30 Questions
What is the main difference between a dictator and a leader?
Leaders inspire people to want to do something, dictators force them to do it
What is defined as making an unsolicited contribution to the organization?
Management
What is essential for a project manager dealing with people?
Both leadership and management skills
How do leaders ensure continued work after turning their back, as per the text?
By getting people to want to work willingly
Why does a project manager need to exercise leadership according to the text?
To get people to perform without constant supervision
Which word is emphasized in the definition of leadership provided in the text?
'Want'
What is the main difference between risk analysis and risk identification?
Risk analysis determines the likelihood of risks occurring, while risk identification lists the potential risks.
What is the purpose of a risk register?
To store information about identified risks and their characteristics.
Which of the following is NOT a key component of risk management?
Risk analysis
Why is risk analysis considered more of an art than an exact science?
Because it involves subjective assessments of likelihood and impact.
What is the main benefit of conducting thorough risk analysis?
It allows project managers to minimize and manage risk more effectively.
How does risk identification differ from risk analysis?
Risk identification lists potential risks, while risk analysis determines the likelihood and impact of those risks.
What does the sponsor typically dictate for a project?
The project's constraints for cost, time, scope, and performance
Which of the following equations represents the relationship among the project constraints?
C = f(P, T, S)
According to the geometric analogy, if the sponsor assigns values for three project constraints, what should the project manager determine?
The project's remaining constraint
If the sponsor requires specific performance, time, and scope parameters, what should the project manager determine?
The project's budget
What is the practical rule of project management mentioned in the text?
The sponsor can assign values to any three variables, and the project manager must determine the remaining one.
Which statement is true?
Dictating all four project constraints by the sponsor doesn't work.
What is the primary purpose of a lessons-learned review?
To learn from past experiences and prevent repeating mistakes
According to the passage, why do organizations often avoid lessons-learned reviews?
Both A and B
What is the primary consequence of not conducting lessons-learned reviews?
All of the above
According to the passage, what characteristic will be essential for organizations to survive and thrive in the future?
Learning faster than their competitors
What does the author imply about the steps in managing a project?
They are straightforward and easy to follow
Which of the following is not mentioned in the passage as a reason for avoiding lessons-learned reviews?
Belief that they are a waste of time and resources
What is the primary focus when creating a multiproject risk plan?
Identifying the coordination points between projects
What is the purpose of a portfolio or program risk plan?
To supplement and enhance the individual project risk plans
What is a useful tool for managing risks across multiple projects?
A risk matrix
How does a risk matrix help in risk management?
It plots risks according to probability and negative impact
What is the purpose of a risk register?
To manage actions taken regarding accepted risks
How can a risk matrix be enhanced in a multiproject environment?
By color-coding individual risks as they apply to each project
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.
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.
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