Learning Outcome 3: Understanding the situational context of projects Flashcards
Characteristics of a Project
- Temporary – Specified beginning and finish date
- Unique – require a specific set of resources and management techniques
- Specific goals and objectives – clear and defined outcome
- Cross functional teams – different skill sets
- Risk management – plan to deal with potential issues
- Change management – to ensure controlled change
Characteristics of BAU
- Ongoing – regular daily operations
- Repetitive – same tasks or processes repeated
- Maintain existing processes – maintains existing level of service or production
- Team responsibility – performed by the same team and their management
- Limited risk management – lower risk than a project
The difference between Project, Programme & Portfolio in terms of Scope
Project focuses on individual projects
Programme focuses on a group of related projects
Portfolio focuses on a group of projects and programmes managed to achieve a strategic outcome
The difference between Project, Programme & Portfolio in terms of Goals
Project Aims to deliver a project that meets specified objectives within defined time, cost and quality parameters
Programme Aims to deliver intended benefits and ensure continued alignment with organisations strategic objectives
Portfolio Ensures organisations resources are allocated to most strategically important projects and programmes, that intended benefits are delivered and projects and programmes are managed efficiently and effectively
The difference between Project, Programme & Portfolio in terms of duration
Project - Relatively short duration, from months to years
Programme - Longer timeframe ranging from years to decade
Portfolio - Longest timeframe from years to decades
The difference between Project, Programme & Portfolio in terms of Management Roles
Project Manager - Responsible for managing the project team and delivering project outcomes
Programme Manager – responsible for managing a group of projects and delivering the intended benefits
Portfolio Manager – responsible for managing a group of projects and programmes and that the portfolio delivers the intended benefits
The difference between Project, Programme & Portfolio in terms of management approach
Project - Structured approach focused on delivering within time, cost and quality
Programme - More flexible focused on delivering benefits that cannot be achieved by delivering individual projects
Portfolio - Strategic approach focussed on aligning resources with strategic objectives
Outline the relationship between Programmes, Projects and Strategic Change
Programmes are used to implement strategic change initiatives, while project to use to deliver specific objectives that contribute to the overall strategic objectives of programme.
Effective risk management, benefits management, and communication and stakeholder engagement are essential for the success of programmes, projects, and strategic change initiatives.
Describe situations where the use of Programme Management may be appropriate
Programme management is especially effective when dealing with large scale projects that have multiple components. These types of projects are often complex and require coordination across various departments and stakeholders. In such situations, programme management provides a framework for managing the various components of the project in an integrated manner. By using programme management, the different components of a project can be aligned with the overall project goals, which helps ensure that everyone is working to a common objective.
Additionally, product programme management provides a mechanism for tracking progress against the different components of the project and identifying any issues or roadblocks that may arise.
Describe situations where the use of Portfolio Management may be appropriate
Portfolio management is a strategic approach to managing a collection of projects or programmes in a coordinated way that achieves specific business objectives. In project management, portfolio management focuses on identifying, prioritising, selecting, and managing a group of projects or programmes that align with the organisation goals and objectives.
Portfolio management helps organisations to manage multiple projects, prioritise resources, and align project portfolios with organisational strategies and goals. This approach provides a holistic view of projects and programmes, which enables better decision making and improves the success rate of projects.
Portfolio management Provides a framework for selecting, prioritising, and managing a group of projects or programmes that align with an organisation goals and objectives. It helps organisations to focus on projects that have the highest potential to deliver the greatest value and align with the organisation’s strategic objectives.
PESTLE - used by project managers to identify and analyse external factors that can impact their projects.
The framework consists of six external factors that can influence projects, including:
Political
Economic
Sociological
Technological
Legal
Environmental
SWOT - used by project managers to identify and analyse external factors that can impact their projects.
The framework consists of four factors including:
Strengths
Weaknesses
Opportunities
Threats
VUCA - used by project managers to analyse the external environment in which the project operates. The framework consists of four factors
Volatility: this refers to the level of instability unpredictability in the external environment, it can impact projects by affecting resource availability, project scope and timeline.
Uncertainty: this relates to the lack of information and the level of unpredictability in the external environment it can impact projects by affecting decision making, risk management and stakeholder management.
Complexity: the level of complexity in the external environment, including interdependent variables and systems, it can impact projects by affecting project planning, resource allocation, and stakeholder management.
Ambiguity: this factor refers to the lack of clarity and the level of ambiguity in the external environment, it can impact project by affecting decision making, stakeholder management, and project planning
Regulatory requirements, are specific requirements that organisations must meet to operate in a particular industry or sector.
Legal requirements refer to laws, rules, and regulations that have been set by the government or regulatory bodies.
Compliance with these laws and regulations is mandatory for businesses and organisations.
Impact on working conditions
Risk Management
Governance
Sustainability
