Project Management Fundamentals, Exams of Advanced Education

Download Project Management Fundamentals and more Exams Advanced Education in PDF only on Docsity!

APM PMQ BoK 7 Exam

Project targets - Answer- Time Cost Quality Risk Benefit Scope +Safety 3.1 Project management vs BAU - Answer- Projects: unique, transient, change. Time, cost quality. BAU: Repetitive process, ongoing. Projects: products and outputs BAU: Outcomes and benefits Projects: Specialist skills BAU: Functional skills 3.2 Programme Management - Answer- Group of related Ps Aligned to org/dept strategy Delivers outcomes (benefits) Benefits: Focus on strategic objectives Focus on achieving benefits Inter-P dependencies - manage/share resources 3.2 Portfolio Management - Answer- Overall view of all Ps and Pgs and links Prioritise/select Ps to support strategy Adjust Po - external impacts Benefits: Balanced strategically aligned portfolio Overview risks, dependencies, schedule Cost reduction - economies of scale 3.3 Relationship between P, Pg and strategic change - Answer- Pg focus on larger strategic objs

Pg deliver Ps in optimal order to realise strategic objs Pgs embed outputs from Ps to achieve benefits towards strategic objs 3.4 Situations where Programme Management appropriate - Answer- When: Group of inter-related projects Similar resource/tech needs Manage a big change Why: Enables infrastructure Ps (roundabout) Economies of scale Long-term stability for big change 3.4 Situations where Portfolio Management appropriate - Answer- Organisation/Department level integration of Ps, Pgs and BAU - overview Optimising return on investment across all activity High-level decision making - resources/time/risk 3.6 Tools and techniques to determine factors which influence and impact projects - Answer- PESTLE - external influences - risks, SHs, constraints, scope. SWOT - internal influences - how to manage P. VUCA - Volatile, speed of change - Uncertain, how well predict future - Complex, number of factors to consider - Ambiguous, lack of clarity, interpretation. 3.7 Impact of legal and regulatory environment on projects - Answer- Health & Safety. DPA/FOI/GDPR. Employment Law. Impacts: Scope - include specific regulations e.g. disposal of chemicals Risk - consider legislation related risks e.g. data breach - storage of data. Schedule - consider laws around staffing e.g. Working hours/overtime 1.1 Matrix structure (Pros/Cons) - Answer- Pros: One PM for P - quick to react/dedicated to P. Shared/global resources - efficient Team have jo to return to at end of P - security Cons: Conflict between P/function for time/resources. Overworked - 2 managers allocating work. Harder to build team - temp/dedication 1.1 Functional structure (Pros/Cons) - Answer- Pros: Cons:

1.1 Project structure (Pros/Cons) - Answer- Pros: Cons: 1.2 How is an OBS used to create a responsibility assignment matrix (RAM/RACI chart)? - Answer- Combine work packages from WBS with resources (people) on OBS. Assign people to tasks, indicate level of involvement. Levels: Responsible - for doing the actual work Accountable - for making sure work is done Consult - need to ask them something Inform - need to tell them about it - FYI Benefits: Shows missing people/tasks Can see over/under allocation of work Overview for team - who does what 1.3 Key responsibilities of PM - Answer- Plans project with team Owns the PMP and prepares BC with sponsor Allocates work packages to teams, monitors progress Manages risks, takes corrective actions 1.4 Sponsor responsibilities - Answer- Owns the BC and approves PMP Decision gate approvals/releases funding Ensures benefits realised throughout project LC 1.4 PM vs Sponsor - Answer- Sponsor: Investment / PM: Budget Sponsor: Direction / PM: Management Sponsor: Benefits / PM: Delivery Sponsor: Strategic / PM: Functional (day to day) 1.5 Other roles in PM - Answer- Users

• Define reqs, acceptance criteria
• Involved in QC/testing throughout
• Use product during Ben Realisation to create outcomes and benefits Team Members
• plan work activities/tasks
• compares progress against plan - take action
• reports progress to PM Project Steering group/Project Board
• key stakeholders

• makes key decisions (decision gates)
• approves major changes Product Owner
• guides direction of product
• feedback and direction for P team
• ranks work based on business value Four components of governance - Answer- Portfolio direction Sponsorship Project management Disclosure and reporting Principles of good governance - Answer- Structured gated project life cycle Clearly defined roles and responsibilities Independent scrutiny Stakeholder engagement Recording and communicating key decisions Benefits of governance - Answer- Optimisation of investment Avoidance of common failures Better communication Delivery credibility Minimising risk Regulatory compliance Phases of project life cycle - Answer- Concept Definition Deployment Transition Operations: Adoption and Benefits Realisation Termination Iterative Life Cycle - Answer- Pre-project phase Feasability phase Foundations phase Evolutionary Development phase Deployment phase Post-project phase Project reviews - Answer- Stage review Gate review Project evaluation review Post-project review Benefits review Audit

Stakeholder management process - Answer- Identify Assess Plan communications Engage and influence Benefits of stakeholder management - Answer- Increase support for the project Increase likelihood of acquiring resource Minimising resistance allows you to focus on project Better chance of deliverable acceptance Enhanced decision making and communication Content of the business case - Answer- Background Options Benefits Costs (A) Risk Timescales Success factors - Answer- Clear project goals and objectives Proper project governance Senior management commitment Clear and timely communication Capable and motivated team Negotiation process - Answer- Planning Discussing Bargaining Agreement Review Preparing/planning for a negotiation - Answer- Consult with others Identify interests on both sides Identify BATNA Balance of power Negotiating strategy Prepare your team Tactics of negotiation - Answer- Using real or fake deadlines Good guy/bad guy Limited authority Auction Silence Estimating problems - Answer- Optimism/pessimism

Social/political pressure Lack of experience Unclear scope Inaccurate source data Types of estimate - Answer- Comparative Parametric Bottom-up Three-point/PERT PERT estimate formula - Answer- Time scheduling activities - Answer- Identify activities Define logical interdependencies Estimate activity durations Analyse the logical network Present findings Total float definition - Answer- The amount of time an activity can be delayed or extended without affecting the project duration Free float duration - Answer- The amount of time an activity can be delayed without delaying the next activity Resource scheduling process - Answer- Allocation (identify resources) Aggregation (totalling resource per time to generate histogram and S curve) Scheduling Options for schedule optimisation - Answer- Crashing: add more resource Fast tracking: do more work in parallel De-scoping Options for resource optimisation - Answer- Levelling: to do with a resource constraint Smoothing: to do with a time constraint Disadvantages of project management software - Answer- Makes illogical decisions Decreases interpersonal interaction Not ideal for all methods (e.g. Agile) Relies on good data Advantages of project management software - Answer- Excellent reporting tool What-if analysis Progress tracking Quick calculations Earned value calculation - Answer- % complete x budget

Cost variance calculation - Answer- EV - AC Schedule variance calculation - Answer- EV - PC Cost Performance Index calculation - Answer- EV / AC Schedule Performance Index calculation - Answer- EV / PC Estimate at completion calculation - Answer- Budget at completion / CPI Final duration calculation - Answer- Projected duration / SPI Benefits of EVM - Answer- Simpler project reporting (KPIs) Highlight estimating errors Facilitate forecasting of cost and time Help justify corrective action Identifies where early termination of project is required Information management components - Answer- Collect Store Disseminate Archive Destroy Arguments against the use of EVM - Answer- Requires frequent information on costs Forecasts are based on no corrective action Can lead to a lack of focus on quality Oversimplified Doesn't work for some project methods (agile) Risk management stages - Answer- Initiate Identify Assess Plan responses Implement responses Risk identification methods - Answer- Brainstorm Interviews SWOT Prompt lists Check lists Risk responses (threats) - Answer- Avoid Transfer Reduce

Accept Risk responses (opportunities) - Answer- Exploit Share Enhance Reject Benefits of risk management - Answer- Discourages acceptance of financially unsound projects Increases credibility Gains team 'buy in' Improves communication Effective governance Disadvantages of risk management - Answer- Bureaucratic/time consuming Information is out of date quickly Creates risk-averse culture Limits creativity Bad data in bad data out Communication media - Answer- Oral Visual Electronic Written Communication methods - Answer- Interactive Push Pull Formal vs informal communication - Answer- Audit trail vs no audit trail Communications plan should include - Answer- Content (what) Sender (who) Receiver (who) Reason (why) Frequency (when) Method (how) Location (where) Barriers affecting communication - Answer- Clarity of ideas Purpose Environment Background Delivery

Benefits of a formal communications plan - Answer- Understanding of roles and responsibilities Reduced potential for conflict due to misunderstanding Enhanced confidence within project team and stakeholders Consistent transfer of project information Higher sense of ownership and commitment within the team Conflict resolution strategies - Answer- Compete Collaborate Compromise Avoid Accommodate Situations where conflict may arise in project lifecycle - Answer- Concept - idea Definition - requirements Development - resources Handover - acceptance Benefits realisation - resistance to change Leadership qualities - Answer- Can-do attitude Fairness Persuasive Common sense Vision Hierarchy of needs (Manslow) - Answer- Self-actualisation Esteem Social Safety Physiological Hygiene factors and motivators (Herzberg) - Answer- Hygiene factors - do not inherently motivate but a lack of them demotivates Motivators - motivate people Theory X and Theory Y (McGregor) - Answer- Theory X - team are lazy and avoid responsibility; directive management style Theory Y - team are self-motivated and engaged; supportive management style Leadership style (Landsberg) - Answer- Guide Delegate Direct Excite Differences between groups and teams - Answer- Skillset and interests Ease of creation

Level of interaction Accountability Size Team development (Tuckman) - Answer- Form Storm Norm Perform Adjourn Characteristics of an effective team - Answer- Shared aims Trust Communication Shared skills Effective leadership Project handover activities - Answer- User acceptance of deliverables Transfer of deliverable ownership Documentation acceptance Project closure activities - Answer- Post-project review Archiving of project documentation Contractual closure Project review focus areas - Answer- Business case management process Deliverables Benefits of project reviews - Answer- Informed decision-making Objective review of project health More rigorous governance Sharing of lessons learned Implementation of corrective action Increased stakeholder confidence