Planning for sucsess Flashcards
1
Q
Purpose of a Business Case
A
- It provides the PM the opportunity to think through the project in a systematic, step-by-step manner;
- Explains why the project should be undertaken;
- Provides a framework for completion of the project on time and on budget.
2
Q
Importance of a Business Case
A
Justifies the initial investment in a project
- Authorises the project to progress to the definition phase for more detailed planning and definition
- Provides a checkpoint for determining if the project is staying aligned to its business objectives and benefits
- Drives all decision making in the project
- After project closure, the business case is confirmed based upon the operational benefits that accrue from using the project’s deliverables.
3
Q
Contents of a Business Case
A
- Reasons for the Project
- High Level Scope
- Stakeholders
- Project Organisation
- Constraints
- Assumptions
- Dependencies
- Benefits
- Success Criteria
- Impact on BUA
- Investment Options Analysis
- High Level Project Risks
- Estimated Costs
- Target Milestones
4
Q
Benefits Management Process
A
- Define benefits Management Plan
- Identify and structure Benefits
- Plan Benefits Realisation
- Implement Change
- Realise Benefits
5
Q
Importance of Benefits Management
A
The structures to help achieve measureable and beneficial outcomes
- Its focus on actively assessing and managing the realisation of benefits allows for practical intervention throughout the change process, i.e. allowing adjustment to be made along the way (including post project).
- Ensures change is permanently embedded and monitored.
6
Q
Generic Success Factors include:
A
Project Mission – Initial clarity of goals and general direction
- Top Management support
- Detailed Project schedule and plans
- Consulting with the Client
- Competent personnel, including in their recruitment, selection and training
- Technical expertise
- Client buy-in
- Monitoring and feedback
- Effective communication
- Troubleshooting skills
7
Q
Six Key Methods for Quantifying the Attractiveness of an Investment
A
- Financial
- Legal
- Environmental
- Social
- Operational
- Risks
8
Q
Six processes of Information Management Systems
A
- Collection
- Analyse
- Storage
- Dissemination
- Archiving
- Destruction
9
Q
Content of PMP
A
- Executive Summary
- Project Aims and Objectives
- Business Case
- Resource Management
- Change Management
- Procurement Strategy
- Budget
- Communication Management Plan
- Contract Management
- Stakeholder Management Plan
- Project Organisation
- Requirements Management plan
- Risk Management Plan
- Progress Monitoring & Control
- Major Deliverables
- Benefits Management Plan
- Approval/Authorisation
- Project Context Analysis
- Scope
- Quality Management Plan
- Assumptions/Dependencies
- Schedule
- HSE
- Success Factors
10
Q
Estimating Techniques
A
- Comparative (Analogous)
- Parametric
- Bottom up (Analytical)
- Three Point Estimate
11
Q
Causes of Poor Estimating
A
- Assuming that all resources on a project will operate at 100% efficiency. This is unrealistic and 80% productivity is more common. This is as individuals will take breaks, undertake other tasks at work or mechanical resources will experience downtime.
- Assuming that if a task takes 1 person 2 days to complete, by putting 2 people on the job it will only take 1 day to complete. The location of the task may mean that people are working in limited space, adding an extra body will in fact slow work down rather than speeding it up.
- Creating estimates under pressure. In other words before you have had the chance to properly scope the job your boss wants you to give them an estimate off the top of your head. This estimate is then considered to be definitive.
- Over optimism, that is assuming an ideal rather than a realistic scenario is a trait common to most and is a common cause of errors when creating estimates. It is one of the reasons we use the three-point technique. The UK government has specifically factored in ‘optimism bias’ into its project calculations and has created a chart showing by what percentage estimates must be increased to help create a more realistic final figure. This is shown in the following diagram.
- Inexperienced or unskilled estimators also are a common cause of poor estimating.
- Forgetting tasks or work packages initially can lead to under-estimates which then need to be rectified later.
- While most reasons for poor estimating lead to under-estimation, poor project management techniques can lead to over-estimation. If sufficient attention has not been paid to the risk management strategy, estimators may ‘pad’ out their estimates to take into account negative occurrences. It is better that risks are properly considered to enable a risk response strategy with its own budget rather than merely padding out each work package.
12
Q
Re-Estimating Reasons
A
New data came on the scene
• Resources left the project and new resources assigned
• Team competency varied compared with expectations
• New technology came on the market
• Lack of data at the beginning of the project led to poor estimates
• Many assumptions where made at the start of the project that were incorrect
13
Q
Re-Estimating Benefits
A
- Increases the accuracy and hence the probability of achieving the estimate
- The estimate is based on actual data pertaining to the project itself
- It conveys a more accurate status of the project to senior management.
- It adjusts expectation and gives early warning.
14
Q
Stakehodler Engagement Process
A
- Identify Stakeholders
- Analyse/Assess their interest and influence
- Develop Communication Management Plans to Keep Them Updated
- Engage and Influence Stakeholders
15
Q
Stakeholder Management Grid
A
- Monitor
- Keep Satisfied
- Keep Informed
- Manage Closely
