New Flashcards
5 sections of the Risk Mgmt Plan
- Risk mgmt. roles and responsibility
- Risk analysis budget and schedule
- Risk categories
- Definitions of probability and impact
- Revised stakeholders tolerance of risk
Mcclellands three need theory
aka achievement theory
employees are motivated by achievement, power and affiliation
reward vs. expert vs. legitimate vs referent power
reward power - the ability to give rewards and recognition
expert power - when the manager is the expert, credibility
legitimate power - power from position
referent power - based on respect or charisma
punitive - punish
McGregor Theory X and Theory Y
People who believe Theory X presume team members are only interested in their own selfish goals
People who practice Theory y assume people are naturally motivated to do good work.
Contingency theory
a leaders effectiveness is contingent on two factors - whether they are task or relationship oriented AND situational factors at the workplace such as how stressful the workplace is.
Herzberg’s Motivation-Hygiene Theory
Nothing to do with Hygiene. It is similar to Mazlow, it states that the presence of certain factors does not make them satisfied, but their absence makes them unsatisfied. Hygiene factors (paycheck, status, security) must be present, but they don’t motivate. Motivation factors like achievement and recognition motivate.
Inspection
A tool of Verify Scope. In inspection, the product of the project is compared with the project scope.
3 pieces of the human resource plan
- Roles and responsibilities
- Project organization charts
- Staffing management plan which answers where will the staff come from, when they will be released, when are they available, recognition and rewards, safety, compliance
3 types of dependencies
mandatory - activities must be followed in order
discretionary- activities recommended they be followed in a certain order, but optional. Based on expert opinion
external - dependencies that lie on factors outside the project.
Qualitative vs. Quantitative Risk assessment
First you do a Qualitative risk assessment to generate a shorter list of risks to focus on. The output of Qualitative risk assessment is subjective, although you use a probability and impact matrix to pick the value (impact on x axis, prob on y axis). It results in a score against which the other risks are compared. Then you either do quantitative risk analysis on the ones with the highest risk or go on to the plan risk process. Quantitative risk provides a specific #, ex. $40,000 vs. a probability #).
Project Manager vs. Project Coordinator vs. Project Expeditor
People managing a project with progressively less power. Project coordinators usually found in weak matrix or functional organizations and may not make budget decisions or overall project decisions, but have some authority to reassign resources. Expeditors are the weakest of all. They typically report to an executive who is ultimately responsible for the project.
Vroom Expectancy theory
Employees who believe their efforts will lead to effective performance and who expect to be rewarded for their accomplishments will remain productive as rewards meet expectations.
Project SOW
Project Statement of Work - written description of the project’s product, service, or result. It is supplied by the customer or if internal the sponsor.
PDM
Precedence Diagramming Method
aka Activity on Node (AON)
Activities are represented as nodes and one of 4 logical relationships are shown on them: SF, FS, FF, or SF.
GERT
Graphical Evaluation and Review Technique
Similar to PDM except it allows looping and is often done in computer simulations.
Mitigation vs. Transference
Mitigation is a strategy where by you lessen the probability of the risk from occurring (e.g. change the start of a project to when the weather is better).
Transference is a strategy where you transfer the risk to a 3rd party. It doesn’t lessen the risk.
Requirements Documentation
Requirements docs list all project, product, and technical reqts that must be met. It also includes user acceptance criteria. Requirements docs are part of the project mgmt. plan.
Funding Limit Reconciliation
A technique used during the Determine Budget process and involves regulating cash flow over the life of a project. It involves rearranging the time-phased budget so that planned expenditures never exceed planned funds on hand. Sometime work must be rescheduled to level out cash flow projections.
war room
an area where all team members gather
key component of a business case
cost benefit analysis (e.g. NPV, IRR, or ROI study)
After you identify the cost of quality you…
do a cost benefit analysis
organizational theory
Organizational theory provides info on how individuals and teams behave. This theory can help enhance the effectiveness of the human resource plan and reduce the effort required to create it
RBS
Resource Breakdown Structure, a.k.a. Risk Breakdown Structure - tool used within the Develop Human Resource process to breakdown project resources according to resource category and resource type. It can help organize possible project risks.
OBS
Organizational Breakdown Structure - tool used in the Develop Human Resource process. Organized according to the organization depts. and teams. It displays the work packages or project activities under that dept.
Salience model
A classification model that organizes different categories of stakeholders based on the following:
- their ability to impose their will (power)
- their need for immediate attention (urgency)
- their involvement is suitable (legitimacy)
if a bunch of major unforeseen problems arise, what should you do
Bring them to the attention of the sponsor to have the business case re-evaluated.
Rule of 7
If 7 or more consecutive data points fall on the same side of a mean, the process is consider out of control - EVEN if it falls within acceptable ranges
What activities do you need to focus on when creating the project plan?
Determining resource and skill levels, defining configuration mgmt. levels, and developing technical and mgmt. details
Difference between Direct & Manage Project Execution, Perform Integrated Change Control, Monitor and Perform Process Control
Direct & Manage Project Execution - performs APPROVED CHANGES
Perform Integrated Change Control - process of approving or rejecting CHANGE REQUESTS
Monitor and Perform Process Control - performs CORRECTIVE ACTIONS to correct problems or deviations you discover through monitoring activities. It also includes correcting project baselines and executing risk response plans.
Examples of formal vs. informal communication
“Formal” (reports memos, briefings) and “Informal” (email and ad-hoc discussions)
Termination with cause
Can occur when either party is in breach of the contract or is about to breach the contract.
FIRST thing to do when developing new project ideas
Review your organizations strategic goals before you brainstorm
What is the main purpose of classifying stakeholders in a project?
To ensure that the effort used to manage them is efficient
risk audit
Used to express how well the risk management plan and risk responses are working
project funding requirements
An OUTPUT of the Determine Budget Process, project funding reqts are established in conjunction with the finance dept.
Managing Stakeholders
Project manager, project sponsor or customer, the portfolio manager
Which type of cost estimate focuses on improving accuracy by factoring in the amount of risk related to the original estimate?
3 point estimate
RFI
A type of procurement document used to query a potential seller for info about their business, their product capabilities, as well as their capabilities
SOW
Document created during project scope creation that describes the products or services that result from performing the work. It references a businesses need, the product scope description, and the organizations strategic goals.
Accommodating
A conflict resolution technique that emphasizes agreement by the parties instead of focusing on their differences.
Procurement Contract Award
AKA contract
include a section on how to handle disputes
where do you document the reasons specific corrective actions were taken?
Lessons learned docs (not the change log or assumptions log). Ex. insulation replacement
You are evaluating a cost related risk. Which docs would include the project costs that have been incurred? Risk audits, Performance reports, Risk reassessment, or Work Performance Information?
Work Performance Information. WPI also includes the status on deliverables and schedule process
What indicator best shows that a work package is decomposed to the proper level?
The work can be completed in a reporting period. The three questions to ask on decomposition are:
1) Can cost and time be estimated without further breakdown?
2) Can the result be measured and verified?
3) Can the work be completed within a reporting period?
Scope statement vs. SOW
scope statement - detailed and holistic description of the project and product scope including exclusions/assumptions/constraints and the user acceptance criteria.
SOW contains info such as the business need and describes the scope.
IRR
Internal Rate of Return is a type of cost/benefit analysis included in the business case.
smoothing
A temporary means of conflict resolution that involves minimizing the severity of the conflict. While it is good for the relationships, it doesn’t usually solve the problem.
What are the two places you find user acceptance criteria?
Scope statement and requirements documentation
Variance analysis
Used to determine how far a project is off from the original planned schedule. It also helps to determine TOTAL FLOAT VARIANCE which is essential for evaluating a project’s schedule performance.
preventative vs. corrective action
preventative are made to avoid the occurrence of the negative risk. (ex. firewall). Corrective are made to correct deviations that may occur to future performance.
PDM vs. PERT vs. GERT
PDM - Precedence Diagramming Method, network diagram method that allows FS, SF, SS, FF.
PERT - Program Evaluation and Review Technique, a schedule technique that provides a weighted average of best/worst/realistic durations and divides them by the weight (sounds similar to 3 point estimation)
GERT - Graphical Evaluation and Review Technique - similar to PDM, but it allow looping, used in computer simulations
Program
group of related projects
Project management
Using skills, knowledge, and resources to satisfy project requirements
