section 2 flashcards

What are non-event risks, and why are they important in project management?

Nonevent risks, such as variability risk and ambiguity risk, are important as they focus on uncertainties that are not tied to specific events but still affect project outcomes.

What is variability risk?

Variability risk refers to the uncertainty associated with productivity, where resources may perform at levels lower or higher than expected.

What is project resilience often referred to as?

Project resilience is often referred to as the unknowable unknowns.

What is a key challenge related to unknowable unknowns in project management?

The challenge is that even if these risks materialize, project managers may not recognize them.

What approach are project managers increasingly incorporating for managing unknowable unknowns?

Project managers are increasingly incorporating contingency approaches for managing unknowable unknowns.

Why is integrated risk management important in project management?

Integrated risk management is crucial because projects exist within the context of the overall strategy, making it essential to address risks at a strategic level.

What is the recommendation for estimation in an agile environment due to frequent changes?

Use lightweight estimation methods.

Why should accurate estimates be avoided in an agile environment?

They may need to be redone later on.

What type of planning horizons should detailed estimates be captured for?

Short term planning horizons.

What are some resource management methods?

Lean management, just in time (JIT) manufacturing, kaizen, total productive maintenance

What is individual project risk?

Positive or negative impact of one or more project objectives

What is overall project risk?

Uncertainty on the project as a whole

Define Quality

Inherent characteristics that fulfill requirements (ex. Durability or height of wall in castle example)

What is grade?

Same functional use but different characteristics (using wood vs steel)

What is preferred in project quality management: prevention or inspection?

Prevention is preferred over inspection.

Why is it cheaper to do things right the first time in project quality management?

Because it prevents the need for a project team to go back and fix issues after rushing.

What are statistical controls used for in project quality management?

To keep track of errors, perform attribute sampling, and establish acceptable variance tolerances.

What is cost of quality (COQ)?

It captures all quality-related investments, both prevention and inspection activities over the life of the product.

Earned Value Management (EVM)

A project management technique that calculates cost variance, schedule variance, cost performance index, and schedule performance index.

What is the formula for Cost Variance (CV)?

The difference between the earned value and the actual cost.

What is the formula for Schedule Variance (SV)?

earned schedule - actual time.

What is Cost Performance Index (CPI)?

A measure of cost efficiency

What is the formula for Cost Performance Index?

EV/AC Earned value divided by Actual Cost

What is Schedule Performance Index (SPI)?

A measure of schedule efficiency

Earned Schedule (ES)

A concept that replaces schedule variance and captures actual time.

Formula for Schedule Variance (SV)

SV = ES - AT, where ES is earned schedule and AT is actual time.

Formula for Schedule Performance Index (SPI)?

SPI = ES / AT, where ES is earned schedule and AT is actual time.

What are the three approaches organizations may use when planning the project schedule?

Predictive, adaptive, or hybrid approaches.

What must a project manager be familiar with when working in a predictive environment?

Agile or adaptive approaches.

Why is it important for a project manager to understand both predictive and adaptive approaches?

So she can relate to the project team members regardless of the scheduling techniques used.

In a predictive environment, what role does the project manager perform?

The same role as in other environments, but with a need for familiarity with adaptive approaches.

What is iterative scheduling in project schedule management?

A method that uses a backlog and a rolling wave planning approach, often seen in agile practices.

What are user stories in Agile project management?

Requirements captured in the form of narratives that describe what users need from the project.

What is a sprint in project management?

A time boxed period of work during which specific user stories are completed.

How does the agile approach differ from predictive scheduling?

The agile approach embraces changes throughout the project, whereas predictive scheduling typically follows a set plan.

What is on-demand scheduling and where is it commonly utilized?

A scheduling method, typically found in a Kanban system, that allows teams to pull work from a backlog as needed.

What is pull-based scheduling?

A process in project management where work is pulled from a backlog based on demand, leveraging the theory of constraints.

What is an important decision in project schedule management?

Selecting a scheduling method.

What are two popular scheduling methods mentioned in the notes?

Critical Path Method (CPM) and agile/adaptive approach.

What is a hybrid approach in scheduling?

A combination of predictive and adaptive approaches.

Why is it important to allow flexibility in the project schedule?

To make adjustments if needed.

What should be done after activities have been identified in project management?

Enter the data into a scheduling tool to create a schedule model.

What is essential for a project using agile or adaptive approaches?

Establish a process for ongoing discovery and refinement of scope.

Why is it important to bridge the gap between documented and real requirements in agile projects?

To ensure that the project reflects actual needs and can adapt to changes effectively.

What example illustrates the need for refining project scope?

The samurai story where the project team adjusts defenses against invading Mongols during construction.

What can the project team do if they face unexpected challenges during the project?

Make adjustments to improve weak aspects, such as defenses.

What are the two types of scope in a project?

The two types are product scope and project scope.

What does the product scope define?

The product scope lists the features and functions of the product that the project will deliver.

In a project, what can the term 'product' refer to?

The term 'product' can refer to a service or a result.

What does the project scope capture?

The project scope captures the work to be performed to deliver the project.

How are deliverables defined in a predictive environment?

Deliverables are defined at the beginning using a work breakdown structure.

How are changes managed in a predictive environment?

Changes are managed via a formal integrated change control process.

What characterizes an agile or adaptive environment?

In an agile environment, the project team responds to a high level of changes, requiring heavy stakeholder engagement.

What role does a project manager perform in an agile environment?

The project manager performs the same project integration management role as in traditional environments.

In agile environments, who controls the detailed and delivery portions of the project?

The detailed and delivery portions of the project are managed by the project team.

What does 'project integration management' involve in agile settings?

It involves coordinating all aspects of the project while the project team handles specific delivery tasks.

What is a key difference between project management in agile versus traditional environments?

In agile environments, more control over detail and delivery is given to the project team.

What is the main function of the project integration management knowledge area?

It provides the project management plan and aligns various project elements.

What are some elements aligned by project integration management?

Scope, cost, schedule, suppliers, customers, changes, and other project elements.

Who is responsible for managing project work in the project integration management?

The project manager.

What are the key responsibilities of the project manager in project integration management?

Managing project knowledge, monitoring and controlling the project, performing integrated change control, and closing the project or phase.

What are the key responsibilities of a project sponsor?

Articulate a clear vision, set clear expectations, provide funding, remove obstacles, and encourage the team.

Why is it important for a project sponsor to set clear requirements?

To demarcate the exact boundaries of the project, indicating what is in and what is out.

What should a project sponsor follow to implement changes in a project?

The proper integrated change control process.

When is it easier to implement changes in a project?

Changes are easier to implement early in the project.

What is the potential negative impact of constantly changing project objectives?

It can waste time and money, and demoralize and frustrate the team.

What should stakeholders do if their concerns are not resolved by the project manager?

They can escalate the issue to the project sponsor, but this should be reserved for major items under unique circumstances.

What is the main purpose of the project charter?

To formally authorize the project.

Who typically drafts the project charter?

The project manager.

What is included in the project management plan?

How the project will be organized, managed, monitored, and eventually closed.

Is the project schedule considered a standalone project management plan?

No, it is just one part of the project management plan.

What are the three baselines that should be spelled out in the project management plan?

Scope, schedule, and cost.

Name two examples of project documents.

Activity list and risk register.

What should a project manager provide to the project sponsor?

Periodic updates on the project.

What might the project manager seek from the project sponsor?

Directions on key aspects of the project.