Podcast
Questions and Answers
What is the primary benefit of evaluating projects before and after completion?
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.
The project funnel aims to generate fewer ideas than will be applied.
False (B)
Name one criterion used for portfolio decisions.
Name one criterion used for portfolio decisions.
Fit with business strategy
The person responsible for organizing the portfolio management is called the ______.
The person responsible for organizing the portfolio management is called the ______.
Match the role with its description:
Match the role with its description:
Which of the following is NOT a human aspect of portfolio management?
Which of the following is NOT a human aspect of portfolio management?
Time to completion is a criterion used for assessing projects within a portfolio.
Time to completion is a criterion used for assessing projects within a portfolio.
List one of the first steps in the process of project portfolio management.
List one of the first steps in the process of project portfolio management.
Which of the following is NOT a crucial aspect of portfolio management?
Which of the following is NOT a crucial aspect of portfolio management?
Stakeholders are only those within the organization.
Stakeholders are only those within the organization.
What is meant by portfolio management?
What is meant by portfolio management?
What is one of the primary purposes of a Project Management Office (PMO)?
What is one of the primary purposes of a Project Management Office (PMO)?
The classification of stakeholders can be represented using a __________ grid.
The classification of stakeholders can be represented using a __________ grid.
The PMO is primarily responsible for executing the project's tasks.
The PMO is primarily responsible for executing the project's tasks.
Which of the following best describes stakeholders?
Which of the following best describes stakeholders?
Name one typical task performed by a PMO.
Name one typical task performed by a PMO.
Match the following terms related to project portfolio management:
Match the following terms related to project portfolio management:
The decision on the appropriate organizational form is influenced by the characteristics of potential projects and the cultural preferences of the __________ organization.
The decision on the appropriate organizational form is influenced by the characteristics of potential projects and the cultural preferences of the __________ organization.
Why is portfolio management considered a complex process?
Why is portfolio management considered a complex process?
Match the following project organization options with their examples:
Match the following project organization options with their examples:
Shareholders and stakeholders refer to the same group of individuals.
Shareholders and stakeholders refer to the same group of individuals.
What type of project management method is PRINCE2?
What type of project management method is PRINCE2?
PM-BOK is prescriptive in nature.
PM-BOK is prescriptive in nature.
What is one key area that PM-BOK covers that PRINCE2 does not?
What is one key area that PM-BOK covers that PRINCE2 does not?
The main focus of project management is managing __________.
The main focus of project management is managing __________.
Match the following project management practices with their characteristics:
Match the following project management practices with their characteristics:
Which of the following describes a characteristic of project management?
Which of the following describes a characteristic of project management?
PRINCE2 covers all roles within project management.
PRINCE2 covers all roles within project management.
What does the acronym MOOC stand for?
What does the acronym MOOC stand for?
The book 'Management of Engineering Projects' can be purchased at __________ during office hours.
The book 'Management of Engineering Projects' can be purchased at __________ during office hours.
When is the next lecture scheduled?
When is the next lecture scheduled?
Students are required to buy the book before September 20.
Students are required to buy the book before September 20.
Name one document to be submitted for the course.
Name one document to be submitted for the course.
The course is run by __________.
The course is run by __________.
Which of the following is a focus of project risk management?
Which of the following is a focus of project risk management?
What does the Opportunity Statement define?
What does the Opportunity Statement define?
The strategic fit indicates that an opportunity may not support the company strategy.
The strategic fit indicates that an opportunity may not support the company strategy.
What is the role of the 'Framing Team' in a project?
What is the role of the 'Framing Team' in a project?
The stakeholders' _____ & support influence the project's success.
The stakeholders' _____ & support influence the project's success.
Match the following terms with their definitions:
Match the following terms with their definitions:
Which group is considered a low influence stakeholder?
Which group is considered a low influence stakeholder?
CSFs are defined as the factors that ensure a project is on track to success.
CSFs are defined as the factors that ensure a project is on track to success.
What does the term 'Mature Tactics' refer to?
What does the term 'Mature Tactics' refer to?
The project's _______ must align with company strategy for successful integration.
The project's _______ must align with company strategy for successful integration.
What would be a good measure of success for a project?
What would be a good measure of success for a project?
Contractors and suppliers are high-interest stakeholders that can influence a project's outcome.
Contractors and suppliers are high-interest stakeholders that can influence a project's outcome.
Who is responsible for guiding the team through project phases?
Who is responsible for guiding the team through project phases?
Stakeholder analysis assesses the _____ and support of various project stakeholders.
Stakeholder analysis assesses the _____ and support of various project stakeholders.
Match the following stakeholders with their influence level:
Match the following stakeholders with their influence level:
Which of the following is a reason for involving stakeholders in a project?
Which of the following is a reason for involving stakeholders in a project?
Stakeholders are only individuals from outside the organization.
Stakeholders are only individuals from outside the organization.
Name one key success criterion for the Notre-Dame Cathedral Restoration project.
Name one key success criterion for the Notre-Dame Cathedral Restoration project.
The stakeholders' _____ & support influence the project's success.
The stakeholders' _____ & support influence the project's success.
Match the following components of stakeholder analysis with their descriptions:
Match the following components of stakeholder analysis with their descriptions:
Which of the following is a key characteristic of a project?
Which of the following is a key characteristic of a project?
A project must always have clear solutions from the start.
A project must always have clear solutions from the start.
What defines whether an activity is a project or not in project management?
What defines whether an activity is a project or not in project management?
Projects often have __________ that drive urgency to complete tasks.
Projects often have __________ that drive urgency to complete tasks.
Match the project types with their characteristics:
Match the project types with their characteristics:
What is one example of a project mentioned in the content?
What is one example of a project mentioned in the content?
Stakeholders in a project always share similar interests.
Stakeholders in a project always share similar interests.
Name one factor that ensures a project is
Name one factor that ensures a project is
Which of the following is NOT a crucial aspect of portfolio management?
Which of the following is NOT a crucial aspect of portfolio management?
Portfolio risks are related to uncertainties that are outside the organization's control.
Portfolio risks are related to uncertainties that are outside the organization's control.
What should be included in a business case of a project?
What should be included in a business case of a project?
Projects in a portfolio should be aligned with the organization's __________.
Projects in a portfolio should be aligned with the organization's __________.
Match the following aspects of portfolio management to their descriptions:
Match the following aspects of portfolio management to their descriptions:
What is the primary concern of resource availability in portfolio management?
What is the primary concern of resource availability in portfolio management?
If projects share data and technology, they are more likely to become linked and interdependent.
If projects share data and technology, they are more likely to become linked and interdependent.
Name one type of risk involved with portfolio management.
Name one type of risk involved with portfolio management.
What characterizes a programme in project management?
What characterizes a programme in project management?
A project can be defined as a series of unrelated tasks.
A project can be defined as a series of unrelated tasks.
What is the primary purpose of portfolio management?
What is the primary purpose of portfolio management?
A portfolio is a collection of projects and/or programmes grouped together to _____ and achieve business objectives.
A portfolio is a collection of projects and/or programmes grouped together to _____ and achieve business objectives.
Which is an example of a project?
Which is an example of a project?
Match the following terms with their definitions:
Match the following terms with their definitions:
Stakeholders can only include individuals within the organization.
Stakeholders can only include individuals within the organization.
Name a challenge currently faced in project management.
Name a challenge currently faced in project management.
What is a crucial element for effective teamwork?
What is a crucial element for effective teamwork?
Absence of conflict within a team always indicates a harmonious environment.
Absence of conflict within a team always indicates a harmonious environment.
What are virtual teams often challenged by?
What are virtual teams often challenged by?
Constructive conflicts are required to some extent as __________ is not harmony, it is apathy.
Constructive conflicts are required to some extent as __________ is not harmony, it is apathy.
Match the following team roles with their characteristics:
Match the following team roles with their characteristics:
Which of the following aspects does project management influence?
Which of the following aspects does project management influence?
Clear elevating goals are not necessary for effective teamwork.
Clear elevating goals are not necessary for effective teamwork.
What is one principle that enhances a collaborative climate in a team?
What is one principle that enhances a collaborative climate in a team?
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.
