Lesson 2 Flashcards
What is a Project ?
- ___________ organisation
- created for purpose of _____________
- according to ____________
General PRINCE2 Concepts
- temporary
- delivering one or more business products
- agreed business case
What is Business as usual
General PRINCE2 Concepts
In org, maintaining current business operations such as profitability, service quality etc
Why does an org launch projects
General PRINCE2 Concepts
- to introduce new products or services
- to improve current BAU processes
How is a Project different from BAU
General PRINCE2 Concepts
Projects introduce change
What are five characteristics of Project that differentiate it from BAU
General PRINCE2 Concepts
C U C U T
- Change
- Temporary
- Unique
- Cross-functional
- Uncertainty
What is the purpose/definition of project management in PRINCE2?
Project Management in PRINCE2
Plan
Delegate
Monitor
Control
all aspects of project
What are the six performance targets
STC QBR
Scope
Time
Cost
Quality
Benefits
Risk
Purpose of project management
1.Specialist work - keep control over specialist work
2.Risks - Manage Risks effectively
who is the customer, and what is their role?
Specifies the desired result and is responsible for the project’s mandate, governance, and realizing project benefits.
Who is Supplier in P2
who provides resources and skills to deliver the result
Who is referred to as ‘corporate or programme
management or the customer’.
organisation that commissions the project
What triggers a PRINCE2 Project and acts as an input ?
Project Mandate
What is the responsibility of ‘corporate or programme
management or the customer’.
Provide Project Mandate
Govern the Project
Realise Project Benefits
What are the different contexts in which PRINCE2 projects can exist?
Types of Project Contexts
- Stand-alone projects
- Projects within programs
- Projects within portfolios
- Projects in commercial environments
What is the project context heirarchy
Top - Portfolio
Down - Programme, Standalone Project, Sub-portfolio
Definition: Programme
Types of Project Contexts
Set of related Projects
Sponsor
Main driving force behind project
Definition: Portfolio
Types of Project Contexts
Totality of organisation’s investment to achieve strategic objectives
ISO 9001
Provides guidelines for activities to ensure consistency (w/o specifying how activity should be carried out)
P2
provides a set of activities, roles and techniques for undertaking the activities
PMBOK
what a competent project manager should know
Objectives
what the project needs to achieve
KPIs
Measures to track progress toward project objectives, including time, cost, and quality.
Leading Indicators
Measure progress toward future outcomes
Lagging Indicators
Measure performance after events (actual vs expected performance)
P3M3 (Portfolio, Programme, Project Management Maturity Model) 5-point scale
Level 1 : Awareness of process
Level 2 : Repeatable process
Level 3 : Defined process
Level 4 : Managed process
Level 5 : Optimized process
Why is tailoring important in PRINCE2?
It ensures that P2 can be adapted to organizations’s standards, policies and processes while remaining effective
Describe the Waterfall approach in PRINCE2.
Sequential steps where each phase must be completed before the next, and the product is delivered at the end of the project.
How does PRINCE2 Agile regard Agile methodology?
As a family of behaviors, concepts, framework and techniques.
What is P3M3, and why is it important?
used to assess and improve project management capability.
What additional considerations are needed for projects in a commercial environment?
Business case, management systems, governance, organization structures, delivery approaches, and corporate culture.
Give an example of a project in a commercial environment.
Inter-governmental projects, joint ventures, or collaborative research initiatives.
Name a key responsibility of the Project Manager in PRINCE2.
To ensure that project activities align with the project plan and to take corrective actions if needed.
