Module 4 & 5 Flashcards
Servant Leadership
Common in agile projects. It’s the practice of leading through service to the team, by focusing on understanding and addressing the need and development of team members in order to enable the highest possible team performance
Power/interest grid:
Groups stakeholders on the basis of their levels of authority and interest in the project.
Power/influence grid:
A classification model that groups stakeholders on the basis of their levels of authority and involvement in the project.
Salience model
A classification model that groups stakeholders on the basis of their level of authority, their immediate needs, and how appropriate their involvement is in terms of the project.
EVM (Earned Value Management)
A methodology that combines scope, schedule, and resource measurements to assess project performance and progress.
Projected budget at completion (BAC)
Represents the original project budget.
Planned Value (PV)
The authorized budget assigned to scheduled work.
Cost Variance (CV)
The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.
CV = EV - AC
Schedule Variance (SV)
Measure of schedule performance expressed as the difference between the earned value and the planned value.
SV = EV - PV
Cost Performance Index (CPI)
Measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
CPI = EV / AC
Schedule Performance Index (SPI)
Measure of schedule efficiency expressed as the ratio of earned value to planned value.
SPI = EV / PV
Estimate at Completion (EAC)
The current projected final cost of the project.
EAC = BAC/CPI
Estimate to Complete (ETC)
The amount of money needed to complete the project.
ETC = EAC-AC
To complete performance index (TCPI)
TCPI is the calculated Cost Performance Index that is achieved on the remaining work to meet the specified management goal, such as the BAC or the EAC.”
The To Complete Performance Index is the estimate of the future cost performance that you may need to complete the project within the approved budget. This budget may be your initial approved budget (BAC), or a newly calculated on (Estimate at Completion).
TCPI = (BAC-EV) / (BAC-AC)
Variance At Completion (VAC)
Variance between the Estimate At Competion and the Budget at Competion. This is the difference between what the project was originally expected (baselined) to cost, versus what it is currently estimated to cost.
VAC = BAC – EAC
Earned Value (EV)
The measure of work performed expressed in terms of the budget authorized for
that work.
EV = % work complete to date x BAC
Actual Cost (AC)
The realized cost incurred for the work performed on an activity during a specific time period.
Burnup Chart
A graph to show the progress and gains made by the project team over time.
Burndown Chart
A graph to show the progress by plotting the burning down of work during an iteration or other time period.
Throughput Metrics
Measurement of the team’s work that has moved from one stage to another stage over a certain time.
Cycle Time
Measurement of work that has progressed all the way from plan to completed or delivered.
Value stream map
A lean enterprise technique used to document, analyze, and improve the flow of information or materials required to produce a product or service for a customer.
Tuckman’s Ladder
One of the models used to describe the process or different stages of team development.
Forming: Team members get to know each other and trust one another.
Storming: Team members begin to assert themselves and control emerging issues
Norming: Team begins to work productively, without worrying about personal acceptance or control issues.
Performing: Team is working at optimum productivity and is collaborating easily, communicating freely, and solving its own conflict problems
Adjourning: Team members complete their assigned work and shift to the next project or assigned task.
Velocity
The measure of the productivity rate of the project team with respect to the produced, validated and accepted deliverables.
Conflict management approaches
Conflict Management Approaches
Withdraw/Avoid:
• Retreat from conflict situation
• Postpone the issue
Smooth/Accommodate:
• Emphasize areas of agreement
• Concede position to maintain harmony and relationships
Compromise/Reconcile:
• Search for solutions that bring some degree of satisfaction to everyone
• Temporarily or partially resolve the conflict through compromise
Force/Direct:
• Pursue your viewpoint at the expense of others •
Offer only win/lose solutions
Collaborate/Problem Solve:
• Incorporate multiple viewpoints
• Enable cooperative attitudes and open dialog to reach consensus and commitment
Emotional Intelligence
Recognize or regulate emotions in ourselves and others.
Nominal group technique
A technique that enhances brainstorming with a voting process used to rank the most useful ideas for further brainstorming or for prioritization
Active Listening
Reflecting:
• Repeat the gist of the message
• Verify your understanding of the message
Attending:
• Lean slightly toward the speaker
• Stay at eye- level
• Maintain eye contact without staring
Following:
• Respond with non-verbal gesture or verbal response
• Ask questions
• Allow speaker a moment to collect their thoughts
Maslow’s Hierarchy of Needs
Maslow’s theory is represented as a pyramid with layers of needs – basic needs at the bottom, and the subsequent layers above representing ‘evolved’ needs that motivate individuals. Bottom four levels of the pyramid are termed as ‘deficiency needs’ – which means that their absence will make an individual tense and stressful. The top layer goes beyond the needs of these four layers, and is driven by the constant need to become a better individual.
Physiological needs (bottom), Safety needs,
Social needs, Esteem needs and
Self-actualization needs (top)
McGregor’s Theory X and Theory Y
Refers to the perception manager has of his employees.
Theory X states that a manager sees his employees as fundamentally lazy, and that they always are on the lookout to escape work. This belief tends managers to micromanage their employees, and results in mistrust and restrictive supervision. Theory X manager tends to blame others for everything.
Theory Y type of manager believes that every employee is self-motivated and can be trusted. And that they can think for themselves, accept responsibility, given right conditions they can perform well. This type of thinking builds positive work environment. There will be open communication, lesser hierarchy and collaborative decision making in such an environment.
McClelland’s Achievement Theory
McClelland proposed that people are motivated by achievements, affiliation and power.
People who are motivated by achievements prefer to master a job or situation, prefer to work on task that are moderately difficult, and prefer work where success is based on effort (and not factor of luck), and that they would like to get feedback on their work.
People who are motivated by affiliation prefer to work with people in power and love to establish relationship with them, be part of such elite group where their work is accepted and respected.
People who are motivated by power prefer to work in positions of power and they intrinsically want to influence, teach and encourage people. They place high value on discipline. They have zero-sum goals where for one to win, someone else has to lose.
McClelland proposed that people in top management should be motivated by power, and not affiliation. People with need for achievement will make good managers.
Herzberg’s Motivation Theory
According to the theory, people’s job satisfaction depends on two kinds of factors, hygiene factors and motivators.
Job dissatisfaction is influenced by the hygiene factors. Hygiene factors include working conditions, salary, policies and rules, relationships at work, etc.
Job satisfaction is influenced by motivators. Motivators include achievement, recognition, responsibility, advancement, personal growth, etc.
Providing hygiene factors will not motivate the people. But, the absence of hygiene factors will demotivate them. For example, offering better working conditions does not necessarily mean the employee will be satisfied. The employee is just no longer dissatisfied.
Return on Investment (ROI)
A financial metric of profitability that measures the gain or loss from an investment relative to the amount of money invested.
ROI = (Net Profit ÷ Investment Cost) * 100
Present Value (PV)
The current value of a future sum of money or stream of cash flows given a specific rate of return.
PV = FV / (1+r)^n
Net Present Value (NPV)
The present value of all cash outflows minus the present value of all cash inflows.
NPV = (Cash flows)/( 1+r)^t.
Cash flows= Cash flows in the time period.
r = Discount rate.
t = time period.
NPV= CF0/(1+r)^0 + CF1/(1+r)^1 + CF2/(1+r)^2
Internal Rate of Return (IRR)
The interest rate that makes the net present value of all cash flow equal to zero. To calculate: Choose your initial investment. Identify your expected cash inflow. Decide on a time period. Set NPV to 0. Fill in the formula. Use software to solve the equation.
Benefits management plan
A document that describes how and when the benefits of a project will be derived and measured.
Net Promoter Score (NPS):
Measures a customer’s willingness to recommend a provider’s products or services to another on a scale of -100 to 100.
NPS = % of Promoters – % of Detractors
AB Testing
A marketing approach used to determine user preferences by showing different sets of users similar services with one independent variable
PESTLE
An acronym to identify the external business environment factors that can affect the value and desired outcomes of a project. Political, Economic, Sociological, Technological, Legal and Environmental
Types of Organizational Structures
Functional
Projectized
Matrix
Composite
Project Management Office (PMO)
A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Enterprise Environmental Factors (EEFs)
Conditions, not under the immediate control of the team, that can influence, constrain, or direct the project, program, or portfolio.
Organizational Process Assets (OPAs)
Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization.
Continuous improvement
An ongoing effort to improve products, services, or processes.
Kaizen
Philosophy and practice that sees improvement in productivity as a gradual and methodical process and focuses on continual improvement throughout all aspects of life. Many small changes or improvements.
• Small changes less likely to require major
expenditures of capital.
• Ideas come from workers—not expensive
research, consultants, or equipment.
• All employees should continually improve their
own performance.
• All are encouraged to take ownership of their
work to improve motivation.
