Project Governance Flashcards
PMP PREP
What it is Project Governance Framework
It’s a set of guidelines and principles on how to manage, govern, and make decisions about projects. It covers aspects like roles and responsibilities, decision-making processes, risk management, reporting, and communication procedures, among others.
Project Governance Framework importance
Project Governance Framework is an essential part of project management, providing guidance, decision-making boundaries, and support to ensure that project objectives align with company strategy and goals. It is significant to ensure consistency, coordination, and risk control across all projects.
How PGF works:
It provides an overall framework that guides the project teams for decision making and project delivery by setting up principles, policies, procedures, roles and responsibilities, and performance measures.
Answering PGF Questions in the Exam:
Understand the main components and principles of the project governance framework. Know how project and portfolio management are interlinked and their relationship with governance. Be aware of the decision-making process and how it contributes to successful project management.
When asked questions on Project Governance Framework
When asked questions on Project Governance Framework, think from an organizational perspective. Understand how the framework can improve project outcomes and support strategic alignment. Always relate the project governance framework to standards, policies, and procedures. Lastly, read questions carefully, remember key project governance principles and apply them to real-life scenarios given in the questions.
What is the Decision-Making Process?
The Decision-Making process is a critical part of Project Governance. This process involves making crucial decisions that affect the progress and outcome of a project. These decisions are generated from information analysis, alternatives exploration, and potential risks assessment.
Importance of Decision-Making Process in Project Governance:
The decision-making process plays a pivotal role in the successful execution of a project. It provides a structured approach to making strategic decisions. It helps to solve issues, mitigate risks, and to achieve project goals and objectives.
How does the Decision-Making Process work?
The Decision-Making Process typically involves five steps:
- Problem identification
- options generation
- evaluation and analysis
- decision selection
- decision implementation.
Exam Tips: Answering Questions on Decision-Making Process
- Understand the five steps of the Decision-Making process and be able to explain each step in detail.
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💡 ***Pay attention to the question** and **understand if it’s asking for a step in the process or asking you to apply the process to a given scenario.***
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- Use your knowledge about the process to eliminate incorrect answer choices.
> Remember the importance of the Decision-Making process in Project Governance – understanding the why will help you answer the how.
You are a project manager handling a highly complex project with multiple uncertainties. You need a decision-making technique that allows you to leverage expert opinions without potential conflicts or biases. Which method is best suited for this situation?
The Delphi technique allows anonymous input from experts, resulting in unbiased and well-informed decision-making, making it suitable for complex projects with uncertainties.
As a project manager, you face difficulties with potential negative impacts from stakeholders. Which decision-making approach should you use to ensure the least negative impact on your project?
a.Contingency
b.Compromise
c.Avoidance
d.Authority
When dealing with stakeholders’ potential negative impacts, the compromise approach is best as it seeks a fair balance between the needs and interests of the project and stakeholders. It reduces conflict and increases stakeholder satisfaction.
As a project manager, you face a time-critical decision making situation with lack of information. Which decision-making style is most appropriate for this situation?
a.Analytical decision-making
b.Evidenced-based decision-making
c.Intuitive decision-making
d.Data-driven decision-making
Intuitive decision-making is based on instinct, experience, and gut feelings, making it the most suitable style for time-critical situations with limited information.
You are a project manager who has just identified a major risk to the project. What decision-making technique should you use to choose the best option to handle this risk?
a.Majority vote
b.Multi-criteria decision analysis
c.Consensus
d.Delphi technique
Multi-criteria decision analysis is a decision-making technique used in evaluating multiple alternatives considering factors such as risks, costs, and benefits, making it the best choice in this scenario.
