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Project Management > Session 1 > Flashcards

Session 1 Flashcards

1
Q

What are the four aspects of a PROJECT?

A
  1. Creates a unique product, service or result
  2. Is time-limited
  3. Drives change
  4. Enables value creation for business or organization
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2
Q

What is value creation?

A

Value Creation is the process of turning labor and resources into something that meets the needs of others.

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3
Q

A project drives - ?

A

Change

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4
Q

What are the factors that project success depend on?

A
  1. Collaboration and communication with the team and with key stakeholders.
  2. Team member skill levels
  3. funding and resource availability.
  4. Organizational project maturity.
  5. Understanding of the core problem and related needs.
  6. Project manager effectiveness.
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5
Q

Describe the 2022 systems view of project management: “projects enable - to drive - that ultimately deliver -“

A

Outputs
Outcomes
Value

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6
Q

Project management evolved from - to -

A

Predictive
Adaptive

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7
Q

What are the three
types of PMOs?

A

Supportive
Controlling
Directive

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8
Q

Give an example of what a supportive PMO does

A

A supportive PMO coaches, mentors, trains, and guides project managers.
It also develops best practices, methodologies, standards, and templates.

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9
Q

Give an example of what a controlling PMO does.

A

A controlling PMO performs project audits. These audits monitor compliance with project management standards, policies, procedures, and templates. 

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10
Q

Give me an example of what a directive PMO does.

A

A directive PMO manages shared resources. It also coordinates communication across projects.

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11
Q

ACoE

A

Agile centers of excellence

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12
Q

ACoE also also known as VDO. What does VDO stand for?

A

Value delivery office

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13
Q

OPM

A

Organizational project management

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14
Q

OPM is a framework that enables organizations to deliver on -. OPM is a system for - -

A

Strategy

Value delivery

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15
Q

Components or levels of OPM (4)

A

Management of
1. Portfolios
2. Program
3. Project
4. Operational

My example: auto safety - braking - brakes on wet pavement - testing brakes

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16
Q

What are the organizational structures?

A

Functional
Matrix
Project-oriented
Composite

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17
Q

Describe the Functional organization structure

A

A functional organization is like CTS
The team is loyal to CTS
The team reports to Linda
The PM is seldom identified
Each team member is part time on project
Linda controls team, not me

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18
Q

Describe the matrix organizational structure.

A

The ingenious med project is an example.
Team working had conflicted loyalty
Team reports both to Linda (functional Mgr) and PM
Cindy ranged from coordinating with Linda to full PM.
Team was part time on IM and other projects.
Control over team members shared with functional manager and sponsor ($ Mary Z)

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19
Q

Describe the project oriented organizational structure.

A

Radix Dash project
The vendor team is loyal to project.
The vendor team reports to Ashley, the PM.
Ashley is the full time PM
The project team works on radix full time
Ashley has high control over her team members.

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20
Q

There are 12 project management principles.

A
  1. Be a diligent, respectful and caring steward.
  2. Recognize, evaluate, and respond to system interactions.
  3. Navigate complexity.
  4. Create a collaborative project team environment.
  5. Demonstrate leadership behaviors.
  6. Optimize risk responses.
  7. Affectively engage with stakeholders.
  8. Tailor based on context.
  9. Embrace, adaptability and resiliency.
  10. Focus on value
  11. Build quality in two processes and deliverables.
  12. Enable change to achieve the envisioned future state.
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21
Q

What are the project performance domains?

A

Think STUMPPDD
Stakeholders
Team
Uncertainty
Measurement
Project work
Planning
Delivery
Development approach & life cycles

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22
Q

What is valued in the agile manifesto for software development?

A

Working software
Responding to CHANGE
Individuals & Interaction
Customer collaboration

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23
Q

In the Agile manifesto for software development, working software is valued OVER

A

Comprehensive documentation

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24
Q

In the Agile manifesto for software development, individuals & interaction is valued OVER

A

Process & tools

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25
Q

In the Agile manifesto for software development, customer collaboration is valued OVER

A

Contract negotiation

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26
Q

In the Agile manifesto for software development, responding to change is valued OVER

A

Following a plan

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27
Q

There are 12 principles of the agile manifesto.

A
  1. Our highest priority is to satisfy the customer through early and continuous delivery of valuable software
  2. Welcome changing requirements, even late in development. Agile processes, harness change for the customers competitive advantage.
  3. Deliver working software frequently, from a couple of weeks to a couple of months, with a preference to the shorter time scale.
  4. Business people in developers must work together daily throughout the project.
  5. Build projects around motivated individuals. Give them the environment and support they need to and trust them to get the job done.
  6. The most efficient and effective method of conveying information to and within a development team is face-to-face conversation.
  7. Working software is the primary measure of progress.
  8. Agile processes, promote sustainable development the sponsors, developers, and users should be able to maintain a constant pace indefinitely.
  9. Continuous attention to technical excellence and good design enhances agility.
  10. Simplicity – the art of maximizing the amount of work not done – essential, ( unnecessary work)
  11. The best architecture is, requirements, and designs emerge from self organizing teams.
  12. At regular intervals, the team reflects on how to become more effective, then tunes in adjusts Its behavior accordingly.
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28
Q

True or False: Agile means iterations are likely to be longer.

A

False. Agile means iterations are likely to be shorter.

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29
Q

With an agile approach, is the product more likely to evolve based on stakeholder feedback?

A

Yes

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30
Q

Define the agile mindset

A

The actual mindset, adopt a flexible, change-friendly way of thinking and behavior

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31
Q

What are the parts of the PMI talent triangle?

A

Power Skills
Ways of Working
Business acumen

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32
Q

Define the PMI Talent Triangle’s Skill “Power Skils”.

A

The critical interpersonal skills required to apply influence Inspire change and build relationships

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33
Q

Define the PMI Talent Triangle’s Skill “ways of working”

A

Ways of working is mastering, diverse, and creative ways (predictive, adaptive, design, thinking) to get any job done

34
Q

Define the PMI Talent Triangle’s Skill “Business Acumen “.

A

Business acumen is effective decision-making and understanding of how projects align with the big picture of broader organizational strategy and global trends

35
Q

OKRs

A

Objectives and Key results

36
Q

Define OKR

A

“ objectives and key results” is a goalsetting framework that describes the organization’s objectives and desired key results

37
Q

WBS

A

Work breakdown structure

38
Q

Define WBS

A

The work breakdown structure is a hierarchical decomposition of the total scope of work to be carried out by the project team, to accomplish the project objectives and create the required deliverables

39
Q

EEFs

A

Enterprise Environmental factors

40
Q

OPAs

A

Organizational Process Assets

41
Q

True or False: EEFs are factors that are external to the organization.

A

False. Enterprise environmental factors are both internal and external to the organization.

42
Q

Give examples of OPAs

A

An example of an organizational process asset is historical project information. Others, examples include project, policies, procedures, and templates. Note that these are internal

43
Q

Give an example of an internal EEF.

A

An internal enterprise environmental factor is the organization’s culture, organizational change

44
Q

Give an example of an external EEF

A

And example of an external enterprise, environmental factor is a regulatory requirement

45
Q

SWOT

A

Strengths, weaknesses, opportunities, threats analysis

46
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: Organizational charts

A

This is an organizational process asset (OPA)

47
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: procurement rules

A

This is an organizational process asset (OPA)

48
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: hiring and onboarding procedures

A

This is an organizational process asset (OPA)

49
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: KB engineering, wikis, libraries or archive, lesson learned repositories.

A

These are all examples of organizational process assets, (OPA)

50
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: resource capabilities

A

This is an example of an enterprise environmental factor that is internal

51
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: organizational culture

A

This is an example of an enterprise environmental factor that is internal

52
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: IT software

A

Hint: ask yourself, can I use? If you can, it is likely an operational process asset. Here we are not using the software we might be using what the software was used to create so this is an enterprise environmental asset that is internal.

53
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: distribution of facilities

A

This is an enterprise environmental factor that is internal

54
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: marketplace conditions

A

This is an enterprise environmental factor that is external

55
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: laws, regulations and standards

A

This is an example of an enterprise environmental factor that is external
Hint: while we can use laws, regulations and standards, they are not internal and organizational process. Assets are always internal and can be used.

56
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external: operating conditions.

A

This is an example of an enterprise environmental factor, and it is external

57
Q

Is this an OPA or an EEF? If an EEF, indicate whether internal or external:
Social and cultural influences

A

This is an enterprise environmental factor that is external

58
Q

What is business value?

A

The net quantifiable benefit identified from a business endeavor. The benefit can be tangible and or intangible.

59
Q

Benefits realization is based on - - -

A

Declared business value

60
Q

What are the types of business value?

A

Think FFIRNS handshake
Financial gain
First to market
Improvement
Regularization
New customers
Social benefit

61
Q

How does a business analyst obtain data for the project

A

Through a needs assessment or feasibility study

62
Q

Which comes first the business case or the needs assessment?

A

Needs assessment

63
Q

What’s the purpose of the business case

A

To justify project and establish boundaries.

64
Q

Acceptance of the business case usually leads to creation of the - -

A

Project charter

65
Q

What does the benefit management plan include?

A

BENEFIT owner
TIMEFRAME for short and long term benefits realization
ASSUMPTIONS, constraints and risks
METRICS
PROCESSES for creating, maximizing and sustaining project benefits

66
Q

How do businesses justify the selection of a project?

A

Cost benefit analysis

67
Q

What is the opportunity cost?

A

Part of the project selection criteria that calculates the loss (potential return) of NOT doing the project.

68
Q

PV, FV, NPV

A

Present value, future value, net present value

69
Q

IRR

A

Internal rate of return

70
Q

ROI

A

Return on investment

71
Q

Three factors to determine PV

A

Three factors to determine present value:
Future value
Interest rate
Number of periods

72
Q

NPV Accounts for inflation, while the PV accounts for -

A

The net present value accounts for inflation, while the present value accounts for Interest rate

73
Q

What does the NPV compare?

A

The net present value compares the value of the currency unit today, with the value of the same currency unit in the future

74
Q

Define objectives. Defined key results, in terms of the definition of objectives.

A

Objectives are goals and intents. While key results are, under these goals and intents, the time bound and measurable milestones.

75
Q

Each objective should be supported with between - measurable, key results. The answer is a number range.

A

3-5

76
Q

When measuring an objective’s key results, aim for what percentage success rate to encourage competitive goal making?

A

70%

77
Q

Benefit of an incremental development approach

A

An incremental development approach enables incremental value delivery. Sooner delivery gives preview allowing for feedback which can increase market share.

78
Q

True or False: A PMO is a management structure that standardizes and facilitates

A

True

79
Q

A high-level business document that explains an organizations vision and mission, plus the approach that will be adapted to achieve this mission and vision, including the specific goals and objectives to be achieved during the period covered by the document

A

Strategic plan

80
Q

Define IRR

A

The interest rate that makes the net present value of all cash flow equal to zero. This rate is a function of the cost of capital for project implementation. 

81
Q

Define ROI

A

A financial metric of profitability that measures the gain or loss from one investment relative to the amount of money invested

Project Management (2 decks)

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