PM
What are the relative advantages and disadvantages of the functional, matrix, and dedicated team approaches to managing projects?
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What is the impact of governance on managing an individual project? Why is this approach important in today's environment?
Governance signals to the project manager that decisions at a higher level can impact management of an individual project. Reviews (called "Gating") during project implementation assess current performance and priorities and decide to continue, halt, hold, or revised the project.
How does the WBS differ from the project network?
a. The WBS is hierarchical while the project network is sequential. b. The network provides a project schedule by identifying sequential dependencies and timing of project activities. The network sets all project work, resource needs, and budgets into a sequential time frame; the WBS does not provide this information. c. The WBS is used to identify each project deliverable and the organization unit responsible for its accomplishment within budget and within a time duration. d. The WBS provides a framework for tracking costs to deliverables and organization units responsible.
Project risks can/cannot be eliminated if the project is carefully planned. Explain.
Project risks cannot be eliminated even if the project is carefully planned because there are too many uncontrollable variables. Uncontrollable variables such as team members getting sick, weather/natural disasters, issues with the supply chain restricting or delaying necessary resources can occur regardless of how carefully planned the project is. Undesirable events identified before the project begins can be transferred, retained/reduced, or shared. Contingency plans with trigger points and responsibility should be established before the project begins
What is the difference between free slack and total slack?
Free slack usually occurs at the end of an activity chain—before a merge activity. It is the amount of time the activity can be delayed without affecting the early start of the activity immediately following it. Since free slack can be delayed without delaying following activities, it gives some resource flexibility to the project manager. Total slack is the amount of time an activity can be delayed before it becomes critical. Use of total slack prevents its use on a following activity. In other words, we can define total slack as - "It is the amount of time in which we can delay the scheduled activity, without delaying the following activity" In other words, we can define Total Slack as - "It is the amount of time in which schedule activity can be delayed or expanded from its starting date without delaying the project finish date or violating a scheduled constraint"
The portfolio of projects is typically represented by compliance, strategic, and operations projects. What impact can this classification have on project selection?
● By carefully aligning your project proposal with one classification, you may increase the chances of it being selected. Remember, senior management typically allots budgets for each category independent of actual project selection. Knowledge of funds available, risk portfolio, senior management bias, etc. may cause some to attempt to move their project proposal to a different classification to improve the chances of the project being selected.
What are some of the key environmental forces that have changed the way projects are managed? What has been the effect of these forces on the management of projects?
● Some environmental forces that have changed the way we manage projects are the product life cycle, knowledge growth, global competition, organization downsizing, technology changes,and time to market. The impact of these forces is more projects per organization, project teams responsible for implementing projects, accountability, changing organization structures, need for rapid completion of projects, linking projects to organization strategy and customers, prioritizing projects to conserve organization resources, and alliance with external organizations.
What are the best practices used by firms to outsource project work?
● Well-defined requirements and procedures. ● Extensive training and team-building activities. ● Well-established conflict management processes in place. ● Frequent review and status updates. ● Co-location when needed. ● Fair and incentive-laden contracts. ● Long-term outsourcing relationships.
Which of the eight traits/skills associated with being an effective project manager is the most important? The least important? Why?
1.System thinking 2. Personal Integrity 3. Proactive 4.High emotional intelligent 5.General business perspective 6. Effecttive time management 7.skillful politician 8.Optimist Of the eight listed, I consider the systems thinker to be the most controversial. A successful project manager must be able to see the big picture and communicate this vision to stakeholders. He or she must understand how relevant project factors collectively interact to produce project outcomes and focus on managing the interaction between these different parts rather than the parts themselves.Although all eight traits are important, effective time management may be the least critical characteristic because, if a project manager lacks poor time management skills, he or she саn compensate for this weakness by leveraging technology and staff. That is, assistants and tools such as Outlook Calendar, Project Professional or other task management applications саn help even а project manager without natural time management skills manage time effectively.
How does a communication plan benefit management of projects?
A communication plan should be seen as the groundwork of your project. It outlines exactly how you're going to get things done, and how you are going to get that across to your team members clearly and without wasting time. Communication plans matter because effective communication is critical to a project's success. A communication plan plays an important role in every project by: ● Creating written guidelines every team member can turn to at any time ● Enabling complete transparency throughout the project ● Encouraging the sharing of feedback to increase productivity and to avoid making the same mistakes ● Getting everyone to take ownership of their roles ● Setting expectations for each task, no matter how minor they may seem
How can a cost-duration graph be used by the project manager? Explain
A cost-duration graph is useful to the project manager for comparing alternatives.Any alternative that moves the project duration away from the optimum cost-duration point will increase costs. Additionally, incentives and penalties can be evaluated against the total, low cost point
Define a project. What are five characteristics that help differentiate projects from other functions carried out in the daily operations of the organization?
A project is a complex, non routine, one-time effort limited by time, budget, resource, and specifications. Differentiating characteristics of projects from routine, repetitive daily work are below: a. A defined life span. b. A well defined objective. c. Typically involves people from several disciplines. d. A project life cycle. e. Specific time, cost, and performance requirements
What are the elements of an effective project vision? Why are they important?
A vision may be defined as an ideal image of a project in the minds of the team as well as customers once it's completed. A vision can be in the form of a symbol, slogan, or could simply be a formal statement. An effective vision has the following elements: ● Communicate- In the absence of a conveyed vision, it cannot be fulfilled. ● Passion- Passion drives project managers to strive and achieve the vision. ● Strategic sense- As much as an inner drive and communication are significant, a vision is insignificant if it is not feasible. ● Inspire others- A good vision must have the capacity to motivate and encourage the team members to give their best. A vision holds great significance for a team and the organization due to the following reasons: ● It motivates the members to become better and achieve higher. ● It unifies professionals from diverse backgrounds and purposes by a common goal. ● It facilitates focus and communication of intangible priorities to assist members in making wise decisions.
What are the advantages and disadvantages of reducing project scope to accelerate a project? What can be done to reduce the disadvantages?
Advantages - Project more likely to stay on time, and on budget. Keeps project focused. Good for shortened timeline, or less budget. Disadvantage - Requirements once considered part of the reason for the project now cut. A potentially great idea could be skipped over as being "out of scope". Loss of functionality and value of the project Reducing the disadvantages - Leave project capable of include out of scope projects later. Document reasons for not including items, and a time frame for looking into it again later. To minimise the disadvantages of is to do an intense re-examination of the requirements of the projects with the stakeholder to identify the essential features only
Why should a project manager emphasize group rewards over individual rewards?
Because most project work is a collaborative effort, it makes sense that the reward system encourages teamwork. Recognizing individuals can distract from team unity. Because project work is interdependent it can be very difficult to distinguish who truly deserves individual credit. Group cohesion can be undermined if members feel that others are receiving special treatment. Camaraderie can vanish, to be replaced by bickering and obsessive preoccupation with internal group politics. Such distractions can absorb a tremendous amount of energy that would otherwise be directed to completing the project. Individual rewards should only be used when there is clear agreement that a member deserves special recognition.
Why bother creating a WBS? Why not go straight to a project network and forget the WBS?
Because the project network diagram cannot be created effectively without a proper WBS and because the WBS is an integral part of planning activities in the project. Project managers use work breakdown structures, or WBS, and schedule network diagrams to structure and schedule the components of a given assignment. The WBS reduces a project to multiple levels of tasks, subtasks and specific work assignments, though some organizations use different names. Using project software simplifies this process: Microsoft Project, for example, automatically assigns ranking numbers to the subtasks within each task, and then changes the number if the task priorities change. The WBS lists the jobs you need to do and prioritizes them as part of your business, while the schedule network diagram shows dependencies between task -- that you must do subtask 3.1, for example, before you can carry out subtask 4.5. With project-management software, you can click and drag tasks on your work chart as you figure out which tasks depend on others. It also lets you add details such as each task's duration and start and finish times -- and adjust them if the project timeline changes.
. What do you believe is more important for successfully completing a project— the formal project management structure or the culture of the parent organization?
Both are important and an argument can be made for either structure or culture. The bias of the authors is that culture is more important than structure since it more directly impacts behavior. A positive organizational culture can compensate for the inherent weaknesses of the formal structure. For example a functional or matrix structure can be effective if the norms and customs of the organization value teamwork and effective problem-solving. Conversely, a functional or matrix structure is likely to be disastrous in a negative culture that encourages competition and looking out only for yourself. Alternatively, one could argue that an organization can circumvent a negative culture by creating an independent project team or a strong project matrix. In either case, the strategy is to insulate the project team from the dominant organizational culture and create a unique project subculture.
How would a project manager use the CPI?
CPI stands for Cost Performance Index, and is used to measure performance efficiency of a project. It is denoted by a ratio of Earned Value (EV) and Actual Cost (AC). A CPI of more than or equal to 1 indicate that the project is utilising cost wither less or equal to the value, whereas a CPI of less than or equal to 1 will indicate a possible cost overrun. Project managers can use CPI to measure the cost efficiency of project related work accomplished to date. It's useful as an early warning signal and allows project managers to make budget or scope adjustments.
What major information would you expect to find in a project review?
Classification of the project, Analysis of information gathered, Recommendations, Technical improvements, corrective actions, Lessons learned, An appendix with backup information to support recommendations.
. Reducing the project duration increases the risk of being late. Explain
Compressing the project duration means slack (float) on noncritical activities will bereduced. When slack of noncritical activities is reduced, the chance of new criticalpaths occurring increases; hence, the risk of the project becoming late increases. Inaddition, compressing will have the following other impacts on managing the project: ● Reduces flexibility by using slack ● Can increase number of critical activities ● Can increase interdependencies of paths ● Makes resource scheduling tighter (critical) ● May increase costs.
What are the major types of costs? Which costs are controllable by the project manager?
Direct, direct overhead, and general and administrative costs. Direct costs are controllable by the project manager. Direct overhead and general and administrative costs are only controllable in the sense that if the resource or project is finished early or late the costs will continue for the duration of the project.*
Why is it difficult to estimate mega project (e.g., airports, stadiums, etc.) costs and benefits?
It is difficult to estimate mega project costs and benefits because: 1. The time horizon of 3-5 years to finish large,complex ventures makes it hard to precisely estimate expenses and client needs. 2. The sheer intricacy of these sorts of tasks make it hard to precisely appraise the entirety of the expenses. 3. The seriousness of dangers included are huge. at the point when things turn out badly, they turn out badly is a major way. while such conditions would recommend an exceptionally preservationist gauge, the inverse happens. Either visually impaired excitement or determined trickery is utilized to advance an overstated case for the venture. Some more features to be focused are:- ● Large Scale Projects, complex endeavors that ordinarily cost $1 Billion or increasingly, numerous year to finish and include different private and open partners. ● They are transformational, sway a large number of individuals. ● Often include one-two punch, cost considerably more than anticipated yet undelivered on the advantages they were to give.
Why do firms outsource project work?
One of the reasons why companies opt to outsource project works is the cost. It can drastically lower the overall cost to produce a product since they will not have to sustain these employees, and contracted services have affordable price. Time to complete a project is also critical for a firm so they choose to outsource it. Outsourcing can also finish a job quicker since there would be a lot of resources working on the project. Another reason is because they require highly skilled and proficient resources to work on the significant parts of a job, so that they can just focus on the strategic plans of the business. Lastly, they hire contracted services due to flexibility. Companies, big or small, can take broader scope of projects because they can hire people to work on it.
How does the culture of an organization influence the quality of estimates?
Organization culture can influence project estimates depending on the importance the organization places on estimating. Use of top-down versus bottom-up estimating can influence estimates. How padding is handled strongly influences estimates. How organization politics is tolerated can severely influence estimates. The quality of estimates is influenced by other factors such as people, technology, and downtimes. The key for getting estimates that represent realistic average times and costs is to have an organization culture that allows errors in estimates without incriminations.
.How are projects linked to the strategic plan?
Projects are linked to the strategic plan because projects represent how a strategy is to be implemented. Since some projects are more important than others, the best way to maximize the organization's scarce resources is through a priority scheme which allocates resources to a portfolio of projects which balance risk and contribute the most to the strategic plan.
What are five common reasons for crashing a project?
Reasons given could include: ● Imposed deadline in which disfavor will be earned by not meeting superior's deadline ● Time to market competitive advantage ● Realize benefits from incentive contracts. ● To make up for lost time and avoid contract penalties ● Save extensive overhead costs ● Free up resources to work on other projects ● Exceed customer expectations
How does resource scheduling reduce flexibility in managing projects?
Resource scheduling systems usually reduce flexibility because when resources are considered, computer routines use slack to get an "efficient" schedule. When slack is used up, flexibility is lost and the risk of delaying the project increases. If the resource conflict occurs on the critical path, the project is delayed.
Why is scheduling overtime a popular choice for getting projects back on schedule? What are the potential problems for relying on this option?
Scheduling overtime is a popular choice for accelerating project completion because it avoids the additional costs of coordination and communication encountered when new people are added to a project. Additionally, there may be fewer distractions when working outside of normal business hours and, if the people working overtime are salaried workers, there may not be any real additional cost for the extra work. Potential problems with relying on overtime include the increased costs when using hourly workers. Overtime for salaried workers may result in reduced productivity, lower employee satisfaction, burnout or turnover
Present six reasons scheduling resources is an important task
Several reasons for scheduling resources are to : - Check if existing resources are adequate and available · Decide which resources have priority · Assess the impact if another project is added to the pool · Determine where the real critical path is. Are there unforeseen dependencies? · See what happens to the risk of being late if slack is used up developing a schedule · Decide if outside contractors have to be used · Decide if an imposed project duration is realistic.
Why is slack important to the project manager?
Slack is important to the project manager because it represents the degree of flexibility the project manager will have in rearranging work and resources. A project network with several near critical paths and hence, little slack, gives the project manager little flexibility in changing resources or rearranging work.
How can a project manager influence customer expectations and perceptions?
Speak with one voice. Nothing erodes confidence in a project more than for a customer to receive conflicting messages from different project members. The project manager should remind team members of this fact and work with them to ensure that appropriate information is shared with customers. Speak the language of the customer. Too often project members respond to customer inquiries with technical jargon that exceeds the customer's vocabulary. Project managers and members need to describe problems, trade-offs, and solutions in ways that the customer can understand.
Why is the implementation of projects important to strategic planning and the project manager?
Strategic plans are implemented primarily through projects - e.g., a new product, a new information system, a new plant for a new product. The project manager is the key person responsible for completing the project on time, on budget, and within specifications so the project's customer is satisfied. If the project is not linked to the strategic plan of the organization, resources devoted to the project are wasted and a customer need is not met. This lack of connectivity occurs more in practice than most would believe.
Explain the role projects play in the strategic management process.
Strategy is implemented primarily through projects. Successful implementation of projects means reaching the goals of the organization and thus meeting the needs of its customers. Projects that do not contribute to the strategic plan waste critical organization resources.
The chances of risk events occurring and their respective costs increasing change over the project life cycle. What is the significance of this phenomenon to a project manager?
The chances of risk events and estimated costs changing over the project life cycle are high. These events will impact project change control mechanisms. Moreover, such changes could be significant enough to require changes in scope. The project manager must ensure that these changes are recorded and kept updated. Otherwise the integrity of the project control system will quickly deteriorate and become useless as a management tool. The more detail the project manager can obtain early in the project the less risk the project manager will encounter later in the project. For this reason, it is important for the project manager to have a risk management plan which will allow the project manager to identify and resolve potential issues that affect the project's success.
Why is it important to assess the culture of an organization before deciding what project management structure should be used to complete a project?
The culture of the organization can impact the effectiveness of different project management structures.Organizational cultures that do not encourage teamwork, collaboration, and cross-functional integration need a stronger project management structure (i.e., project team, project matrix) to be successful.
What are the six elements of a typical scope statement?
The elements of a typical scope statement are the fundamental consideration which a project tends to answer. This is an outlined goal or basis of the project defined from the onset. The elements answer the questions of what, where, how, why and probably when. Items falling outside this scope may also be considered thus making the project a more manageable one. They are listed as follows: Projective objective Justification Product description Expected outcomes Assumptions Limitations
What distinguishes a weak matrix from a strong matrix?
The influence the project manager has over project participants. In a weak matrix the authority of the functional manager predominates and the project manager has indirect authority. In a strong matrix the project manager has broader control and functional departments act as subordinate to the project.
What kinds of information are included in a work package?
The lowest level of the WBS is called a work package. Work packages are shortduration tasks that have a definite start and stop point, consume resources, and represent cost. Each work package is a control point. A work package manager is responsible for seeing that the package is completed on time, within budget, and according to technical specifications. 1. Defines work (what). 2. Identifies time to complete a work package (how long). 3. Identifies a time-phased budget to complete a work package (cost). 4. Identifies resources needed to complete a work package (how much). 5. Identifies a single person responsible for units of work (who). 6. Identifies monitoring points for measuring progress (how well).
How are WBS and project networks linked?
The network uses the time estimates found in the work packages of the WBS to develop the network. Remember, the time estimates, budgets, and resources required for a work package in the WBS are set in time frames, but without dates. The dates are computed after the network is develped An activity that spans over a segment of a project. Duration of hammock activities is determined after the network plan is drawn. Hammock activities are used to aggregate sections of the project to facilitate getting the right amount of detail for specific sections of a project.
It is possible to shorten the critical path and save money. Explain how
The only way to shorten the critical path and save money is to have indirect costs which are greater than the additional direct costs of shortening the critical path one unit of time. The difference is a savings.
What does it mean if the priorities of a project include: Time-constrain, Scope accept, and Cost-enhance?
The project must be completed on a specific date (Constrain), the scope can be scaled back in order to meet cost and time objectives (Accept), and when possible seek opportunities to reduce costs (Enhance).
What questions does a project objective answer? What would be an example of a good project objective?
The project objectives answers what, when, and how much. To replace the Willamette bridge by August 3rd at a cost not to exceed $1.5 million.(пишем свой похожий пример)
.Discuss the pros and cons of the checklist versus the weighted factor method of selecting projects.
The pros are: 1. The capacity to govern project acceptance of rejection 2. Possible project analysis 3. The flexibility in project selection and ease of use across different departments and locations The cons are: 1. Failure to provide the ability for comparison with other potential projects 2. Failure to show how the projects is relative to the organisation 3. The opportunity for power plays, politics and manipulation
Describe the major components of the strategic management process.
The strategic management process involves assessing what we are, what we want to become, and how we are going to get there. The major generic components of the process include the following: a. Defining the mission of the organization b. Analysis of the external and internal environments c. Setting objectives d. Formulating strategies to reach objectives e. Implementing strategies through projects.
The technical and sociocultural dimensions of project management are two sides to the same coin. Explain.
The technical and sociocultural dimensions of project management are two sides to the same coin because successful project managers are skillful in both areas. The point is successful PM's need to be very comfortable and skillful in both areas.
Other than culture, what other organizational factors should be used to determine which project management structure should be used?
The two major considerations are the percentage of core work that involves projects and resource availability. Organizations, whose main business evolves around projects, should consider a projectized form of structure. Organizations that have mainstream operations and projects should use a matrix structure. When resource availability is limited then a matrix structure should be used that allows sharing personnel across projects and operations.
Why is it important for project managers to resist changes to the project baseline? Under what conditions would a project manager make changes to a baseline? When would a project manager not allow changes to a baseline?
To answer the first requirement, the most significant reason why project managers must resist baseline changes is due to the confusion or chaos that it may cause. Relevant changes to baselines are most probably communicated to the client and other stakeholders. Thus, frequent changes of such may impede quality performance as it reduces the time that should be allocated to the project due to frequent negotiations and meetings. To answer the second requirement, the most significant condition that should be considered by the project manager to allow baseline change is when this is the only choice to avoid project failure. If changing the baseline would cause great benefit to the project outcome, then it is most suggested to be done. Another condition might also include the client's preference. If the client wants to change the baseline and is willing to pay for any cost, then it is the project manager's job to follow this request. To answer the last requirement, project managers should not allow baseline changes if they would only be used as a "rubber baseline." Such a thing happens when baseline changes are used to stretch the project requirements for it to match the performed results. Another condition that project managers must prohibit is the retroactive changes for the work that is already finished which would change previously reported values for actual costs, budgets, or earned value. This must not happen unless changes would only cater to corrective errors because adjustments in historical amounts may impact the whole project.
What are the differences between bottom-up and top-down estimating approaches? Under what conditions would you prefer one over the other?
Top-down estimates are typically used in the project conceptual phase, and depend on surrogate measures such as weight, square feet, ratios. Top-down methods do not consider individual activity issues and problems. Top-down estimates are good for rough estimates and can help select and prioritize projects. Bottom-up time and cost estimates are usually tied directly to the W B S and a work package. These estimates are made by people familiar with the task, which helps to gain buy-in on the validity of the estimate. Use of several people should improve the accuracy of the estimate. Bottom-up estimates should be preferred if time to estimate is available, estimating cost is reasonable, and accuracy is important. Using top-down estimates is good for initial and strategic decision making or in situations where the costs associated with developing better estimates have little benefit. However, in most cases the bottom-up approach to estimating is preferred and more reliable because it assesses each work package, rather than the whole project, section, or deliverable of a project.
What are the unique challenges to managing a virtual project team?
Two of the biggest challenges involved in managing a virtual project team are developing trust and effective patterns of communication. Trust is difficult to establish in virtual project management. Unlike working as a traditional team, where members can see whether someone has done what they say they have done, virtual team members depend on the word of distant members. The second major challenge for managing a virtual project team is to establish effective patterns of communication. E-mail and faxes are great for communicating facts—but not the feelings behind the facts; nor do they allow for real-time communication. Conference calls and project chat rooms can help, but they also have their limitations.
Why are accurate estimates critical to effective project management?
Without accurate time and cost estimates project control is ineffective. Inaccurate estimates can make the difference between profit or loss. § Time and cost estimates are major inputs to project planning. § Project control is completely dependent on accuracy of estimates. § Estimates are needed to support good decisions. § Estimates are used to determine project duration and cost. § Estimates are used to develop cash flow needs. § Estimates are used to develop time-phased budgets and establish the project baseline. § Absence of estimates results in inaccuracies which result in time and cost under/overruns. § The activity of estimating reduces error. Accurate estimates reduce uncertainty and support a discipline for effectively managing projects.
