Session 5 Flashcards
Risks
•risk can be positive (opportunities) or negative (threats)
Example of project risks
• working with new vendors and building processes
• supply chain issues for correct bricks
• building cod compliance
• key stakeholder conflict
Business Risks Predictive
• represents an opportunity for gain or loss
Project Risks Management Predictive
• systematically maximizes the probability of positive events and minimizes the probability and consequences of negative events
Risks- Adaptive & Hybrid
• as a project uncertainty increases, the risk of rework increases; adaptive life cycles use smaller increments of work to enable feedback and progressive elaboration of scope
How do you Create Risk Strategy
• first understand risk parameters for the organization and the project
Managment Guidelines
• use qualitative (high, medium, low, etc) or quantitative (numerical) rating• set a maximum risk exposure level that can be managed without escalation
Inherent Risk
• teams place risks in a risk register, use information radiators to ensure visibility and a backlog refinement process that includes constant risk assessment
Risk Identification Techniques
Data Gathering and Analysis
• risk breakdown structure RBS
• brainstorming
• nominal group technique
• SWOT analysis
• affinity diagram
• assumption analysis
• document review
• Delphi technique
•
Risk Breakdown Structure Categories
• technical
• management
• commercial
• external
How would you assess risks?
• qualitative assessment (language)
THEN
• quantitative assessment (numbers)
Probability and Impact Matrix
• use numeric values and or colors
• if using numbers, multiply them to give a probability impact score— Tia makes evaluating relative priority easier
Quantitative Risk Analysis Methods
Predictive
• simulations
~ use computer models to determine risk factors
• sensitivity analysis
~ determines the greatest risk
• decision tree analysis
~ branches represent decisions or events, each with associated costs and risk
• influence diagrams
~ shows elements of uncertainty caused by risks using ranges or probability distributions
• expected monetary value EMV
~ select the optimal one
Predictive Risk Response-Good Practice
Should be the following:
• appropriate for the significance of the risk
• cost effective
• realistic within the project context
• agreed to by relevant stakeholders
• owned by a responsible person
Predictive Plan Risk Response
Guidelines and Terminology
• a trigger condition signals of a risk can develop
• team implements a risk response
• a secondary risk can arise as a direct result of the risk response implementation
• residual risk can remain after risk responses have been implemented
• have a contingency(fallback) plan ready in case the primary risk response fails
• the contingency reserves (or allowance) is the budget within the costs baseline that is allocated for identify wrist in their response st strategies
Risk Response Strategies Predictive
• prepare strategies for threats (negative) as well as opportunities (positive) and for individual project risk, and overall project risk
Risk Response Threats
• escalate
• avoid
• transfer
• mitigate
• accept
Risk Response Opportunity
• escalate
• exploit
• share
• enhance
• accept
Quality
• the degree to which a set of inherent characteristics fulfill requirements include:
~ stakeholder expectations in user satisfaction
~ compliance with standards and regulations
~ continuous improvement
Cost of Quality CoQ
• money spent during project to avoid failure
Prevention costs (build a quality product)
• training
• document processes
• equipment
• time to work “right”— resources, infrastructure expenses
Appraisal (quality assessment)
• testing
• inspections
Internal Failure Costs
• rework
• scrap
External Failure Cost
• liabilities
• warranty work
• lost business
Predictive QM Plan
• activities and resources that achieve the quality objectives
• formal or informal, detailed or broadly framed
• reviewed throughout the project
• benefits:
~ sharper focus on the project value proposition
~ cost reductions
~ mitigated schedule overruns from rework
Compliance Requirements
Internal & External
• appropriate government regulations
• organizational policies
• product and project quality requirements
• project risk
Compliance Requirements Actions
Internal & External
• classify compliance categories
• determine potential threats to compliance
• analyze the consequences of noncompliance
• determine necessary approach and action to address compliance needs
Metrics
• measure desired quality attributes for your product or project through testing, use of tools, processes
Related to Continuous Improvements
• Six Sigma Aka Lean Six Sigma
~ focus on removing waste
• Kaizen ~ change for better/improve
• PDCA
~ plan, do, check, act
• Agile methods
~ scrum, kanban, crystal methods
DMAIC
•define
• measure
• analyze
• improve
• control
Integrated view of plans can:
• identify incorrect gap or discrepancies
• align efforts and highlight how they depend on each other so your team works better
• help assesses and coordinate the project during its lifecycle
Predictive Integrate Plans
• at the end of the planning stage combine all planning results from knowledge areas
Hybrid Integrate Plans
• reframe the approach to plan integration and figure out a way forward to work with various planning elements —adapt it while working
Adaptive Integrate Plans
• adaptive processes, and agile ceremonies provide a structure to continuously integrate plans, or aspects of a project
Change Management Plan
• use to set a process and assigned roles to change
Plan for Complexity and Change
• organizations system
•’human behavior
• uncertainty or ambiguity
Systems- based
•decoupling
~ disconnect parts of the system to simplify it and reduce the number of connected variables
• simulation
~ use similar, unrelated scenarios to try to understand the complexity
Reframe the Problem
•diversity
~ view the system from different perspectives
• balance
~ reconsider the type of data used
Process-Based
• iterate
~ plan iteratively or incrementally; add features one at a time
• engage
~ really engage with stakeholders
• fail safe
~ plan for failure
What Interpersonal Power Skills does project professionals use
•collaborative leadership
• communication
• innovative mindset
Guidelines for Developing Inclusive Leadership Competencies
• tailor your leadership approach and style
• lead with empathy
• understand that motivations and working styles vary
• maintain transparency and openness to build trust
• ensure external resources are included
Leadership Skills and Competencies
• communication
• conflict management
• critical thinking
• culture awareness
• decision making
• emotional intelligence technique (EQ or EI)
• ethical approach (PMI code of Ethics and professional conduct)
• expert judgment
• facilitation
• meeting management
• negotiation
• networking
• team building
Interpersonal & Team Skills
• active listening
• communications styles assessment
• emotional intelligence
• influencing
• motivation
• nominal group technique
• political awareness
• transparency
Leadership Style-Direct
Characteristics
• hierarchical, with project manager, making all decisions
Leadership Style-Consultative
Characteristics
• leader factors in opinions, but makes the decision
Leadership Style- Servant Leadership
Characteristics
• leader models desired behavior
Leadership Style-Consensus/Collaborative
Characteristics
• team operates autonomously
Leadership Style-Situational
Characteristics
• style changes to fit context and maturity/experience of team
Leadership Styles
Tailoring Considerations
• experience with project type
• team member maturity
• organizational governance structures
• distributed project teams
Leadership
• guiding the team by using discussion and an exchange of ideas
Management
• directing actions using a prescribed set of behaviors
Leadership & Management
• adapt leadership style to situations and stakeholders
• be aware of individual and team aims and working relationships
• use political awareness and emotional intelligence
Servant Leadership
• facilitate rather than manage
• provide coaching and training
• remove work impediments
• focus on accomplishments
• encourage every team member to be a servant leader
Team-Building
• cohesion and solidarity help teams perform better
• good leadership facilities bonding between project team members
Team Building Activities Build
• unity
• trust
• empathy
Team Building activities include
• formal or informal
• brief or extended
• facilitated by yourself or a professional facilitator
Balance Team Tone with Sense of Urgency
• Tone
~ use fluid communication and engagement
~ promote positive interactions
• Urgency
~ emphasize the project’s vision and value
~ commit to and be accountable for delivering value
~ envision team as active participant in delivering the organization’s strategic vision
Virtual Team Best Practices
• manage risk of “feeling isolated”
• focus on shared commitments and team goals bs individual accomplishments
• instill a sense of shared commitment
Project Management Information System (PMIS)
•gather, integrate and share project data
• ensure consistency in collection and reporting
Artifacts Management Systems
• store and maintain project artifacts
Importance of Artifacts
• enable reconstruction of the history of the project and to benefit other projects
• project teams create and maintain many artifacts during the life of the project
Standardize Artifacts - What to Include
• a simple way to produce and control documents
• standardized format and templates
• a structure process for the review and approval of documents
• version control and security
• timely, distribution of documents
Predictive Artifacts types
• project management plan
• project charter
• change requests
• scope baseline
• schedule baseline
• cost baseline
• subsidiary project management plans
Hybrid and Adaptive Artifacts types
• project management plan
• product roadmap
• task boards
• experiments
• product backlog
• sprint backlog
Configuration Management Plan
• project management plan component
• states how project information (and which items) will be recorded and updated
• facilitates consistency of the product, service or result of the project and/or operability
Configuration Management System
• how a project manager track’s project artifacts and monitors, and controls changes to them
Version Control
• this is a subset of configuration management related to documents and digital record keeping
Version Control updates includes
• a new version number
• a date/time stamp
• name of user who made the changes
Psychological Safety
• is a psychosocial condition, required for high performing project teams
Healthy Work Settings include
• embrace diversity
• are built on trust and mutual respect
• ensure ethical decision-making
Maslow’s Hierarchy of Needs
• self actulization
• esteem
• belonging
• safety
• physiological
Herzberg’s Motivation-Hygiene Theory
AKA Two-Factor Theory
• Hygiene Factors
~ salary
~ work environment
• Motivators
~ advancement
~ recognition
~ engagement
McGregor’s Theory X & Y
• Theory X (authoritarian)
~ workers dislike and avoid work
~ people avoid increased responsibilitity
~ people need to be directed
• Theory Y (participative)
~ people want to be active
~ workers seek job satisfaction
~ they do not require direction
McClelland’s Achievement Motivation Theory
• an individual’s needs are shaped by life experiences in 3 areas; one becomes dominant
~ Achievements
~ Affiliation
~ Power
Rewards
• tangible
• for a specific outcome or achievement
• use to motivate toward a specific outcome
• never reward without recognition
Recognition
• intangible, experimental event
• acknowledge person’s behavior rather than an outcome
• use to increase recipients feeling of appreciation
• can be given without a reward
Decision-Making
Empower the Team to Act
• team charter identifies decision- making and conflict resolution criteria
• teams establish their own norms or Way of Working (WoW) for making decisions and conflict resolution
• teams always try to achieve consensus
Decision-Making
Opportunities to Enpower the Team include
• Activities
~ clarify and prioritize requirements or user stories
~ split requirements into tasks
~ estimate effort
• Risks
~ classification
~ response/action
Decision-Making Methods
• Voting
~ consensus-driven, based on data
• Multicriteria decision analysis
~ data-driven
• Autocratic decision making
~ leadership-driven, based on data
Voting Methods to reach consensus
• First of Five
• Planning Poker
• Dot Voting
• Roman Voting (thumbs)
• Polling
RACI Charts
• display roles and responsibilities
Trigger Condition
• an event or situation that indicates that a risk is about to occur
Opportunity
• a risk that, if developed, would create a positive effect on one or more project objectives
Threat
• a risk that would have a negative effect on one or more project objectives
Issue
• a current condition or situation that may have an impact on the project objectives
Business Risk
• the inherent risk in any business endeavor that carries the potential for either profit or loss. Types of business risk are competitive, legislative, monetary and operational.
Risk Appetite
• the degree of uncertainty an organization or individual is willing to accept in anticipation of a reward
Risk Threshold
• the level of risk exposure above which risk are addressed and below which risk may be accepted
Risk Management Plan
• a component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed
Prompt list
• A checklist for a specific category of risk. This tool is a simple series of broad risk, for example, environmental or legal, rather than specific risks such as flooding or regulatory changes.
Risk Breakdown Structure- RBS
• A hierarchical representation of potential sources of risk
Affinity Diagram
• a technique that allows large numbers of ideas to be classified into groups for review and analysis
Delphi Technique
• a form of gathering expert opinions, in which members of a group are asked or polled anonymously
Probability & Impact Matrix
• a grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs
Risk Register
• a repository, in which outputs of risk management processes are recorded. The risk registry contains a list of the most important risk to the projects completion. For each risk it identifies the likelihood of occurrence the impact of the project, the priority, and the applicable reason plants.
Simulation
• an analytical technique that models the combined effect of uncertainties to evaluate their potential impact on objectives
Monte Carlo Simulation (Risk Analysis)
• a risk management technique, which project managers use to estimate the impact of various risks on the project cost and project timeline.
Sensitivity Analysis
• an analysis technique to determine which individual project risk or other sources of uncertainty have the most potential impact on the project outcomes by correlating variations in project outcomes with variations in elements of a quantitative research analysis model
Decision Tree Analysis
• a diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty
Influence Diagram
• used in quality management decisions. A graphical representation of situation showing casual influences, time ordering of events, and other relationships among variables and outcomes.
Expected Monetary Value EMV
• a quantitative method of calculating the average outcome when the future is uncertain. The calculation of EMV is a component of the decision tree analysis.
Secondary Risk
• a risk that arises as a direct result of implementing a risk response
Residual Risk
• the risk that remains after risk responses have blend implemented
Contingency Plan
• a risk response strategy developed in advance, before risks occur; it is meant to be used if and when identified risk become reality
Contingency Reserve
• time or money allocated in the schedule or cost baseline for known risks with active response strategies
Quality Management Plan
• a component of the project or program management plan that describes how the applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives
Quality Policy
• the basic principles that should govern are the organizations actions as it implements its system for a quality management
Change Management Plan
• a component of the project management plan that establishes the Change Control Board, documents the extent of its authority, and describes how the change control system will be implemented
Quality Assurance
• ensuring the project quality requirements are acheieved— Following the Guidelines
~ preventing defects
Quality Control
• product service or result
~ identifying defects
