project
Analogous Estimating: Uses historical data from similar projects to estimate costs.
Bottom-Up Estimating: Estimates costs for individual work items and sums them to get a total project cost.
Parametric Estimating: Uses statistical relationships between historical data and other variables to estimate costs.
Expert Judgment: Utilizes the knowledge and experience of experts to estimate costs.
Software Tools:Project management software can automate cost calculations and analysis.
- Ways to Deal with a Risk
Risk Avoidance:Take steps to completely avoid the risk.
Risk Mitigation:Reduce the likelihood or impact of the risk.
Risk Transfer:Shift the risk to another party (e.g., insurance).
Risk Acceptance:Decide to accept the risk and its potential consequences.
Contingency Planning: Develop backup plans in case a risky event occurs.
- Project Performance & Relationship Between Planned Value, Actual Value, and Earned Value
Project Performance:How well the project is meeting its goals and objectives.
Planned Value (PV): The budgeted cost of work scheduled to be done at a certain point in time.
Actual Cost (AC): The actual cost incurred for the work performed.
Earned Value (EV): The value of the work completed (measured in terms of the budget).
Relationship:
Cost Variance (CV): EV - AC (Positive CV means under budget; Negative CV means over budget.)
Schedule Variance (SV): EV - PV (Positive SV means ahead of schedule, Negative SV means behind schedule)
Cost Performance Index (CPI): EV / AC (CPI > 1 means under budget, CPI < 1 means over budget)
Schedule Performance Index (SPI): EV / PV (SPI > 1 means ahead of schedule, SPI < 1 means behind schedule)
