Section 5 : Planned strategies and frameworks Flashcards

1
Q

What are the steps to effectively follow and execute planned strategies or frameworks ?

A
  • Clearly define the project scope and objectives
  • Develop a project plan
  • Communicate the project plan to relevant stakeholders
  • Identify any potential risks or challenges (develop contingency plans (fall back or roll back plan))
  • Establish clear benchmarks (stock baseline, cost baseline, schedule baseline) and milestones
  • Monitor and assess progress (adjust as needed)
  • Celebrate successes and learn from setbacks
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2
Q

How do you clearly define the project scope and objectives ?

A
  • Goals and objectives of the project
  • Specific deliverables and outcomes that are expected
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3
Q

How to develop a project plan ?

A
  • Create a detailed plan of what needs to be completed in order to meet project objectives
  • Steps and tasks
  • Address all applicable knowledge areas
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4
Q

How to appropriately respond to a planned communication strategy ?

A
  • Communication processes
  • Channels
  • Update relevant stakeholders on the new communication protocols
  • Ensure all necessary training and support is provided
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5
Q

How to appropriately respond to a planned risk strategy ?

A
  • Risk management plan (Qualitative analysis and quantitative)
  • Risk response plan
  • Risk log (Risk register)
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6
Q

How to appropriately respond to a planned performance strategy ?

A
  • Setting clear performance targets
  • Monitoring progress towards meeting those targets
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7
Q

How to appropriately respond to a planned change management strategy ?

A
  • Support
  • Resources
  • Doing so may help employees adapt to the new changes
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8
Q

How to appropriately respond to a stakeholder engagement strategy ?

A
  • Regularly soliciting input and feedback from stakeholders
  • Incorporating input into the implementation of the strategy or framework
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9
Q

What is project initiation and what is benefit planning ?

A
  • Project initiation is the process of defining and setting up a new project
  • Benefit planning is the process of identifying, quantifying, and prioritizing the potential benefits that the project is expected to deliver
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10
Q

How to initiate the project ?

A
  • Identify the need for the project
  • Define the project scope and objectives
  • Assemble the project team
  • Develop a project plan
  • Secure funding and resources
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11
Q

How to identify the need for the project ?

A
  • Customer demand
  • Regulatory requirements * Company goals
  • Business value
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12
Q

How to define the project scope and objectives ?

A
  • Identify the specific deliverables
  • See the outcomes that are expected
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13
Q

How do we assemble the team project ?

A
  • Identify
  • Assemble
  • Selection, pre-assignment, negotiation
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14
Q

How to secure funding resources ?

A
  • Physical resources: materials, facilities, travel
  • Budget
  • Personnel
  • Equipment
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15
Q

How do we see the benefit planning ?

A
  • Involves identifying and quantifying the potential benefits that the project is expected to deliver
  • Prioritizing those benefits based on their importance to the organization
  • Project is aligned with the organization’s strategic goals
  • Resources invested in the project are likely to yield a positive return on investment
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16
Q

What are the keys things in benefit planning ?

A
  • Identify the potential benefits of the project
  • Quantify the potential benefits
  • Prioritize the potential benefits
  • Develop a benefits management plan
  • Monitor and assess benefits
  • Communicate the benefits
  • Organization
  • Customers
  • Other stakeholders
  • Potential benefits could include things like:
    • Cost savings
    • Increased efficiency
    • Improved customer
      satisfaction
    • New revenue streams
17
Q

How to quantify the potential benefits ?

A
  • Determine the potential financial value of each identified benefit
  • Conducting financial analysis
  • Using statistical models
18
Q

How do we prioritize the benefits ?

A
  • Expected financial return
  • Likelihood of achieving the benefit
  • Potential impact on the organization’s strategic goals
19
Q

How to develop the benefits management plan ?

A
  • Actions
  • Resources
20
Q

How to monitor and assess the benefits ?

A
  • Monitor and assess the benefits to ensure that they are being realized
  • Make any necessary adjustments to the benefit management plan
21
Q

To who do you communicate the benefits ?

A
  • Project team
  • Management
  • Customers
  • Value of the project
  • Impact on the organization