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Project management > L10 > Flashcards

L10 Flashcards

1
Q

What is the difference between risk management and project control?

A

They’re closely related, both deal with risk and uncertainty, but we’re in the implementation phase.

We’re reactive not proactive.

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2
Q

Why do many projects run late, over budget, or fail?

A

Time slippage
Scope creep
Quality issues
People problems

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3
Q

What is the “good news” in terms of projects not going to plan?

A
  • failure often happens gradually
  • days are lost here and there
  • money is overspent frequently in small amounts
  • underperformance adds up over time
  • scope creep can be gradual
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4
Q

Why do we need a system like project control?

A

We need a system that:

  • visualises project performance
  • detects underperformance relative to planning phase baseline
  • allows PM to take corrective actions in time
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5
Q

Who does the PM send project progress reports to?

A

The PMO

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6
Q

What data does the PM put in the progress reports for the PMO?

A

Compare actual vs planned cost/durations

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7
Q

What causes scope creep?

A

Poorly defined scope
Lack of PM practices
Addition of unrequested features
The communication gap
Lack of uniformity in requirements

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8
Q

How to prevent scope creep?

A
  1. Be clear in brief what is in scope and out of scope
  2. Reset unrealistic expectations (if client now wants x, tell them what it will cost/delay)
  3. Balance of saying yes/no
  4. Renegotiate scope statement
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9
Q

What style of PM do you go for for first-timer projects?

A

Agile!

Not waterfall

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10
Q

What PM style to use with a first-timer/ fuzzy requirement project?

A

Agile

Not waterfall!

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11
Q

What is fixed and what is estimated with the waterfall PM style?

A

Fixed: scope
Estimated: resources/time

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12
Q

What is fixed and what is estimated with the agile PM style?

A

Fixed: resources, time
Estimated: scope

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13
Q

Features of the agile method?

A
  1. Iterative (deliver value every 2wks)
  2. Client involvement
  3. Small independent multi-skill team
  4. Close monitoring
  5. Better communication
  6. Use with unclear solution
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14
Q

Features of the traditional PM method?

A
  1. Sequential process
  2. Clear goals/solution
  3. Simplicity
  4. Low risk
  5. Familiar tech
  6. Similar experience
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15
Q

If the client asks for a change, what process do we follow?

A

The change management process.

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16
Q

What are the 5 steps in the change management process?

A
  1. Request for change
  2. Impact analysis
  3. Approve/deny
  4. Implement change
  5. Review/reporting
17
Q

What happens during a change request?

A

The impact of the change is evaluated. It is then submitted to the review board eg senior management.

The change is then rejected or approved (update baseline if approved)

18
Q

What is earned value analysis?

A

Comparing the expenditure on the project so far with the progress on the Gantt chart. This shows whether the project is doing well or not.

19
Q

What 3 datapoints does earned value analysis use?

A
  1. Earned value: budgeted cost done so far BCWP
  2. Planned spend: budgeted cost of work scheduled BCWS
  3. Actual spend: actual cost of work performed ACWP
20
Q

What figures does actual spend use?

A

Reality cost
Reality activities

21
Q

What figures does earned value use?

A

Planned cost
Reality activity

22
Q

What figures does planned spend use?

A

Planned cost
Planned activities

23
Q

How do we calculate time performance?

A

TP = earned value/ planned spend

If <1 it means you’re behind schedule

24
Q

How to calculate estimated time at completion?

A

ETC = original estimate/ time performance

25
Q

How to calculate the estimated cost at completion?

A

ECC = original budget / cost performance

26
Q

How to calculate cost performance?

A

CP = earned value / actual spend

27
Q

What are the 4 ways of stating the % completion of a project?

A
  1. Just say 50% when it’s started
  2. 0% until finished
  3. Critical input/output: proportional to input (resource) used, and output
  4. Proportionality rule: common: uses time (or cost) as critical input
28
Q

How does a last planner work?

A

Meet with team each week and they report on their task progress. If incomplete, have a reason why.

29
Q

How do you use a track schedule?

A

It’s a Gantt chart feature where you can compare the % completion with the planned times.

30
Q

What should you try before accepting a project delay?

A
  1. Renegotiate with stakeholders
  2. Recover time/costs later down line
  3. Narrow scope
  4. Deploy more resources
  5. Use substitutes
  6. Seek alternative sources
  7. Accept partial delivery
  8. Offer incentives
  9. Demand compliance
31
Q

What are the drawbacks/ limits of project control?

A
  1. Baseline difficult to obtain
  2. Measurements difficult to obtain
  3. Control paradox
  4. Downsides of control
32
Q

What are the issues with creating a baseline?

A
  1. Hard to predict a reasonable one
  2. It may change outside your control
  3. Political interference
33
Q

Why are project measurements difficult to obtain?

A
  1. Info not always in real-time
  2. May involve human judgement eg degree of task completion
34
Q

What is the control paradox?

A

The more you control, the less control you have.

Too much bureaucracy causes staff to start working around it

35
Q

What are the downsides of control?

A

Being controlled can be seen as a bad thing

Control can reduce team creativity

Project management (10 decks)

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