Day 5 Flashcards
What are the aspects of a benefits management plan?
Target benefits - Expected tangible and intangible business value to be
realized from the project.
Strategic alignment - How the benefits align with the organization’s business
strategies
Timeframe - When the benefits (short-term and long-term) will be realized, usually by project phase
Benefits owner - Person or group that monitors, records, and reports the
benefits
Metrics - Direct and indirect measurements of the realized benefits
Risks - Risks associated with achieving the targeted benefits
In Agile, what are Sprint Reviews/Demos?
✓At the end of each iteration or sprint, the team conducts a sprint review or
demo.
✓ In early stages, obtain the product owner’s acceptance of the story and
any feedback to enable the team to make changes to optimize business
value.
✓ Focus on completing whole user stories in each sprint.
✓ Verify that the capability is “potentially shippable”.
Sprint is 1-4 weeks, usually 2 weeks
What is release management?
In traditional projects, product release occurs at the end when everything is
complete.
However, in today’s complex business environment, where work is hardly
ever “done”, we need to factor change into our thinking about work.
Agile projects can convert highvalue capabilities into delivered
solutions early.
What are Disciplined Agile (DA) Approaches?
✓ Use DA approaches to support dynamic work environments.
✓ A Product Owner creates a minimum business increment (MBI) that defines work requirements to deliver the stated value.
✓ The MBI creates value quickly and incrementally, so the business can
start using and benefitting from it.
Advantages:
− Feature or capability assessment
− Improve organizational tolerance for change
− A time cadence for subsequent releases
How long does a sprint normally last?
Sprint are timeframes, between 1-4 weeks, usually 2 weeks
What is a Benefit Cost Analysis?
✓ Frequently used to compare potential projects to determine which one to
authorize.
✓ Select the alternative which demonstrates that benefits outweigh costs by the greatest amount.
✓ Alternative should not be chosen when costs exceed benefits.
✓ The accuracy of the estimates of cost and benefit determines the value of the benefit cost analysis.
What is the Present Value (PV) Calculation?
PV= FV/ (1+R)n
*Nth power
What is the Net Promoter Score (NPS)?
NPS is a metric used in customer experience programs to measure
customer loyalty.
Customers rate their experience with a number from -100 to +100. A higher score is desirable.
What is A/B testing?
Used in marketing, A/B testing is a method for determining user preferences.
Different sets of users are shown similar services; the difference is the independent variable.
Based on the results of the AB testing experiment, you can optimize the solution you provide to users.
What is the Monte Carlo Simulation?
Outputs are generated to represent the range of possible outcomes for the project.
Monte Carlo refers to not one single analysis method but to a wide class of techniques, mostly making use of sophisticated computers and inputs of random numbers, probabilities, and algorithms.
What they use in hurricane forcasting
How do you use Simulations?
✓Uses computer models and estimates of risks.
✓Translates uncertainties into potential impact.
✓Involves calculating multiple project durations, using varying sets of
assumptions.
How do you Use Decision Trees to Find Benefit and Value?
✓ Use to support selection of the best of several action options.
✓ Branches represent different decisions or events, each of which can have
associated costs and risks.
✓ The end-points of branches in the decision tree represent the outcome
from following that path, which can be negative or positive.
✓ Calculate the expected monetary value of each branch and select the optimal one.
What are some things to consider in the Internal Business Environment?
✓ Organizational changes can make a dramatic impact on the scope of a
project.
✓ The project manager and project sponsor need to have visibility into
business plans, reorganizations, process changes, and other internal activities.
✓ Because internal business changes might cause:
− Need for new deliverables
− Reprioritization or removal of existing deliverables
What are the aspects of the External Business Environment?
The PESTLE acronym identifies the external business environment factors
that can affect the value and desired outcomes of a project.
Others are:
✓ TECOP (technical, environmental, commercial, operational, political)
✓ VUCA (volatility, uncertainty, complexity, ambiguity)
These frameworks can help you to better understand external factors that can introduce risk, uncertainty, or provide opportunities.
How do you Update Baselines in a project?
✓ In traditional project plans, the completed initial plan contains the
baseline.
✓ As changes occur in the project, you update the baseline to reflect any new
requirements.
✓ Agile projects process change continuously, in iterations or increments. Work is prioritized and updated in the product backlog or in the value stream (Disciplined Agile).
What is Backlog Reprioritization?
Product owner re-prioritizes the backlog as stories or requirements change.
Business value determines the priority of the changes.
What are some Recommended Options for Changes?
✓ When change is proposed, the product owner should focus on the intended business value of the change.
✓ Give the project team discretion to consider the change and identify
potential solution options.
A clear governance structure becomes critical when?
project changes are driven by changes in the internal or external business environments.
What is a Governance Steering Committee?
✓ ‘The Project Board’ or overall governance or steering committee that coordinates the project:
✓Might include: the project sponsor, a senior user, and PMO resources.
✓ Are responsible for: Clarifying the project charter and objectives; and allocating resources to the project.
How do you Assess the Impact on Project Backlog Based on Business Environment Changes?
- Understand the project’s organizational context.
- Understand the external factors that may impact your project.
- How is the project work prioritized?
- What is the project governance model?
What are some Organizational Cultures and Styles?
View of leadership, hierarchy and authority
Shared vision, beliefs & expectations
Risk tolerance
Regulations, policies and procedures
Code of conduct
Operating Environments
Motivation and reward systems
What are some aspects of Organizational Structures?
✓ Affect resource availability
✓ Affect how projects are conducted
✓ Main structures include functional, project-oriented, matrix, and composite.
What is a roll out plan?
✓ You need to plan for successful implementation of changes.
✓ Roll out plans enable you to define the knowledge transfer, training,
and readiness activities required to implement the change.
✓ Depending on the size, scope, and nature of the change, the plan
details might include:
– The Project team and the affected customer and users
– Training and support activities
What do you need to consider for Project Management Plan Updates?
Based on the scope of changes, you may need to update the project
management plan for:
✓ Scope
✓ Timelines
✓ Work packages
✓ Team member assignments
In agile projects, the team might remove lower-value deliverables from scope to make room for the change.