Podcast
Questions and Answers
What is the main difference between a dictator and a leader?
What is the main difference between a dictator and a leader?
What is defined as making an unsolicited contribution to the organization?
What is defined as making an unsolicited contribution to the organization?
What is essential for a project manager dealing with people?
What is essential for a project manager dealing with people?
How do leaders ensure continued work after turning their back, as per the text?
How do leaders ensure continued work after turning their back, as per the text?
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Why does a project manager need to exercise leadership according to the text?
Why does a project manager need to exercise leadership according to the text?
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Which word is emphasized in the definition of leadership provided in the text?
Which word is emphasized in the definition of leadership provided in the text?
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What is the main difference between risk analysis and risk identification?
What is the main difference between risk analysis and risk identification?
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What is the purpose of a risk register?
What is the purpose of a risk register?
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Which of the following is NOT a key component of risk management?
Which of the following is NOT a key component of risk management?
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Why is risk analysis considered more of an art than an exact science?
Why is risk analysis considered more of an art than an exact science?
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What is the main benefit of conducting thorough risk analysis?
What is the main benefit of conducting thorough risk analysis?
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How does risk identification differ from risk analysis?
How does risk identification differ from risk analysis?
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What does the sponsor typically dictate for a project?
What does the sponsor typically dictate for a project?
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Which of the following equations represents the relationship among the project constraints?
Which of the following equations represents the relationship among the project constraints?
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According to the geometric analogy, if the sponsor assigns values for three project constraints, what should the project manager determine?
According to the geometric analogy, if the sponsor assigns values for three project constraints, what should the project manager determine?
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If the sponsor requires specific performance, time, and scope parameters, what should the project manager determine?
If the sponsor requires specific performance, time, and scope parameters, what should the project manager determine?
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What is the practical rule of project management mentioned in the text?
What is the practical rule of project management mentioned in the text?
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Which statement is true?
Which statement is true?
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What is the primary purpose of a lessons-learned review?
What is the primary purpose of a lessons-learned review?
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According to the passage, why do organizations often avoid lessons-learned reviews?
According to the passage, why do organizations often avoid lessons-learned reviews?
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What is the primary consequence of not conducting lessons-learned reviews?
What is the primary consequence of not conducting lessons-learned reviews?
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According to the passage, what characteristic will be essential for organizations to survive and thrive in the future?
According to the passage, what characteristic will be essential for organizations to survive and thrive in the future?
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What does the author imply about the steps in managing a project?
What does the author imply about the steps in managing a project?
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Which of the following is not mentioned in the passage as a reason for avoiding lessons-learned reviews?
Which of the following is not mentioned in the passage as a reason for avoiding lessons-learned reviews?
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What is the primary focus when creating a multiproject risk plan?
What is the primary focus when creating a multiproject risk plan?
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What is the purpose of a portfolio or program risk plan?
What is the purpose of a portfolio or program risk plan?
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What is a useful tool for managing risks across multiple projects?
What is a useful tool for managing risks across multiple projects?
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How does a risk matrix help in risk management?
How does a risk matrix help in risk management?
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What is the purpose of a risk register?
What is the purpose of a risk register?
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How can a risk matrix be enhanced in a multiproject environment?
How can a risk matrix be enhanced in a multiproject environment?
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Study Notes
Leadership and Management
- A project manager's job is mostly about dealing with people, so it's essential to exercise leadership as well as management skills.
- Leadership is the art of getting others to want to do something that you believe should be done.
- The key difference between leaders and dictators is that leaders get people to want to do things, whereas dictators get people to do things through control.
- Leaders can get people to perform without close supervision, which is necessary in projects.
Risk Management
- Risk analysis is the process of figuring out how likely a risk will arise in a project and how it will impact the project in terms of schedule, quality, and costs.
- Risk analysis is not an exact science, but rather an art.
- There are two ways to analyze risk: quantitative and qualitative.
- Risk identification is the process of listing all potential project risks and their characteristics.
- Risk management is the overall process of minimizing and managing risk, including risk identification, risk assessment, risk response development, and risk response control.
Causes of Project Failures
- One common cause of project failures is that the project sponsor demands that the project manager must finish the job by a certain time, within budget, and at a given magnitude or scope, while achieving specific performance levels.
- This approach doesn't work because the relationship among the project constraints (cost, performance, time, and scope) is interdependent.
- The project sponsor can assign values to any three variables, but the project manager must determine the remaining one.
Lessons-Learned Reviews
- A lessons-learned review should never be conducted in a blame-and-punishment mode.
- The purpose of a lessons-learned review is to identify what went well and what didn't, so that improvements can be made.
- Few organizations conduct regular lessons-learned reviews, and this can lead to repeating mistakes made in previous projects.
Managing a Project
- The actual steps in managing a project are straightforward.
- A standard multiproject risk plan can be created by identifying coordination points.
- The Six-Step focus should be on the coordination points exclusively.
- In reality, you focus on creating a risk plan for each project individually to manage intraproject risks and then turn your attention to the coordination points and perform the same process to manage interproject risks.
Risk Matrix
- A risk matrix is a useful tool when managing many risks across projects.
- The risk matrix will help you plot your risks in quadrants according to probability and negative impact.
- Once the threats have been plotted onto the risk matrix, an H-M-L prioritization can be applied, where the highest-priority risks are positioned toward the upper right corner and lower-priority ones toward the lower left.
- You can then color-code individual risks as they apply to each project.
Risk Register
- The risk register is a useful tool in managing actions taken regarding accepted risks to the project.
- The risk register shows the risks, their characteristics, and the actions taken to mitigate them.
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Description
Learn about common causes of project failures, such as sponsor demands that conflict with project constraints. Explore the relationship among project constraints in order to understand potential reasons for project failures.