Module 1 Business Accumen Flashcards
How Projects get chosen
Define 4 parts of a project
- Temporary
- Creates a new product or service
- Adds Value
- Drives Change
Note: If it doesn’t do all 4 things, its not a project (for the purposes of testing)
What are the roles and responsibilities on an Agile Project?
3 Roles:
- Product Owner - 1) Prioritizes the back log 2) Accepts or rejects deliverables at Sprint Review (demo)
- Scrum Master - 1) Remove impediments, 2) shield team from outside influences, 3) coach them on Scrum Values
- Team - 1) Cross functional team, 2) Self organizing, 3) Need T Shaped Skills, broad & deep ( i shaped skills are in Waterfall)
What are the Ceremonies in Agile?
Ceremonies:
- Backlog Grooming/Refining/Prioritizing (Product Owner)
- Iteration/Sprint Planning (Team)
- Daily Stand Up or Daily Scrum (Scrum Master led, with Team)
- Sprint Review/Demo (Team with Product Owner, Scrum Master)
- Sprint Retrospective (Team with Scrum Master)
What happens at a Daily Scrum/Stand Up Meeting?
Short meeting, stand together, Scrum Master asks the Team:
- What did you do Yesterday?
- What are you planning on doing Today?
- Are there any Impediments?
What is an MVP or Minimum Viable Product?
(Bare bones delivery of something usable)Its the minimum viable feature of a product that can be used right away. It’s released after several sprints.
They are specified in the Project Charter. In Waterfall they are called deliverables.
What are the 3 parts to a User Story and its 2 features?
As a ______
I want _______
So that _______
They have a Pass/Fail Criteria and are assigned a level of effort to complete called Story Points.
IE: Pass Criteria: First page of website loads when I type in the domain name into a browser.
Team decides on amount of effort a user story will take to compete with Fibonacci Numbers or Planning Poker Cards.
What is Osmotic Communication?
2 people talking & a 3rd person hearing and learning.
What is a Scrum of Scrums?
How Scrum scales to larger levels.
Can have up to 500 people but teams stay only at 7-9 people.
Has an Architect who has separate meetings with the Scrum Masters.
What are the triple constraints and who is responsible for them?
- Cost
- Schedule
- Scope
Also called the Iron Triangle, the Project Manager is responsible for them.
Are Waterfall Processes also done in Agile?
YES
Because they are PM Processes and Scrum is form of specialized Project Management the Waterfall Processes are also done in Agile at each iteration, but quickly and on a smaller scale.
What are the 3 Domains of Project Management and how do they work together?
- People Domain
- Process Domain
- Business Environment Domain
Projects at looked at in the Business Environment, then People are assembled, then Processes are applied/run. Projects are not started in the Business Environment, only analyzed.
What is another name for a Business Case?
Feasibility Study
(done by a Business Analyst)
Who creates the Business Case and Benefits Management Plan?
The Business Analyst
Who creates the Project Management Plan?
The Project Manager
Who creates the Project Charter?
The Project Sponsor
What documents does the Project Manager have to Initiate a Project?
Business Documents (Business Case & Benefits Management Plan)
and
Project Charter
Once the Project Manager has these 3 documents he can begin the Initiation Phase/Process and draft the Project Management Plan.
What is an Organization
In Project Management an Organization typically refers to a structured group of people, processes, and resources working together to achieve specific goals. The scope of an Organization is often narrower compared to an enterprise. It could represent a single business unit or a department within a larger division.
What is an Enterprise
The term “enterprise” generally refers to a larger, more complex, and often global entity. It encompasses the entire organization, including all business units, divisions, subsidiaries, and even partners. An enterprise is usually made up of multiple organizations within it and can be thought of as the “whole” or “entire business structure.”
What are the 3 characteristics of an Organization and what are their purpose?
- People
- Processes
- Resources
They are structured groups of collaborating to achieve a specific goal.
Does every company have a Strategic plan? What is the Strategic Plan based on?
Every Company has a Strategic Plan that is based on their:
- Vision
- Mission Statement
What 2 types of Project Management deal with Strategic Alignment?
OPM (Organizational Project Management)
OPM refers to a unified, standardized approach to project, program, and portfolio management that aligns with an organization’s strategy, vision, and goals. OPM refers to a unified, standardized approach to project, program, and portfolio management that aligns with an organization’s strategy, vision, and goals.
EPM (Enterprise Project Management)
EPM refers to the strategic and operational processes, systems, and tools used across the entire enterprise to manage and coordinate projects and portfolios. EPM focuses on the operational side of managing projects, often leveraging technology and systems to ensure consistency and alignment with organizational goals.
Who creates the Strategic Management Plan?
Done at High level by:
CEO
Board
What are the 2 types of Business Documents and what do they contain?
The 2 types of Business Documents are:
- Business Case - ROI, IRR, Net Present Value, Assumptions, Risks
- Benefits Management Plan - Tangible and Intangible Value & short and long term Value. Check this after Closing Process to Validate BMP
What Documents exist before any Project starts?
- Strategic Management Plan
- Business Documents
- Project Charter
Give an example of a Hybrid Project?
Pharmaceutical Industry New Product:
Drug Development Phase = Agile (very high uncertainty, complexity and risk)
Government Approval Phase = Predictive (Highly structured, well defined process)
What are the 7 Structural Artifacts in the Business Environment?
- OPA - Organizational Process Assets
- EEF’s - Enterprise Environmental Factors
- PMO’s - Project Management Offices
- Governance Frameworks and Policies
- PPM - Project Portfolio Management Framework
- Strategic Alignment Documentation - Strategic Plan & Business Documents
- Resource Management Framework -
Key elements or documentation that define the framework, processes, and structure within an organization, particularly those related to project management. These artifacts help establish how projects are initiated, managed, and controlled within an organization. They are critical for providing clarity, guidance, and consistency throughout the project lifecycle. Structural artifacts align with the organization’s strategy, help ensure proper governance, and facilitate efficient project execution. Structural artifacts, as outlined above, provide a framework for consistency and governance across an organization’s projects.
What is Opportunity Cost?
Amount of Money lost not taking a project. Shows up in the true cost of each opportunity. Does not consider Risk
Always take the project with 1. lowest opportunity cost or 2. highest profit on the exam.
Why is Change Management important?
Because your Projects may need buy in from the company and that may require Managing Change
What are the 4 Project Management Values
- Responsibility
- Respect
- Fairness
- Honesty
What are the 12 Project Management Principals?
- Be a caring Steward
- Create a collaborative Team Environment
- Engage with Stakeholders
- Focus on Value
- Respond to system interactions
- Show leadership Behavior
- Tailor based on Context
- Put Quality into Processes and Deliverables
- Navigate Complexity
- Optimize Risk Response
- Be adaptable and resilient
- Create change to achieve future state
Are Accountability and Responsibility shared?
Accountability cannot be shared.
Responsibility can be shared.
What are the 3 elements of a Business Case?
- Business Need
- Project Justification
- Business Strategy
What are the 2 types of Business Value?
- Tangible
- Intangible
Can be short or long term
List 6 types of Business Value.
- Financial Gain
- New Customers
- Social Benefit
- Compliance
- First to Market
- Improvement
What is Business Value?
The net quantifiable benefit from a business endeavor.
Where do you find Business Value as a PM and ensure its met?
Business Value is found in the Business Case/initiating agreements and is met from fulfilling the Benefits Management Plan.
What is an OKR?
Out Comes and Key Results
Used in Agile as a way to meet Strategic Plan goals
What is in the Business Case?
- Cost Benefits Analysis
- Business Need
- Quality Specifications
- Schedule & Cost Constraints
What is the Cost Benefits Analysis used for?
How businesses justify the selection of a Project.
What 3 Governance actions does a PM take at the start of a Phase?
- Verify and Validate Assumptions
- Analyze Risk
- Provide detailed explanation of Phase Deliverables
What 2 Governance actions does a PM take at the end of a Phase?
- Key Deliverables are produced
- Review to ensure completeness and acceptance
What are the 4 values of Agile?
- INDIVIDUALS & INTERACTIONS Over processes and pools
- WORKING SOFTWARE Over comprehensive documentation
- CUSTOMER COLLABORATION Over contract negotiation
- RESPONDING TO CHANGE Over following a plan
What are the 12 Agile Principals?
- Early and continuous delivery of value
- Welcome changing requirements. Harness change for competitive advantage
- Delivery frequently, preference to the shorter timescale
- Work together daily throughout the project
- Build projects around motivated individuals and give them the environment and support they need
- Face to Face communication
- Working product is the primary measure of progress
- Promote sustainable development to maintain a consistent pace indefinitely
- Attention to technical excellence and good design
- Simplicity is essential - least amount of work needed
- The best work emerges from self organizing teams
- Reflect on how to become more effective, adjust behavior accordingly
What are the 3 types of PMOs?
- Supportive
- Controlling
- Directive
- Agile Center of Excellence or VDO (Value Delivery Office)
What are the characteristics of a Supportive PMO?
- Develops best practices, standards and templates and 2. Coaches and mentors Project Manager
What are the characteristics of a Controlling PMO?
- Monitors compliance with 2. audits of provided practices, standards and templates
What are the characteristics of a Directive PMO?
- Manages shared resources and 2. coordinates communications across projects
What are the characteristics of a VDO (Value Delivery Office)?
VDOs enable, rather than manage, project efforts through 1. coaching teams, 2. building agile mindsets and skills across the organization and 3. mentoring sponsors and product owners.
Who controls the value proposition in an Agile Framework?
The Product Owner
How do you tailor for a Hybrid Project?
Use product knowledge, delivery cadence and awareness of available options to Tailor the Approach. then…
Use the selected life cycle and development approach to Tailor the Processes. then….
Look at the Organization’s environment and culture to Tailor Practices and Methods.
What are the 5 Process Groups?
Initiation
Planning
Execution
Monitor & Control
Closing
Name 3 frame works that assess EEf’s
PESTLE
TECOP
VUCA
Risk tolerance
How much risk an organization can take.
Who can take more risk…a software company or a pharmaceutical company. Obviously a software company because their product won’t cripple people if it fails.
Project Governance
an oversight function aligned with an organization’s governance model, encompassing the project lifecycle and providing direction, decision-making procedures, and metrics to validate project impacts
Compliance
adhering to relevant laws, regulations, policies, and standards throughout a project’s lifecycle
Explain what a user story does
It captures a feature from end user’s persepctive
