Module 2 Pre Project and Business Case Flashcards
Group of related activities critical for effective delivery of project outcomes
8 Project Performance Domains
These provide guidance for effective project management
12 Principles of Project Management
The person ultimately responsible for the outcome
of the project
Project Manager
Generally accountable for development and maintenance of project business case
Project Sponsor
Situations we want to avoid due to no business case
- Unclear project scope
- Scope creep, resulting in numerous rework, cost overruns, and delays
- Inappropriate solutions (ex. Commercial off the shelf solutions instead of
custom solution) - Scrapping of the project due to
a. Loss of sponsor and stakeholder support
b. Costs exceeding benefits
c. Business changes
SARIE
Situation
Analyzation
Recommendation
Implementation
Evaluation
special cause-and-effect diagram that examine causes uncovered by fishbones and mind maps, then inter-relate them. Causes that create most effects are the ones to fix first.
Interrelationship Diagrams
show most significant contributors to a problem (80/20 - 80% of problems are caused by 20% of factors)
Pareto Diagrams
show trends and correlations between two sets of variables
Scatter Diagrams
satisfy + suffice
Satisficing
similar to work breakdown type of approach, to understand the major deliverables required
Functional Decomposition
visual depiction of elements involved
Scope diagrams
document scenarios from a business viewpoint of how a solution should behave
User Stories
TELOS
Technological Feasibility
Economic Feasibility
Legal Feasibility
Operational Feasibility
Schedule Feasibility
Also known as “Break-Even Point”
Pay Back Period (PBP)
Average of all net benefits divided by initial costs
Return on Investment (ROI)
should be higher than the interest rate (ex.banks) when you borrow money or higher than RRR (Required Rate of Return)
Internal Rate of Return
Project’s future value - its value today (present value)
Net Present Value (NPV)
It authorizes both the project and the project manager
Project Charter
The PMBOK® Guide lists specific information that the charter should provide, either directly or by reference, including:
- Requirements
- Business needs
- Summary schedule
- Assumptions and constraints
- Business case, including return on investment
Something we set as true to enable us to proceed with our project
Assumptions
If the consequences of an assumption
can be avoided, then it should be
considered and managed as a…
Risk
If an assumption uses words like
‘relies’ or depends’, then it should be
considered and managed as a
Dependency
(where Risk = Dependency)
… are forecasts about what may happen in the future
Assumptions
… are limits on freedom of choice
Constraints
…can have a negative impact on the project and are often not
under the control of a project manager
Constraints
Types of constraints
- Budget
- Schedule
- Resources
- Third Party Suppliers
- Dependencies
TRUE OR FALSE:
When a Project Manager makes an assumption, the PM expects that the
assumption will happen
True
What are “Issues waiting to happen” ?
Risk
An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio.
Stakeholder
… includes implementing strategies and actions to promote productive involvement of stakeholders.
Stakeholder Engagement
What is a project document that includes information about project stakeholders including an assessment and classification of project stakeholders
Stakeholder Register
