Understand Planning For Success Flashcards
- 1.5 : business case
- 1.7 stakeholder engagement
- 2.1 project management plan
- 3.1 estimating
- 3.5 knowledge snd information management
- 3.6 earned value management
Explain the importance of a business case throughout the project life cycle
- A business case is created in the concept phase but is used throughout the business case
- Different stakeholders contribute to the business case (owner, sponsor)
- information used in the business case is used to evaluate the project at various points in the life cycle in order to make decisions about the ongoing viability of the project + likely hood of it delivering the benefits required to justify the funds being consumed
Explain what is meant by benefits management (identification, definition, planning, tracking and realisation
Even if a project is delivers to output on time, budget and quality requirements, if the benefits cannot be defined and realised the project may not be deemed a success.
A benefits management process ensures there is due consideration upfront and identifies exactly how benefits realisation is conducted
Explain investment appraisal techniques used by project managers (IRR AND NPV)
Benefits relocation takes time to achieve and the time reduces the value of benefits the longer they take to be realised.
NPV - identifies residual value once’s the investment has been recovered, taking the cost of capital into account
IRR - identifies the rate of return achieved from the value inflows for a project
ALLOWS: Project options v organisation target rate to be recognised = decision making
Explain the relationship between stakeholder analysis, influence and engagement
1) identification - lessons learnt
2) analysed - power x influence
3) interest - positive v negative
= allows a appropriate engagement strategy per a stakeholder
= implementation of a communication plan
Explain the importance of managing stakeholder expectation to the success of the project
Stakeholder analysis
Effective communication plan
= no distribution to the project, help with risk management, communication, team building, engraftment and ultimately acceptance of the output
If the stakeholder is not happy the risk is they may not accept the benefits
Explain the relationship between the deployment baseline and the development of a project management plan in linear and iterative life cycles
Deployment baseline = reference point for stakeholders (formed in the definition phase)
PMP = represent how the deployment baseline will be managed
Linear life cycle : to the end of the project, and can be planned accordingly
Iterative life cycle : plan sufficiently to get to a certain point, at the point make decisions that impacts the next stage of the project
Explain the importance of producing a project management plan
Pmp sets and clarified the expectation of all stakeholders who are involved in project delivery.
When PMP is approved, all proceeded to execute the plan can be audited and results are fed back to the project sponsor through project assurance
KEY PART OF GOVERNANCE
GIVES PROJECT TEAM DIRECTION
Describe the typical content of a PMP
Every learning section of the guide contains the subject matter that could be part of a typical PMP
PMP = forming, integrating all the essential management processes needed and showing the project teams intention of how the project can be managed in all respects not just the scheduled
Explain approaches to producing estimates (parametric, analogous, analytical and Delphi)
Estimates = predictions of the future/ educated guesses
- Reliance on data
- allowances should be made in relation to lack of definition
- document assumptions underpinning an estimate to ensure the basis of that estimate is understood
Explain the reasons for and benefits of the re-estimating throughout the project life cycle
Estimate = should not be seen as an exact figure
Re-estimating = increased confidence level
DUE TO:
- more information is known
Technical expertise are starting to get involved
Estimating task should never be seen as complete
Explain an information management process (collection, storage, curation, dissemination, archiving and the destruction of information
Information required varies depending on project
- iterative projects place greater emphasis on the discovery and recording of emergent information rather than reliance on pre approved plans and are likely to employ dynamic modes of capturing such new information
Project must note agreed information processes in the PMP
Outline the roles of knowledge and information management to inform decision making
Knowledge management attempts to deliver processes, tools and techniques to build existing knowledge as organisational assets and new knowledge, created through expire for is developed to enrich these assets even further
Project reviews, workshops, knowledge portals, and meetings should all be considered part of knowledge management
Formalise the process, maintain it and make it available to inform decision makin
Explain why a project manager would use earned value management
Simple and produces direction in taking action to remedy performance issues
Dependent on the accuracy of the data (measurements of earned value)
Easily understood by stakeholders
Interpret earned value data (including variance and performance indexes)
Understand the relationship between:
- Original planned schedule (BCWS)
- how much does it cost to get to the status point being measured (ACWP)
- how much work has been physically completed, that is earned value (BCWP)
Spending v schedule duration = calculations can be made to forecast the implications of the current performance on the reminding project
