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PM
Three ways to run projects correct answer 1. Traditional
- Agile
- Hybrid Project correct answer A temporary endeavor that produces a unique product, service or result *Temporary in nature and has a definite beginning and ending Unique, Temporary, Progressively elaborated Progressively Elaborated correct answer As time is progressing, things become more elaborative One of the elements of a project You may not know much as you start a project, but as you work, you start to know more as the project progresses. You get more information from stakeholders, estimates become more precise, etc. Project Management correct answer The application of knowledge, skills, tools and techniques to satisfy project requirements Ex: -Preparing a business case to justify the investment -Estimating resources and times -Developing and implementing a management plan for the project -Leading and motivating the project delivery team
-Managing the risks, issues, and changes on the project -Monitoring progress against plan -Closing the project in a controlled fashion when appropriate Operations Management correct answer Deals with the ongoing production of goods and/or services Considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services *Different from a project in that it is ongoing, not temporary Ex: something like sales; this is not a project, it is ongoing Portfolio Management correct answer A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Used to accomplish the long-term goal of an organization Phase correct answer A collection of logically related project activities that culminates in the completion of one or more deliverables. Number of phases depends on the industry type and size and the complexity of the project Deliverable correct answer Any unique and verifiable product, service or result May be tangible or intangible Must be accepted by the customer or sponsor for the phase
Changes are welcome, sometimes build product in increments *Iterative, Incremental, Adaptive Good for building software Falls into agile Project Governance correct answer Framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet a company goal -All companies have a different framework -Should be tailored to the business Stakeholders correct answer Individuals, group or organization that may affect, be affected or perceive to be affected by the project In exam, stakeholder means ANYONE affected by the project Examples of Key Stakeholders correct answer Project Manager - manages the project Customer - uses the project deliverable; potentially most important stakeholder Project Team - the collection of individuals completing the project work Project Sponsor - provides resources and support Functional Manager - departmental manager, i.e. manager of engineering, VP of marketing, Director of IT. Generally controls resources Who is generally the boss of you/the project manager? correct answer The project sponsor is typically the boss, they will give you approvals on changes, etc.
Project Roles correct answer Project Manager (what you will always be in the exam): -Empowered to lead the project -Authorized to make decisions -Responsible for the success of failure of the project Project Coordinator: -Weaker than PM -May be authorized to make decisions Project Expeditor: -Weakest role of the PM world -Very limited decision ability PMO correct answer Project Management Office Organizational Structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools and techniques There to help PMs when they need a resource, don't know where to turn, etc. 3 Types: Supportive Controlling Directive Supportive PMO correct answer Supports the project manager, such as providing templates, training or lessons learned from other projects
Matrix Organizations correct answer Organizational Structure There are three matrix structures: weak, balanced and strong. The different structures are reflective of the project manager's authority in relation to the functional manager's authority Weak = a bit more power to functional manager, balanced = good mix between PM and FM, strong = PM has more power Note: often on exam, organization will be strong matrix (PM has moderate to high say, moderate to high resources, PM is full time, there is a functional manager you need to get resources from but then you sort of own them, staff that comes in is full time, PM controls budget) Project Oriented Organization (Projectized) correct answer Structure where the PM has the greatest amount of authority. The project team is assigned to the project on a full-time basis. When the project is complete, the project team members moves on to other assignments within the organization (or released). PM has all the power, all resources report to you Note: often on exam, default is not projectized organization Hybrid Organization correct answer Organizational Structure, blended type of Functional, Matrix and Project Oriented (Projectized) Organizations 5 Process Groups correct answer 1. Initiation (2)
- Planning (24)
- Execution (10)
- Monitor & Control (12)
- Closing (1)
Parentheses are the number of processes in each one 10 Knowledge Areas correct answer 1. Integration Management (7)
- Scope Management (6)
- Schedule Management (6)
- Cost Management (4)
- Project Quality Management (3)
- Resources Management (6)
- Communications Management (3)
- Risk Management (7)
- Procurement Management (3)
- Stakeholder Management (4) Parentheses are the number of processes in each one Process Groups and Knowledge Areas Chart correct answer Andrew says we need to be able to write this entire process chart in under 5 minutes, memorize Print this chart out Section 4 of online class Knowledge Area: Integration correct answer Summary of all the other knowledge areas Project Constraints correct answer 1. Scope
- Schedule
- Cost
Principles for project management provide guidance for the behavior of people involved in projects Principals can, but do not necessarily, reflect morals What is related to morals? correct answer Code of ethics Principles can, but do not necessarily, reflect morals A code of ethics for a profession can be adopted by an individual or profession to establish expectations for moral conduct. What are the four values PMI Code of Ethics and Professional Conduct is based on? correct answer PMI is based on four values:
- Responsibility
- Respect
- Fairness
- Honesty Twelve Principles of Project Management correct answer (may not need to specifically memorize these, just know the principals and keep them in the back of your mind)
- Stewardship - be a diligent, respectful and caring steward
- Team - create a collaborative project team environment; teams have their own culture and defined processes
- Stakeholders - effectively engage with stakeholders
- Value - focus on value, continually evaluate and adjust project alignment to business objectives and intended benefits and value; ultimate indicator of project success, can be realized at any point of the project
- Systems Thinking - recognize, evaluate and respond to system interactions; understand dynamic circumstances/interdependencies; holistic view
- Leadership - demonstrate leadership behaviors, able to keep team motivated
- Tailoring - tailor based on context, each project is unique; iterative and continuous process
- Quality - build quality into processes and deliverables; meeting the acceptance criteria for deliverables
- Complexity - navigate complexity; complexity is the outcome of human behavior, system interactions, uncertainty and ambiguity; complexity can be introduced by events or conditions
- Risk - optimize risk responses; risks can be positive (opportunities) or negative (threats)
- Adaptability and Resiliency - embrace adaptability (ability to respond to changing conditions) and resiliency (ability to absorb impacts and recover quickly from a setback or failure)
- Change - enable change to achieve the envisioned future state Stewardship correct answer One of the 12 Principles of PM The act of taking care of or managing something. Stewards act sensibly to carry out actions with integrity, care and trustworthiness while keeping compliance with internal and external guidelines. Considers financial, social, technical and sustainable environmental awareness. Includes: Integrity Care Trustworthiness Compliance
Define and share a clear vision at the start of the program to enable good relationships and alignment throughout the project. Effective Stakeholder Engagement correct answer Part of the stakeholder performance domain When managing stakeholders, you want to: Identify (who are your stakeholders) > Understand > Analyze > Prioritize > Engage > Monitor > Identify.... You want a productive working relationship with the stakeholders throughout the project, stakeholder agreement with the project objectives and stakeholders who are project recipients to be supportive and satisfied/stakeholders opposed to the project do not negatively impact project results Team Performance Domain correct answer Deals with activities and functions associated with the people who are responsible for creating project deliverables that realize business outcomes. Outcomes includes: -Shared ownership -A high-performing team -Appropriate leadership and other interpersonal skills This domain entails establishing the culture and environment that enables a collection of diverse individuals to evolve into a high-performing project team. Terms: -Project Manager: lead -Project Management Team: directly involved in PM activities
-Project Team: performing the work Desired outcomes: -Shared ownership -High-performing team -Appropriate leadership and interpersonal skills demonstrated by all team members Servant Leadership correct answer Servant leadership is a method of leadership that is based on the understanding and addressing the needs and development of project team members. Important agile term. Being a servant to your team, building the right environment for them, getting them resources Servant leaders place emphasis on developing project team by focusing on addressing questions like: are project team members growing as individuals? becoming healthier/wiser/autonomous? Servant leadership behaviors include: -Obstacle removal -Diversion shield -Encouragement and development opportunities -(Re)communicate project vision -Carry food and water Common aspects of team development includes: correct answer -Vision and objectives -Roles and responsibilities -Project team operations -Guidance
Three common development approaches correct answer Predictive approach Adaptive approach, including both iterative and incremental Hybrid approach Planning Performance Domain correct answer Deals with activities and functions associated with the initial, ongoing and evolving organization and coordination necessary for delivering project deliverables and outcomes. The purpose of planning is to proactively develop an approach to create the project deliverables. When planning, things to consider will be: -Delivery - what is the scope -Estimating - scope, schedule, budget, resources -Schedules -Budget Outcomes include: -Project moves in an organized, coordinated and deliberate manner -There is a holistic approach to providing the project outcomes -Evolving information is elaborated -There is a process for adaptation of plans Work Performance Domain correct answer Deals with activities and functions associated with establishing project processes, managing physical resources, and fostering a learning environment.
Project work is connected with establishing the processes and performing the work done by the project team to deliver the expected deliverables and outcomes. Project work keeps the project team dedicated and project activities running correctly. Project manager and project team establish and periodically review the processes the project team is using to conduct work. Outcomes include: -Efficient and effective project performance -Project processes are suitable for the project and environment -Efficient management of physical resources and procurement -Appropriate comms with stakeholders -Improved team capability due to continuous learning and process adjustments Delivery Performance Domain correct answer Deals with the activities and functions associated with delivering the scope and quality that the project was undertaken to achieve. Project delivery is about meeting requirements, scope, and quality expectations to produce the expected deliverable. Some projects deliver value throughout, others deliver the bulk at the end. PM will need to understand how the deliverable is able to deliver value to the stakeholder. Need to gather requirements, evolve them, manage them, maybe adjust the scope. Outcomes include: -Projects contribute to business objectives -Projects realize the outcomes -Project benefits are realized in the time frame
Pitfalls associated with measurement includes: correct answer -Hawthorne effect: when you measure something too much, people only do that (ex: try to rush product out the door bc you are constantly measuring time) -Vanity metric -results reflect on team -Demoralization -Misusing the metrics -Confirmation bias Uncertainty Performance Domain correct answer Addresses activities and functions associated with risk and uncertainty. Effective execution of this domain results in: -An awareness of the environment in which projects occur -Proactively explore and respond to uncertainty -Awareness of interdependence of multiple variables on the project -Capacity to anticipate threats AND opportunities -Cost and schedule reserves are utilized Volatility exists in an environment that is subject to rapid and unpredictable change. What does ITTO stand for? correct answer Inputs, Tools and Techniques, Outputs Common Inputs (ITTO) correct answer -Enterprise Environmental Factors -Organization Process Audits -Project Documents -Project Management Plan
*don't need to memorize, just understand. these are common ones Common Tools + Techniques (ITTO) correct answer -Expert judgement -Data gathering -Data analysis -Decision making -Data representation -Interpersonal and team skills -Meeting -Project management information system *don't need to memorize, just understand. these are common ones Common Outputs (ITTO) correct answer -Change request -Work performance data -Work performance information -Work performance reports -Updates *don't need to memorize, just understand. these are common ones Enterprise Environmental Factors correct answer Common Input, ITTO Internal EEF and External EEF -Things that impact the project -Influence the organization, the project and its outcome
