Module 5 Terms Flashcards
Project Communications Management
Includes the processes that are required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project information.
Plan Communications Management Process
The process of developing an appropriate approach and plan for project communications
based on stakeholder’s information needs and
requirements and available assets.
Key Benefit of Plan Communications Management Process
It provides the approach to communicate most effectively and efficiently with stakeholders
Communication Requirements Analysis
An analytical technique to determine the information needs of the project stakeholders through interviews, workshops, study of lessons learned from previous project, etc
Number of Communication Channels Formula
n(n-1)/2
Where n is the number of stakeholders
Communication models
A description, analogy, or schematic used to represent how the communication process will be performed for the project.
Communication methods
A systematic procedure, technique, or process used to transfer information among project stakeholders.
Sender
Who conveys a message and is responsible for making the content clear and complete. The sender is also responsible for confirming that the receiver understands the message correctly.
Encoding
Translating ideas into language, usually written or verbal language.
Message
The output of encoding
Medium
The means of conveying the message. Sometimes the medium is referred to as the channel.
Decoding
Translating the message into meaningful thoughts and ideas.
Receiver
The recipient of the message, responsible for decoding the message and providing feedback. The receiver is responsible for making sure that the entire message is received and understood by encoding a message back to the sender conveying that
Acknowledge
Confirming receipt of the information. Acknowledging receipt does not imply agreement, but only receipt.
Feedback/response:
After the communication has been received and understood,
the receiver may send a message with thoughts and ideas about the message.
The sender is responsible for making the information clear, unambiguous, and complete so that the receiver can receive it correctly.
The sender is also responsible for confirming that the information is properly understood.
Noise (in context of managing communications)
Anything that interferes with the transmission and understanding of the message. This can include but is not limited to static, distractions, preconceptions and stereotypes, cultural norms, malfunctioning transmitting equipment, or anything that deteriorates or causes a barrier to successful transmission
Types of Communication Methods (Name all 3)
Communication methods include push, pull, and interactive communication
Push (Communication Method)
Communication sent to receivers, comprising a sender, medium, and message. It does not necessarily reach the receiver for decoding. This includes memos, e-mails, reports, voice mail, and so forth.
Pull (Communication Method)
Information sought by the receiver. In other words, the receiver actively searches for the information. This can include a team member going to an intranet to find communication policies or templates, running Internet searches, and using online repositories
Interactive Communication (Communication Method)
Sender and receiver exchanging information. This occurs in conversation, phone calls, meetings, and the like. This is the most effective and common form of communication.
Communications Management Plan
Before the communications management plan is published, it should be reviewed and accepted by all affected stakeholders. It should be referenced early in the project so the team fully understands what information would be shared, how often, who will be using it, and what methods are most effective for various audiences
Components of a Communications Management Plan
Stakeholders List, Methods of Communication Identified, Training/frequence of communications/reporting, Glossary of terms and acronyms requirements stated
Common Communication Skills
Listening Skills, Culture, Intelligence, Knowledge base, semantics, body language, personality, situational considerations, emotional status, authority/position, common sense, perceived credibility, frame of reference
Typical Communication Style - Authoritarian
Gives expectations and specific guidance
Typical Communication Style - Promotional
Cultivates a team spirit
Typical Communication Style - Facilitating
Gives guidance as required, is noninterfering
Typical Communication Style - Judical
Uses sound judgement
Typical Communication Style - Concilatory
Is friendly and agreeable, build compatible teams
Typical Communication Style - Ethical
Is honest, fair, and by-the-book
Typical Communication Style - Secretive
Is not open or outgoing
Typical Communication Style - Disruptive
Breaks apart the unity of the group.
Typical Communication Style - Intimidating
Acts as the tough guy, can lower morale
Typical Communication Style - Combative
Is eager to fight or be disagreeable
Manage Communications Process
The process of creating, collecting, distributing, toring, retrieving, and the ultimate disposition of project information in accordance with the communications management plan
Manage Communications Process Benefit
It enables an efficient and effective communications flow between project stakeholders
Examples of Project Communications
Performance Reports, Status of Deliverables, Schedule Status, Cost Status
Factors that might impact the effectiveness of communication
Urgency, Delivery Options, Accuracy, Confidentiality
Project Management Information Systems - Information Management Systems (IMS)
Facilities, processes, and procedures used to collect, store, and distribute information between producers and consumers of information in physical or electronic format.
Managing Project Information - Hard Copies
Reports, Memos, Plans
Managing Project Information - Electronic Communicatinos
Telephone, Web Conferencing, File Servers
Managing Project Information - Electronic Project Management Tools
Desktop Management software, Entreprise Project Mangement Software, Portals
Performance Reporting
The analysis of performance information to understand and
communicate project performance.
Monitor Communications Process
The process of monitoring communications throughout the entire project life cycle to ensure the information needs of the project stakeholders are met
Monitor Communications Process Benefit
Ensures that an optimal information flow among all communication participants.
The monitoring communications process ensures that the communications management plan gets information out to the stakeholders efficiently and effectively
Issue Log
Helps ensure an understanding of the issues and helps monitor the responsibilities for the issues
Meetings Goals and Benefits
Well planned and communicated meetings facilitate better progress towards the meeting goals.
A common tool to communicate a meetings purpose and objectives beforehand is through a meeting agenda.
Project Risk Management
Includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project.
Project Risk Management Term - Risk
A measure of uncertainty, associated with the probability and consequence of achieving or not achieving a defined project goal
Project Risk Management Term - Uncertainty
The absence of information to predict future events, the degree to which data is reliable and/or available to help predict future events.
Project Risk Management Term - Probability
The chance of likelihood that an event will occur
Project Risk Management Term - Impact
The potential effect on a project objective, either positive or negative.
Project Risk Management Term - Risk Event
A discrete occurrence that may affect the project for better or worse.
Project Risk Management Term - Trigger
An indication that a risk has occurred or is about to occur, also called risk symptoms or warning signs.
Project Risk Management Term - Risk Response
Actions and decisions regarding steps to take to avoid, transfer, mitigate, or accept risk.
Project Risk Management Term - Risk Acceptance
A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs
Project Risk Management Term - Risk Avoidance
A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.
Project Risk Management Term - Risk Appetite
The degree of uncertainty an entity is willing to take on, in
anticipation of a reward
Project Risk Management Term - Contingency Reserves
Reserve set aside for known risks. Also referred to as contingency allowance
Project Risk Management Term - Delphi Technique
An information gathering technique used as a way to reach a
consensus of experts on a subject. Experts on the subject participate in this technique anonymously. A facilitator uses a questionnaire to solicit ideas about the important project points related to the subject. The responses are summarized and are then recirculated to the experts for further comment. Consensus may be reached in a few rounds of this process. The Delphi technique helps reduce bias in the data and keeps
any one person from having undue influence on the outcome
Project Risk Management Term - Fallback plan
Fallback plans include an alternative set of actions and tasks available in the event that the primary plan needs to be abandoned because of issues, risks, or other causes
Project Risk Management Term - Risk Mitigation
A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk
Project Risk Management Term - 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
Project Risk Management Term - Qualitative risk analysis
The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
Project Risk Management Term - Residual risk
A risk that remains after risk responses have been implemented
Project Risk Management Term - Risk register
A document in which the results of risk analysis and risk response planning are recorded
Project Risk Management Term - Secondary risk
A risk that arises as a direct result of implementing a risk response
Project Risk Management Term - Risk Transference
A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response
Why is Managing Risk Important?
Provides early warning of potential project risks to stakeholders
Increase the probability of project success
Decrease the probability of project failure
May present opportunities, not just threats, to the project
In Project Management, is Risk seen as a potential problem or an opportunity?
Both
Plan Risk Management Process
The process of defining how to conduct risk management activities for a project.
Risk as it pertains to the Input Enterprise Environmental Factors
The attitudes toward risk and the risk tolerance of both the organization and leaders of the project.
Risk as it pertains to the Input Organizational Process Assets
The predefined approaches to risk management such as risk categories, standard templates, approval levels defined for decision making, etc.
Key Benefit of Plan Risk Management Proces
It ensures that risk management is commensurate with the risks and project importance
Risk Breakdown Structure
Lists categories and subcategories within the risks that may arise for a typical project
Risk Management Plan
Desribes the process (including structure and performance) that will be used to accomplish risk identification, qualitative and quntitative analysis, response and planning, and monitoring and control throuhout the life cycle of the project
What does the Risk Management Plan describe?
The agreed upon definitions of probability and impact in order to be consistent in their assessment regarding the impact or amount at stake that a risk event may inflict
Components of a Risk Management Plan
Roles and Responsibiltiies, Risk categories, risk management funding, contingency protocols, stakeholder risk tolerances, definitions of probability
Identify Risk Process
The process of determining which risks may affect the project and documenting their characteristics
Project documents as an Input to the Identify Risk process
These are a structured review of existing and historical project documentation to ensure that everyone has a complete picture of the project.
Organizational process assets as an Input to the Identify Risk process
These aremexisting policies, templates, and categories of risk defined by the organization thatmassist in the process.
Risk Register
A document in which the results of risk analysis and risk response planning are recorded
Brainstorming
A good information gathering technique.
An effective brainstorming session includes:
The right people, being prepared, create checklists or categories, record ideas as they arise (no bad ideas), build on other ideas (synergy), don’t evaluate, crticize, etc until later - this is not the time to argue about it
Checklist Analysis
A technique for systematically reviewing materials using a list for accuracy and completeness
SWOT Analysis (SWOT Acronymn Meaning)
Strengths
Weaknesses
Opportunities
Threats
What does a SWOT Analysiss do?
A scan of the internal and external environment is an important part of the strategic risk planning process. Factors internal to the organization usually can be classified as strength (S) or weaknesses (W), and those external to the firm can be classified as opportunities (O) or threats (T).
How many steps are there in a SWOT Analysis? And what are they?
3 Total Steps
Step 1: Gather information about the present, these are the helpful Strengths and harmful weaknesses
Step 2: Think of what might be in the future. These are helpful opportunities and harful threats
Step 3: Review completed SWOT Matrix with the aim of creating an Action Plan
Casue and Effect Diagram (Fishbone Diagram)
These are used to illustrate how various factors might be linked to potential problems. They are used to discover all the true causes that result in a single effect. Causes are arranged according to their level of importance or detail, resulting in a depiction of relationship and a hierarchy of events. This can help you search for root causes, identify areas where there may be problems, and compare the relative importance of different causes.
Perform Qualitative Risk Analysis Process
The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
Perform Qualitative Risk Analysis Process Key Benefit
It enables the project manager to reduce uncertainty and to focus on high-priority risks
What is the result of the Perform Qualitative Risk Analysis process?
It prioritizes risks to:
Guide actions and decisions
Address the most critical risks
Focus risk quantification where it is needed
Inform stakeholders quickly and concisely
What happens in the Risk Probability and
Impact Assessment?
Ratings are assigned to risks based on their assessed probability and impact
Probability and Impact Matrix (Relative)
A grid for mapping the probability of each risk occurrence and its impact on project objectives if the risk occurs.
Risk is graded with the ‘Probability’ on the Y axis, from Rare to Very Likely and also the Impact on the X Axis, from Trivial to Extreme
Probability and Impact Matrix
A grid for mapping the probability of each risk occurrence and its impact on project objectives if the risk occurs.
Probability and Impact Matrix (Numeric)
Matrix where the probability and impact are graded on a numeric scale. The risk score is equal to Probability x Impact, and the products produce relative numerical scores that help us rank the risks
Perform Quantitative Risk Analysis Process
The process of numerically analyzing the effect of identified risks on overall project objectives
Perform Quantitative Risk Analysis Process Key Benefit
It quantifies overall project risk exposure, and it can also provide additional quantitative risk information to support risk response planning. This process is not required for every project, but where it is used, it is performed throughout the project.
What are the 3 main Quantitative Risk Analysis Modeling Techniques?
Sensitivity Analysis, Expected Monetary Value Analysis (Decision Trees), and Modeling and Simulation (Monte Carlo)
Quantitative Risk Analysis Modeling Technique - Sensitivity Analysis
A quantitative risk analysis and modeling technique used to help determine which risks have the most potential impact on the project. It examines the extent to which the uncertainty of each project element affects the objective being examined when all other uncertain elements are held at their baseline values. The typical display of results is in the form of a tornado diagram.
Sensitivity Analysis - investigates how estimated performance varies with changes in the key assumptions on which a quantitative estimate has been provided to an element of the project objectives
Tornado Diagram
A diagram used in sensitivity analysis that shows the spread of outcomes based on different variables or events
Quantitative Risk Analysis Modeling Technique - Decision Trees
A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty
Decision tress provide a highly effective, visual structure that the project team can use to display options and further explore the possible outcomes of choosing those options. Decision trees help to form a balanced picture of the risks and rewards associated with each possible course of action.
Simulation – Monte Carlo
Approach
A process which generates hundreds or thousands of probable performance outcomes based on probability distributions for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole.
A computer “performs” the project many times. For each iteration:
• Different costs/durations are randomly chosen within each element’s distribution.
• A predicted project cost/duration is calculated.
• A probability assessment of meeting the project cost and schedule estimate is provided (e.g., 60%)
Qualitative Risk Analysis
Enables the prioritization of risk events that may impact project objectives and allows information flow to stakeholders quickly and concisely. We can determine which assets and resources are at risk and begin to build safeguards to achieve acceptable levels of risk.
Quantitative Risk Analysis
Further describes the probability and impact of risk events with specific values (e.g., 35% x $100,000) in order to establish the actual consequences on project objectives - in terms of time and money - as well as the extent of overall project risk.
Plan Risk Responses Process
The process of developing options and actions to enhance opportunities and to reduce threats to project objectives
Plan Risk Responses Process Key Benefit
It identifies appropriate ways to address overall risk and individual project risks. This process also allocates resources and inserts activities into project documents and the project management plan as needed. This process is performed throughout the project.
Risk Responses Strategies - Negative Risks/Threats (Name all 4)
Avoidance, Mitigate, Transfer, Accept
Risk Responses Strategies - Avoidance
The project team acts to eliminate the threat or protect the project from its impact.
Risk Responses Strategies - Mitigate
The project team acts to reduce the probability of occurrence or impact of a risk.
Risk Responses Strategies - Transfer
The project team shifts the impact of a threat to a third party, together with ownership of the response
Risk Responses Strategies - Accept
The project team decides to acknowledge the risk and not take any action unless the risk occurs (both positive and negative response strategy)
Risk Responses Strategies - Positive Risks/Threats (Name all 4)
Exploit, Share, Enhance, Accept
Risk Responses Strategies - Exploit
Seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens.
Risk Responses Strategies - Share
Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project.
Risk Responses Strategies - Enhance
The enhance strategy is used to increase the probability and/or thempositive impacts of an opportunity
Risk Responses Strategies - Accept
Being willing to take advantage of the opportunity if it arises, but not actively pursuing it.
Variance Analysis
Compares the planned results to the actual results
Implement Risk Responses Process
The process of implementing agreed-upon risk response plans
Implement Risk Responses Process Key Benefit
It ensures that agreed-upon risk responses are executed as planned in order to address overall project risk exposure, minimize individual project threats, and maximize individual project opportunities. This process is performed throughout the project
Monitoring Risks Process
The process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.
Monitoring Risks Process Key Benefit
It enables project decisions to be based on current information about overall project risk exposure and individual project risks. This process is performed throughout the project.
