Project Management Planning (PMP & Business Case) Flashcards
What is a business case?
Justification to business for undertaking a project
Who is responsible for the business case?
Project Sponsor (AKA Project Executive)
What goes in a business case?
- Strategic Case (why is project needed?)
- Options Appraisal (what options have been considered, what is preferred. Include “do nothing”)
- Expected Benefits
- Commercial Aspects (Cost, investment appraisal, funding arrangements)
- Risk (and their impact on project)
- Timescales (delivery of outputs and realisation of benefits)
What is a benefits?
Positive and MEASURABLE impact of change
What is the benefits management process?
Definition (Policy) Identification (quantify benefits) Planning (Baseline) Implementing (change of BAU) Realisation (measurement)
What is the purpose of a Project Management Plan?
Contract between PM and Project Sponosor. It details how the project will be managed E.g. how we will manage risk, and quality. Why what when how where who and where.
Who creates and owns the Project Management Plan?
Project Manager owns, it is created by PM and project team
What is a stakeholder?
An individual or group with an interest in the project because they are involved in the work or affected by the outcomes
What is stakeholder management?
The systematic identification, analysis, planning and implementation of actions designed to engage stakeholders
What is stakeholder analysis and why is it important?
Identify Who
Assess their influence
Develop communication plans
Engage and influence them
What are success factors defined as?
Management practices that increase the likelihood of success of a project
When is the PMP created?
Definition phase. It is updated in teh Development phase
Who approves the PMP?
Project sponsor
What is comparative (or analogous) estimation?
Using historical data from similar projects and extrapolating estimates for new work
What is parametric Estimation?
Define parameters that work can be measured and use the results to predicts values in current work. Requires extensive database
What is bottom up (or analytical) estimation?
Use detail specification to estimate time, cost for each component of the work
What are some examples of success factors?
Clear goals and objectives Focus on business value Defined governance structure Senior mgmt commitment timely and clear communication Trained and motivated team
What is the definition of a success criteria
Qualitative or quantitative measure by which the success of the project in producing its deliverables is judged
(e.g. Quality, Time, Cost)
What is KPI?
A measure of progress towards the achievement of success criteria
What is KPI?
A measure of progress towards the achievement of success criteria
Key Performance Indicators indicate progress of the project towards achieving: a. Success criteria b. Success factors c. The project teams personal objectives d. Adherence to mandated procedures
A
Rationale: Success Criteria include time, cost and quality. KPI’s are used to
demonstrate that money (cost) is being spent as planned and products are being
produced to the defined quality and at the right rate (time) to achieve the projects
objectives.
Which option should always be considered when justifying a new project?
a. The minimum quality option
b. The minimum performance option
c. The earliest delivery option
d. The do nothing option
D
Rationale: The cost of not doing the project should always be considered to
demonstrate the value of the project. Even projects related to regulatory changes can
be set in context of the likely fines, or other repercussions, of non-compliance.
The business case serves as output from the \_\_\_\_\_ phase and input to the \_\_\_\_\_ phase of a project life cycle. a. Concept, Definition b. Concept, Development c. Definition, Development d. Concept, Handover and Closure
A
Rationale: The business case documents the initial idea for the project and justifies its
costs and benefits. Acceptance, or approval, of the business case is required before the
planning in definition commences.
Which of the following would usually be associated with the business case rather than the project management plan? a. Risk management plan b. Investment appraisal c. Schedule d. Project organisation structure
B
Rationale: The investment appraisal is used to justify the project. The project
management plan is concerned with what needs to be done once it has been approved.
Who is accountable for benefits realisation?
a. Project manager
b. Project sponsor
c. User
d. Corporate management
B
Rationale: The project sponsor provides the funds for the project on the basis that
investment in the project will bring benefits that make it worthwhile.
Who is accountable for benefits realisation?
a. Project manager
b. Project sponsor
c. User
d. Corporate management
B
Rationale: The project sponsor provides the funds for the project on the basis that
investment in the project will bring benefits that make it worthwhile.
Which of the following best describes a project management plan?
a. A printout from project management software
b. A bar chart
c. The project scope
d. Risk, resourcing, quality and other management plans
D
Rationale: The project management plan is a collection of documents that
detail how different aspects of the project will be managed.
The project management plan:
a. Is owned by the project manager
b. Is the responsibility of the customer
c. Has the same content for all projects in an organisation
d. Remains unchanged during the implementation phase
A
Rationale: The project management plan is the contract between the project
manager and the sponsor: it provides the detail of how the project manager
will deliver the outputs required to achieve the outcomes the sponsor desires
Differences between the various project stakeholders’ requirements are
resolved by:
a. The project manager
b. The organisation’s project management office
c. The project sponsor
d. The most senior manager in the organisation
C
Rationale: As the sponsor is accountable for the benefits associated with the project,
they will ultimately resolve any differences between stakeholders to ensure delivery.
All of the following are part of the project team’s stakeholder management
effort except:
a. Identifying the stakeholders
b. Determining the stakeholders needs
c. Giving the stakeholders extras
d. Managing the stakeholders’ expectations
C
Rationale: Giving extras, or “gold-plating” is not part of stakeholder management.
Stakeholders can be typically mapped according to their respective:
a. Power and Motivation
b. Seniority and geographic location
c. Power and Interest
d. Networks and communication links
C
Rationale: Typically each stakeholder’s interest in the project, how much they support
or object to the project, is mapped against how much power or authority they have to
influence the outcome.
Define Success Criteria, Key Performance Indicators, Success Factors, and Benefits
Success Criteria = qualitative or quantitative measures by which success of the project will be judged
Success Factors = management practices that increase the likelihood of success of a project
KPI = measure of success used through out the project to ensure progression towards successful conclusion
Benefit = quantifiable and measurable improvement resulting from completion of the project (perceived as positive by stakeholders)
