Podcast
Questions and Answers
Which of the following components are part of the Project Management Triangle?
Which of the following components are part of the Project Management Triangle?
What is not typically considered when assessing project success?
What is not typically considered when assessing project success?
Which of the following is not a key principle of Agile Project Management?
Which of the following is not a key principle of Agile Project Management?
Under which circumstance would Agile Project Management be least effective according to Stacy’s Complexity matrix?
Under which circumstance would Agile Project Management be least effective according to Stacy’s Complexity matrix?
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Which of the following categories does not belong to the waste identified in Lean software development?
Which of the following categories does not belong to the waste identified in Lean software development?
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What is the present value of projected cash flows of €60,000, €70,000, and €80,000 with a discount rate of 2 percent?
What is the present value of projected cash flows of €60,000, €70,000, and €80,000 with a discount rate of 2 percent?
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Which project has a more favorable payback period based on cash flow?
Which project has a more favorable payback period based on cash flow?
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What does the 'W' in MoSCoW prioritization stand for?
What does the 'W' in MoSCoW prioritization stand for?
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How does the calculation of the WSJF score impact the backlog prioritization?
How does the calculation of the WSJF score impact the backlog prioritization?
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What are the components required to create an activity-on-node network diagram?
What are the components required to create an activity-on-node network diagram?
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What is the definition of Velocity in the context of Agile development?
What is the definition of Velocity in the context of Agile development?
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Which factors can influence a team's Velocity in Agile projects?
Which factors can influence a team's Velocity in Agile projects?
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Study Notes
Project Management Triangle and Software Projects
- The Project Management Triangle combines scope, time, and cost.
- Understanding their relative importance helps control software projects.
- Balancing these elements is crucial for success. Adjustments in one often necessitate changes in others.
- Example: A project needing extra features (scope) might imply more time or increased cost.
Project Success Metrics Beyond Scope, Time, and Cost
- Four additional project success metrics include:
- User satisfaction
- Quality of delivered software
- Project team morale and productivity
- Alignment with business objectives.
Agile Project Management
- Agile Project Management is an iterative approach prioritizing flexibility and collaboration.
- Key Principles:
- Customer satisfaction through early and continuous software delivery.
- Embrace change to leverage it for customer competitive advantage.
- Functioning software delivered frequently (weeks rather than months).
- Collaboration between business people and developers throughout the project.
- Motivated individuals empowered to achieve exceptional results.
- Frequent and efficient communication.
- Technical excellence and close attention to technical details.
- Sustainable development to maintain a constant development pace.
- Continuous attention to detail, quality and design.
Agile Project Management and Stacy's Complexity Matrix
- Agile project management works best in projects with high complexity, uncertainty, and changing requirements. Stacy's Complexity Matrix categorizes these factors.
- In such projects, adaptability and flexibility offered by Agile are highly beneficial.
Lean Software Development Waste
- Lean software development emphasizes waste minimization.
- Four categories of waste in software projects:
- Overproduction: Producing more than necessary, leading to unnecessary storage and rework.
- Waiting: Delays in development due to dependencies or bottlenecks.
- Transportation: Unnecessary travel or communication between teams, decreasing efficiency.
- Inventory: Accumulating large amounts of software code or unused resources.
Value-Driven Delivery - NPV and Payback
- Present Value: Discounting future cash flows to determine their current worth.
- Net Present Value (NPV): The difference between the present value of cash inflows and the initial investment.
- A positive NPV implies the project is financially attractive.
- Payback Period: The time needed for a project to recoup its initial investment.
- Favourable projects have faster payback periods.
Work in Progress (WIP)
- Limiting WIP reduces lead time and allows for earlier delivery of value to the customer.
- Little’s Law: Throughput = Work in Progress / Lead Time
DEEP Backlog Characteristics
- A well-managed backlog adheres to the DEEP characteristics for efficient management:
- Defined: Tasks are clearly defined, avoiding ambiguity.
- Estimable: Tasks are estimated accurately.
- Prioritized: Tasks are ranked in order of their value and impact.
- Evaluated: Progress is continuously assessed to identify issues and adjust accordingly.
- Time-boxed: Tasks are assigned realistic timelines for completion.
Backlog Prioritization - MoSCoW
- A prioritization technique where items are categorized as Must have, Should have, Could have, and Won't have.
Backlog Prioritization - WSJF
- Weighted Shortest Job First (WSJF) prioritization is based on value, risk, time, and size.
- WSJF is calculated using a formula that combines these factors.
Activity-on-Node (AON) Network Diagram
- An AON network diagram illustrates tasks, dependencies, and estimated durations.
- Essential for project planning and scheduling tasks like T1, T2, T3, etc.
Agile Planning - Velocity
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Velocity is the rate at which a team completes a specific amount of work (e.g., story points) in a given iteration.
- Measuring progress over time
- Predicting future efforts based upon recent performance
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Importance: Velocity helps predict the amount of work a team can handle and set realistic goals.
Agile Planning - Factors Influencing Velocity
- Team members' experience and expertise.
- Project complexity and the scope of task.
- Team motivation and the work environment.
Agile Planning - Project Progress (Iterations)
- The table shows a project proceeding through 3 iterations.
- Use the provided data to calculate values A, B, C, and D.
Agile Planning - Release Burn-down Chart
- Depicts the remaining work in a graphical format.
- This visualization helps predict and track project completion.
Agile Planning - Upward Trends on Burn-Down Chart
- Two scenarios that cause upward trends in an iteration burn-down chart are:
- Estimations became overly optimistic.
- Unforeseen problems arose that delayed or complicated work.
Stakeholder Management - Power-Interest Grid
- A tool to identify and categorize stakeholders based on their influence and interest in the project.
Stakeholder Management - Engagement Assessment Matrix
- Positions stakeholders based on current and desired engagement levels.
Stakeholder Management - Interpersonal Skills
- Four vital interpersonal skills for stakeholder management:
- Effective communication (with stakeholders).
- Active listening
- Collaboration across different groups, or individuals.
- Conflict resolution.
Stakeholder Management - Communication Channels
- Reducing the number of stakeholders reduces the number of total communication channels.
Decision Trees and Expected Monetary Value (EMV)
- Using decision trees to model options helps evaluate the risk, costs, and potential.
- EMV considers the expected outcome of various decisions (or different solutions).
- Useful for determining which option offers the highest return or benefit (after accounting for the possibility of failure).
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Description
Explore the Project Management Triangle, crucial for balancing scope, time, and cost in software projects. Learn about additional success metrics such as user satisfaction and the key principles of Agile Project Management. This quiz dives into managing software projects effectively in a dynamic environment.
