PMP - Doing the Work (L3) Flashcards
Root Cause Analysis - examines a problem and seeks to determine the underlying reason or cause of the problem, which can then be used to work on creating a preventative action.
What is the best diagram/tool used for RCA Analysis?
Fishbone Diagram = Ishikawa Diagram
-Diagram that shows the causes of an event and is often used in manufacturing and product development to outline the different steps in a process, demonstrate where quality control issues might arise and determine which resources are required at specific times
Risk Owners come from what spectrum of the organization?
Lower End, ideal risk owners are the younger, newer people to the project
Business Risk - inherent, company assumes it will spend money and make money, project carries potential for success or failure, profit or loss
Vs.
Insurable Risk - Risk that has only the potential for loss and no potential for gain.
Example of Business Risk is you hire Beavis the Butthead on your project
Example of Insurable Risk is purchasing insurance to offset a possible loss, there is no intent of gain
Risk Appetite - degree of uncertainty an organization is willing to accept anticipation of reward
Risk Threshold - level of risk exposure above which risks are addressed and below which risks may be accepted.
Risk Appetite is what an organization CAN and CANNOT handle.
Risk Threshold is the point at which you change behavior, i.e. warning track in baseball!
** There are five strategies for managing Negative Risks or Threats **
1. 2. 3. 4. 5.
- Escalate - Determining the threat is outside the scope of the project or beyond the PMs authority, forwarding to a higher level in organization.
- Avoid - Changing the project management plan to remove the risk entirely by extending schedule, changing strategy, increasing funding, or reducing scope.
- Transfer - Shifting impact and ownership of risk to a third party and paying a risk premium to the party taking on the liability of risk.
- Mitigate - Taking action to reduce the probability of occurrence or the impact of risk
- Accept - Acknowledge risk and not taking any action until the risk occurs.
** There are five strategies for managing Positive Risks or Opportunities **
- Escalate - Forwarding opportunities that are beyond the scope of the project. Sent off to higher level in organization that would be affected if opportunity materializes.
- Exploit - Making sure the opportunity happens, i.e. assigning the best resources to the project, hiring an expert consultant, or using new technology to reduce project duration and cost.
- Enhance - Increasing probability opportunity will happen by maximizing enablers of the opportunity i.e. adding more resources to an activity so it finishes early
- Share - Allocating some or all of the ownership of the opportunity to a third party, i.e. special purpose companies or joint ventures
- Accept - Willing to take advantage of an opportunity if it happens, but not actively pursuing it
Project Communication:
Formal Vs. Informal
Formal Communication includes formal reports, presentations, and meetings
Informal Communication includes email, social media, websites, and casual chats in hallway
** Communication Models **
A description, analogy, or schematic used to represent how the communication process will be performed for the project. There are FIVE steps to a standard communication model:
1. 2. 3 4. 5.
- ENCODE - Ideas are translated into language used by the sender to convey information
- TRANSMIT MESSAGE - Information is actually sent to the receiver by the sender
- DECODE - The receiver translates the message into meaningful ideas
- ACKNOWLEDGE - The receiver signals that he or she has received the information
- FEEDBACK/RESPONSE - The receiver encodes a message and transmits it back to the sender
- Acknowledge is NOT the same as Feedback i.e. nodding head in america means we agree but in japan it just means they can hear you but they do not necessarily understand.
- See Linear Communication Model on Page 169
** Push Communication **
Involves sending information to a receiver. Ensures information has been distributed but does not guarantee that it reached the receiver
-Subject Line in Email
** Pull Communication **
Involves receivers accessing information whenever required.
-Can be found by looking in repositories
** Audio/Aural Noise **
Baby Crying, Breaking Up, Distracting Crackling
** Visual Noise **
Crooked tie on presenter, Broccoli stuck in teeth
** Tactile Noise **
Very Cold Room, Itch in shoe
** Olfactory Noise **
Burnt popcorn, mental noise - shiny object enters room
** Change Control Strategy **
Change Management is the process of managing project changes in a structured and standardized manner. It consists of FIVE main stages:
1. 2. 3. 4. 5.
- Change Identification - involves identifying the changes that must be made to a project. ANYONE on the project can identify the need or requirement for change on the project.
- Change Documentation - involves documenting the changes in the change control form, initiating a formal request for the change.
- Analyzing the Impact of the Change - assessing issues that may arise and adversely impact aspects of the project. This will usually be done by the PM or any other requestor.
- Course of Action - coordinating with stakeholders to select necessary actions to be taken and implementing approved changes
- Updating Related Plans - updating project management plan components related to the approved change requests.
- See Process Flowchart for Managing Project Changes on Page 185
