Project Management

Question 1

What is the waterfall method of project management and what are the 4 stages?

Answer 1

It is a steady flow of activities where each project phase is signed off before the next one is started.

1. Project start up & initiation
2. Project planning
3. Project implementation
4. project closure, evaluation & maintenance

Question 2

What is the purpose of the project start up and initiation stage?

Answer 2

To analyse, determine and prioritise business requirements, needs and objective. Project scope is determined and fixed.

Question 3

What is a project mandate?

Answer 3

A project mandate is a short document used to formally approve a project.

Question 4

What should be 4 things should be included in a Project Mandate?

Answer 4

1. Breifly explain the scope of the project.
2. Expected outcomes
3. Anticipated timescales
4. Available budget

Question 5

What details should be clear by the end of the project initiation phase?

Answer 5

1. The project governance structures (Roles & Project stakeholders).
2. Project details (Business case, Expected outputs, Criteria for success).

Question 6

Who are the 5 project stakeholders?

Answer 6

1. Project sponsor
2. Project client
3. Project customers
4. Project manager
5. Project team

Question 6

What are the 4 main rolesof the CFO in the project?

Answer 6

1. Monitoring the objectives of the business case
2. Determining the effect of any changes on the anticipated financial benefits.
3. Resolving resource issues
4. Review budgets and allocate resources.

Question 7

What 7 factors should be considered in a project business case?

Answer 7

1. Reasons for undertaking the project (Objectives).
2. Other options considered and why this was chosen.
3. Expected benefits (E.g increased revenue)
4. Aproximate costs
5. Approximate timescales
6. Main risks
7. Investment appraisal calculations

Question 8

What is a Project initiation document and what five things should it include?

Answer 8

It provides a base for the project sponsior and manager to evaluate the subsequent progress and success of a project.

Should include:
1. What the project intends to achieve
2. Why it is important
3. Who is involved and what are their roles and responsibilities.
4. How and when it will happen and how much it will cost.
5. How sucess will be measured.

Question 9

What is a communications plan?

Answer 9

It is a tool for managing stakeholders trhoughout a project.

Question 10

What is the aim of a communications plan?

Answer 10

To garner support and incorporate relevent feedback

Question 11

What are the 5 stages to developing a communications plan?

Answer 11

1. Identify the stakeholders
2. Identify the objective of the communications for each (e.g positive coverage from press)
3. Identify the actions to be taken/communication channel (e.g. press release).
4. Decide the frequency/timescale of communications.
5. Identify who will action this.