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Session 5 Flashcards

1
Q

Risks

A

•risk can be positive (opportunities) or negative (threats)

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2
Q

Example of project risks

A

• working with new vendors and building processes
• supply chain issues for correct bricks
• building cod compliance
• key stakeholder conflict

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3
Q

Business Risks Predictive

A

• represents an opportunity for gain or loss

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4
Q

Project Risks Management Predictive

A

• systematically maximizes the probability of positive events and minimizes the probability and consequences of negative events

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5
Q

Risks- Adaptive & Hybrid

A

• as a project uncertainty increases, the risk of rework increases; adaptive life cycles use smaller increments of work to enable feedback and progressive elaboration of scope

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6
Q

How do you Create Risk Strategy

A

• first understand risk parameters for the organization and the project

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7
Q

Managment Guidelines

A

• use qualitative (high, medium, low, etc) or quantitative (numerical) rating• set a maximum risk exposure level that can be managed without escalation

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8
Q

Inherent Risk

A

• teams place risks in a risk register, use information radiators to ensure visibility and a backlog refinement process that includes constant risk assessment

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9
Q

Risk Identification Techniques
Data Gathering and Analysis

A

• risk breakdown structure RBS
• brainstorming
• nominal group technique
• SWOT analysis
• affinity diagram
• assumption analysis
• document review
• Delphi technique
•

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10
Q

Risk Breakdown Structure Categories

A

• technical
• management
• commercial
• external

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11
Q

How would you assess risks?

A

• qualitative assessment (language)
THEN
• quantitative assessment (numbers)

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12
Q

Probability and Impact Matrix

A

• use numeric values and or colors
• if using numbers, multiply them to give a probability impact score— Tia makes evaluating relative priority easier

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13
Q

Quantitative Risk Analysis Methods
Predictive

A

• simulations
~ use computer models to determine risk factors
• sensitivity analysis
~ determines the greatest risk
• decision tree analysis
~ branches represent decisions or events, each with associated costs and risk
• influence diagrams
~ shows elements of uncertainty caused by risks using ranges or probability distributions
• expected monetary value EMV
~ select the optimal one

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14
Q

Predictive Risk Response-Good Practice
Should be the following:

A

• appropriate for the significance of the risk
• cost effective
• realistic within the project context
• agreed to by relevant stakeholders
• owned by a responsible person

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15
Q

Predictive Plan Risk Response
Guidelines and Terminology

A

• a trigger condition signals of a risk can develop
• team implements a risk response
• a secondary risk can arise as a direct result of the risk response implementation
• residual risk can remain after risk responses have been implemented
• have a contingency(fallback) plan ready in case the primary risk response fails
• the contingency reserves (or allowance) is the budget within the costs baseline that is allocated for identify wrist in their response st strategies

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16
Q

Risk Response Strategies Predictive

A

• prepare strategies for threats (negative) as well as opportunities (positive) and for individual project risk, and overall project risk

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17
Q

Risk Response Threats

A

• escalate
• avoid
• transfer
• mitigate
• accept

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18
Q

Risk Response Opportunity

A

• escalate
• exploit
• share
• enhance
• accept

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19
Q

Quality

A

• the degree to which a set of inherent characteristics fulfill requirements include:
~ stakeholder expectations in user satisfaction
~ compliance with standards and regulations
~ continuous improvement

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20
Q

Cost of Quality CoQ

A

• money spent during project to avoid failure

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21
Q

Prevention costs (build a quality product)

A

• training
• document processes
• equipment
• time to work “right”— resources, infrastructure expenses

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22
Q

Appraisal (quality assessment)

A

• testing
• inspections

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23
Q

Internal Failure Costs

A

• rework
• scrap

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24
Q

External Failure Cost

A

• liabilities
• warranty work
• lost business

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25
Predictive QM Plan
• activities and resources that achieve the quality objectives • formal or informal, detailed or broadly framed • reviewed throughout the project • benefits: ~ sharper focus on the project value proposition ~ cost reductions ~ mitigated schedule overruns from rework
26
Compliance Requirements Internal & External
• appropriate government regulations • organizational policies • product and project quality requirements • project risk
27
Compliance Requirements Actions Internal & External
• classify compliance categories • determine potential threats to compliance • analyze the consequences of noncompliance • determine necessary approach and action to address compliance needs
28
Metrics
• measure desired quality attributes for your product or project through testing, use of tools, processes
29
Related to Continuous Improvements
• Six Sigma Aka Lean Six Sigma ~ focus on removing waste • Kaizen ~ change for better/improve • PDCA ~ plan, do, check, act • Agile methods ~ scrum, kanban, crystal methods
30
DMAIC
•define • measure • analyze • improve • control
31
Integrated view of plans can:
• identify incorrect gap or discrepancies • align efforts and highlight how they depend on each other so your team works better • help assesses and coordinate the project during its lifecycle
32
Predictive Integrate Plans
• at the end of the planning stage combine all planning results from knowledge areas
33
Hybrid Integrate Plans
• reframe the approach to plan integration and figure out a way forward to work with various planning elements —adapt it while working
34
Adaptive Integrate Plans
• adaptive processes, and agile ceremonies provide a structure to continuously integrate plans, or aspects of a project
35
Change Management Plan
• use to set a process and assigned roles to change
36
Plan for Complexity and Change
• organizations system •’human behavior • uncertainty or ambiguity
37
Systems- based
•decoupling ~ disconnect parts of the system to simplify it and reduce the number of connected variables • simulation ~ use similar, unrelated scenarios to try to understand the complexity
38
Reframe the Problem
•diversity ~ view the system from different perspectives • balance ~ reconsider the type of data used
39
Process-Based
• iterate ~ plan iteratively or incrementally; add features one at a time • engage ~ really engage with stakeholders • fail safe ~ plan for failure
40
What Interpersonal Power Skills does project professionals use
•collaborative leadership • communication • innovative mindset
41
Guidelines for Developing Inclusive Leadership Competencies
• tailor your leadership approach and style • lead with empathy • understand that motivations and working styles vary • maintain transparency and openness to build trust • ensure external resources are included
42
Leadership Skills and Competencies
• communication • conflict management • critical thinking • culture awareness • decision making • emotional intelligence technique (EQ or EI) • ethical approach (PMI code of Ethics and professional conduct) • expert judgment • facilitation • meeting management • negotiation • networking • team building
43
Interpersonal & Team Skills
• active listening • communications styles assessment • emotional intelligence • influencing • motivation • nominal group technique • political awareness • transparency
44
Leadership Style-Direct Characteristics
• hierarchical, with project manager, making all decisions
45
Leadership Style-Consultative Characteristics
• leader factors in opinions, but makes the decision
46
Leadership Style- Servant Leadership Characteristics
• leader models desired behavior
47
Leadership Style-Consensus/Collaborative Characteristics
• team operates autonomously
48
Leadership Style-Situational Characteristics
• style changes to fit context and maturity/experience of team
49
Leadership Styles Tailoring Considerations
• experience with project type • team member maturity • organizational governance structures • distributed project teams
50
Leadership
• guiding the team by using discussion and an exchange of ideas
51
Management
• directing actions using a prescribed set of behaviors
52
Leadership & Management
• adapt leadership style to situations and stakeholders • be aware of individual and team aims and working relationships • use political awareness and emotional intelligence
53
Servant Leadership
• facilitate rather than manage • provide coaching and training • remove work impediments • focus on accomplishments • encourage every team member to be a servant leader
54
Team-Building
• cohesion and solidarity help teams perform better • good leadership facilities bonding between project team members
55
Team Building Activities Build
• unity • trust • empathy
56
Team Building activities include
• formal or informal • brief or extended • facilitated by yourself or a professional facilitator
57
Balance Team Tone with Sense of Urgency
• Tone ~ use fluid communication and engagement ~ promote positive interactions • Urgency ~ emphasize the project’s vision and value ~ commit to and be accountable for delivering value ~ envision team as active participant in delivering the organization’s strategic vision
58
Virtual Team Best Practices
• manage risk of “feeling isolated” • focus on shared commitments and team goals bs individual accomplishments • instill a sense of shared commitment
59
Project Management Information System (PMIS)
•gather, integrate and share project data • ensure consistency in collection and reporting
60
Artifacts Management Systems
• store and maintain project artifacts
61
Importance of Artifacts
• enable reconstruction of the history of the project and to benefit other projects • project teams create and maintain many artifacts during the life of the project
62
Standardize Artifacts - What to Include
• a simple way to produce and control documents • standardized format and templates • a structure process for the review and approval of documents • version control and security • timely, distribution of documents
63
Predictive Artifacts types
• project management plan • project charter • change requests • scope baseline • schedule baseline • cost baseline • subsidiary project management plans
64
Hybrid and Adaptive Artifacts types
• project management plan • product roadmap • task boards • experiments • product backlog • sprint backlog
65
Configuration Management Plan
• project management plan component • states how project information (and which items) will be recorded and updated • facilitates consistency of the product, service or result of the project and/or operability
66
Configuration Management System
• how a project manager track’s project artifacts and monitors, and controls changes to them
67
Version Control
• this is a subset of configuration management related to documents and digital record keeping
68
Version Control updates includes
• a new version number • a date/time stamp • name of user who made the changes
69
Psychological Safety
• is a psychosocial condition, required for high performing project teams
70
Healthy Work Settings include
• embrace diversity • are built on trust and mutual respect • ensure ethical decision-making
71
Maslow’s Hierarchy of Needs
• self actulization • esteem • belonging • safety • physiological
72
Herzberg’s Motivation-Hygiene Theory AKA Two-Factor Theory
• Hygiene Factors ~ salary ~ work environment • Motivators ~ advancement ~ recognition ~ engagement
73
McGregor’s Theory X & Y
• Theory X (authoritarian) ~ workers dislike and avoid work ~ people avoid increased responsibilitity ~ people need to be directed • Theory Y (participative) ~ people want to be active ~ workers seek job satisfaction ~ they do not require direction
74
McClelland’s Achievement Motivation Theory
• an individual’s needs are shaped by life experiences in 3 areas; one becomes dominant ~ Achievements ~ Affiliation ~ Power
75
Rewards
• tangible • for a specific outcome or achievement • use to motivate toward a specific outcome • never reward without recognition
76
Recognition
• intangible, experimental event • acknowledge person’s behavior rather than an outcome • use to increase recipients feeling of appreciation • can be given without a reward
77
Decision-Making Empower the Team to Act
• team charter identifies decision- making and conflict resolution criteria • teams establish their own norms or Way of Working (WoW) for making decisions and conflict resolution • teams always try to achieve consensus
78
Decision-Making Opportunities to Enpower the Team include
• Activities ~ clarify and prioritize requirements or user stories ~ split requirements into tasks ~ estimate effort • Risks ~ classification ~ response/action
79
Decision-Making Methods
• Voting ~ consensus-driven, based on data • Multicriteria decision analysis ~ data-driven • Autocratic decision making ~ leadership-driven, based on data
80
Voting Methods to reach consensus
• First of Five • Planning Poker • Dot Voting • Roman Voting (thumbs) • Polling
81
RACI Charts
• display roles and responsibilities
82
Trigger Condition
• an event or situation that indicates that a risk is about to occur
83
Opportunity
• a risk that, if developed, would create a positive effect on one or more project objectives
84
Threat
• a risk that would have a negative effect on one or more project objectives
85
Issue
• a current condition or situation that may have an impact on the project objectives
86
Business Risk
• the inherent risk in any business endeavor that carries the potential for either profit or loss. Types of business risk are competitive, legislative, monetary and operational.
87
Risk Appetite
• the degree of uncertainty an organization or individual is willing to accept in anticipation of a reward
88
Risk Threshold
• the level of risk exposure above which risk are addressed and below which risk may be accepted
89
Risk Management Plan
• a component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed
90
Prompt list
• A checklist for a specific category of risk. This tool is a simple series of broad risk, for example, environmental or legal, rather than specific risks such as flooding or regulatory changes.
91
Risk Breakdown Structure- RBS
• A hierarchical representation of potential sources of risk
92
Affinity Diagram
• a technique that allows large numbers of ideas to be classified into groups for review and analysis
93
Delphi Technique
• a form of gathering expert opinions, in which members of a group are asked or polled anonymously
94
Probability & Impact Matrix
• a grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs
95
Risk Register
• a repository, in which outputs of risk management processes are recorded. The risk registry contains a list of the most important risk to the projects completion. For each risk it identifies the likelihood of occurrence the impact of the project, the priority, and the applicable reason plants.
96
Simulation
• an analytical technique that models the combined effect of uncertainties to evaluate their potential impact on objectives
97
Monte Carlo Simulation (Risk Analysis)
• a risk management technique, which project managers use to estimate the impact of various risks on the project cost and project timeline.
98
Sensitivity Analysis
• an analysis technique to determine which individual project risk or other sources of uncertainty have the most potential impact on the project outcomes by correlating variations in project outcomes with variations in elements of a quantitative research analysis model
99
Decision Tree Analysis
• a diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty
100
Influence Diagram
• used in quality management decisions. A graphical representation of situation showing casual influences, time ordering of events, and other relationships among variables and outcomes.
101
Expected Monetary Value EMV
• a quantitative method of calculating the average outcome when the future is uncertain. The calculation of EMV is a component of the decision tree analysis.
102
Secondary Risk
• a risk that arises as a direct result of implementing a risk response
103
Residual Risk
• the risk that remains after risk responses have blend implemented
104
Contingency Plan
• a risk response strategy developed in advance, before risks occur; it is meant to be used if and when identified risk become reality
105
Contingency Reserve
• time or money allocated in the schedule or cost baseline for known risks with active response strategies
106
Quality Management Plan
• a component of the project or program management plan that describes how the applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives
107
Quality Policy
• the basic principles that should govern are the organizations actions as it implements its system for a quality management
108
Change Management Plan
• a component of the project management plan that establishes the Change Control Board, documents the extent of its authority, and describes how the change control system will be implemented
109
Quality Assurance
• ensuring the project quality requirements are acheieved— Following the Guidelines ~ preventing defects
110
Quality Control
• product service or result ~ identifying defects

PMP (11 decks)

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