Project Management Exam 2
what are the keys to principled negotiation?
1. separate the people from the problem. 2. focus on interest and not positions. 3. invent/brainstorm options for mutual gain. 4. refer to objective, external criteria if possible to settle disagreements
What does the PERT approach assume?
1. the distribution of the project completion time is determined only by the critical path time. 2. the project completion time is normally distributed. 3. the equations for the mean and variances are correct
Give actual cost (AC), earned value (EV) and planned value (PV) below for a task, which of the following activities most deserves our immediate attention? a) AC = $4,400 EV = $3,000 b) PV = $3,000 AC = $3,900 c) AC = $3,000 EV = $3,200 d) PV = $3,000 EV = $2,900
A
One of your team members stops into your office looking excited. She eagerly tells you she is adding additional functionality to the project. The good news is that this extra feature won't impact the budget or the schedule. As the project manager, you first step should be to: a) understand what the new functionality will add to the project and then take action b) implement change control documentation processes so that the change can be tracked c) inform the customer of the change to the scope d) tell the team member that the scope is locked down and cannot be changed e) publish this information in your next status report
A
Major goals of phase gating include all of the following EXCEPT: a) ensure oversight b) provide a detailed investigation of variances c) direct organization resources towards strategic goals d) reduce number of projects that do not support the forward directions of the organization
B
The first appearance of standard approaches to managing projects including scope statements & WBS occurs in which of the following project management maturing levels? a) level 1: ad hoc project management b) level 2: formal application of project management c) level 3: institutionalization of project management d) level 4: management of project management systems
B
The metric that tells you the value of work that has actually been completed is: A. SV B. PV C. EV D. AC
C. EV
The intent of the project oversight includes all of the following EXCEPT: a) meet the needs of the organization through procedures b) support the projet manager c) meet the needs of the organization through continuous improvement d) meet the needs of the organization through improving everyday business activities
D
Which metric answers the question: have we spent what we expected to spend for the work we performed? A. ETC B. VAC C. SV D. CV
D. CV
A CPI index of 0.97 indicates that the project A. is on schedule B. is behind schedule C. is ahead of budget D. is behind budget
D. is behind budget
what is DMAIC in six sigma?
Define the objectives, project structure and communcation plans. Measure - time, defects and cost of current process and set new targets. Analyse - what you do and how, process mapping, process risks and inefficiencies. Improve - how you improve your business processes, ideas generation and evaluation. Control - how to control what you do going forwards to prevent quality problems
characteristics of user story in agile?
Independent, Negotiable, Valuable, Estimable, Sized appropriately, Testable
characteristics of functional organizations
No project team is formed, functional managers play project manager role (there is no distinct project manager), 1 functional area plays a dominant role in the success of the project, segments of projects are delegated to appropriate functional units
What questions does PERT allow the PM to answer?
When do you expect to complete a project? How much variance is associated with the total work you have estimated for the project? What is the probability of completing the project before a given date? Can you tell me with a 90% confidence level how long the project will take or how much the project will cost?
what are the objectives of negotiation?
achieve certainty, obtain a fair & reasonable price, develop/continue a good relationship with the seller, both parties feel good about what they have negotiated
Advantage and disadvantage of using beta distributions to estimate task duration?
advantage - very flexible. disadvantage - not intuitive
Advantage and disadvantage of using normal distributions to estimate task duration?
advantage - very intuitive. Disadvantage - does not allow skewness
challenges of international virtual teams
all of the challenges of virtual teams PLUS time zones, language, consideration of communication style, decision making style, work culture
What is variance at completion (VAC) ?
at the finish of the project, how far off budget will the total project cost be?
what is planned value?
authorized budget assigned to work to be completed for activities/tasks in accordance with the project budget & schedule
When running a project, a project manager must manage the project work. Which of the following statements is part of effectively monitoring the project's progress? a) email the team the schedule according to the communication plan b) record the actual progress on task on a daily basis c) compare actual activity performance against the plan on a regular basis d) report only completed activity, schedule, and costs
c
Definition of project portfolio management
centralized management of projects to ensure allocation of resources to projects is directed towards projects that contribute the greatest value to the organization
what do project managers typically negotiate?
contracts, budgets, resource allocation, task conflicts, and team member issues
characteristics of leaders
copes with change, recognizes when change is needed, rallies people to vision, motivates people to work together, deals with ambiguity, creates relationships
characteristics of managers
copes with moving forward, creates plans & objectives, designs structures/procedures, monitors progress & reports results, takes corrective action, manage relationships
what is actual cost?
cost for actual work completed to date
What some early termination considerations?
costs>benefits, project no longer meets strategic fit criteria, deadlines continue to be missed, technology evolves beyond project scope
As a project is crashed and project duration is reduced, indirects costs for the project typically a) increase b) become unstable c) become unreliable d) decrease e) stay the same
d
What are key activities for project close?
delivery acceptance from the customer, shut down resources and releasing to new uses, reassign project team members, close accounts and seeing all bills are paid, evaluate the project team, project team members, and the project manager, retrospectives.
What are direct and indirect costs?
direct: costs clearly chargeable to specific work package. indirect: costs not associated with any particular work package or deliverable (accounting, administrative overhead)
disadvantages of matrix form
dysfunctional conflict, infighting, stressful, slow
advantages of matrix form
efficient, strong project focus, easier post-project transition, resource flexibility
what is the purpose of project oversight?
ensures projects meet needs of organization. uses standards, procedures, accountability, efficient allocation of resources and continuous improvement in the management of projects. supports project manager
disadvantages of dedicated project teams
expensive, "projectitis", difficult post-project transition
What are agile principles?
focus on customer value, iterative and incremental delivery, experimentation and adaptation, self-organization, continuous improvement
What are user stories in agile?
from the point of view of the person interactive with the deliverable, focused on result/value from the deliverable
What are the 3 types of organization structures?
functional organizations, dedicated team projects, matrix structure
What is a virtual team?
group of individuals who work across time, space and organizational boundaries with links strengthened by webs of communication technology.
What is estimate to complete? (ETC)
how much more must we spend to complete the project?
characteristics of matrix structure organization structures
hybrid organizational structure (matrix) is laid on top of the normal functional structure (two chains of command - functional and project, project participants report simultaneously to both functional and project managers), matrix structure optimizes the use of resources (allows participation on multiple projects while performing normal functional duties, greater integration of expertise and project requirements)
goal of six sigma
improve financial performance by improving quality
goal of lean
improve financial performance by reducing waste
What is the critical chain solution?
instead of using an 80-90% time estimate, use a 50/50 estimate for duration. manage critical resources carefully
What are some key questions for planned audits?
is the project still aligned with customer priorities and a healthy environment for project team members? Is the project team achieving project goals, constraints, and product specifications?
early warning signs of project failure that are process related
lack of documented requirements or success criteria, no change control process, ineffective schedule planning, communication breakdown among stakeholders, resources assigned to higher priority project, no business case for project
early warning signs of project failure from peopl
lack of top management support, weak project manager, no stakeholder involvement, weak commitment of project team, team lacks knowledge/skills, SMEs are overscheduled
What are the variables that impact leadership effectiveness?
leader characteristics, team characteristics, organization, socio-political environment
What are the 5 maturity levels of the project?
level 1: Ad Hoc Project management. Level 2: formal application of project management. level 3: institutionalized project management. level 4: management of project management system. level 5: optimization of project management
What is a product backlog in agile?
lists all features, functions, requirements, enhancements, and fixes that constitute the changes to be made to the product in future releases. product backlog items have the attributes of a description, order, estimate, and value.
What is fast tracking? And what is the biggest issue with it?
look for ways to overlap some critical tasks instead of performing sequentially. Biggest issue: adding risk to critical path activities
What are some challenges with virtual teams?
loss of non verbal cues, team building & sense of purpose, trust, relationship building, conflict management, reliance on technology
What are the best practices for status reporting?
make it regular, deliver on time, consistent format, speak to senior management, speak to the project team, celebrate & recognize accomplishments, identify and warn of gathering clouds on the horizon
Project managers must both __________ and __________ often simultaneously
manage, lead
limitations of agile?
may not satisfy top management's need for budget, scope, and schedule control. principles of self-organization and close collaboration may be incompatible with corporate cultures. methods appear to work best on small projects that require only 5-9 dedicated team members, requires active customer involvement, may be challenging for virtual global teams
What happens when theres a larger number of stakeholders and team members?
more communication channels exist
why do companies do virtual teams?
multinational companies, talent availibility, technology enablement.
disadvantages to functional organizations
no "project team", lack of focus, poor integration, slow, lack of ownership, no budget or tasking authority
advantages of functional organizations
no structural change, flexibility, in-depth expertise, easy post-project transition.
Why are milestones important?
non-quantitative way to monitor project progress
What is critical chain & human behavior?
observations about ways that people behave when planning and conducting projects artificially inflate project duration
Why can status reports be misleading?
only delivering positive news, politics of status reporting, manipulating the project information, ignoring bad news
What are phase gates in a planned audit?
phase gates are project healthy checks. structured process to review, evaluate, and document outcomes in each project phase & provide management with information to guide resource deployment toward strategic goals
what are other types of project closes besides "normal" ones
premature close (good enough, other uses for resources), perpetual project (Mgmt tired of bleeding $, constant add-ons to scope), failed project (project audit), reprioritized project (project audit)
what are requirements for user story in agile?
presented by product owner, written in language of the business, used to prioritize product backlog, used for planning and estimating
Reasons for unplanned audits
project is off track, and seems incapable of getting back on, one or more participants believe that things aren't going right but can't point to a specific reason, a significant personnel turnover, vendors or project team members are vague when being asked if project will finish on time, project begins to look like no one is in control
What are the major oversight activities?
project selection, portfolio management, improving how all projects are managed over time, assessing and elevating the maturity level of the organization's project management system
what are other options to reduce costs/compress schedules?
reduce scope, have customer take more responsibility, outsource projcet work packages, brainstorm cost saving options
major oversight activities at a project level
review project objectives, resolve issues raised by the project manager, track and assist project to resolve bottlenecks, review status reports from the project manager, audit and review lessons learned, authorize major deviations from the original scope, cancel the project
What are some items to negotiate in contracts?
scope, schedule, price, responsibility of each party, communication protocol, applicable law, project management process to be used, change process, payments schedule, clauses/exceptions
What is project oversight?
set of principles and processes to guide and improve the management of projects
similarity and differences between critical chain vs. critical path?
similarity - both use WBS and network diagrams. difference - critical path focuses on start & finish times at the individual task level while critical chain focuses on the amount/use of buffer and overall project completion
advantages to dedicated project teams
simple, fast, cohesive, cross-functional integration
What is sprint planning in agile?
sprint - time boxed amount of time. Using the story point estimates, team picks up work and commits to work on stories based on available capacity. Team won't know at beginning of project how many story points they can take on within a sprint
What are the reasons for phase gates?
structured /repeatable process for project to follow on all projects, approve deliverables, check ongoing resource availability, validate sponsor commitment, validate business case & eliminate low value projects, clear yes/no decision on whether to move ahead with next phase
characteristics of dedicated project teams
teams operate as separate units under the leadership of a full-time project manager, sole purpose is to drive completion of the project with no interest in daily operations, other functional groups still exist to support day-to-day operations but are separate from the project teams
Why do good metrics matter?
tells us if we are hitting targets/milestones, early identification of issues, informed decision making, accurate performance measurement, improve future estimating, improve customer satisfaction
What are some reasons to reduce project duration?
time-to-market pressures, unforeseen delays, incentive contracts, imposed deadlines and contract commitments, overhead and public goodwill costs, pressure to move resources to other projects
What are some reasons for project failure?
underestimation of complexity, underestimation of effort, escalation of commitment
what is earned value?
value of the work completed to date. The amount of budget that should have been spent for a given amount of work completed
difference in triple constraint for waterfall and agile
waterfall - scope is locked but time and cost are variable. agile - time and cost are locked but scope is variable
What do project sponsors want to know?
what did you do since we last met? what has changed? how's the team doing? are there any new issues or risks? is the project on schedule? is the project on budget? how much will this project cost when it ends? what is the projected completion date?
When does waterfall project management work best?
when projects have a high degree of predictability. Needs customer to have a firm idea on what is to be accomplished. Projects try to minimize change to manage a baseline scope, plan, budget.
When is a functional organization best used?
when the project closely aligns to a single functional area.
