Managing Projects (Level 2) Flashcards
How do you carry out whole life costing?
Whole Life Costing - Whole life costing is an investment appraisal and management tool which assesses the total cost of an asset over its whole life. It takes account of the initial capital cost, as well as operational, maintenance, repair, upgrade and eventual disposal costs.
How do you carry out a risk assessment?
Risk Assessment
- Identify hazards and risks
- Identify the people at risk to the hazard/risk
- Identify the likelihood of the hazard/risk taking place
- Report findings and advise those affected
- Review regularly (minimum once a year)
What project management tools have you used on a project - Student Accommodation Development, Exeter – ITSFT Matrix?
Student Accommodation Development, Exeter – ITSFT Matrix
- Prepared an ITSFT Matrix for the submission of the final tender
- Outlined bid deliverables and programme to final submission
- Included documentation required for the bid proposal, responsible party and the date required
- Ordered bid deliverables chronologically
How have you implemented a development appraisal or feasibility study for a project - Student Accommodation Development, Canning Town - VAR
Student Accommodation Development, Canning Town
- Preparation of Viability Appraisal Report submitted to the client
- Set out the development appraisal, values, assumptions and outputs
- Justified the business case or the development referring to the market conditions and demand
- Planning likelihood and technical requirements for the project
How have you established cost reporting on a project?
- Ensure the preparation of a cost plan – sets out when and how much money will be drawndown for the project at specific times
- Monthly cost reports received and compiled
How do you analyse the actual performance of the project and the team and identifying potential improvements?
Key Performance Indicators
Key Performance Indicators are used to assess the performance of a project
For KPIs to be effective management tools they must be prepared in line with the scope of works and project objectives
KPIs should be included in project reporting to assess project progress and identify areas for potential improvements
Student Accommodation Development, Exeter - What is important in compiling a robust programme?
- Buffers – contingency timings to allow some slip in the programme
- Detail – accounting for specific scenarios within your programme e.g bad weather, delay in deliveries
- Sectional Completion (if possible)
- Procurement of materials in advance
Student Accommodation Development, Exeter - How did you identify and advise of programme risks?
Undertook a risk assessment
Student Accommodation Development, Exeter - How did you manage the team’s performance and quality against your programme needs?
- Weekly progress meetings
- Clear responsibilities and timelines assigned
Essex - What were the advantages and disadvantages of using RAG ratings?
Advantages
- Quick assessment of progress
- Visually appealing
- Easy to understand
Disadvantages
- Lack of accuracy – only shows progress in blocks
Essex - How did you ensure good data management and security when using
online storage?
- Security – with password encryption for sensitive or confidential files
- Necessary Access – only granting people access who were essential to the work or progress of the specific task
- Deletion – if no longer required for the project or statutory record keeping – deleting the files immediately
Essex - How did you ensure that the development manager could focus on the key risks?
Prioritising risks that were critical to the project progression or required their specific expertise/input
Essex - How did you ensure that risks were flagged in advance of needing
attention?
- Notified personnel in progress meetings
- Checking of timelines
- Assessing scale and priority of the risk
