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Description
Flashcards by Anna Farrow, updated 3 months ago
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Created by Anna Farrow
4 months ago
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| Question | Answer |
| Projects / Programmes / Portfolios: Two Differences Between Projects & Portfolio A1.1a: Timeframes: Projects - Tactical - Specific - Start & End | Projects are tactical change initiatives supporting Portfolio's Strategic overview. The have specific objectives (time, cost, quality), resources and benefits to the business. They have a clear start and end, are considered transient and once complete, cease to be. |
| Projects / Programmes / Portfolios: Two Differences Between Projects & Portfolio A1.1b: Timeframes: Portfolio - Strategic - Assess & Prioritise - Coordinate & Realise | Portfolios have a strategic focus, assessing and prioritizing all projects in line with business goals. All projects are coordinated to tie back to the Strategy. Portfolios are connected with BAU and benefits realisation following project handover/closeout |
| Projects / Programmes / Portfolios: Two Differences Between Projects & Portfolio A1.2a: Delivery: Project - Time, Cost, Quality (--> of what?) - Business Case & Objectives - Change Initiatives (--> of what?) | Project delivers a specific, strategically defined remit with defined resources and budget, and business benefits. It delivers change initiative to enable benefits realisation in Operations/BAU |
| Projects / Programmes / Portfolios: Two Differences Between Projects & Portfolio A1.2b: Delivery: Portfolio - Business capacity, capability & priority - Strategic business objectives - Embedding changes | Assessment & prioritisation of projects to support business strategic objectives. Decides on resource (re)allocation and investment. Deliverables extend beyond project closure, ensuring project benefits are realised and embedded to Ops/BAU |
| Projects / Programmes / Portfolios: Three Impacts of Compliance A2.1: Legal & Financial - Action: Penalties, Indiv or Org - Strain: Project/Budget strain, delays - Impact: Reputation, abortive costs or prosecution | Failure to comply can lead to significant repercussions inc fines, penalties or legal action individually or to the org. Impact can cause significant strain and risk damage to reputations. In extreme cases, abortive costs, project termination and prosecution |
| Projects / Programmes / Portfolios: Three Impacts of Compliance A2.2: Stakeholder Confidence - Action: Confidence, ethics - Strain: Relationships, funding - Impact: Limit business growth | Non compliance can undermine confidence in the project and org. The org's ability to deliver projects effectively and ethically. The org growth could be limited in ability to obtain funds/win business, make new partnerships or regulatory scrutiny. |
| Projects / Programmes / Portfolios: Three Impacts of Compliance A2.3: Disruptions & Delays - Action: Halt, Corrective Actions - Strain: Disruption, Diversion & Delays - Impact: Cost and time | Failure may result in a halt or course correction. Resources may need to focus on non-core activities resulting in delays, realignments hindering delivery and resulting in cost and time overruns |
| Projects / Programmes / Portfolios: Three Aspects of PM Governance A3.1: Processes & Documentation - Defined, Maintained, Best Practice, - Org req's, consistency, assurance - Configuration, control, accuracy | Clearly defined processes & docs, maintained during the project ie: PMP, ensure activities and undertaken to best practice / org required consistency. Result: foster assurance w/ team & stakeholders, swifter onboarding / decisions. Configuration ensures change control, that all use the same doc, reducing confusion, strengthening alignments |
| Projects / Programmes / Portfolios: Three Aspects of PM Governance A3.2: Recognised Life Cycle - Follow recognised cycle - Transfer governance - Phases and control points (stage gates) | All projects follow recognised life cycle which is used to transfer governance through phases with control points (stage gates, audits and evaluation). SG Reviews critical point, measures project against PMP& B/Case, IDing corrections and seeking sponsor input/decisions |
| Projects / Programmes / Portfolios: Three Aspects of PM Governance A3.3: Decision Making - Controls, Preparation, Outcome - Why, Impacts, Benefits -Assurance, Configuration | Decision making provides control with preparation and outcome. Prep: refers to existing docs (list some) to form foundation of the why, clearly states impacts/benefits and recommended option. Sponsor assured method used follows consistent processes/controls, ergo make informed decision. Results logged in various docs and configuration updates/share-outs. |
| Projects / Programmes / Portfolios: Two Differences Between Projects & BAU A4.1a: Duration & Objectives (Projects) - Temporary, Specific, Defined Objectives - Time, Cost, Quality | Projects are temporary with a defined start and finish. They exist to deliver specific, defined objectives and the ultimate goal of delivering results within specified timeframe & budget. |
| Projects / Programmes / Portfolios: Two Differences Between Projects & BAU A4.1b: Duration & Objectives (BAU) - Ongoing, routine operations - Continuous, core functions, performance | BAU focuses on ongoing, routine operations and activities of an org ie@ sales, customer support. BAU activities are continuous and focused on maintaining the org's core functions and sustaining performance over time. |
| Projects / Programmes / Portfolios: Two Differences Between Projects & BAU A4.1a: Structure & Management (Projects) - Unique cross functional team of SMEs - PM matrix leading, coordinating & managing - Structured Framework | Projects typically consist of a cross functional team of SMEs under the matrix PM. Assembled to execute tasks needed to deliver objectives. The PM is responsible for coordinating resources, managing risks & change ensuring successful completion. Projects follow a structured method (Agile, Prince 2) |
| Projects / Programmes / Portfolios: Two Differences Between Projects & BAU A4.2b: Structure & Management (BAU) - Ongoing work, existing departments - Activities managed within existing Org structure & SOP | BAU follows ongoing work of an org's permanent depts, teams & roles focusing on their own areas of expertise. BAU managed within existing org structure and typically guided by SOPs and policies. |
| Projects / Programmes / Portfolios: Three Differences of Functional & Matrix Orgs A5.1a: Reporting Lines (Functional) - Single Department, Single Manager - Clear hierarchy - Own goals and objectives | Functional: employees report to a single manager within their functional area. Hierarchy is clearly defined, each Dept operates independently and focuses on own goals/objectives. |
| Projects / Programmes / Portfolios: Three Differences of Functional & Matrix Orgs A5.1b: Reporting Lines (Matrix) - Dual reporting lines - More complexity | Matrix: employees report to both a functional and project manager. SMEs have to balance priorities and requirements of deliverables in both areas. |
| Projects / Programmes / Portfolios: Three Differences of Functional & Matrix Orgs A5.2a: Resource Allocation (Functional) - Insular resourcing and management - Infrequent collaboration or sharing | Functional: resources allocated per department and responsible for managing its own resources. Cross departmental collaboration is less common and sharing resources between departments is typically limited |
| Projects / Programmes / Portfolios: Three Differences of Functional & Matrix Orgs A5.2b: Resource Allocation (Matrix) - Shared resourcing and management - Flexibility, Efficiency, Expertise | Matrix: resources shared across different departments as project teams consist of SMEs from various functional areas. This allows for greater flexibility and efficiency of resource allocation, accessing the necessary skills and expertise from within the org's multiple departments. |
| Projects / Programmes / Portfolios: Three Differences of Functional & Matrix Orgs A5.3a: Collaboration Communication (Func) - Siloed, limited collaboration - Risk of inefficiencies - Difficulties of addressing org-wide issues | Functional: tendency for siloed approach and inward focus on goals. Cross collaboration/communication typically limited, leading to potential inefficiencies and difficulties addressing organisation-wide issues. |
| Projects / Programmes / Portfolios: Three Differences of Functional & Matrix Orgs A5.3b: Collaboration Communication (Matrix) - Greater cross functional C&C - Better Problem solving, Decision making | Matrix: teams from multiple departments so more collab & comms, encouraging info sharing, knowledge transfer & cooperation between depts ergo better problem solving & decisioning, Increased collab can lead to complexities in managing priorities & workloads. |
| Projects / Programmes / Portfolios: Three Whys for Programme instead of Project A6.1: More Effective Delivery of Change - Greater strategic oversight & simplification - stakeholder management & Comms - Consistency | Treating interdependent projects as a program provides a structured approach, allowing each project the greatest chance of benefits without adverse effects, better comms and alignment, simplifying complexities. Better High Pwr/Low Interest stakeholder management |
| Projects / Programmes / Portfolios: Three Whys for Programme instead of Project A6.2: More Effective Resource Management - Greater Prioritisation & Integration - Assess & Adjust Programme - Re/Assignment and optimisation | Managing projects as a programme enables (re)assessment and (re)prioritisation ergo strategic integration. Resources can be (re) assigned to speed/slow projects, ensuring optimised business benefits. |
| Projects / Programmes / Portfolios: Three Whys for Programme instead of Project A6.3: More Effective Risk Management - Risk identification and mitigation - Cross sharing statuses, opportunities, risk - Economies of scale | Similar projects = similar risks. Programmes pull together risks, mitigation strategies / ensure cross-sharing of status, opportunities & optimal risk handling. Contingency planning = economies of scale; may not remove all duplication tho' should enable consistent scheduling & cost mgmt efficiencies. |
| Projects / Programmes / Portfolios: Three Functions of Central Project Office A7.1: Assurance - Independent, Audits, Reviews - Ally, Course Correct, Evolution - Assurance, Improvement Recognition | Independent from Proj Org, can provide same services across many projects inc audits, reviews, measurements. Focus on evolution, provides assurance for consistency & good proj mgmt. A proj ally, can raise improvement areas, course correct & support proj adherence efforts and recognize improvements |
| Projects / Programmes / Portfolios: Three Functions of Central Project Office A7.2: Centre of Excellence - Central Repository & Control - Lessons Learned, Improvement, Uniformity - Best Practices, Training, Uniformity | CPO is central repository for all docs, tools & processes. Obtaining lessons learned from multiple sources, contributes to improving the orgs skills & capabilities to target greater uniform maturity across the organisation |
| Projects / Programmes / Portfolios: Three Functions of Central Project Office A7.3: Specialist Skills - Specialist Skills - Central Shared Resource | Depending on size and maturity of Org, CFO can be positioned to provide a project with specialist skills ie: Red Hat GWS Finance |
| Projects / Programmes / Portfolios: Three Benefits of Project Management Office A8.1: Improved Project Delivery - Enhance Delivery, Tailored PM SUpport - Guidance, Best Practices, Compliance - Successes, Alignment, Improved Outcomes | PMO = enhanced Proj delivery, offering tailored PM support to Proj teams. PMOs expertise helps teams follow best practises, adhere to methods, consistent compliant approach. Results in higher success rates, better alignment w/ Org Goals, & improved project & profitability outcomes. |
| Projects / Programmes / Portfolios: Three Benefits of Project Management Office A8.2: Better Resource Management - Experts, Contributing, Optimal Resources - Support & Collaboration, Specific Skills - ie: Risk / Threats & Opportunities Mgmt | PMO is experts in specific PM tasks. Significant contribution to optimal resource mgmt/savings across all projects. Can provide specific skills (Risk Mgmt) enabling uniform analysis in line with risk appetite. Threats not underestimated, enabling termination, proj refusal for high risk. |
| Projects / Programmes / Portfolios: Three Benefits of Project Management Office A8.3: Knowledge & Expertise - Knowledge & Information Mgmt Policies - Optimises costs, Curation & Archiving - Lessons Learned, Easy to find, No Repetition | Guidance of Info/Know mgmt policies, stored securely/compliantly. Optimises org costs thru' curation/archiving, reducing data stg costs. Lessons learned / other important docs easier to find, ensuring Org avoids repeating projects. PMO can facilitate the org thru' encouraging PMs better know/info mgmt |
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