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Chapter #2 - Foundations
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- 1What Criteria Needs to be Met When the End of the Project is Reached?The end of the project is reached when one or more of the following is true:
1. Project objectives are achieved
2. Objectives cannot or will not be met
3. Funding is exhaustive/no longer available
4. Need for project no longer exists.
5. Human or physical resources are no longer available
6. project is terminated for legal cause and convenience - 2What are Examples of the Different Types of Stakeholders?A stakeholder is any person or organization whose interests may be positively or negatively impacted by the project or product. Includes:
1. PM
2. Customer and Sponsor
3. PMO
4. Portfolio Manager
5. Program Manager
6. Functional or Operational Managers - 3Can Stakeholders be External to an Organization?Yes. External Stakeholders can Include:
1. Government Regulators
2. Consultants
3. Sellers
4. End Users
5. Customers
6. Taxpayers - 4Is Project Management Considered a Science or an Art? Or Both?Project Management is Considered BOTH a science and an art.
- 5How is Project Management Considered a Science?- Due to the systematic process of managing project work efficiently and effectively to deliver planned results.
- Using appropriate processes and tools to accomplish the work. - 6How is Project Management Considered an Art?Uses skills such as influencing, organizing, strategizing and other interpersonal skills.
- 7What are the 3 Types of Systematic Processes?1. Predictive/Plan-Driven/Traditional/Waterfall Approach
2. Agile/Change-Driven/Adaptive
3. Hybrid - 8What is a Predictive Systematic Process?- Relies on a planning process
- Requirements and scope may be defined in detail early in the project
- detailed plans created for constraints (e.g. cost, schedule, risk)
- team strives to adhere to approved plan as close as possible
- protects from changes - 9What is an Agile Systematic Process?- works best for projects where the project is emerging
- cannot be defined up front
- planning, executing and managing the project happens in smaller increments
- changes can be made easily - 10What is a Hybrid Systematic Process?- uses aspects of both predictive and agile approaches
- approach varies with the needs of the project and organization - 11Is there a big difference between managing large and small projects?YES, there is a big difference. Large projects require you to use full breadth of processes and tools. For example, on a small project, you may walk over and talk to someone you need to speak to. In large projects, it can take weeks of communication.
- 12What is Effective Project Management?Ensures that the organization is focused on most important work and that the right work is done correctly, and in the most time and cost-effective manner.
- 13Define Program Management- grouping related projects into a program
- allows an organization to coordinate their management of their management of those projects
- focuses on interdependencies between projects. - 14What are the Benefits of Program Management?- works to ensure the benefits for which the projects were initiated
- helps decrease risk
- improves overall management - 15Define Portfolio Management- includes programs, projects and related operational work
- prioritized and implemented to achieve a specific business goal
- projects & a portfolio may not be related
- a project is included in a portfolio based on potential ROI, strategic benefits and corporate strategy - 16What are the Benefits of Portfolio Management?Helps to:
1. optimize use of resources
2. enhances benefits of organization
3. reduces risk - 17What is Organizational Project Management (OPM)?- Serves as a guide for project, program and portfolio management as well as organizational practices.
- helps keep organization focused on overall strategy
- provides direction for how portfolios, programs and projects should be prioritized and managed - 18What is the Project Management Office (PMO)?- is a department within an organization that provides or ensures compliance with project governance
- oversees and standardizes the management of projects
- can take several forms - 19What are the 3 Different Forms the PMO can Adopt?1. Supportive (Low Level of Control)
2. Controlling (Medium Level of Control)
3. Directive (High Level of Control) - 20What is a "Supportive" or a "Low Level of Control" PMO?Provides the policies, methodologies, templates and lessons learned.
- 21What is a "Controlling" or a "Medium Level of Control" PMO?- provides support and guidance on how to manage projects
- trains others in project management and project management software
- assists with specific project management tools
- ensures compliance with organizational policies - 22What is a "Directive" or a "High Level of Control" PMO?- provides direction for project managers for different projects
- responsible for the results of those projects; all projects of a certain size, type or influence - 23Why is Project Management's Organizational Context so Important?- successful projects provide business value and deliver benefits defined in a business case, and a benefits management plan
- designed to bring positive change by adding or improving products/services
- satisfy legal requirements - 24What is the Difference Between Operational or Project Work?- Operational work is ongoing work to support the business and systems of the organization whereas Project work ends when the project is closed.
- distinct areas of work but are closely connected.
- when project is finished, deliverables are transitioned to ongoing business operations. - 25What is Governance? What are the Different Types?- designed to support the specific culture and attributes of the organization
- affects and is affected by the project governance, the organizations culture and business environment.
- different types:
1. Organizational Governance
2. Project Governance
3. Predictive Governance
4. Agile Governance - 26What is Organizational Governance?- Overall structure of an organization
- setting policies and procedures for how work will be performed to meet strategic goals and support organizational operations
- BOD's usually responsible to ensure work conforms to internal and external standards - 27What is Project Governance?Requires project managers to determine their project governance so project is in agreement with organizational governance
- 28What is the difference between Predictive Governance and Agile Governance?Predictive Governance typically involves formal documentation and upfront analysis and agreement, whereas Agile Governance is generally less structured but still aligns with policies and procedures of organization.
- 29What is Organizational Structure? What are the different types?- Primarily form of influence
- Will dictate who the PM goes to for resources, how communications must be handled, etc
- Types include:
1. Functional (Centralized)
2. Project Oriented
3. Matrix - 30What is a Functional (Centralized) Organizational Structure?- common organizational structure
- grouped by areas of specialization within functional areas (e.g. accounting, marketing)
- projects generally occur in a single department
- functional = silo
- PM's authority is minimal or none, and their role is part time.
- communication stays within project mostly
- team members complete project work in addition to department work - 31What is a Project Oriented Organizational Structure?- The entire organization is organized by projects
- PM has control of the project; authority is high to almost total.
- Resources available are high
- team members have no home/dept
- when a project is over, team members don't have a "home" to go back to
- communication occurs within the project. - 32What is a Matrix Organizational Structure?- an attempt to maximize strengths of both functional and project oriented structures
- matrix = two managers
- team members report both to the functional and PM
- communications goes from team members to both managers
- team members do project work in addition to department work - 33Distinguish Between Strong, Weak and Balanced Matrixes in an Organizational StructureStrong Matrix: power rests with the PM
Weak Matrix: power rests with the Functional Manager. Power of PM is similar to that of a coordinator or expeditor.
Balanced Matrix: Power shared between the functional manager and PM - 34What are Inputs and Outputs?Inputs: What you need in order to complete a process
Outputs: What you have when it is completed (outcomes)
- both are logical and should not require memorization - 35What are the Advantages of a Functional Organizational Structure?- easier management of specialists
- team members report to only one supervisor
- similar resources are centralized
- clear career paths in areas of work specialization - 36What are the Disadvantages of a Functional Organizational Structure?- people place more emphasizes on their functional speciality to the detriment of the project
- limited career path in Pmmgt
- PM has little to no authority - 37What are the Advantages of a Project-Oriented Organizational Structure?- efficient project management
- team loyalty to project
- more efficient communications versus functional
- PM has more power to make decisions - 38What are the Disadvantages of a Project-Oriented Organizational Structure?- no "home" for team members when project is over
- lack of specialization in disciplines
- duplication of features and job functions
- may result in less efficient use of resources - 39What are the Advantages of a Matrix Organizational Structure?- highly visible project objectives
- improved pmmgt control over resources (compared to functional)
- more support from functional areas
- max. utilization of scarce resources
- better coordination and horizontal and vertical dissemination of info
- team members maintain a home - 40What are the Disadvantages of a Matrix Organizational Structure?- extra admin required
- team members have more than one manager
- more complex to monitor and control
- resource allocation is more complex
-extensive policies and procedures are needed
- functional managers may have a different priority than PM
- higher potential for conflict - 41What are the 2 Types of Organizational Process Assets?1. Processes, Procedures + Policies
2. Organizational Knowledge Repositories - 42Define the OPA: Processes, Procedures and Policies- organizations develop or adopt processes, procedures and policies for projects
- applies to aspects of the project (e.g. quality, procurement, and resource mmgt)
- generally owned by the PMO for governance - 43Define the OPA: Organizational Knowledge Repositories:- includes info on many facets of projects
- historical knowledge bases are maintained and updated by every project
- made accessible to organization as part of organization repositories
- can be used to plan and manage projects - 44What are Examples of Historical Information?1. Activities
2. WBS's
3. Reports
4. Estimates
5. Pmmgt Plans
6. Project Docs
7. Correspondences
8. Retrospective Findings
9. Lessons Learned - 45What are Enterprise Environmental Factors (EEF's)?- similar to OPA's
- provide context within which to plan the project
- generally outside control of project team
- includes government or other rules and regulations that apply to the organzation - 46What are Internal Enterprise Environmental Factors?Includes:
1) structure
2) culture
3) systems
4) geographic locations of the organization - 47What are Resource-Related EEF's?Includes technology and resources available for assignment to projects (e.g. documentation of skills and abilities of internal and preapproved external resources)
- 48What is an Assumption Log?- a repository of both assumptions and constraints
- started at a time the project charter is developed
- assumptions and constraints are first identified at a high level in the project charter
- an input to many project processes
-incorrect assumptions introduce risk to the project - 49What are Constraints? What do they include?- easier to identify than assumptions
- usually clearly imposed by mmgt or the sponsor
- constraints include: cost, risk, scope, quality, resources, customer satisfaction and any other factors that limit options
- mmgt sets priority of each constraint
- changes to the plan generally impact multiple constraints - 50What are the Different Tools and Techniques Used?1. Data Gathering
2. Data Analysis
3. Data Representation
4. Decision-Making
5. Communication
6. Interpersonal and Team Skills
7. Estimating - 51What is the Project Management Info Systems (PMIS)?- part of EEF's
- includes automated tools (e.g. scheduling software, configuration mmgt system)
- used in many planning, executing and M&C processes - 52Define Expert Judgement- common tool of the pmmgt planning process
- usually SME's are on the team or at least in the organization - 53Are Meetings a Useful or Detrimental Tool?- often used in planning processes of a project
- can be effective to get input/feedback
- can also be overused
- PM is responsible for determining whether a meeting is worth the time or if there's a more efficient way to achieve an objective - 54What is Work Performance, Data, Information and Reports?- initial measurement and details about activities gathered during the direct an manage project work processes in executing
- WPD is analyzed to ensure it conforms to Pmmgt plan
- assessed to determine what data means for overall project
- result = work performance info - 55Why is Project Selection so Important? Do Project Managers Choose Projects?- a PM is NOT typically involved in project selection
- a PM needs to know if the project was selected bc it will establish a new area of business, if being implemented to meet regulatory or compliance reqs or if it was least expensive - 56What are the Different Economic Measures for Project Selection?1. Return on Investment (ROI)
2. Present Value (PV)
3. Planned Value (Also PV)
4. Net Present Value (NPV)
5. Internal Rate of Return (IRR)
6. Payback Period
7. Cost-Benefit Analysis
8. Opportunity Costs
9. Sunk Costs
10. Law of Diminishing Returns
11. Working Capital
12. Depreciation (various types) - 57Define Return on Investment (ROI):Determines potential profitability of an investment by calculating benefits received to the cost
- 58Define Present Value (PV)Refers to the value of today of future cash flows.
Formula: PV = FV/(1+r)n
- Acronym PV is also used for Planned Value (involves project work that has started and you are evaluating schedule or cost performance) - 59What is Net Present Value (NPV)? Is a Positive or Negative NPV preferred?- Present value of total benefits (income or revenue) minus costs over many time periods.
- If NPV is positive = investment was a good choice.
- project with the greatest NPV is usually selected
- # of years is not RELEVANT - 60What is Internal Rate of Return (IRR)?- Rate (interest rate) at which the project inflows (revenues) and project outflows (costs) are equal
- the higher the IRR the better - 61What is Payback Period?- the length of time it takes an organization to recover its investment in a project before it starts accumulating profit.
- is one of several factors
- best choice may be a longer payback period but various other advantages - 62What is Cost-Benefit Analysis?- compares the expected costs of a project to the potential benefits it could bring the organization
- benefits = revenue
- results in a benefit-cost ratio
- a benefit-cost ratio GREATER than 1 = benefits are greater than costs
- a benefit-cost ratio LESS than 1 = costs are greater than benefits
- a benefit-cost ratio EQUAL to 1 = costs and benefits are equal. - 63Define Economic-Value Added (EVA)Concerned with whether the project returns more value than the initiative costs
- 64What is the Difference Between Opportunity and Sunk Costs?Opportunity Costs refers to the opportunity given up by selecting one project over another, whereas Sunk Costs are expended costs (costs that you cannot get back and should not be considered when deciding whether to continue with a troubled project0
- 65What is the Law of Diminishing Returns?The law states that after a certain point, adding more input will not produce a proportional increase in productivity. E.g. modules of code/hour
- 66Define Working CapitalAn organization's current assets minus its current liabilities. Aka, the amount of money the company has available to invest (including investing in projects)
- 67What is Depreciation? What are the Different Types?Depreciation is large assets (e.g. equipment) that lose value over time. Types include:
1. Straight-Line
2. Accelerated - 68What is Straight-Line Depreciation?The same amount of depreciation is taken each year. For example, a $1000 item with a 10 year useful life and no salvage value would depreciate $100/year
- 69What is Accelerated Depreciation?Two Forms: 1) Double Declining Balance and 2) Sum of the Year's Digits.
This form of depreciation, depreciates faster than straight-line. - 70What is the Role of the Functional/Resource Manager?- responsible for human and physical resources in a specific department (e.g. IT, marketing)
- maintain a calendar of these resources indicating availability
- informs PM's that there's other projects or departmental work demands that may impact the project.
-identifies risk and quality mmgt
- improves resource allocation, recommends project changes - 71What is the Role of the Program Manager?- managing a group of related projects, combined into programs to provide coordinated control, support/guidance
- provides oversight to meet project and program goals
- ensures projects chosen support strategic goals of the org.
- guide and support individual PM efforts - 72What is the Role of the Portfolio Manager?- responsible for governance at an executive level of the programs, projects and operations.
- manage projects and programs that may be unrelated - 73How is Changed Managed?Managed into 3 categories:
1. Project Change
2. Transitional Change
3. Environmental Change - 74What is Project Change?Changes within a project that affects the success of a project.
- 75What is Transitional Change?A project is undertaken for the express purpose of filing a business need to bring about positive change of a specific nature
- 76What is Environmental Change?Changes to the external business environment that may impact project and organizational change that may impact or be impacted by a project.
- 77How Does one Facilitate Change?1. Have a high level of sophistication about your products and services, org & environment.
2. Maintain awareness and monitor possibility of change.
3. As changes are identified, evaluated them and their impacts.
4. Plan your response.
5. Lead team within organization and project to support planned response.
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- PMP Project Management Fichas sobre Chapter #2 - Foundations , creado por Brigette Piazza el 15/02/2021.
- Creado por
- Brigette Piazza · feb 2021
- Actualizado
- 15 feb 2021
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