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L3 Business Administration > Unit 5 - Business Fundamentals and Project Management > Flashcards

Unit 5 - Business Fundamentals and Project Management Flashcards

1
Q

what is a project manager>

A

the person who is responsible for the day-to-day management of the project and must be competent in managing all aspects of a project.

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2
Q

what is a project sponsor?

A

the person who is accountable for ensuring that the work is governed effectively and delivers objectives that meet the identified needs

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3
Q

what are the main 6 aspects to project management?

A
  1. scope
  2. schedule
  3. finance
  4. risk
  5. quality
  6. resources
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4
Q

give some examples of tasks that a project manager may need to complete

A

-planning work that needs to be done
-looking at risks that are involved in project managing
-making sure work is done to the right standard
-motivating the team of people involved
-coordinating the work that is done
-making sure the project is running on time and within budget
-dealing with changes to the project when necessary
-making sure the project delivers the expected outcome(s)

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5
Q

what is the project management triangle?

A

the process where outputs, outcomes and benefits are identified, defined and controlled.

It highlights the relationship between scope, cost and time

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6
Q

what is scope?

A

the totality of outputs, outcomes and benefits and the work that is required to produce them

can be seen as an overview of the main aims of the project and the requirements needed

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7
Q

what is time?

A

the timescales and deadlines that need to be met.

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8
Q

what is cost?

A

how much it will cost to complete the project. the budget should always be monitored carefully. This can include things such as labour costs and resources ect.

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9
Q

what is a project life cycle?

A

a framework that is used to manage a project from the initial idea to completion. they are traditionally linear.

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10
Q

what are the four phases of a linear project life cycle?

A
  1. initiation
  2. planning
  3. execution
  4. evaluation or closure
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11
Q

what is the difference between linear and agile approaches?

A

-linear will release the product or service at the end of the project lifecycle
-agile will release the project outcomes through the project lifecycle

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12
Q

what is the ishakawa fishbone diagram / cause and effect analysis?

A

a method of finding possible solutions by identifying root causes of faults or problems.

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13
Q

what can the Ishakawa Fishbone Diagram be used to do?

A

-discover the root cause of problems
-reveal “bottlenecks” in a process that can cause delays
-identify where and why a process does not work
-improve quality control

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14
Q

what are the steps to cause and effect analysis?

A
  1. Identify the problem - who, what, where and why?
  2. work out the major factors involved - systems equipment, materials.
  3. identify possible causes
  4. analyse the diagram - look at possible causes ad what knock on effects that they may have
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15
Q

what are the 5 distinct phases of a project life cycle? What can happen if the project is complex?

A

1, starting
2. planning and organising
3. delivery and implementation
4. completion and close
5. review

if it is complex, the delivery and implementation phase can be broken down into different stages

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16
Q

what is involved in the starting phase of a project life cycle?

A

-this is where the need for a project is recognised
-teams will discuss what needs to be involved and what the outcomes need to be
-discuss who would be able to deliver what the project requires
-it is important to ensure that there is a need for the project as this can take a large amount of time and money.

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17
Q

what is involved in the planning and organising phase of a project life cycle

A

-begin to plan and organise based on the information from the starting phase
-the amount of planning needed will be based on how complex the project is

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18
Q

what is involved in the delivery and implementation stage?

A

-allocating team members
-overseeing the delivery of tasks and the quality of them
-addressing deviations from the plan
-updating the plan accordingly
-regular team meetings
-managing threats and challenges to the project.

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19
Q

what is involved in the completing and closing stage?

A

-final testing and evaluation
-addressing unfinished tasks
-final quality checks

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20
Q

what is involved in the project review stage?

A

reviews can provide valuable information on:
-team performance
-output
-improvement
-savings
-risks
-any lessons learned

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21
Q

what are the 8 steps that can be followed in the project planning and organising phase?

A
  1. project definition
    2.presenting the business case for the project
  2. defining roles and reporting
    4.formal project planning
  3. establishing quality control and assurance
  4. appointing the human resources needed
    7.identifying and managing stakeholders
    8.identify and manage risks to the project’s success
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22
Q

what do we mean by project definition?

A

making it clear as to what the project needs to cover and what it will deliver. states deadlines that are needed and have details on the overall project.

23
Q

what do we mean by defining roles and reporting?

A

this is ensuring that everyone knows what their responsibilities and roles within the project are - ensuring that nothing is missed and that everything can be accounted for.

23
Q

what do we mean by presenting the business case for the project?

A

you will need to convince through the business case and presentations that the project is worth any risks and costs.

23
Q

what do we mean by establishing quality control and assurance?

A

-ensure top quality at the end of the project
-ensure resources, money and time hasn’t been wasted

23
Q

what do we mean by formal project planning?

A

a detailed plan of what needs to be completed:
-tasks
-order of the tasks
-who will be doing what
-timings
-resources
-stakeholder involvement and communications

24
Q

what do we mean by appointing the human resources needed?

A

-allocating specific work and tasks to people on the team.

24
Q

what do we mean by identify and manage risks to the project’s success?

A

-understand what the risks are and how they can hinder successes
-rank the risks in order of the likelihood it will happen and consider if action needs to be taken.

24
Q

what do we mean by identifying and managing project stakeholders

A

-managing their different levels of interest and power
-ensuring we are communicating with them correctly
-could require evidence of stakeholder mapping

24
Q

what are the four main elements of a project?

A
  1. time
  2. resources
  3. scope
  4. quality
25
Q

what can impact the time of a project?

A

-too optimistic
-no previous experience
-problems and changes
-absences
-changes to key personnel
-PESTLE factors
-resource availability
-incomplete planning and organising
-lack of motivation
-slow approval process

26
Q

what can impact the resources of a project?

A

-optimistic on the costs
-increase in costs during the project
-changes in staff leading to recruitment costs
-key supplies changing
-incomplete budgeting

27
Q

what can impact the scope of a project?

A

-agreed aims, goals and objectives
-the output on deliverables
-agreed specifications
-the business case
-roles and responsibilities

28
Q

what is a project owner?

A

the person or group that requested the project - they also are most likely to have financed / requested to finance the project

29
Q

what is a project steering group?

A

the strategic management team that can include big leaders and managers in a project

30
Q

what is a Gantt chart?

A

a planning tool that is a graphical description of your project plan. it shows activities over a continuous timeline

31
Q

what is a risk assessment??

A

a method we use to identify hazards and risks that could cause harm to a project.

32
Q

what do you need to consider when thinking about risks?

A
  • risk impact
    -probability
    -risk descriptions
    -project impact
    -risk area
    -symptoms
    -triggers
    -risk response
    -response strategy
    -contingency plan
33
Q

how is risk value calculated?

A

value = est. probability x level of impact

34
Q

what factors should be considered when looking at cost -benefit analysis?

A

-how much income will be gathered or costs saved
-how will staff morale benefit?
-how will customer satisfaction improve?
-direct and indirect costs
-what income could be lost to competitors if action is not taken?

35
Q

what should be looked at when contingency planning?

A

-identify and priorities the key risks
-specify risk trigger points
-assess impacts and estimate potential benefit/harm
-create a contingency plan
-communicate and rehearse

36
Q

what is a crisis, give some examples

A

a time of danger, difficulty or doubt when problems must be solved or important decisions must be made.
- spending cuts
-failure of equipment/technology
-terrorism threats / attacks
-theft from organisation
-violence within the workplace
-cyber attacks and data protection breaches
-global pandemics

37
Q

why do we need crisis management?

A

-prepare for the unexpected so we can deal with all types of situations
-make sure there are strategies in place to recover from situations
-warn, prepare and support employees with changes
-provide good communication channels with individuals and teams

38
Q

give some examples of organisational changes

A

-technology changes
-competitor activities
-changes in the market
-changing customer expectations
-new legislation, regulations or standards
-environmental factors
-finances
-political factors
-external crisis
-internal and external business factors

39
Q

name some change management models

A

-lewin’s force field analysis
-lewin’s change management model
-kotters 8-step change model
-nudge theory
-fishers process of transition
-kubler-ross’s five-stage model

40
Q

what is lewins force field analysis?

A

the idea that situations are being maintained by a balance between forces that drive changed and forces that are resisting change

41
Q

what 4 step process is outlines for lewins force field analysis?

A
  1. explain the goals or the objectives you want to achieve with the change
  2. think about the kinds of forces that are driving the change
  3. identify forces against the change
  4. assign each force a score
42
Q

what are the 3 phases of lewins change management model - briefly explain the phases

A
  1. unfreeze - when employers need to prepare for changed. becomes key in enhancing open communication with teams to overcome employee’s resistance
  2. change - when the change is implemented. good leadership is effective and communication in critical as support is needed

3.refreeze - change is accepted and teams can go back to their regular routines.

43
Q

Explain kotters 8 step change model

A
  1. establish a sense of urgency - build motivation
  2. create a guiding coalition - change needs strong leadership
  3. develop a shared vision - helps people understand the change
  4. communicate the vision - make people aware of the purpose of the change
  5. empower people to act on the vision - remove oppositions
  6. create short term wins - motivate
  7. consolidate and build upon the changes
  8. institutionalise the change - speak about the progress made
44
Q

what is nudge theory?

A

helps to understand:
-how people think
-how to improve decisions
-manage change
-identify influences that can be considered unhelpful

aims to create a subtle change that can allow space, support and assistance. should be a helpful guide for behaviours and freedom of choice.

45
Q

what are the stages of fishers personal transition curve?

A
  1. anxiety phase
  2. happiness phase
  3. denial phase
  4. fear phase
  5. threat phase
  6. guilt phase
  7. disillusionment phase
  8. depression phase
  9. hostility phase
  10. gradual acceptance
  11. moving forward
46
Q

what are the stages in the kubler-ross five stages of grief?

A
  1. Denial
  2. anger
  3. bargaining
  4. depression
  5. acceptance
47
Q

what are the stages in the kubler-ross change curve?

A

L3 Business Administration (10 decks)

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