L10 Flashcards
What is the difference between risk management and project control?
They’re closely related, both deal with risk and uncertainty, but we’re in the implementation phase.
We’re reactive not proactive.
Why do many projects run late, over budget, or fail?
Time slippage
Scope creep
Quality issues
People problems
What is the “good news” in terms of projects not going to plan?
- failure often happens gradually
- days are lost here and there
- money is overspent frequently in small amounts
- underperformance adds up over time
- scope creep can be gradual
Why do we need a system like project control?
We need a system that:
- visualises project performance
- detects underperformance relative to planning phase baseline
- allows PM to take corrective actions in time
Who does the PM send project progress reports to?
The PMO
What data does the PM put in the progress reports for the PMO?
Compare actual vs planned cost/durations
What causes scope creep?
Poorly defined scope
Lack of PM practices
Addition of unrequested features
The communication gap
Lack of uniformity in requirements
How to prevent scope creep?
- Be clear in brief what is in scope and out of scope
- Reset unrealistic expectations (if client now wants x, tell them what it will cost/delay)
- Balance of saying yes/no
- Renegotiate scope statement
What style of PM do you go for for first-timer projects?
Agile!
Not waterfall
What PM style to use with a first-timer/ fuzzy requirement project?
Agile
Not waterfall!
What is fixed and what is estimated with the waterfall PM style?
Fixed: scope
Estimated: resources/time
What is fixed and what is estimated with the agile PM style?
Fixed: resources, time
Estimated: scope
Features of the agile method?
- Iterative (deliver value every 2wks)
- Client involvement
- Small independent multi-skill team
- Close monitoring
- Better communication
- Use with unclear solution
Features of the traditional PM method?
- Sequential process
- Clear goals/solution
- Simplicity
- Low risk
- Familiar tech
- Similar experience
If the client asks for a change, what process do we follow?
The change management process.
What are the 5 steps in the change management process?
- Request for change
- Impact analysis
- Approve/deny
- Implement change
- Review/reporting
What happens during a change request?
The impact of the change is evaluated. It is then submitted to the review board eg senior management.
The change is then rejected or approved (update baseline if approved)
What is earned value analysis?
Comparing the expenditure on the project so far with the progress on the Gantt chart. This shows whether the project is doing well or not.
What 3 datapoints does earned value analysis use?
- Earned value: budgeted cost done so far BCWP
- Planned spend: budgeted cost of work scheduled BCWS
- Actual spend: actual cost of work performed ACWP
What figures does actual spend use?
Reality cost
Reality activities
What figures does earned value use?
Planned cost
Reality activity
What figures does planned spend use?
Planned cost
Planned activities
How do we calculate time performance?
TP = earned value/ planned spend
If <1 it means you’re behind schedule
How to calculate estimated time at completion?
ETC = original estimate/ time performance
