Difference between Operations and projects
(1.1 - Context, p. 12)
Organizations perform work to achieve specific goals that may be categorized as either operations or projects
operations
are performed by relatively stable teams
ongoing and repetitive processes (non unique)
are focused on sustaining the organization
projects
performed by temporary teams
non-repetitive processes (unique)
provide unique deliverables
A Project-Charter includes which points
(1.2 - Initiating, p.
1. Stakeholders analysis
2. Stakeholders needs
3. Product vision
4. Long-term schedule and milestones
5. Project organization
6. Business Case and preliminary budget
7. Risks
However, project managers have to consider some
bias and detailed aspects inherent with the definition of performance indices.
(Book p. 139-140)
One is that during the first stages of a project, because of the little number of
performed activities, the CI fluctuates and tends to stabilize by the time the project
is 20% complete (Lipke 2005). Thus, the CI can be considered as a reliable source
of performance information and future indication only from that date. Furthermore,
the CI is likely to worsen from that point in time as the project progresses because
of schedule delay, rescheduling and rework, which increase as more activities
unfold
Another is about the SI calculation metrics (Eq. 8.5b): as far as the project
progresses the SI tends to get close to 1 even if the project is behind schedule.
Indeed, at the finish date when the work performed (WP) equals the work scheduled
(WS), the schedule variance is nil and the schedule index is 1. As a result, the SI
and the associated formulae are useful until the project is no more than 70–80%
complete
In light of the consideration that growing expenditures involves declining control,
it may be concluded that project monitoring is a valuable support to project
control decisions and actions when the project is from 20 to approximately 70–80%
complete, which is actually the most effective period to take project control actions.
Earlier adjustments may rely on blind performance assessment, while later decisions
may be ineffective, expensive and even get things worse.
Formula CEAC
(Book p. 137)
Original: future remaining cost will be in line with the budget (optimistic - assuming that cost overruns are old problems and will not incur in the future)
Revised: Better (assumes that the project future will, at least, reflect the past performance, if no corrective actions are undertaken)
What are the SCRUM-Roles of the Scrum Framework
(6.1 - Agile PM, p. 10-13)
Product owner
SCRUM-Master
Scrum-Team
What is the main focus (parts of the philosophy) of Agile-PM
(6.1 - Agile PM, p. 2,5)
Ability to create and respond to change in order to profit in a turbulent global business environment
Ability to quickly reprioritize use of resources when requirements, technology, and knowledge shift
Fast response to sudden market changes and emerging threats, by intensive customer interaction
incremental, and iterative delivery to converge on an optimal customer solution
The product is developed according to limited duration cycles and delivered in incremental portions
Maximizing the business value with right-sized, just enough, and just in time processes and documentation
How can the stakeholders (roles) of a project can be defined / mapped?
(1.2 - Initiating, p. 35)
can be presented with a matrix that identifies the interest of each stakeholder with respect to its power to influence the results
or the stakeholders' expectations in relation to their ability to facilitate its success
Defintion Project Risk
(3.0 - Project Risk Management, p. 3)
uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives
Defintion Project Risk Management
(3.0 - Project Risk Management, p. 3, 5)
PRM includes the processes concerned with conducting RM planning, identification, analysis, responses, and monitoring and control on a project
Systematic process of identifying, analyzing and responding to project risk
Includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives (PMI)
What are the objectives of Project Risk Management
(3.0 - Project Risk Management, p. 4)
Increase the probability and impact of positive events
Decrease the probability and impact of negative events
Identify and prioritize risks in advance of their occurrence
Provide action-oriented information to project managers
What are the steps of Identifying Risks
Cause
Risk
Effect
What are the steps of the PRM process
(p. 17)
Plan RM
Identify Risk
Perfom Qualitative Risk Analysis
Perform quantitativ Risk Analysis
Plan Risk Responses
Monitor and Control Risks
Name the risk response strategies in the correct order
(Book p. 134)
Basically, responses to be used against risk may be drawn in four strategic directions. Avoidance and mitigation are typically risk preventive strategies that allow to minimize risk before it happens.
Avoid: Most simplistic and often the most practical method
Migitate
Mitigation involves a range of activities designed to reduce project risk. These activities include scheduling risky tasks out of the project critical path, allocating resources in order to minimize negative impacts, as well as holding frequent update meetings on important project aspects among others
Transfer
Transferring risk to other stakeholders
The use of insurance policies will transfer risk onto the insurer. The obvious downside is the risk premium, which represents the cost of the counter measure, as presented in the previous paragraph. Types of insurance common in the construction industry include general builder’s risk insurance as well as general liability insurance. Non-insurance transfers can be completed through the hiring of sub-contractors as well as through contract clauses.
Accept
The least desirable response is to accept full risk. Even though the risk is “accepted” there are still options available in order to minimize the impact from this risk. Monitoring plans devoted to those risky activities should be created. These plans should consider recovery and determined resources necessary to mitigate the impacts. For each risk an accurate probability of the risk occurring as well as its impact (financial or schedule) must be determined. Counter measures must be clearly defined—actions to be taken, responsible persons for initiating these actions, and the residual effects even after the actions are taken. In addition, contingency funds or materials, depending on the task, should be allocated to provide for a proper response. Finally, accepting risk may be an interesting option if a proper risk premium is paid to the party who- shoulders the risk
Risk Response Plan
The total cost of a risk response budget equals summation of the cost of all risk
preventive actions and the cost contingency budget
How to encourage the Hybrid Approach
(p. 23)
Have a Project Manager to help the Agile roles
Initiate the project and make the long term planning using the traditional approach
Monitor the performance of your project
Have the Agile roles on the technical side while the Project Manager on the management side
Describe the Hybrid Approach
Use an iterative approach to break up large projects into smaller chunks, develop the high-level requirements and plan upfront, and continue to refine the requirements and plan with each iteration.
Prioritize requirements to ensure that the most essential requirements are done first to accelerate the delivery of the most important capabilities.
Develop a higher level of engagement of business users in the oversight of the development effort, and develop a more flexible and adaptive approach to requirements definition if necessary.
Integrate Quality testing into the development effort and adopt the agile principle that deliverable is not “done” until it is tested
Use agile/lean technical practices to improve development productivity.
A “deterministic chaos” environment along the project is not an exception, but a
necessary way of management.
Whats the IRR
Internal Rate of Return
Discount rate required to achieve an NPV of zero for a given stream of cash flows.
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