Course Two Readings

Question 1

What are the six benefits of a cost-benefit analysis?
(Most Men Can’t Kill Real Kings)

Answer 1

A cost-benefit analysis can minimize risks and maximize gains for projects and organizations; help you communicate clearly with stakeholders and executives; and keep your project on track.

Because this type of analysis uses objective data, it can help reduce biases and keep stakeholder self-interest from influencing decisions.

Question 2

Five questions to ask to determine the benefits of a project?

(Vampires Seek Mostly Trained Iguanas)

Answer 2

To determine the benefits of a project, you might ask:
* What value will this project create?
* How much money could this project save our organization?
* How much money will it bring in from existing customers?
* How much time will it save?
* How will it improve the customer experience?

Question 3

What are 4 questions about tangible benefits to consider when determining project costs?

Answer 3

• How much time will people have to spend on this project?
• What are the one-time costs?
• Are there any ongoing costs?
• What about long-term costs?

Question 4

What are four intangible benefits to consider in a cost-benefit analysis?

Answer 4

• Customer satisfaction. Will the project increase customer retention, causing them to spend more on the company’s products or services?
• Employee satisfaction. Is the project likely to improve employee morale, reducing turnover?
• Employee productivity. Will the project reduce employee’s overtime hours, saving the company money?
• Brand perception. Is the project likely to improve the company’s brand perception and recognition, attracting more customers or providing a competitive advantage?

Question 5

What is the difference between an Objective and a Key Result, in OKRs?

Answer 5

Objectives: Defines what needs to be achieved; describes a desired outcome.

Key results: The measurable outcomes that objectively define when the objective has been met.

Question 6

Project-level OKRs describe…

Answer 6

Project-level OKRs describe the focused results each group will need to achieve in order to support the organization.

Question 7

To determine the benefits of a project, you might ask:

Value/Money/Customers/Time/UX

Answer 7

• What value will this project create?
• How much money could this project save our organization?
• How much money will it bring in from existing customers?
• How much time will it save?
• How will it improve the customer experience?

Question 8

To determine the costs of a project, consider:

Time/Types of costs (3)

Answer 8

How much time will people have to spend on this project?
* What are the one-time costs?
* Are there any ongoing costs?
* What about long-term costs?

Question 9

Common ROI formula:

Answer 9

(G-C) / C = ROI
Ex: : ($10,000 - $6,300) ÷ $6,300 = 0.58 = 58%
The ROI comes to 0.58, or 58%. You consider this to be a strong ROI, so you decide to pursue the project.

Question 10

SMART goals are:

Answer 10

• Specific: The objective has no ambiguity for the project team to misinterpret.
• Measurable: Metrics help the project team determine when the objective is met.
• Attainable: The project team agrees the objective is realistic.
• Relevant: The goal fits the organization’s strategic plan and supports the project charter.
• Time-bound: The project team documents a date to achieve the goal.

Question 11

Why are measurable goals important?

Answer 11

.Measurable goals are important because they leave little room for confusion around expectations from stakeholders.

Question 12

What do OKR’s combine?

Answer 12

OKR stands for objectives and key results. They combine a goal and a metric to determine a measurable outcome.

Question 13

What is the key difference between the two?

Answer 13

Objectives: Defines what needs to be achieved; describes a desired outcome. Key results: The measurable outcomes that objectively define when the objective has been met

Question 14

. Project-level OKRs help establish …

Answer 14

Project-level OKRs help establish the appropriate scope for your team so that you can say “no” to requests that may get in the way of them meeting their objectives.

Question 15

Project objectives should be…
(AAACS)

Answer 15

Project objectives should be aspirational, aligned with organizational goals, action-oriented, concrete, and significant.

Question 16

What should you consider when setting objectives?

Answer 16

Consider the vision you and your stakeholders have for your project and determine what you want the project team to accomplish in 3–6 months

Question 17

Strong key results meet what 4 criteria?
(MARS)

Answer 17

Strong key results meet the following criteria:
* Results-oriented—not a task
* Measurable and verifiable
* Specific and time-bound
* Aggressive yet realistic

Question 18

What does defining scope do?

Answer 18

The scope provides the boundaries for your project. You define the scope to help identify necessary resources, resource costs, and a schedule for the project.

Question 19

Clarifying Scope question samples (Stakeholders):

Answer 19

Stakeholders
* How did you arrive at the decision to do…?
* Did the request originate from the company, customers, or other stakeholders?
* Who will approve the scope for the project?

Question 20

Clarifying Scope question samples (Goals):

Answer 20

Goals
* What is the reason for…?
* What isn’t working in the current …?
* What is the end goal of this project?

Question 21

Clarifying Scope question samples (Deliverables):

Answer 21

Deliverables
* Which …is being updated?
* What exactly needs to be updated?
* Does … need…?

Question 22

Clarifying Scope question samples (Resources):

Answer 22

Resources
* What materials, equipment, and people will be needed?
* Will we need to hire contractors?
* Will we need to attain …(ex. a floor plan and building permits? )

Question 23

Clarifying Scope question samples (Budget):

Answer 23

Budget
* What is the budget for this project? Is it fixed or flexible?

Question 24

Clarifying Scope question samples (Schedule):

Answer 24

Schedule
* How much time do we have to complete the project?
* When does the project need to be completed?
Do we need to allow time for testing?

Question 25

Clarifying Scope question samples (flexibility):

Answer 25

Flexibility * How much flexibility is there? * What is the highest priority: hitting the deadline, sticking to the budget, or making sure the result meets all the quality targets?

Question 26

Best practices for scope management and controlling scope creep: Requirements

Answer 26

* Define your project’s requirements. Communicate with your stakeholders or customers to find out exactly what they want from the project and document those requirements during the initiation phase.

Question 27

Best practices for scope management and controlling scope creep: Project Schedule

Answer 27

* Set a clear project schedule. Time and task management are essential for sticking to your project’s scope. Your schedule should outline all of your project’s requirements and the tasks that are necessary to achieve them. * Determine what is out of scope. Make sure your

Question 28

Best practices for scope management and controlling scope creep: Define Out of Scope

Answer 28

* Determine what is out of scope. Make sure your stakeholders, customers, and project team understand when proposed changes are out of scope. Come to a clear agreement about the potential impacts to the project and document your agreement.

Question 29

Best practices for scope management and controlling scope creep: Provide Alternatives.

Answer 29

* Provide alternatives. Suggest alternative solutions to your customer or stakeholder. You can also help them consider how their proposed changes might create additional risks. Perform a cost-benefit analysis, if necessary.

Question 30

Best practices for scope management and controlling scope creep: Set up Change Control Process

Answer 30

* Set up a change control process. During the course of your project, some changes are inevitable. Determine the process for how each change will be defined, reviewed, and approved (or rejected) before you add it to your project plan. Make sure your project team is aware of this process.

Question 31

Best practices for scope management and controlling scope creep: Learn how to Say No.

Answer 31

* Learn how to say no. Sometimes you will have to say no to proposed changes. Saying no to a key stakeholder or customer can be uncomfortable, but it can be necessary to protect your project’s scope and its overall quality. If you are asked to take on additional tasks, explain how they will interfere with the budget, timeline, and/or resources defined in your initial project requirements.

Question 32

Best practices for scope management and controlling scope creep: Collect Costs for out-of-scope work.

Answer 32

* Collect costs for out-of-scope work. If out-of-scope work is required, be sure to document all costs incurred. That includes costs for work indirectly impacted by the increased scope. Be sure to indicate what the charges are for.

Question 33

Launching:

Answer 33

In project management, a project “launching” means you have delivered the final results of the project to the client or user.

Question 34

Landing:

Answer 34

“land” it by thoroughly measuring the results. This is when the success criteria and the metrics you defined initially when setting SMART goals will come in handy.

Question 35

Launch first, land later

Answer 35

Ex: You complete a project that takes a year to finish. One of the goals measures that 20% of the customers use it in the next 5 years. The project may launch, but won't land for 5 years. You need to check back in periodically over the next five years to see if the training program is on target to produce a 20% increase

Question 36

Launch and Forget

Answer 36

when a project manager delivers the project to the client and the client accepts the project delivery, but the project manager doesn’t assess if the project deliverables satisfy the customer or user

Question 37

How do you use OKRs to evaluate a project’s progress. C&T/S/A/M/D/S

Answer 37

Communicate and Track Share OKRs Assign Owners Measure Progress Determine Scoring Schedule Checkpoints

Question 38

Main reason to communicate and track OKRs?

Answer 38

Conducting regular check-ins and actively tracking progress with your team can help ensure that objectives are being met and that any issues are resolved as soon as possible.

Question 39

Why share your OKRs with your team?

Answer 39

so that everyone knows how to focus and align their efforts.

Question 40

Why assign ownership to every OKR?

Answer 40

so that everybody knows who’s responsible for what. This helps add clarity and increases accountability.

Question 41

Why measure your OKRs?

Answer 41

It is a shortuct to determining the status of a project and they’re helpful tools for determining how close you came to achieving your objectives.

Question 42

How to you score OKRs?

Answer 42

Many different ways: As a % of the objective completed Scale 1 to 10 traffic Light Yes/No Grade KR on a scale (ex: 6 KR, 3 launched = .50)

Question 43

When should you review OKRs?

Answer 43

it can be helpful to have monthly check-ins on the progress of OKRs to give both individuals and your team a sense of where they are. Typically, at the end of the quarter, you’ll grade each of your OKRs to evaluate how well the team did to achieve its goals.

Question 44

What skills are you looking for when assembling a team, whether large or small?

Answer 44

Technical Problem Solving Interpersonal Leadership (Also Availability and Diversity) Motivated

Question 45

Essential Roles: PM

Answer 45

the project manager is responsible for the overall success of the team, and ultimately, the project as a whole.

Question 46

Essential Roles: Stakeholders

Answer 46

Primary (Key) Team Members/Sr. Leaders/Customers ... or Secondary (indirectly affected by project outcome-ex. someone in Legal dept)

Question 47

Essential Roles: Project Sponsor

Answer 47

A sponsor initiates the project and is responsible for presenting a business case for its existence, signing the project charter, and releasing resources to the project manager.

Question 48

p52 Stakeholder Analysis: key steps

Answer 48

1. Make a list. Ask: Who is invested/impacted/contributed? 2. Determine the level of interest and influence for each stakeholder. 3.Assess stakeholders’ ability to participate and then find ways to involve them. some will be active stakeholders with more opinions and touchpoints and others will be passive stakeholders, preferring only high-level updates and not involved in the day-to-day.

Question 49

Steering committee

Answer 49

a collection of key stakeholders who have a high level of power and interest in a project. A steering committee can influence multiple departments within the organization, which means that they have the potential to release a greater number of resources to the project manager.

Question 50

What does the power grid show?

Answer 50

A power grid shows stakeholder interest in the project versus their influence over the project.

Question 51

What is the purpose of the Power Grid?

Answer 51

This four-quadrant tool helps project managers evaluate how to manage their stakeholders; to determine the appropriate level of engagement required by the project team needed to gain the stakeholders’ trust and buy-in.

Question 52

What will make for successful stakeholder engagement?

Answer 52

the project manager’s ability to know their stakeholders’ motivations and inspirations. This takes time, interpersonal skills, and insight into the organization’s internal political workings

Question 53

Tips for gaining key stakeholder buy-in include:

Answer 53

* Clearly mapping the work of the project to the goals of the stakeholder. * Describing how the project aligns with the goals of the stakeholder's department or team. * Listening to feedback from the stakeholder and finding ways to incorporate their feedback into the project's charter where appropriate. Manage your stakeholders’ expectations by presenting a realistic view of your team’s abilities. Do not over-promise and under-deliver!

Question 54

p.55 Four RACI Chart Roles (aka a Responsibility Assignment Matrix (RAM),

Answer 54

R: Responsible: who gets the work done A: Accountable: who makes sure the work is done C: Consulted: who gives input or feedback on work I: Informed: who needs to know the outcome

Question 55

Individuals who are assigned the “responsible” role for a task are ...

Answer 55

the ones who are actually doing the work to complete the task.

Question 56

What is a best practice regarding the number of "responsible" team members?

Answer 56

a best practice to try to limit the number of team members assigned to a task’s responsible role, but in some cases, you may have more than one.

Question 57

The “accountable” person is responsible for...

Answer 57

The “accountable” person is responsible for making sure the task gets done. It is important to have only one individual accountable for each task. This helps clarify ownership of the task

Question 58

In order to determine who should be tagged as the accountable team member, consider:

Answer 58

* Who will delegate the task to be completed? * Who will review the work to determine if the task is complete? where possible, it is helpful to separate these roles. Ensuring that accountability is not shared with who is doing the work, ensures that there is no confusion on who the ownership belongs to.

Question 59

When is someone added as "Consulted" on a RACI chart?

Answer 59

Team members or stakeholders who are placed in the “consulted” role have useful information to help complete the task.

Question 60

Three ways to identify who is appropriate to be "Consulted" on a project.

Answer 60

* Who will the task impact? * Who will have input or feedback for the responsible person to help the work be completed? * Who are the subject matter experts (SMEs) for the task? The consulted people will be in frequent, two-way communication with the responsible party, so it is key to make sure that the right people are in this role to help accomplish the task efficiently and correctly.

Question 61

RACI Chart: who is "Informed?"

Answer 61

Individuals who are identified as needing to be “informed” need to know the final decisions that were made and when a task is completed. It is common to have many people assigned to this category and for some team members to be informed on most tasks. *They are not asked for feedback

Question 62

Two Key questions to ask yourself in order to ensure that you have appropriately captured individuals in the “informed” role are:

Answer 62

* Who cares about this task’s completion? * Who will be affected by the outcome?

Question 63

A great way to manage updating all of the "Informed" team members?

Answer 63

You could end up with a large number of team members and stakeholders who are placed in the “informed” role. If so, make sure that you have a plan to keep them informed that is not labor-intensive. Something as easy as view-only access to your project plan or meeting notes could prevent you from having to create separate communications along the way

Question 64

Using a RACI chart helps to:

Answer 64

Using a RACI chart to determine responsibility for tasks can help mitigate single points of failure known as creating silos,

Question 65

What do you need to do before your use your finished RACI chart?

Answer 65

You will first need to share your RACI chart with your sponsors and stakeholders to get buy-in and sign-off. When you get stakeholder buy-in, you will be able to set clear expectations for your team and ensure that everyone is aligned on their responsibilities.

Question 66

Four primary Reasons that Projects Fail?

Answer 66

Unclear Expectations- Miscommunication Lack of Resources- Scope Creep

Question 67

Unclear Expectations-

Answer 67

Unclear Expectations-without directions, you can never reach your destination. Unrealistic Expectations-don't commit to firm dates when initiating the project to avoid setting unrealistic expectations.

Question 68

Miscommunication

Answer 68

Miscommunication-not delivering pertinent information, or sending it to the wrong person. As you are kicking off a project, make sure you take some time to understand the communication needs of your team and stakeholders.

Question 69

Lack of Resources-

Answer 69

Lack of Resources-includes your team members, budget, and materials. Clarify your resource needs and confirm their availability with leadership up front to avoid delays or issues further along in the project

Question 70

Scope Creep

Answer 70

Scope Creep: make sure that everything is documented in the initiation phase. Have a plan for how to handle scope creep if it occurs, and clarify who has the authority to approve scope changes.

Question 71

Three Common aspects of your project budget will include:

Answer 71

* Team: the cost of the people performing the work * Services: any outside vendors helping your project * Materials: any tangible items purchased to complete the project

Question 72

Be sure to use: ____________to guide the direction of your charter.

Answer 72

Be sure to use the business case—the reason for initiating the project—as the guiding direction to your project charter

Question 73

Develop the project charter in collaboration with...

Answer 73

with stakeholders and team members.

Question 74

Project charters will vary but usually include some combination of the following key information: Impressive Gardens Bring Potatoes, Melons, (and) Beans, So Children Run Over After

Answer 74

* introduction/project summary * goals/objectives * business case/benefits and costs * project team * scope * success criteria * major requirements or key deliverables * budget * schedule/timeline or milestones * constraints and assumptions * risks * OKRs * approvals

Question 75

p.67 What should you do before you introduce a new tool to the team, ESPECIALLY in mid-project?

Answer 75

Be sure that this change is actually going to benefit the project and ensure that those involved in your project understand the benefits of this change.

Question 76

How can you demonstrate that you have the best interest of your team in mind, when introducing new tools?

Answer 76

Taking the time to introduce the new tool to your team members will also demonstrate that you have the best interest of the team in mind—not just the success of the project

Question 77

important considerations and keys to successfully introducing new tools

Answer 77

* Discuss the tool early and often, if possible. * Ask for feedback from key stakeholders * Involve the key stakeholders in demonstrations as you get closer to making the final decision on the project tracking tool * Ensure the tool is fully functional before the team is introduced to it. * Set up training for the tool as needed before you ask the team to actually use it.

Question 78

Role of pushback...

Answer 78

Remember, some pushback is normal, but successful project managers should take the steps to prepare and mitigate any friction for their team when possible.

Question 79

Pro tip for introducing new tools?

Answer 79

If time allows, plan for a period of transition if you are replacing an existing tool. It is common to allow both tools to operate during this period

Question 80

NOTE: Programs you should know

Answer 80

Pro tip: Learn more by trying free tutorials or trial versions of popular project management tools. By navigating project management software, you will be able to explain the uses and functionality of these types of tools firsthand. Here are some examples to get started: * Asana and Asana Guide * Basecamp * Trello * Jira * ClickUp * Monday.com * Microsoft Project or Project Libre (open source) * Smartsheet (Demo)