APM Flashcards

Question

What's the difference between estimates and budgets?

Answer 1

Estimate = a forecast on how much something will cost to produce / how long something will take. Estimates are between two figures. Estimates are subjective and differ between people depending on certain factors such as; SQEP, previous data, experience, assumptions, known risks. Budgets = An amount of allocated money to a project task or activity. Budgets are assigned by the PM and given to Team managers which are then used at work package level. Budgets are a total forecast on how much something should cost, they're not always right though.

Answer 2

``` Make or buy? Contractual Relationship Supplier Reimbursement method Supplier Selection (ITT, analyse etc) Contract Administration Feedback and Review ```

Answer 3

'Cost of Quality' - Quality pays for itself through proactive management. As the prevention costs rise, the failure and prevention costs will fall. Through organisational maturity, LFE, continuous improvement etc.

Answer 4

80:20 rule. 80% of faults are cause by 20% of the root causes. Therefore by focusing attention to the root causes, and identifying these is most effective.

Answer 5

``` 9 roles that exist within every team, someone may be more than one: Plant Resource investigator Co-ordinator Shaper Monitor Evaluator Teamworker Completer Finisher Specialist Implementer ```

Answer 6

``` Idenitfy / Capture Analyse Jusitify Document Test ```

Answer 7

``` Planning Identification Control Status Accounting Audit ```

Answer 8

``` Submit Change Request Initial Assessment Impact Assessment Decision / Recommendation Update plans & implement change ```

Answer 9

Change control - implements the change. Configuration management - manages the change and its impact on other products. Ensures only beneficial changes are made Analyses the change Ensures revisions are updated Ensures requirements are still met Ensures appropriate governance, control and accountability Helps identify new risks Provides clarity between departments/functions Provides assurances to stakeholders over on-going changes Ensures products work as expected with interrelated products Changes are formally documented and recorded regardless of the outcome Ensures the project scope is managed and baselines are secure

Answer 10

Process may be long and delay the project May cause conflict between the person who raised it and rejected it Costly to implement, manage and upkeep People might have the urge to cut corners and deviate from the process

Answer 11

Payback period - length of time to payback Internal Rate of Return - Calcuates different discount factors to show potential values of money overtime. Net Present Value - Calculates the value of money overtime

Answer 12

Advantages: NPV & IRR take into account the future value of money Looks at the whole project lifecycle Calculates a single percentage, figure or time period. Payback period is quick and easy to calculate. Disadvantages: NPV and IRR can be complex to calculate Payback period doesn't take into account future value of money Payback period doesn't take into account income after payback period. NPV is reliant on what % is used

Answer 13

``` Scope Roles and responsibilities Tools and Techniques Process Audit ```

Answer 14

``` Collection Storage Dissemination Archiving Destruction Reporting ```

Answer 15

Accurate Relevant Clear Timely

Answer 16

Gather data Collate and Analyse Information Make decisions

Answer 17

``` Stakeholder Communications Resource Information Quality Change/Configuration Risk Schedule Procurement ```

Answer 18

``` Who What When Where Why How much ```

Answer 19

Business Case: Used as a reference point to judge and evaluate progress Used to decide project viability Helps handover and closure to ensure requirements have been met Acts as a form of governance Compare forecasts to actuals PMP: Communication tool Used to refer back to for processes, techniques, practises Acts as a governance document to compare actual management with expected management Regularly reviewed to reflect current project state and business case

Answer 20

PERT = Programme, Evaluation, Review, Technique Three point estimating Comparitive Bottom up Parametric

Answer 21

Idenitfy Assess Develop communication plans Engage and influence

Answer 22

``` Language Commitments Loyalties Culture Location Technology Attitude ```

Answer 23

Project gets a bad reputation Stakeholders influence the project negatively Risks not fully identified Scope not fully captured Makes it difficult for future cooperation Benefits not fully understood

Answer 24

``` Smoothing Levelling Crashing Splitting Overtime Reduction of scope ```

Answer 25

Total float = Amount of time an activity can be delayed without impacting upon the project end date Free float = Amount of time an activity can be delayed without impacting upon the succeeding activity's start/end date.

Answer 26

The sequence of activities with the lowest amount of float - which is usually 0.

Answer 27

Resource Levelling = Managing and utilising resources to avoid peaks and troughs. When resource constraints are paramount. Resource smoothing = When time constraints take priority. Use of float and maximising efficiencies to manage resources without delaying the project end date.

Answer 28

``` Advantages: Quicker Automatic calculations No calculation errors Supports what if scenarios Compatible with organisational systems Produce reports User friendly and intuitive ``` Disadvantages: Expensive Time and money to buy, implement and update Overreliance on systems Potentially hinder innovation Can make staff more naive to implications.

Answer 29

Clear documentation of all costs Effective governance Helps forecast performance Helps prepare cash flow Compare vs initial forecasts and estimates Provides assurance to stakeholders over expenditure Easier to spot deviations Makes it easier to request and justify extra funding

Answer 30

Calculating the project current performance vs what was initially forecasted in the given time frame. Calculation provides a quantitative figure in terms of money and time. Forecasts future performance based on current Indicates potential problems causing performance issues Acts as a KPI

Answer 31

Advantages: Provides quantitative figures in terms of time and cost Shows actual performance vs what was forecasted Shows what might be going wrong Can be presented clearly in graphs Forecast future performance based on current performance ``` Disadvantages: Complex to calculate Difficult to explain details Doesn't account for quality Relies on honesty Relies on accurate data Requires tight control of costs Reliance on % of work complete. May be difficult when producing software. ```

Answer 32

Quality Planning Quality Control Quality Assurance Continuous Improvement

Answer 33

Defines how risks are dealt with Establishes a risk culture Helps achieve continuous improvement Creates contingencies Attempts to reduce the impact and probability Forms a part of governance Creates clarity between project and organisation/customer over on-going risks

Answer 34

Not escalating issues Issues not being dealt with once esclated Contingencies not being used Losing track of accountability

Answer 35

Configuration Management Change Control Requirements Management

Answer 36

Assurance: Process associated with demonstrating and providing confident to all stakeholders that the quality requirements will be achieved. Assures that plans, processes, procedures and practises are being followed. Control: Techniques used to ensure and maintain the quality in the project's outputs, products, processes etc.

Answer 37

Audits Training Supplier accreditation LFE

Answer 38

Inspection & measurement Walk throughs Pareto Analysis Process control charts (documenting results throughout)

Answer 39

``` Reduces the chances of quality issues Reduces defects Reduces re-work Increases motivation Increases reputation Ensures continuous improvement Provides confidence when producing safety critical systems Provides assurance assurance to stakeholders and governance due to clear documentation, strategies and procedures. ```

Answer 40

Fixed price Cost plus Target cost Time and materials

Answer 41

Single Parallel Sequential Prime

Answer 42

``` Research the market Shortlist potential suppliers Invitiation to Tender (ITT) Answer queries Analyse bids Award the contract ```

Answer 43

Situational leadership. Describes different styles that can be used depending on the situation, person, readiness and commitment. Directing Coaching Supporting Delegating

Answer 44

``` Democratic Autocratic Paternal Consulative Laissez Faire ```

Answer 45

``` Low motivation High labour turnover Difficulty to recruit new staff Impact on quality Higher absence rate Conflict ```

Answer 46

An organisation which revolves around the functions (BAU) and projects are prioritised second. Consists of heads of.. finance, HR etc They control resources, act as line managers.

Answer 47

Organisations structured around projects. Project managers have full responsibility and are given a project team.

Answer 48

``` Environmental / Waste & Disposal Employment rights Working conditions Freedom of Information Act Official Secrets Data protection act Health and Safety ```

Answer 49

Concept Definition Development Handover and Closure Extended life cycle: Benefits Realisation Operations Termination

Answer 50

Combination of both functional and project organisation. There are functional managers with project managers embedded within the function. Project managers have control over resources and are usually prioritised. Workers tend to report to both their project manager and their functional manager.

Answer 51

``` Advantages: Utiliise staff Visibility of resource availability PM holds authority Specialist skills are maintained ``` ``` Disadvantages: Sophisticated resource management required Conflict between loyalties Conflict between priorities Good communication required ```

Answer 52

Advantages: Clear focus and objectives Clear hierarchy Clear roles and responsibilities ``` Disadvantages: Little job security Cause duplication Under utilisation Expereince tends to leave organisation once complete ```

Answer 53

Advantages: Specialist skills developed Stability and security Clear reporting structure Disadvantages: Less flexible Doesn't provide variety Lead to under utilisation

Answer 54

``` Who What Why How much When Where ```

Answer 55

``` Patience Adaptable Risk taker Communicator Clear Honest Influential Motivational Energy/Drive Commitment Efficient ```

Answer 56

``` Produce more Be more efficient in communications Provides reassurance to stakeholders Rewarding place of work Develop constructive conflict ```

Answer 57

``` Explain nature of project Communicate strategies and processes Provide a baseline Form a contract between the PM and sponsor Basis for continuity throughout project Acts a form of governance ```

Answer 58

``` Element of the unknown: Subjective Not knowing risks Not knowing who will do the work Assumptions Dependencies Lack of previous data ```

Answer 59

Consumable - raw materials, petrol | Reusable - people, equipment

Answer 60

``` Availability Cost Constraints Training Lead time ```