Project Management Flashcards

KS7 & KS8 Expanded Summary

KS7 LO2: Project Purpose and Goals

• Project Purpose: Explains the reason for the project, addressing a business need, problem, or opportunity. Examples include resolving bottlenecks, meeting regulatory demands, or entering new markets.

• Project Goal: Defines what the project intends to accomplish, specifying the desired outcome.

• SMART Goal Framework: A framework for establishing actionable goals:

  • Specific: Clear and well-defined. Example: "Implement a customer feedback system."

  • Measurable: Quantifiable results. Example: "Increase sales by 10%."

  • Accepted: Supported and agreed by stakeholders.

  • Realistic: Achievable within project constraints.

  • Time-limited: Includes a specific deadline. Example: "Complete by December 2025."

• Project Triangle (Triple Constraint): Illustrates the interdependence of scope, time, and cost. Altering one aspect typically influences the others. Example: expanding the scope can increase both the duration and expenses.

• Work Breakdown Structure (WBS): A hierarchical decomposition of all project work:

  • Top level: Represents the entire project.

  • Mid-level: Represents major deliverables.

  • Bottom level: Represents individual tasks and subtasks.

  • The WBS helps in defining project scope, allocating responsibilities, estimating time and budget, and monitoring progress.

    • Examples

      • Content development

      • Platform development

      • Testing and implementation

      • Marketing and launch

      • Project initialization and planning

      • Development phase

      • Testing and feedback

      • Finalization and production

      • Market launch preparation

      • Launch and evaluation

      • Registration

      • Venue

      • Catering

      • Marketing

      • Event program

• Product Breakdown Structure (PBS): A hierarchical breakdown of project deliverables focusing on what will be delivered rather than how. Example: For a car, the PBS would list components like the engine, body, and interior.

• Project Success Dimensions:

  • Project success: Did the project deliver the expected value?

  • Project management success: Was the project completed on time, within scope, and within budget?

  • Project governance success: Was the project oversight and strategic alignment effective?

  • Portfolio success: Did the overall project portfolio contribute strategic value to the organization?

• Solution-neutral Approach: Define goals focusing on results or outcomes rather than specific solutions. Example: "Reduce customer wait time" instead of "Install a new ticketing system."

  • Advantages

    • Facilitate the search for alternative solutions and fosters innovation

    • Avoids overspecification and scope creep

    • Helps achieve customer satisfaction at lower costs

• Delivery vs. Impact Goals:

  • Delivery goals: Outputs or what is delivered by the project.

  • Impact goals: Outcomes, representing long-term benefits or changes resulting from the project.

LO3: Network Diagrams and Critical Path Method

• Activity-on-Arrow (AoA): Network diagram where arrows represent tasks and nodes represent milestones.

• Activity-on-Node (AoN): Network diagram where nodes represent tasks and arrows represent dependencies.

• Critical Path Method (CPM): A technique to calculate the longest sequence of dependent tasks, determining the minimum possible project duration. Steps include:

  1. List all tasks, their durations, and dependencies.

  2. Forward pass: Calculate the Earliest Start (ES) and Earliest Finish (EF) times.

     • EF = ES + duration

  3. Backward pass: Calculate the Latest Start (LS) and Latest Finish (LF) times.

     • LS = LF - duration

  4. Identify the critical path, which includes tasks with zero slack.

• Total Float (Slack): The amount of time an activity can be delayed without extending the project completion time.

  • Formula: TF = LS - ES or TF = LF - EF

• Free Float (Slack): The amount of time an activity can be delayed without delaying its immediate successor activity.

  • Formula: FF = ES(successor) - EF(current activity)

• Probabilistic "Go-live" Roll-out: Calculating the weighted project durations based on probabilities:

  • Expected duration = (prob1 × duration1) + (prob2 × duration2) + …

PERT and Dependency Analysis

• PERT (Program Evaluation and Review Technique): Estimates uncertain task durations using a weighted average of optimistic, pessimistic, and most likely estimates.

  • Formula: (T{min} + 4 × T{likely} + T_{max}) / 6

• Logical Dependency: A dependency where an activity must wait for the output of another activity.

• Resource Dependency: A dependency arising when activities compete for the same limited resources.

• Critical Chain Method (CCM): Builds on CPM by incorporating resource constraints and buffers to protect the schedule.

  • Similarities to CPM

    • A Complete list of activities is possible to identify upfront, before the project start

    • Resources are infinite, not a constraint

    • No reworks/loops possible

    • Activities are statistically independent from each other

• Inside vs. Outside View:

  • Inside view: Detailed estimates derived from the components of the project. Define project scope, activities, dependencies, durations, costs, uncertainties and risks to effectively manage resources and ensure that the project aligns with its objectives.

  • Outside view: Estimates based on historical data from similar past projects, which helps avoid the planning fallacy (underestimating project duration or cost).

LO4: Risk Analysis

• Risk Analysis: The process of identifying, assessing, and planning responses to project risks.

  • Risk strategies

    • Avoid

      • This strategy aims to completely eliminate the risk by not engaging in the activity that poses the threat. For example, a company might choose to not expand into a certain market if the risk of entering that market is too high.

    • Mitigate

      • This strategy focuses on reducing the likelihood or impact of a risk by implementing preventative measures or control systems. Examples include implementing security measures to reduce the risk of data breaches or using a different supplier to reduce the risk of supply chain disruptions.

    • Transfer

      • This strategy involves shifting the responsibility and potential financial impact of the risk to another party, often through insurance or outsourcing. For instance, a business might purchase liability insurance to cover the financial consequences of a potential lawsuit.

    • Accept

      • This strategy entails acknowledging the existence of the risk and accepting its potential consequences when the cost of mitigation is greater than the risk itself. For example, a company may decide to continue a project despite the risk of minor delays or budget overruns if these do not significantly impact overall project goals.

• Uncertainty Profile: (De Meyer et al., 2002) Describes four types of uncertainty:

  • Chaos: Completely unpredictable events.

  • Unforeseen: Unknown unknowns (risks that are not recognized).

  • Foreseen: Known risks (risks that are identified and understood).

  • Variation: Predictable variability (e.g., fluctuations in delivery times).

• Scope Creep: The uncontrolled expansion of a project’s scope without adjustments to time, cost, or resources.

• Pre-mortem Analysis: A brainstorming technique where the team imagines the project has failed and identifies potential reasons for failure, enabling proactive risk mitigation.

KS8 LO5: Earned Value Analysis

• Earned Value Analysis (EVA): A technique that integrates scope, time, and cost to measure project performance.

  • The main drawback of using Earned Value Analysis as a schedule control tool for projects is that it does not differentiate between the progress achieved on different types of activities (e.g., those on the Critical Path and on non-critical paths).

  • Therefore, the EVA schedule performance indicator can indicate a threat of delay while there is no actual risk of delay (the performance on the critical path is according to the original schedule, while some delays on the non-critical paths are to be recovered).

  • Similarly, the SPI indicator can suggest that the project is progressing according to schedule, however, it is already destined to be delayed (there has been a delay of the activities on the Critical Path combined with a better-than-expected performance of some non-critical activities).

  • Earned Value Analysis can be complex to implement and may require specialized training, which can lead to difficulties in application and potential misinterpretation of the data.

• Key Metrics:

  • Planned Value (PV): The budgeted cost of work scheduled.

  • Earned Value (EV): The budgeted cost of work completed.

  • Actual Cost (AC): The actual cost incurred for the work completed.

• Performance Indicators:

  • Cost Variance (CV): CV = EV - AC (Positive indicates under budget).

  • Schedule Variance (SV): SV = EV - PV (Positive indicates ahead of schedule).

  • Cost Performance Index (CPI): CPI = EV / AC (Greater than 1 indicates cost-efficiency).

  • Schedule Performance Index (SPI): SPI = EV / PV (Greater than 1 indicates ahead of schedule).

  • Total project cost: AC + Remaining EV/CPI = AC + (Original budget - EV)/CPI

• Analytical Note: A comprehensive report summarizing the Earned Value Analysis (EVA) results, thoroughly explaining any variances from the planned schedule and budget, and recommending specific, actionable corrective actions. This note serves as a critical communication tool for project managers and stakeholders.

  • Purpose:

    • To provide a clear and concise overview of project performance based on EVA metrics.

    • To identify the root causes of any significant variances.

    • To propose and justify corrective actions to bring the project back on track.

    • To inform decision-making and ensure accountability.

  • Key Components:

    • Executive Summary: A high-level overview of the project's performance, highlighting key achievements and areas of concern.

    • Variance Analysis: A detailed explanation of the cost variance (CV) and schedule variance (SV), including:

    • Magnitude of the variance (e.g., in dollars or days).

    • Percentage of the variance relative to the planned value.

    • Trend analysis showing how the variance has changed over time.

    • Root cause analysis identifying the underlying factors contributing to the variance.

    • Corrective Action Recommendations: Specific, actionable steps to address the identified variances, such as:

    • Reallocating resources to critical tasks.

    • Revising the project schedule.

    • Negotiating with vendors for better pricing.

    • Implementing process improvements.

    • Impact Assessment: An evaluation of the potential impact of the recommended corrective actions on the project's overall cost, schedule, and scope.

    • Contingency Plans: Alternative actions to be taken if the primary corrective actions are not successful.

    • Lessons Learned: Documenting the causes of the variances and the effectiveness of the corrective actions for future reference.

  • Distribution:

    • The analytical note should be distributed to all key project stakeholders, including:

    • Project sponsors

    • Steering committee members

    • Project team members

    • Functional managers

  • Example:

    • Scenario: A construction project is $100,000 over budget and two weeks behind schedule due to unexpected soil conditions and delays in material delivery.

    • Analytical Note Content:

    • The analytical note would explain the root causes of the cost and schedule variances, quantify their impact on the project's overall budget and timeline, and recommend corrective actions such as:

      • Negotiating with the supplier for faster material delivery.

      • Expediting the soil remediation process.

      • Reallocating resources

• Project Prioritization: Ranking projects based on factors such as value, risk, and strategic alignment.

• Different types of projects

  • External projects (Business project)

    • These are projects carried out for external clients or customers. They directly generate revenue and enhance the company’s market presence and reputation.

    • Examples:

      • Constructing a building for a client.

      • Developing a software application for sale.

      • Providing consulting services to another organization.

    • Budgeting/Cost Engineering Challenges:

    • Accurately estimating costs due to varying client requirements and market conditions.

    • Managing scope changes and their impact on the budget.

    • Balancing cost control with the need to maintain client satisfaction.

  • Internal project, type A (Development project)

    • These are strategic initiatives aimed at improving internal operations, efficiency, or capabilities. They often involve significant investments and have a long-term impact on the organization.

    • Commissioned by the company itself

    • The company owns the project result

    • The result will be sold to external clients

    • Examples:

      • Implementing a new enterprise resource planning (ERP) system.

      • Developing a new product line for future market entry.

      • Restructuring the organization to improve communication and decision-making.

    • Budgeting/Cost Engineering Challenges:

      • Securing sufficient funding due to competing internal priorities.

      • Justifying the investment by demonstrating a clear return on investment (ROI).

      • Managing the complexity and uncertainty associated with large-scale strategic initiatives.

  • Internal project, type B (Development/Change project)

    • These are smaller-scale projects focused on addressing specific operational needs or problems. They are typically shorter in duration and have a more limited scope compared to Type A projects.

    • Commissioned by the company itself

    • The company owns the project result

    • The result will not be sold to external clients but will be used to improve operations of the company

  • Examples:

    • IT system implementation

    • Organizational change

  • Budgeting/Cost Engineering Challenges:

• Investment Analysis Tools:

  • Payback period: The time required to recover the initial investment.

    • Formula: Payback = Initial Investment / Annual Cash Flow

  • NPV, IRR: Advanced profitability analysis techniques that consider the time value of money.

• Activity Crashing: Shortening the project duration by allocating additional resources to critical path tasks, which typically increases project costs.

  • Shorten activity on the critical path with the lowest crashing cost by one day if the activity has not reached its shortest possible duration. If two activities have the same crashing cost, crash the earlier one

  • Cross-check that the critical path has not changed or identify new ones

  • Stop when you have reached 6 days of reduction in the project duration

• Crashing Diagram: Illustrates the trade-offs between cost and time when crashing project activities.

  • Typically the curve becomes steeper as it reaches the Y axis as we begin by crashing activities with smaller crashing costs

• Contribution Costing: Analyzing only variable costs to determine the contribution margin for decision-making.

• **Challenges (Aubry et al., 2021):

  • • Measuring intangible benefits.

    • Maintaining focus on benefits realization.

    • Aligning benefits with strategic objectives.

• Top-down and Bottom-up project budgeting

  • Top-down budgeting involves senior management setting overall budget targets, while bottom-up budgeting allows departments to create their own budget requests based on their needs

  • Key pre requisits

    • Top down: Past experience (prior projects, experienced PM and team etc)100% accuracy is not necessary

    • Bottom up: Time availability, willingness to invest resources in the early stage, cooperation of the key partici pants

LO8: Communication Plan and Sustainability

• Communication Plan: A documented plan specifying who communicates what information, when, how, and to whom.

  • Steering committee

    • Why? To oversee and make critical decisions about the projects direction and ensure it delivers the desired benefits

    • What? Project status reports and discussions at decisions points

    • When? At decision points

    • How? Through formal steering committee meetings

    • Responsibility of: PM

  • Project owner

    • Why? Responsible for the project goals

    • What? Project status reports, updates per schedule

    • When? Scheduled meetings

    • How? Informal meetings and attending steering committee meetings

    • Responsibility of: PM

  • Project group

    • Why? To coordinate efforts and perform necessary activities

    • What? Planning their hours and activities that must be performed

    • When? At the start of the project and as needed during project meetings

    • How? Through delegation and project meetings

    • Responsibility of: PM

  • Project manager

    • Why? To report on project status , resources used, and adress any problems

    • What? Discuss work performed, resources used and adress any problems

    • When? Continously during the project and as needed meetings

    • How? Weekly reports, meetings

    • Responsibility of: Project member

  • Resource owner

    • Why? Effective planning and usage of resources

    • What? Resource plans to ensure critical resources are available when required

    • When? Continous during project

    • How? Resource plan

    • Responsibility of: PM

  • End users

    • Why? To ensure their expectations and goals are understood and met

    • What? Discussions to ensure realistic expectations and goals

    • When? At the start of the project and periodically throughout the project lifecycle to ensure alignment with user needs and expectations.

    • How? Through meetings

    • Responsibility of: Project owner

  • Stakeholder

    • Why? Commissioners of the project

    • What? Project progress, clarifications

    • When? As needed

    • How? Meetings as required

    • Responsibility of: PM

• Project Sustainability: Ensuring environmental, social, and economic responsibility throughout the project delivery.

  • Social sustainability

    • Focuses on the social impact of the project, including community engagement, fair labor practices, and promoting social equity. It involves:

    • Community Engagement: Involving local communities in the project planning and decision-making processes.

    • Fair Labor Practices: Ensuring fair wages, safe working conditions, and ethical treatment of workers.

    • Social Equity: Promoting equal opportunities and addressing social inequalities.

    • Stakeholder Engagement: Engaging with all relevant stakeholders to understand and address their social concerns and needs.

  • Environmental sustainability

    • Focuses on minimizing the project's environmental impact and promoting environmental stewardship. Key aspects include:

    • Resource Efficiency: Using resources (e.g., energy, water, materials) efficiently to reduce waste and minimize environmental impact.

    • Waste Management: Implementing effective waste management practices, including waste reduction, recycling, and responsible disposal.

    • Pollution Prevention: Preventing pollution of air, water, and soil through the adoption of clean technologies and best practices.

    • Environmental Protection: Protecting ecosystems, biodiversity, and natural resources.

  • Economic sustainability

    • Focuses on the long-term economic viability of the project and its contributions to economic development. It involves:

    • Cost-Effectiveness: Ensuring that the project is cost-effective and delivers value for money.

    • Economic Benefits: Maximizing the economic benefits of the project for local communities, such as job creation and income generation.

    • Long-Term Viability: Ensuring that the project is economically sustainable in the long term, considering factors such as market demand and operating costs.

    • Innovation and Technology: Promoting innovation and

• Contribution costing method

  • The contribution costing method to determine the cost of a project (or of the product) represents a ‘non-complete’ cost allocation method where only the so-called specific revenues are allocated to the cost units*. The contribution margin that a project provides then covers the company’s common costs (not directly attributable to the project in question)

• Full costing method

  • The full costing method, in contrast, allocates all costs associated with a project, including both fixed and variable costs, to the cost units. This approach provides a complete picture of the total cost of production, allowing for better financial analysis and pricing decisions.

• Conflict Management Styles:

  • Avoiding: Ignoring the conflict and delay it until emotions have cooled down. Can be used for trivial problems where more important things take presendence. Drawback is that the conflict is not resolved

  • Competing: Asserting one's position when quick decisive action is necessary. Can be used in unpopular actions where a rigid stance is required, however, it can destroy relationships, as you fulfil your goals at the expense of the other party.

  • Collaborating: Aiming for a win-win solution for important decisions that have a long-term effect. This often takes time and is not suitable for trivial problems and is not applicable in emergencies.

  • Compromising: Seeking a middle ground and is useful under time pressure. However, can lead to both parties being unsatisfied and should not be the first option.

  • Accommodating: Yielding to the other party when the collaboration is more important than the cause of the conflict and when the problem is more important for the other party. Do not use when important matters are at stake and may decrease the respect of the other party.

• Conflict Resolution Strategies

  • Negotiation: A process where parties communicate directly to reach a mutually acceptable agreement. This often involves discussion, compromise, and collaboration to find a solution that satisfies the interests of all involved. Effective negotiation requires active listening, clear communication, and a willingness to understand different perspectives.

  • Mediation: A process where a neutral third party (the mediator) facilitates communication and helps parties reach a voluntary agreement. The mediator does not make decisions but assists the parties in exploring options and finding common ground. Mediation is particularly useful in situations where the parties are unable to communicate effectively or have reached an impasse.

  • Arbitration: A process where a neutral third party (the arbitrator) hears evidence and arguments from both sides and makes a binding decision. Arbitration is similar to a court trial but is typically faster

• Negotiation Approaches:

  • Distributive Zero-Sum Approach to Negotiation

    • Definition: A negotiation strategy where resources are viewed as finite, and any gain by one party necessarily results in a loss for the other party. This is often described as a 'fixed pie' scenario.

    • Characteristics:

      • Win/Lose: The primary goal is to maximize one's own gains, even at the expense of the other party.

      • Competitive: Involves assertive tactics, such as threats and ultimatums, to claim a larger share of the pie.

      • Short-Term Focus: Typically used in one-time or infrequent interactions where maintaining a long-term relationship is not a priority.

      • Lack of Trust: Parties tend to be suspicious and guarded with information.

    • Examples:

      • Negotiating the price of a used car where the seller wants the highest price and the buyer wants the lowest.

      • Labor negotiations where a fixed amount of funds is available for salaries and benefits.

    • When to Use:

      • Situations where the relationship with the other party is not important.

      • Limited resources and a clear need to maximize one's own outcome.

  • Integrative Approach to Negotiation

    • Definition: A negotiation strategy that focuses on creating mutual gains for all parties involved. This approach seeks to 'expand the pie' by exploring ways to increase available resources or find solutions that satisfy everyone's needs.

    • Characteristics:

      • Win/Win: Aims to achieve outcomes that are beneficial for all parties involved.

      • Collaborative: Involves open communication, trust, and a willingness to share information.

      • Long-Term Focus: Used to build and maintain strong, ongoing relationships.

      • Creative Problem-Solving: Encourages innovative solutions that address the underlying interests of all parties by prudent disclosure of needs/information

    • Examples:

      • Business partnerships where companies work together to develop new products or services.

      • Mediation where a neutral third party helps disputing parties find common ground.

    • When to Use:

      • Situations where maintaining a strong relationship with the other party is important.

      • Opportunities to create additional value through collaboration and innovation.

• Hersey’s Leadership Styles:

  • Directing: High direction, low support.

  • Coaching: High direction, high support.

  • Supporting: Low direction, high support.

  • Delegating: Low direction, low support.

• Situational Leadership Model: Adapting leadership style based on the team's maturity and task readiness.

  • Delegating

    • A low-task, low-relationship style in which the leader allows the group to take responsibility for task decisions. This is best used with high-maturity followers.

  • Participating

    • A low-task, high-relationship style that emphasizes shared ideas and decisions. Managers can use this style with moderate followers who are experienced but may lack the confidence to do the tasks assigned.

  • Selling

    • A high-task, high-relationship style in which the leader attempts to sell their ideas to the group by explaining task directions in a persuasive manner. This, too, is used with moderate followers. Unlike the previous style, these followers have the ability but are unwilling to do the job.

  • Telling

    • A high-task, low-relationship style in which the leader gives explicit directions and supervises work closely. This style is geared toward low-maturity followers.

• Conflict Types:

  • Task: Disagreements about the work itself.

  • Relationship: Personal conflicts among team members.

  • Process: Disagreements about how the work should be done.

• Encouraging Functional Conflict

  • Encourage dissent by asking tough questionsve

  • Bring in people with different points of view

  • Designate someone to to be a devils advocate

  • Ask the team to consider an unthinkable alternati

• Managing Dysfunctional Conflict

  • Mediate the conflict

  • Rearrange the team

  • Accept the conflict

• Conflict resolution strategies

  • Monitoring: Regular check-ins with team members to assess project progress and address any emerging conflicts early on.

  • Mediating: Actively facilitating discussions between conflicting parties to help them reach a mutual understanding and create collaborative solutions.

  • Arbitrating: Acting as a neutral third party to make binding decisions that resolve disputes when direct mediation fails.

• Conflict management styles

  • Avoiding: A conflict management style where individuals withdraw from the conflict, opting not to address the issue directly, which can lead to unresolved problems.

  • Compromising: A conflict management style where both parties give up something to reach a mutually acceptable solution, balancing the needs of both sides.

  • Accommodating: A conflict management style where one party concedes to the wishes of the other, prioritizing the relationship over the issue, which can foster goodwill but may result in resentment if used excessively.

  • Competing: A conflict management style characterized by a win-lose approach, where one party seeks to achieve their objectives at the expense of the other, often leading to a breakdown in relationships.

  • Collaboration: A conflict management style where both parties actively work together to find a solution that satisfies the needs and concerns of all involved, promoting a healthy dialogue and long-term relationships. Might be time consuming

Group Development (Tuckman Model)

The Tuckman model describes the stages of team development:

1. Forming: Initial stage when the team comes together.

   • Characteristics:

     • Team members are polite, positive, and possibly anxious.

     • Roles and responsibilities are unclear.

     • Individuals look to the leader for guidance.

   • Key leadership focus:

     • Provide clear structure and explain goals.

     • Help team members get to know each other.

2. Storming: Characterized by conflict and competition.

   • Characteristics:

     • Disagreements over goals, tasks, and leadership.

     • Power struggles or cliques may emerge.

     • Progress can stall due to unresolved tensions.

   • Key leadership focus:

     • Mediate conflicts and encourage respectful communication.

     • Keep the team focused on goals and clarify roles.

3. Norming: The team begins to find its rhythm and establish shared norms.

   • Characteristics:

     • Improved collaboration and trust.

     • Roles and responsibilities become clearer.

     • Team members support each other.

   • Key leadership focus:

     • Reinforce positive behaviors.

     • Encourage shared decision-making and trust-building.

4. Performing: The team reaches high performance.

   • Characteristics:

     • High levels of autonomy and motivation.

     • Team members work efficiently toward shared goals.

     • Problems are solved constructively.

   • Key leadership focus:

     • Delegate and empower the team.

     • Monitor performance but intervene only when necessary.

5. Adjourning (or Mourning): The project ends, and the team disbands.

   • Characteristics:

     • Team members reflect on their achievements.

     • May be feelings of sadness or relief.

     • Focus shifts to wrapping up tasks and celebrating success.

   • Key leadership focus:

     • Help the team reflect, recognize contributions, and provide closure.

     • Ensure lessons learned are captured.

Project Management Skills, Knowledge, and Leadership

• Project Manager Skills: Leadership, communication, planning, negotiation, risk management

• Team vs. Work Group:

  • Team: Shared goals and collective accountability.

  • Work group: Individual tasks and loose connection.

• Explicit vs. Tacit Knowledge:

  • Explicit: Documented and easy to share. Such as drawings , manuals, and databases.

  • Tacit: Experience-based and hard to articulate in words. Must be seen and axperienced to be transferred from one person to the other.

• Leadership Styles

  • Authoritarian Leadership

    • Definition: Leader makes decisions independently with little to no input from team members.

    • Characteristics: Highly controlling, expects obedience, effective in crisis situations.

    • Advantages: Quick decision-making, clear direction.

    • Disadvantages: Can stifle creativity, lower team morale.

  • Democratic Leadership

    • Definition: Leader involves team members in the decision-making process.

    • Characteristics: Promotes participation, values input from team, fosters collaboration.

    • Advantages: Higher team morale, increased creativity.

    • Disadvantages: Slower decision-making, potential for conflict.

  • Delegative (Laissez-faire) Leadership

    • Definition: Leader provides minimal guidance and allows team members to make their own decisions.

    • Characteristics: Hands-off approach, trusts team members, provides resources.

    • Advantages: Empowers team members, fosters independence.

    • Disadvantages: Can lead to lack of direction, inconsistent results.

  • Transformational Leadership

    • Definition: Leader inspires and motivates team members to achieve extraordinary outcomes.

    • Characteristics: Visionary, charismatic, encourages innovation, focuses on long-term goals.

    • Advantages: High levels of motivation, strong team commitment.

    • Disadvantages: Can be idealistic, requires strong communication skills.

  • Transactional Leadership

    • Definition: Leader focuses on day-to-day operations and uses rewards and punishments to achieve goals.

    • Characteristics: Task-oriented, emphasizes efficiency, uses contingent rewards.

    • Advantages: Clear expectations, consistent results.

    • Disadvantages: Can stifle creativity, may not inspire long-term commitment.