Session 1 Flashcards
What are the 3 domains of PMP?
- People
- Process
- Business Environment
What is portfolio management?
Achieve strategic objectives —aligns with business strategies
What is program management?
Group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits, not available from managing them individually—
Controls components, and interdependencies to realize benefits
What is project management?
Part of a broader program, portfolio or both – enables achievements of organizational goals and objectives
What are the organizational structures?
• Functional
• Matrix
• Project oriented
• Composite
What does organizational structure and governance affects/determines?
• How organizational groups and individuals into interrelate
• How much authority the project manager has
• What resources will be available
• How the project will be conducted
Individuals and interaction over?
Process and tools
Working software over
Comprehensive documentation
Customer collaboration over
Contact negotiation
Responding to change over
Following a plan
What are the 3 performance domains in project management (Talent Triangle)?
• Process- Ways of working
• People/ Negotiatie- Power skills
• Business Environment-understanding how an organization operates
Enterprise Environmental Factors
(EEFs)
What impacts the project
(Internal and external to the organizational)
Organizational Process Asets
(OPAs)
Information you can use
(policies, procedures, and processes)
What are the Environmental Assessment Tools?
• PESTLE
• TECOP
• VUCA
PESTLE
political, economic, socio-cultural, technical, legal, environmental
TECOP
Technical, environmental, commercial, operational, political
VUCA
volatility, uncertainty, complexity, common, ambiguity
SWOT
strengths, weaknesses, opportunities, threats
Is the question below an EEFs or OPAs
Economic demand for a new shopping area
EEFs
Is the question below an EEFs or OPAs
Historical society (conservation) building regulations.
EEFs
Is the question below an EEFs or OPAs
Local neighborhood demand for better town center
EEFs
Is the following question below an EEFs or OPAs
Achieve of past large infrastructure projects
OPAs
Is the following question listed below an EEFS or OPAs
Approved vendor and contractors list
OPAs
Is the following question listed below an EEFs or OPAs
Tenant selection process
OPAs
Project Management Plan
A document that describes how a project will be executed, monitored, and controlled and closed.
Business Documents
Developed prior to project start ( usually by a business analyst or key project stakeholder)
Business Case
Justifies project and establishes boundaries
What are the established boundaries for a business case
• Cost benefit analysis
• Business need
• Quality specifications
• Schedule or cost constraints
What should the benefits management plan include?
- Processes for creating, maximizing and sustaining project benefits
- Timeframe for short and long-term benefits realization
- Benefits, owner, or accountable person
- Metrics
- Assumptions, constraints and risk
Is the business case and benefits management plan a part of the project management plan?
No, it’s a business document
A cost benefit analysis
How businesses justify the selection authorization of a project
PV Present Value
Applies to projects that span several time periods when the value of money might change e.g. inflation
What factors determine Present Value(PV)
• Future value
• Interest rate
• Number of periods
Net present value (NPV)
• Is used for the capital budgeting
• Accounts for inflation and macro economic change (discount rate)
• Compares the value of a currency unit today to the value of the same currency unit in the future
Objective and Key Reults (OKRs)
A goal setting practice that enables teams to achieve their goals by setting simple and measurable results
How Objective and key results (OKRs) help deliver business value
• Start with organizational objectives
• Decide key desired results
Objective and key results (OKRs) best practices
• Support each objective with between 3 to 5 measurable key results
• Aim for 70% success rate to encourage competitive goal making.
• Write OKRs that are action-orientated and inspirational and include concrete, measurable outcomes
An incremental development approach can deliver the following values
• Enable Value delivery sooner
• Attain higher customer value and increased market share
• Enable early feedback, allowing for adjustments to the direction, priority, and quality of product
• allow partial delivery ( or previews) to customers
What does the business document contain
• Information about the projects objectives in contribution to the business goals
• Help the business to determine whether a project is worth the required investment of time, money, and resources
Types of Business Value
• financial gain
• new customers
• social benefit
• first to market
• improvement (technological, process)
• Regulatization (alignment, or compliance with standards and regulations)
What is the diffence between agile and traditional project management?
Agile embrace iterations (repetition)
Traditional embrace phase
Predictive
Plan base approach
•Activities completed in a distinctive or linear fashion
•New phase begins only when the previous phase is completed
Predictive key roles
• project sponsor authorizes project
• Team lead by project manager
Predictive value delivery
• deliverables transition to customer at completion
• value realize in both short and long term
Adaptive
Change based approach
• agile, incremental or iterative development
• time box cadence (iterations/sprints) or continuous flow
Adaptive key roles
• project owner controls value proportion
• project team delivers work
• process roles include team lead, scrum, master, agile coach, facilitator
Adaptive value delivery
• iterative or incremental delivery to customer during life cycle
• regular customer feedback cycle enables continuous development of value toward a final project
Hybrid
Is any combination of adaptive and predictive
What does the project management life cycle consist of
•predictive
• adaptive
•hybrid
Organizational Projext Management (OPM)
Strategy, execution, framework, that coordinates project, program, portfolio and operations management, and which enables organizations to deliver on strategy
What is a system for value delivery
Organizational Project Management (OPM)
Functional organizational structure
Staff is group by areas of specialization in the PM has limited authority to assign work and apply resources
Matrix organizational structure
PM shares authority with a functional manager temporarily to assign work and apply resources
Agile
• iterations are likely to be shorter
• product is more likely to evolve based on stakeholder feedback
What is the difference between project and operations?
• projects have a definite beginning and ending
• operations is ongoing
What is success measured on
• was project delivered on time
• was project within budget
• did the project add value
Project Management (PMO)
A management structure that standardizes, the project related governance processes and facilities the sharing of resources, methodologies, tools and techniques.
PMOs are more common in larger organization, because of the number project that can be processed at the same time .
Tailoring
Is the deliberate adaptation of the project management approach, governance, and processes to make them more suitable for the given environment and the work at hand
Strategic plan
A high-level business document that explains in organizations, vision and mission plus the approach that will be adapted to achieve the mission and vision, including the specific goals and objectives to be achieved during the period covered by the document.
Benefits management plan
The documented explanation, defining the process for creating, maximizing, and sustaining the benefits provided by a project or program. Also describes how, and when the benefits of a project will be delivered and measured. 
Cost benefit analysis
Is one method of measuring or evaluating a project benefit and value
Opportunity cost
A concept applied to quantify the missed opportunity when deciding to use a resource (e.g. investment dollars) for one purpose vs another.
Internal Rate of Return (IRR)
The interest rate that makes the net present value of all cash follow equal to zero. This function of the cost of capital for project implementation.
Return on Investment (ROI)
A financial metric of profitability that measures the gain or loss from an investment relative to the amount of money invested.
Test
