Project Management Overview and Portfolio Management
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Project Management Overview and Portfolio Management

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Questions and Answers

What is the primary benefit of evaluating projects before and after completion?

  • Identify business benefits (correct)
  • Lower operational costs
  • Reduce project timelines
  • Increase human resource allocation

    • The project funnel aims to generate fewer ideas than will be applied.

    False

    Name one criterion used for portfolio decisions.

    Fit with business strategy

    The person responsible for organizing the portfolio management is called the ______.

    <p>portfolio manager</p> Signup and view all the answers

    Match the role with its description:

    <p>Portfolio Sponsor = Senior manager responsible for the portfolio Portfolio Manager = Organizes the portfolio management Portfolio Analyst = Provides strategic overviews of the portfolio Senior Managers = Play important roles in managing the entire portfolio</p> Signup and view all the answers

    Which of the following is NOT a human aspect of portfolio management?

    <p>Market type</p> Signup and view all the answers

    Time to completion is a criterion used for assessing projects within a portfolio.

    <p>True</p> Signup and view all the answers

    List one of the first steps in the process of project portfolio management.

    <p>Establish a project council</p> Signup and view all the answers

    Which of the following is NOT a crucial aspect of portfolio management?

    <p>Cost effectiveness</p> Signup and view all the answers

    Stakeholders are only those within the organization.

    <p>False</p> Signup and view all the answers

    What is meant by portfolio management?

    <p>Doing the right projects in the right way.</p> Signup and view all the answers

    What is one of the primary purposes of a Project Management Office (PMO)?

    <p>To consolidate and simplify project data</p> Signup and view all the answers

    The classification of stakeholders can be represented using a __________ grid.

    <p>power interest</p> Signup and view all the answers

    The PMO is primarily responsible for executing the project's tasks.

    <p>False</p> Signup and view all the answers

    Which of the following best describes stakeholders?

    <p>Those who can influence or are influenced by a project.</p> Signup and view all the answers

    Name one typical task performed by a PMO.

    <p>Risk analysis</p> Signup and view all the answers

    Match the following terms related to project portfolio management:

    <p>Strategic fit = Alignment with organizational goals Value added = Benefits derived from the project Portfolio risks = Potential challenges and uncertainties Stakeholder management = Managing influences and interests of stakeholders</p> Signup and view all the answers

    The decision on the appropriate organizational form is influenced by the characteristics of potential projects and the cultural preferences of the __________ organization.

    <p>parent</p> Signup and view all the answers

    Why is portfolio management considered a complex process?

    <p>It has many interactions with multiple layers of the organization.</p> Signup and view all the answers

    Match the following project organization options with their examples:

    <p>Development of a new product = Project team-based organization Upgrading the BrightSpace system = Functional organization Building an artificial island = Matrix organization</p> Signup and view all the answers

    Shareholders and stakeholders refer to the same group of individuals.

    <p>False</p> Signup and view all the answers

    What type of project management method is PRINCE2?

    <p>Prescriptive</p> Signup and view all the answers

    PM-BOK is prescriptive in nature.

    <p>False</p> Signup and view all the answers

    What is one key area that PM-BOK covers that PRINCE2 does not?

    <p>Interpersonal skills</p> Signup and view all the answers

    The main focus of project management is managing __________.

    <p>change</p> Signup and view all the answers

    Match the following project management practices with their characteristics:

    <p>PRINCE2 = Prescriptive project management method PM-BOK = Non-prescriptive good practices Project organization = Focus on structure and roles Risk management = Identifying and controlling potential issues</p> Signup and view all the answers

    Which of the following describes a characteristic of project management?

    <p>Multi-disciplinary approach</p> Signup and view all the answers

    PRINCE2 covers all roles within project management.

    <p>True</p> Signup and view all the answers

    What does the acronym MOOC stand for?

    <p>Massive Open Online Course</p> Signup and view all the answers

    The book 'Management of Engineering Projects' can be purchased at __________ during office hours.

    <p>CEG 6.49</p> Signup and view all the answers

    When is the next lecture scheduled?

    <p>Thursday</p> Signup and view all the answers

    Students are required to buy the book before September 20.

    <p>True</p> Signup and view all the answers

    Name one document to be submitted for the course.

    <p>Project success and stakeholder management</p> Signup and view all the answers

    The course is run by __________.

    <p>Ranjith Soman and Marian Bosch-Rekveldt</p> Signup and view all the answers

    Which of the following is a focus of project risk management?

    <p>Identifying potential issues</p> Signup and view all the answers

    What does the Opportunity Statement define?

    <p>What the opportunity is</p> Signup and view all the answers

    The strategic fit indicates that an opportunity may not support the company strategy.

    <p>False</p> Signup and view all the answers

    What is the role of the 'Framing Team' in a project?

    <p>To define and frame the project opportunity and guiding strategies.</p> Signup and view all the answers

    The stakeholders' _____ & support influence the project's success.

    <p>interest</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Value Drivers = Factors that contribute to the value of the project CSFs = Critical Success Factors Opportunity Statement = Statement defining what the opportunity is Stakeholder Analysis = Identification of the project's stakeholders</p> Signup and view all the answers

    Which group is considered a low influence stakeholder?

    <p>Local Residents</p> Signup and view all the answers

    CSFs are defined as the factors that ensure a project is on track to success.

    <p>True</p> Signup and view all the answers

    What does the term 'Mature Tactics' refer to?

    <p>Tactics that are well-developed and effectively implemented in a project.</p> Signup and view all the answers

    The project's _______ must align with company strategy for successful integration.

    <p>venture strategy</p> Signup and view all the answers

    What would be a good measure of success for a project?

    <p>Completion within budget and timeframe</p> Signup and view all the answers

    Contractors and suppliers are high-interest stakeholders that can influence a project's outcome.

    <p>True</p> Signup and view all the answers

    Who is responsible for guiding the team through project phases?

    <p>The Facilitator</p> Signup and view all the answers

    Stakeholder analysis assesses the _____ and support of various project stakeholders.

    <p>power</p> Signup and view all the answers

    Match the following stakeholders with their influence level:

    <p>Landowners = High Employees = Medium NGOs = High Local Council = Medium</p> Signup and view all the answers

    Which of the following is a reason for involving stakeholders in a project?

    <p>To enhance project performance</p> Signup and view all the answers

    Stakeholders are only individuals from outside the organization.

    <p>False</p> Signup and view all the answers

    Name one key success criterion for the Notre-Dame Cathedral Restoration project.

    <p>Timely completion of restoration</p> Signup and view all the answers

    The stakeholders' _____ & support influence the project's success.

    <p>interest</p> Signup and view all the answers

    Match the following components of stakeholder analysis with their descriptions:

    <p>Goals = What stakeholders aim to achieve Power = The ability to influence project outcomes Attitude = Stakeholder's feelings towards the project Interest = The level of concern stakeholders have about the project</p> Signup and view all the answers

    Which of the following is a key characteristic of a project?

    <p>It is temporary</p> Signup and view all the answers

    A project must always have clear solutions from the start.

    <p>False</p> Signup and view all the answers

    What defines whether an activity is a project or not in project management?

    <p>It must be unique, temporary, and focused.</p> Signup and view all the answers

    Projects often have __________ that drive urgency to complete tasks.

    <p>deadlines</p> Signup and view all the answers

    Match the project types with their characteristics:

    <p>Building a bridge = Yes Moving house = Yes Flight from Amsterdam to Paris = No Supply of new goods to a supermarket = No</p> Signup and view all the answers

    What is one example of a project mentioned in the content?

    <p>Building a bridge</p> Signup and view all the answers

    Stakeholders in a project always share similar interests.

    <p>False</p> Signup and view all the answers

    Name one factor that ensures a project is

    <p>Critical Success Factors (CSFs)</p> Signup and view all the answers

    Which of the following is NOT a crucial aspect of portfolio management?

    <p>Timeline adherence</p> Signup and view all the answers

    Portfolio risks are related to uncertainties that are outside the organization's control.

    <p>True</p> Signup and view all the answers

    What should be included in a business case of a project?

    <p>Management summary, project description, reasons for the project, expected benefits, expected costs, business risks, recommendation.</p> Signup and view all the answers

    Projects in a portfolio should be aligned with the organization's __________.

    <p>corporate strategy</p> Signup and view all the answers

    Match the following aspects of portfolio management to their descriptions:

    <p>Strategic fit = Alignment with corporate strategy Value added = Benefits that increase organizational value Portfolio risks = Uncertainties related to external factors</p> Signup and view all the answers

    What is the primary concern of resource availability in portfolio management?

    <p>Prioritizing projects and sharing resources</p> Signup and view all the answers

    If projects share data and technology, they are more likely to become linked and interdependent.

    <p>True</p> Signup and view all the answers

    Name one type of risk involved with portfolio management.

    <p>Portfolio risks.</p> Signup and view all the answers

    What characterizes a programme in project management?

    <p>A group of related projects managed in a coordinated way.</p> Signup and view all the answers

    A project can be defined as a series of unrelated tasks.

    <p>False</p> Signup and view all the answers

    What is the primary purpose of portfolio management?

    <p>To facilitate the effective management of projects and programmes to meet strategic objectives.</p> Signup and view all the answers

    A portfolio is a collection of projects and/or programmes grouped together to _____ and achieve business objectives.

    <p>facilitate effective management</p> Signup and view all the answers

    Which is an example of a project?

    <p>Developing a specific software product.</p> Signup and view all the answers

    Match the following terms with their definitions:

    <p>Project = A unique endeavor with specific objectives Programme = A group of related projects managed together Portfolio = A collection of projects and programmes for strategic management Stakeholder = An individual or group with an interest in the project's outcome</p> Signup and view all the answers

    Stakeholders can only include individuals within the organization.

    <p>False</p> Signup and view all the answers

    Name a challenge currently faced in project management.

    <p>Tying projects to organization's goals and strategy.</p> Signup and view all the answers

    What is a crucial element for effective teamwork?

    <p>Affective trust</p> Signup and view all the answers

    Absence of conflict within a team always indicates a harmonious environment.

    <p>False</p> Signup and view all the answers

    What are virtual teams often challenged by?

    <p>Language and cultural differences, time zones, and setting priorities.</p> Signup and view all the answers

    Constructive conflicts are required to some extent as __________ is not harmony, it is apathy.

    <p>absence of conflicts</p> Signup and view all the answers

    Match the following team roles with their characteristics:

    <p>Coordinator = Ensures team objectives are clear Plant = Generates creative ideas Shaper = Challenges the team's thinking Team Worker = Supportive and cooperative</p> Signup and view all the answers

    Which of the following aspects does project management influence?

    <p>Soft matters</p> Signup and view all the answers

    Clear elevating goals are not necessary for effective teamwork.

    <p>False</p> Signup and view all the answers

    What is one principle that enhances a collaborative climate in a team?

    <p>Unified commitment.</p> Signup and view all the answers

    Study Notes

    Project Management Overview

    • PRINCE2 is a prescriptive, highly structured approach aiming to manage all project management roles, while PM-BOK is a collection of good practices, non-prescriptive and targets Project Managers
    • Project Management is multi-disciplinary, relies heavily on various handbooks, and is practitioner-based, with professionalization still evolving
    • Project Management (PM) focuses on managing change and associated conflicts

    Portfolio Management and Stakeholder Management

    • Portfolio Management involves selecting and managing a collection of projects to achieve the organization's strategic goals, ensuring that the projects align with the organization's strategy
    • Portfolio management is about doing the right projects in the right way, considering aspects like strategic fit, value, and risks
    • There are numerous ways to select a portfolio, and the complexity arises from the interrelation with various organizational layers
    • Stakeholder management is about identifying and managing individuals or groups who can influence, or are influenced by, the project.
    • Stakeholders can be internal to the organization, or external
    • Their influence (power), interest, and support (attitude) are key factors in stakeholder management
    • Power-interest grid is a tool to classify stakeholders based on influence and interest.

    Project Organization and Project Manager

    • Organizing projects can be achieved through various structures, such as Functional, Matrix, Projectized, and Dedicated
    • Project Management Office (PMO) is a supporting element in a project, providing support for the project manager, including:
      • process establishment
      • transfer of lessons learned
      • data consolidation and simplification
      • reporting on project progress
    • There are various types of tasks a typical PMO is involved in: building processes, risk analysis, project control, report generation, contract execution, software selection, enterprise project management systems, consulting services, legal aspects, among others.
    • Organizational structure choice depends on the situational factors, project characteristics, and cultural preferences of the parent organization.
    • To determine suitable project organization, consider the factors like product development, system upgrading, and building projects.

    Opportunity Management Framework

    • Strategic Fit: An opportunity should align with the company, venture, and divisional strategies.
    • Opportunity Statement: Defines the opportunity's purpose and aligns with strategic goals.
    • Measures of Success: Quantifiable metrics, such as financial returns and market penetration, used to evaluate the opportunity's success.
    • Value Drivers: Key factors that contribute to the opportunity's success, such as cost reduction or market expansion.
    • Critical Success Factors (CSFs): Essential elements to achieve value drivers, such as regulatory approval or technology adoption.
    • Action Plan: Outlines a roadmap with specific actions, timelines, and responsible parties to execute the opportunity.

    Stakeholder Management

    • Stakeholders: Individuals or groups who have an interest in the opportunity and can either help or hinder its success.
    • Stakeholder Analysis: Categorizes stakeholders based on their power and influence, as well as interest and support.
    • Power: The ability to influence decision-making.
    • Influence: Capability to sway opinions and actions.
    • Interest: Level of concern and motivation in the outcome.
    • Support: Level of agreement and commitment to the opportunity.
    • Categories: Shapers, Influencers, Control, and Dependent.

    Strategic Decision-Making

    • Strategic decisions: High-level choices that impact the long-term direction of the opportunity.
    • Tactics: Secondary decisions that support strategic choices and can be adjusted later.
    • Maturity: Reflects the level of certainty and clarity about the opportunity.
      • Mature: Well-defined, with clear objectives, plans, and execution pathways.
      • Immature: Concept phase, with ongoing exploration and refinement.
    • Project Location: Determines the opportunity's geographic scope and potential impact.

    Project Management Phases

    • Identify: Recognizes, defines, and evaluates potential opportunities.
    • Select: Chooses the most promising opportunities based on feasibility and strategic fit.
    • Define: Develops detailed plans, scopes, and resource requirements.
    • Execute: Implements the actions outlined in the plan.
    • Operate: On-going management and adaptation of the opportunity based on performance.
    • Assess: Reviews the opportunity's progress, measures success against set metrics, and identifies areas for improvement.

    What is a Project?

    • A project is a unique, temporary, and focused endeavor.
    • It involves a novel way of organizing resources to achieve beneficial change within specific constraints.
    • Key characteristics include:
      • Uniqueness: No routines, uncertainty, long-term feedback.
      • Temporariness: Beginning and end, requires a group, a sense of urgency.
      • Focus: Delivers a product, service or result with defined boundaries (schedule, cost, quality).

    Phases in the Project Life Cycle

    • Phases include:
      • Initiation
      • Planning
      • Execution
      • Monitoring and Controlling
      • Closing

    Project Examples

    • Building a bridge: Project
    • Reorganizing a department: Project
    • The supply of new goods to a supermarket: Not a project
    • Moving house: Project
    • Flight KL 494 from Amsterdam to Paris: Not a project
    • 20 billion remote oil production unit, with pipelines, harbours and refineries: Project/Program
    • Can you find this out about customer X, before we meet him next week?: Project
    • Emergency evacuation of a chemical plant: Project/Program

    The Projects We’ll Discuss

    • Characterized by:
      • Technological complexity: New technologies, multi-disciplinary.
      • Ambiguity: No clear solution.
      • Multi-actor (stakeholders): Not necessarily similar interests.
      • Dynamic: Continuously changing.

    Why and When a Project?

    • Reasons for undertaking a project:
      • To achieve a specific goal
      • To overcome a challenge
      • To improve an existing process
      • To create something new
      • To respond to an opportunity

    Portfolio Management vs. Project Management

    • Project Management: Focuses on individual projects to meet specific objectives.
    • Program Management: Manages a group of related projects to achieve broader benefits.
    • Portfolio Management: Manages a collection of projects and programs aligned with strategic business objectives.

    Crucial Aspects of Portfolio Management

    • Strategic Fit: Ensure projects align with organizational strategy.
    • Value Added: Assess the value generated by projects through business cases.
    • Portfolio Risks: Consider both internal and external risks impacting the portfolio.

    Stakeholders

    • Crucial for project success
    • Must be actively involved to maximize project outcomes.

    Stakeholder Management

    • Focuses on identifying, analyzing, and engaging with stakeholders.
    • Involves understanding stakeholder needs, managing expectations, and mitigating potential conflicts.

    Team Roles

    • Belbin's Team Roles:
      • Action-Oriented roles: Shaper (drives the team forward), Implementer (practical, gets things done), Completer Finisher (focuses on quality and deadlines).
      • People-Oriented roles: Coordinator (facilitates collaboration), Teamworker (builds relationships), Resource Investigator (expands networking).
      • Thinking-Oriented roles: Plant (creative ideas), Monitor Evaluator (critical analysis), Specialist (expertise in specific areas).

    Key Considerations for Virtual Teams

    • Language and cultural differences: Ensure clearcommunication and understanding.
    • Time Zones: Coordinate schedules effectively.
    • Standards: Harmonize project standards and expectations.
    • Technology and Tools: Use appropriate technology and tools for effective collaboration.

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    Description

    This quiz covers key concepts in project management, including PRINCE2 and PM-BOK methodologies, along with insights into portfolio management and stakeholder engagement. It discusses the roles, strategies, and practices necessary for effective project oversight and alignment with organizational goals.

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