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JR BOK7 Flashcards > Understand Planning for Success > Flashcards

Understand Planning for Success Flashcards

1
Q

Why is investment appraisal required

A

benefits realisation takes time which reduces their value the longer they take

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2
Q

What does NPV stand for

A

Net Present Value

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3
Q

What does NPV identify

A

the residual value once the initial investment has been recovered, taking the cost of capital into account

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4
Q

What does IRR stand for

A

Internal Rate of Return

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5
Q

what does the IRR identify

A
  • the rate of return from the value of a project.

- project options can be compared against target rates so an objective decision can be made

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6
Q

what is the definition of information management

A

it is the process of collection, storage, curation, dissemination, archiving and destruction of documents, images, drawings, etc.

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7
Q

what are the 6 steps of the information management process

A 
Collection 
Storage 
Curation
Dissemination
Archiving
Destruction
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8
Q

what happens during the collection phase of the information management process

A
  • data received from meetings, reports, reviews
  • filing structure
  • document control system
  • multiple formats
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9
Q

what happens during the storage phase of the information management process

A
  • document management system
  • secured / levels of access
  • classified / legal implication for data
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10
Q

what happens during the curation phase of the information management process

A
  • management of data
  • future value
  • when is obsolete / destruction
  • access future proofed
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11
Q

what happens during the dissemination phase of the information management process

A
  • information management & communications plan
  • stakeholders get relevant information for decisions
  • access rights
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12
Q

what happens during the archiving phase of the information management process

A
  • archived with audit trail of changes
  • catalogued for easy access
  • obsolete data destroyed as per policy/legislation
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13
Q

what happens during the destruction phase of the information management process

A
  • clear system of obsolete data
  • legislative compliance
  • data destruction policy
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14
Q

what is the project management plan

A
  • the output of the definition phase
  • integrates fundamental components of scope, schedule, cost, risk, quality and resources
  • PM owns PMP
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15
Q

what is the deployment baseline

A
  • plan for the execution of the project
  • baselines for scope, timeline, resources and budget
  • support the PMP
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16
Q

what is the relationship between the deployment baseline and PMP in linear life cycle

A
  • assumption all work can be defined, estimated, scheduled, risked, resourced and costed
  • different levels of detail but baseline established
  • deployment can be managed and controlled
  • planned value for whole project
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17
Q

what is the relationship between the deployment baseline and PMP in iterative life cycle

A
  • baseline required with flexibility built in
  • baseline resources and schedule determined
  • scope and quality may vary from plan
  • teams have autonomy to act on new knowledge
  • incomplete work added to backlog allowance
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18
Q

what is estimating

A

methods to produce a prediction of the time and resources required to complete the project scope to quality requirements

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19
Q

what are the purposes of estimates

A
  • economic analysis appraisal and option selection
  • input to resource scheduling
  • enable budget setting
  • start for risk analysis and contingency determination
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20
Q

what will determine the estimate method used

A
  • point in the life cycle estimate is being done
  • time available
  • detailed information available
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21
Q

what is the Parametric estimating method

A
  • uses statistical relationship between historical data and other variables
  • specification vs parameters (length/sqm vs unit rate)
  • unit rates from previous projects or technical publishers
  • can be accurate for duration and cost if scope accurate
  • care needed to ensure conditions/factors are similar
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22
Q

what is the Analogous estimating method

A
  • comparative method
  • data from similar project required
  • historic project same size, complexity and method
  • previous cost becomes new estimate
  • factor in known variables (10% extra for costs)
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23
Q

what is the Analytical estimating method

A
  • detailed scope defined in WBS
  • estimates for labour/non-labour resources for activities in scope
  • bottom up method
  • can be delegated to those completing work
  • all estimates summed
  • produces costs estimate only
  • duration not suitable as work packages can be done in parallel
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24
Q

what is the Delphi estimating method

A
  • individual group members create estimates in isolation
  • submit to focal point
  • facilitator reviews and makes summary report
  • additional data fed back to make estimate
  • once satisfied all been considered closed
  • becomes agreed estimate
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25
Q

what are reasons for re-estimating through the project lifecycle

A
  • project uncertainty will decline
  • different estimating method can verify estimates
  • increase in accuracy
  • estimating funnel
  • accuracy increases / contingency decreases
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26
Q

what happens with re-estimation during the definition phase

A
  • WBS is available so duration/work estimation can be done for assignments
  • using work packages improves estimating accuracy
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27
Q

what happens with re-estimation during the deployment phase

A

level of detail in this phase allows parametric estimating

28
Q

what happens with re-estimation during the concept phase

A

analogous estimation based on previous projects

29
Q

when can Delphi estimation be used

A

at any point in lifecycle - more for consensus rather than produce a estimate

30
Q

what are benefits of re-estimating through the project lifecycle

A
  • reduced contingency reserves
  • greater involvement of project team
  • incorporation of lessons learned
  • adherence to overall estimate
  • minimising effect of estimating errors
31
Q

what are the elements of stakeholder analysis

A
  • identify key stakeholders
  • assess interest and motivation in project
  • identify how those affect risk and viability
  • formulate appropriate forms of engagement
32
Q

how can stakeholders be catergorised

A

For or Against the project
High or Low Interest
High or Low Power

33
Q

what are the steps to categorising stakeholders

A
  • identify and map stakeholders
  • analysis interests, influence and power over project
  • develop plan how each group will be managed
  • maintain appropriate engagement
34
Q

why must stakeholders expectations be managed

A

analysis consumes resources to the PM must justify this

35
Q

how does stakeholder management enable more effective risk management

A
  • lots of or powerful negative stakeholders are a risk

- risk can then be mitigated

36
Q

how does stakeholder management enable improved communication planning

A
  • analysis defines key communications requirements
  • essential for effective engagement
  • appropriate information sent at the right time
37
Q

how does stakeholder management ensure a productive team is formed

A
  • choosing engagement strategy will decide if they need a place on team
  • partnering, consultative
  • many stakeholder groups may need team
38
Q

how does stakeholder management enable effective engagement

A
  • use and sustain positive interest

- minimise or remove negative interest

39
Q

how does stakeholder management increase likelihood of project being accepted

A
  • identify important stakeholders
  • they may decide if output accepted
  • aim to satisfy their needs
40
Q

what 3 elements are needed for Earned Value Management (EVM)

A
  • a baseline to measure against
  • data on actual performance
  • assessment of implications of performance to date
41
Q

what will be agreed between PM and Sponsor in the progress monitoring approach

A
  • achievement of planned scope to required quality
  • motivation and satisfaction of team
  • performance contractors and relationships in supply chain
  • committed costs and cash flow
  • changes to risk and contingencies
  • effective comms with stakeholders
42
Q

how is earned value represented

A

the actual budgeted value work completed at the point of measurement

43
Q

what does earned value track

A
  • actual work achieved compared to how much it cost to deliver that work, showing cost performance
  • actual work achieved compared to how long it’s taken to deliver that work, showing schedule performance
44
Q

Why would a PM use EVM

A
  • allows for regular performance monitoring of time, cost and risk
  • reporting performance against baseline
  • any areas out of control are flagged for action
45
Q

what does the S-curve show

A
  • the planned budget for the project as cumulative data plotted against time showing how funds are expected to be consumed
  • can establish when funds will be needed
46
Q

What is BCWS (PC)

A

budgeted cost of the work scheduled / planned cost

47
Q

what is ACWP (AC)

A

actual cost of work performed / actual cost

48
Q

what is BAC

A

budget at completion (total planned budget)

49
Q

what 2 ways is performance viewed

A
  • cost performance

- schedule performance

50
Q

what is BCWP (EV)

A

budgeted cost of work performed / earned value

51
Q

how is the current performance schedule variance calculated

A

EV - PC = SV

< 0 = behind schedule
0 = on schedule
> 0 = ahead of schedule

52
Q

how is the current performance cost variance calculated

A

EV - AC = CV

> 1 = good performance
< 1 = bad performance

53
Q

how is the earned value (EV) calculated

A

EV = Physical % complete x BAC

54
Q

how is the cost performance index (CPI) calculated

A

EV / AC = CPI

> 1 = good performance
< 1 = bad performance

55
Q

how is the schedule performance index (SPI) calculated

A

EV / PC = SPI

> 1 = good performance
< 1 = bad performance

56
Q

what is Estimate at Completion (Cost) (EACc)

A

the projected final cost for the project

57
Q

how is the Estimate at Completion (Cost) calculated

A

BAC / CPI = EACc

58
Q

what is the Estimated Final Duration (FD)

A

the projected final duration for the project

59
Q

how is the Estimated Final Duration calculated

A

PD/SPI = FD

60
Q

what are benefits of using the interpretation of earned value data

A
  • enables objective measurement of project to be communicated to stakeholders
  • basis for estimating final cost
  • enables prediction of when project will be completed
  • supports effective management of resources
  • means for managing and controlling change
61
Q

what is contingency

A
  • resource set aside for responding to identified risks

- to match gap between the un-risked plan and desired level of confidence

62
Q

what is the management reserve

A

non-specific provision for unidentified risks

63
Q

what is the risk budget

A

unallocated provision for identified risks

64
Q

what is a monetary value contingency used for

A

dealing with impacts on cost or financial benefits

65
Q

what is a time contingency used for

A

dealing with impacts on schedule

JR BOK7 Flashcards (9 decks)

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