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Project management > L8 > Flashcards

L8 Flashcards

1
Q

What is resource levelling?

A

When activity start and finish dates are adjusted based on resource constraints.

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2
Q

What is an impact of resource levelling on the critical path and why?

A

Usually it increases in length because it’s more realistic

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3
Q

Why do we need to load resources onto a project as and when they’re needed?

A

Otherwise you waste money

If people are idle it’s bad for team morale.

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4
Q

Why hire someone with multiple skills over the best technical person?

A

It helps with uncertainty in projects. They can adapt and solve problems when things go wrong.

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5
Q

Why hire people slowly and fire people quickly?

A

Make sure it’s the right person otherwise they’ll be a dead weight and bring down the whole productivity.

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6
Q

What are the main 6 challenges in resource allocation?

A
  • there may be a mismatch between resource needs and availability.
  • start/end dates might need adjusting
  • actual/estimated costs may differ
  • domino effect
  • cost to expedite project
  • project scope may be challenging to fit exactly
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7
Q

What are 7 rationale for how to allocate resources?

A
  1. asap (first come first serve)
  2. As late as possible
  3. Shortest task first
  4. Most resources first
  5. Minimum slack first
  6. Most critical followers
  7. Most successors
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8
Q

Reasons to adopt an as soon as possible approach to resource allocation?

A
  • critical chain
  • future is uncertain: money, resources
  • optimism at the start
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9
Q

Reasons to adopt an as late as possible approach to resource allocation?

A
  • rainy day
  • break-downs
  • flexibility
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10
Q

Reasons to adopt a shortest task first approach to resource allocation?

A
  • progress and morale
  • release resources
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11
Q

Reasons to adopt a most resources first approach to resource allocation?

A
  • black cloud, free
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12
Q

Reasons to adopt a critical chain approach to resource allocation?

A
  • minimum slack first
  • most critical followers
  • most successors
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13
Q

How do you go about creating a resource schedule?

A
  • do CPM/PERT analysis as a baseline
  • move activities around to level up resources
  • use 1+ priority rules
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14
Q

Why is it good to use priority rules?

A

It’s transparent and easy to communicate

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15
Q

Benefit of using optimising software to find the best resource allocation schedule:

A
  • finds the best solution
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16
Q

Drawbacks of using optimising software to do resource allocation?

A
  • not all projects can be optimised
  • untransparent
  • sensitive to inputs (needs redoing if something changes)
  • Inflexible
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17
Q

Advantages of resource levelling:

A
  • less hands-on management is required
  • improves morale: consistency
  • helps manage schedule effectiveness
18
Q

Why do we do risk management?

A
  • there is uncertainty in all projects
19
Q

What are the two types of uncertainty?

A

Risk (-)

Opportunities (+)

20
Q

What is meant by risk?

A

Undesired effects or significant losses

21
Q

What is meant by uncertainty?

A

Limited knowledge (lack of certainty) about current/future outcomes.

22
Q

How do we go about risk management? (Steps)

A
  1. identify risks
  2. assess risks (how likely, impact, prioritise)
  • mitigate risks
    3. Risk response development (strategy to reduce possible damage/ contingency)
    4. Risk response control (implement risk strategy, monitor and adjust plan for new risks, change management)
23
Q

What is an example of uncertainty of current state?

A

What your rivals are working on right now.

24
Q

What’s an example of a recent global opportunities?

A

Investing in renewables after war

Work from home = resilience

25
Q

When do you do risk management?

A

Before you select a project.

26
Q

Junior PMs don’t have prior risk experience, so who do they go to to learn from the past?

A

The PMO

27
Q

What model can we use for risk management?

A

Stage gate model

PESTEL & MODeST (to come up with risks)

28
Q

What are some examples of risks?

A
  1. Technology (phone catches fire)
  2. Geographically dispersed team (language barrier, time zone)
  3. Lack of detail (first-timer projects)
  4. Limited options
29
Q

Does risk increase or decrease as the project goes on?

A

It decreases but the cost of the risk increases!

30
Q

What are the 2 types of risk?

A

Variability risk

Ambiguity risk

31
Q

What is a variability risk?

A

It happens so often that you can assign a probability to their likelihood of happening. Eg a machine breaking down.

32
Q

What is an ambiguity risk?

A

You cannot assign a probability to the risk. Eg what are competitors doing?

33
Q

How can we mitigate when a risk is ambiguous?

A

Think of the worst case scenario and have some contingency plans.

Hire specialist consultants.

34
Q

What part of the project would risk response control be used?

A

In the execution stage of the project.

35
Q

What gets affected by risk?

A

Time (misestimation, unavailable staff)
Cost (over budget, price increases)
Scope (changing/ vague scope)
Health and safety
Legal

36
Q

Where can you go to to find project risks?

A
  • internal: PMO
  • external: other similar companies
  • retailers: might have extra knowledge
  • do a risk workshop
  • industry specific checklist
  • cause-effect diagrams, WBS
  • modified SWOT analysis
37
Q

What happens in a risk workshop?

A
  • group brainstorm, ask each to find 5 risk factors
  • pre-mortem analysis: tell ppl project has failed, ask them what the cause of the failure is?
38
Q

What is a cause-effect diagram? AKA fishbone diagram

A

Look at different categories eg tech, machine, workers… and find things that could go wrong

39
Q

How would you use SWOT analysis for risk identification?

A

Weaknesses
Threats
Strengths - how can they be compromised?

40
Q

Where do you document the risks you find?

A

In a risk register

41
Q

When do you update a risk register?

A

Update regularly after status meetings!

Project management (10 decks)

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