Podcast
Questions and Answers
Match the following benefits of risk management with their descriptions:
Match the following benefits of risk management with their descriptions:
Reduced Uncertainty = Identifying and understanding potential risks reduces project uncertainty and allows for better decision-making. Improved Cost and Schedule Management = Addressing risks upfront helps prevent costly setbacks and schedule delays. Enhanced Stakeholder Satisfaction = Open communication and proactive risk management build trust and confidence with stakeholders. Why Projects Fail Planning & goal related factors = Unclear goals: Vague or poorly defined goals can lead to misaligned efforts and ultimately a disappointing outcome.
Match the following reasons for project failure with their descriptions:
Match the following reasons for project failure with their descriptions:
Unrealistic or ambitious scope = Trying to pack too much into the project or setting unrealistic deadlines can lead to burnout, missed deadlines, and ultimately failure. Inadequate planning = Skipping crucial planning steps like budgeting, resource allocation, and risk assessment can leave the project vulnerable to unexpected challenges. People & Team related factors = Incompetent or unmotivated team: Lack of skills, experience, or motivation within the team can hinder progress and cause delays. Poor communication = Miscommunication or lack of transparency can lead to misunderstandings, errors, and conflict within the team.
Match the following issues related to leadership with their descriptions:
Match the following issues related to leadership with their descriptions:
Incompetent or unmotivated team = Lack of skills, experience, or motivation within the team can hinder progress and cause delays. Poor communication = Miscommunication or lack of transparency can lead to misunderstandings, errors, and conflict within the team. Leadership issues = Ineffective leadership or lack of clear direction can leave the team confused and unfocused. Unclear goals = Vague or poorly defined goals can lead to misaligned efforts and ultimately a disappointing outcome.
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Study Notes
Project Failure Factors
- Projects may fail due to irrelevant problems, lack of success metrics, or outcomes that don't contribute to success.
- Wrong team members can hinder progress and quality due to lack of relevant skills, experience, or expertise.
- Poor team dynamics can lead to conflict, trust issues, communication breakdowns, and reduced productivity.
- Lack of measures for evaluating success makes it impossible to assess progress, identify issues, or manage expectations.
Project Phases
- 5 Process Groups or Phases:
- Initiating: Defines the mission and objectives of the project through the Project Charter.
- Planning: Develops the project plan, outlining scope, schedule, budget, resources, and quality requirements.
- Agile SDLC model phases:
- Requirement Gathering and Analysis
- Planning
- Design
- Implementation (Coding)
- Testing (Unit testing and Acceptance testing)
- Phases are conducted in short bursts of work called sprints.
Agile Principles
- Establish close contact with the customer during development.
- Rely on working software deployment rather than comprehensive documentation.
- Frequent delivery of incremental versions of the software.
- Encourage requirement change requests from the customer.
- Emphasize efficient team members and enhanced communications.
- Recommend small development team size (5 to 9 people).
- Agile development process usually deploys Pair Programming.
Agile Advantages
- Customer Satisfaction: Early and frequent delivery, adapting to evolving needs, and continuous feedback.
- Quality & Risk Reduction: Focus on quality, early issue detection, and scope management.
- Team Collaboration: Emphasis on communication, empowerment, and rapid feedback.
Common Pitfalls
- Hole Creep: Project team members falling behind schedule but reporting they're on schedule.
- Effort Creep: Team members working but not making progress proportionate to the work expended.
- Feature Creep: Arbitrarily adding features and functions to the deliverable without client specification.
Project Cost Management
- Focuses on planning, estimating, budgeting, monitoring, and controlling project costs to stay within approved budget limits.
- Key processes:
- Plan Cost Management: Establishes the cost management framework.
- Estimate Costs: Predicts resources and costs needed for each project activity.
- Determine Budget: Aggregates activity cost estimates into a total project budget.
- Control Costs: Tracks actual costs against the budget and identifies variances.
Critical Path Method
- Calculates the longest sequence of dependent tasks to determine project duration.
- Steps:
- Forward pass: Calculate earliest start time (EST) and earliest finish time (EFT) for each activity.
- Backward pass: Calculate latest start time (LST) and latest finish time (LFT) for each activity.
- Analyze float and slack to manage buffer time and priorities.
Task Block Notation
- Advantages:
- Clear focus on tasks impacting project completion.
- Realistic scheduling based on task dependencies and durations.
- Proactive planning for potential bottlenecks.
- Improved communication for stakeholders.
- Disadvantages:
- Requires effort to set up and analyze.
- Assumes task certainty, which may not be realistic for high-risk projects.
- Often requires specialized software.
Risk Management
- Identifying and understanding potential risks reduces project uncertainty and allows for better decision-making.
- Addressing risks upfront helps prevent costly setbacks and schedule delays.
- Open communication and proactive risk management build trust and confidence with stakeholders.
Why Projects Fail
- Planning and goal-related factors:
- Unclear goals.
- Unrealistic or ambitious scope.
- Inadequate planning.
- People and team-related factors:
- Incompetent or unmotivated team.
- Poor communication.
- Leadership issues.
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