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APM project management qualification > Revision day 1 > Flashcards

Revision day 1 Flashcards

1
Q

A project manager…

A

Is responsible and accountable for successful delivery of the project outputs

Directs and motivates the project team

Manages relationships with stakeholders (especially the Sponsor)

Produces and takes ownership of the project management plan

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2
Q

Example project team structure

A

Programme
project board
project manager
team leaders with governance and project support

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3
Q

Project Sponsor responsibilities

A

Primary owner of the project on behalf
of the business (should have the
relevant level of business authority)

Accountable for the investment in the
project and the resultant benefit
delivery

Produces and ‘owns’ the Business Case

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4
Q

Comparison of Responsibilities… project sponsor

A

Strategic management

Project viewpoint

Project assurance

Benefit assurance

Benefits realisation

Business effectiveness

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5
Q

Comparison of Responsibilities… Project Manager

A

Tactical management

Stage viewpoint

Product assurance

Product delivery

Day-to-day control

Project efficiency

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6
Q

User

A

Involved in developing the detailed requirements

Approve the products/deliverables

Define and agree the acceptance criteria

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7
Q

Team Leaders

A

Specialists
Internal and/or external to the organisation
Do the work
Report to, and take direction from, the project manager

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8
Q

Steering Group/Project Board

A

Provides strategic direction and guidance

Ensures cross-functional representation from the business

Chaired by the sponsor

Includes representatives from:
Users
Suppliers
Key stakeholder groups

Resolves escalated risks and issues that the project manager and sponsor cannot resolve

‘Go/No Go’ decisions at end of each phase of the life cycle, on behalf of the business

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9
Q

Knowledge management

A

The systematic management of information and learning. It turns personal information and experience into collective knowledge that can be widely shared throughout an organisation and a profession

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10
Q

Information Management:

A

The collection, storage, curation, dissemination, archiving and destruction of documents, images, drawings, and other sources of information

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11
Q

Reviews

A

can be triggered by events (e.g. the delivery of a product or completion of a stage) or by the passage of time (e.g. quarterly or six-monthly reviews)

The frequency, conduct, and scheduling of reviews is set out in the quality management plan

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12
Q

Review to be effective it should include a

A

Controlled attendance with attendees who will add value
Defined agenda, including the findings of previous reviews
Report with clear actions and owners

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13
Q

Different Types of Reviews

A

Project evaluation reviews
Gate reviews
Audits
Peer reviews
Post-project reviews
Benefits realisation reviews

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14
Q

Project Evaluation Reviews

A

Planned by the project manager
In addition to ongoing monitoring and control
Project reviewed mainly against the PMP, but also the business case

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15
Q

Aims of project evaluation review

A

Evaluate the project management processes
Establish lessons learned and actions arising
Raise concerns and agree corrective actions
Review likely technical success

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16
Q

Decision Gates/Gate Review

A

Undertaken between phases that are used to review and confirm viability of work compared to business case

Determines whether the project should proceed – ‘go or no-go’
Decision point for senior management regarding whether to continue the investment
Opportunity to request approval for authorities

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17
Q

Decision gate review based on

A

Outputs achieved so far
Requirements for the next stage/phase
Key Decisions to be made
Is the Business Case still viable?

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18
Q

Audits

A

Undertaken by a group outside the project team
Could be:
Project office
Internal audit
Third-party organisation
The purpose is to provide an objective evaluation of the project

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19
Q

Peer review

A

A peer review is really an informal audit. It’s a chance for someone else to cast their eyes over your progress and approach, and provide you their feedback

the goal of all peer review processes is to verify whether the work satisfies the specifications for review, identify any deviations from the standards, and provide suggestions for improvements

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20
Q

Aims of a post project review

A

Evaluating the effectiveness of project management
Comparing what was actually delivered against the original requirements
Identifying lessons learned
Assessing performance, e.g. comparing the planned schedule against the actual schedule
Capturing stakeholders’ opinion of how the project was delivered
Disseminating findings

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21
Q

Benefits realisation review

A

Undertaken after a period of business-as-usual
To establish the project benefits have been, or are being, realised
Responsibility of the sponsor
Further benefit reviews may be needed, perhaps a series

22
Q

Benefits of conducting reviews … think about types of reviews alongside benefits

A
  1. Lessons learnt throughout the project life cycle, not just at the end
  2. Reassurance for the business and senior management that projects are being run in a structured manner, following agreed methods and processes
  3. Enables project performance to be measured and assessed
  4. Aids comparison of projects
  5. Encourages PMs and their teams to reflect on the project status and objectively review their work
  6. Motivation – opportunities to recognise individual or team performance
  7. Forms part of an ‘audit trail’ for a project
23
Q

Reasons for early closure of a project

A

Planned objectives are unachievable – the project cannot fulfil its purpose

No longer a viable business case

When the cost of time and resources exceeds the benefit of the outcomes i.e. no longer evidence to support sufficient value

Wider organisational objectives take priority

24
Q

Why is early closure a positive?

A

‘failing fast’ is often implemented into the early stages of planning to prepare for such decisions and their impact on resources, stakeholders, and communication

Better utilisation of resources rather than wasting them on devalued objectives

Reviews and Decision Gates provide the best opportunity to ensure the project is on track and still viable, if this leads to project closure, they have been conducted successfully

25
Q

What is the Business Case?

A

Provides justification for undertaking a project or programme
It evaluates the benefit, cost, and risk of alternative options and provides a rationale for the preferred solution

26
Q

Typical Contents of a business case

A

Strategic case – the background of the project or programme and why it is needed

Options appraisal – what options have been considered and which has been chosen (not forgetting the ‘do nothing’ option)

Expected benefits – the benefits that will arise from the work and any unavoidable dis-benefits
Commercial aspects – the costs, investment appraisal, and funding arrangements

Risk – the major risks and their impact on the business case

Timescales – a summary of the delivery of outputs and realisation of benefits

27
Q

Reviewing business case through the life cycle

A

It defines the objectives, budget, expected outputs, and benefits against which the project will be measured
The sponsor and PM should review project performance against the business case throughout the life cycle
This should happen at major milestones at least
When significant risks or major changes are identified, the business case will need to be reviewed
The business case should be under change control; only approved changes are made to it

28
Q

Authorisation and ownership of business case

A

Project Sponsor Owns the Business Case. Responsible for defining and realising the benefits

Project Manager Ideally works with the sponsor to produce the Business Case
Reports on the validity of the business case throughout the project life cycle

29
Q

What are benefits?

A

Benefits are the reason WHY the project is being undertaken
If there are no benefits then there is no need for the project

30
Q

What is Benefits Management

A

Product related success criteria are within the control of the Project Manager
Project success is the responsibility of the Sponsor

The responsibility for managing benefits lies with the Project Sponsor

31
Q

What is Project Risk Management?

A

Risk management is a process that allows individual risk events and overall risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities

32
Q

Definition of risk management

A

“An uncertain event or set of circumstances that should it or they occur would have an effect on the achievement of one or more of the project objectives”

33
Q

Risk Management Plan

A

The Risk Management Plan defines how all the risk processes will be carried out
It does not consider individual risks
It is reflective of the context of the project, and allows for similar risks to be managed differently

34
Q

What do you cover in a risk management plan

A

Risk Cause/Event/Effect
Risk Probability/Impact
Risk Proximity
Inherent/Residual/Secondary risk

35
Q

Risk management process

A

Identify - what are the risks/sources of risk
Assess- likelihood/impact
Plan/response - identify and evaluate options/plan mitigation strategies
Implement responses - assign responsibilities, monitor and review

36
Q

Risk ownership

A

Business related risks may be owned by the Project Sponsor
Specific risks may be owned by project stakeholders or members of the project team
Project manager is responsible for ensuring an effective risk management process is in place

37
Q

Risk responses: Threats

A

Avoid
Avoid the threat and eliminate uncertainty by not doing something or doing it in a different way
Reduce
Cannot avoid, too large to accept so action steps to reduce probability and/or impact
Accept
Take it on board and accept the consequences. The severity/probability of the risk does not justify effort in changing it
Accept
Take it on board and accept the consequences. The severity/probability of the risk does not justify effort in changing it

38
Q

Risk responses: Opportunity

A

Exploit
Exploit the opportunity and eliminate uncertainty by doing something or doing it in a different way
Enhance
Take steps to enhance probability and/or impact
Share
Share the opportunity with the client, sub-contractor, or third party e.g. target pricing contracts
Reject
Take no action and accept the consequences which may include not receiving the positive effect

39
Q

Benefits of risk management

A

Enables better informed and more believable plans, schedules, and budgets
Increases the likelihood of a project adhering to its schedules and budgets
Leads to the most suitable types of contract
Allows a more meaningful assessment of contingencies
Discourages the acceptance of financially unsound projects
Contributes to the build-up of statistical information to assist in better management of future projects
Enables a more objective comparison of alternatives
Identifies, and allocates responsibility to, the best risk owner

40
Q

What is an issue

A

Cannot be resolved by the project manager
Something that has no uncertainty
Has happened, or
Is guaranteed to happen

41
Q

Issue management process

A

Issue identified
Issue logged
Issue evaluated to understand impact
Potential resolutions identified
Issue escalated to sponsor
Sponsor may escalate to steering group
Issue owner assigned
Issue monitored by project manager
Issue resolved and closed

42
Q

What is project quality management

A

Quality is broadly defined as fitness for purpose, meeting customer needs, producing the right product, and producing it right first time

Quality Planning takes the defined scope and specifies the acceptance criteria used to validate that the outputs are fit for purpose

43
Q

What is quality assurance

A

Quality assurance provides confidence to the host organisation that its projects, programmes, and portfolios are being well managed

It validates the consistent use of procedures and standards, and ensures that staff have the correct knowledge, skills, and attitudes to fulfil their project roles and responsibilities in a competent manner

Quality assurance must be independent of the project, programme, or portfolio to which it applies

44
Q

Quality Control

A

Consists of inspection, testing, and measurement
Quality control activities determine whether acceptance criteria have, or have not, been met
Once agreed, the specification may need to be modified

45
Q

What is defined as a project

A
  1. unique
  2. temporary
  3. Implements change
  4. delivers outputs
  5. manages risk
46
Q

what is defined as Business as usual

A
  1. consistent and respeatable process
  2. ongoing
  3. identifying the need for change
  4. realise benefits
  5. risk averse
47
Q

Tools and techniques used to determine factors which influence a project

A

PESTLE and SWOT

48
Q

PESTLE

A

Polictical, economic, social, technological, legal, environmental

49
Q

Project lifestyle

A
  1. Concept
  2. Definition
  3. Development /build
  4. Handover and closure
  5. Operation
  6. benefits realisation
  7. termination
50
Q
A

APM project management qualification (8 decks)

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