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Project management is no longer regarded as a part-time occupation or even a career path position. It is now viewed as a strategic competency needed for the survival of the firm. Superior project management capability can make the difference between winning and losing a contract.

True

What is the difference between a project management methodology and a project management framework?

A methodology is a set of processes, activities, and tools designed to accomplish a specific objective. A framework is a basic conceptual structure that provides a means for viewing what's needed to satisfy customer requirements.

What is the purpose of the Customer Satisfaction Management phase added at the end of the project life cycle?

The purpose is to meet with the client and stakeholders to discuss what was learned on the project regarding best practices, lessons learned, metrics, and KPIs. The intent is to see what can be done better for that client on future projects.

Which of the following is NOT a limitation of using financial metrics for project management?

Financial metrics, such as customer satisfaction and reputation, can be effectively measured with precision. Signup and view all the answers

What are the three main types of costs associated with benchmarking?

Visitation costs, time costs, benchmarking database costs. Signup and view all the answers

Which of the following is NOT a recognized type of benchmarking?

Creative benchmarking. Signup and view all the answers

Explain the difference between "best practice" and "proven practice" in project management.

A "best practice" is a technique, process, metric, method, or activity that is considered to be more effective than any other approach. A "proven practice" is a best practice that has been integrated into project management processes and has become a standard way of doing business. Signup and view all the answers

In project management, scope creep is always considered detrimental to the success of a project.

False Signup and view all the answers

What is the primary goal of project management when it comes to defining and managing project scope?

The project manager's goal is to establish the boundaries of the scope, ensuring alignment between the project manager's vision, each stakeholder's vision, and corporate business objectives. This ensures a valid business reason for undertaking the project. Signup and view all the answers

Project health checks are only necessary when a project is already in trouble.

False Signup and view all the answers

What is the difference between a 'kill switch' and a 'fix-it plan' in project management?

A 'kill switch' is a predetermined point in the project where the project is terminated if certain criteria are met. A 'fix-it plan' is a set of recommendations or actions intended to resolve issues and improve the performance of a struggling project. Signup and view all the answers

Which of the following is NOT a common reason a project may become distressed?

Efficient stakeholder communication. Signup and view all the answers

What are the three possible outcomes when managing a troubled project?

The three possible outcomes are: The project must be completed (required by law), the project can be completed with major changes, or the project should be canceled. Signup and view all the answers

It is always considered a good practice to bring in outside consultants to manage a troubled project.

False Signup and view all the answers

What are the three phases of the recovery life cycle for distressed projects?

Understanding, Audit, Tradeoffs. Signup and view all the answers

What is the primary goal of the "Tradeoffs Phase" in the recovery life cycle?

The primary goal is to determine tradeoffs that can be made to address the project's primary constraints (time, cost, scope) while balancing secondary constraints (quality, risk, value, and image). Signup and view all the answers

When dealing with stakeholder issues during the recovery process, it's essential to avoid blaming individuals to maintain team morale.

True Signup and view all the answers

What are the three restart options available for a distressed project?

The three restart options are: full anesthetic, partial anesthetic, and scope modification. Signup and view all the answers

During the execution phase of a distressed project, which is NOT a crucial back-to-work implementation factor?

Focus on time-bound project deliverables. Signup and view all the answers

Effective project metrics are primarily a responsibility of the project manager and do not require input from other stakeholders.

False Signup and view all the answers

Which of these is NOT a common misconception about project metrics?

Metrics are useless as they are not always reliable and accurate. Signup and view all the answers

What is a metric trap?

A metric trap is a situation where the use of metrics, often through fancy visuals and charts, leads to misinterpretation and misdirection, ultimately hindering the project's success. Signup and view all the answers

Explain the concept of 'rolling-wave' or 'moving-window' measurements in project metrics.

These metrics adjust their starting and ending measurement dates based on project progress. Examples include cost performance index (CPI) and schedule performance index (SPI), which use rolling-wave calculations to measure trends. Signup and view all the answers

Effective project management relies heavily on reactive measures, relying primarily on metrics to address problems that arise during the project.

False Signup and view all the answers

What are the four broad categories of project metrics?

The four broad categories are: business-based or financial metrics, success-based metrics, project-based metrics, and project management process metrics. Signup and view all the answers

What is the primary responsibility of the PMO (Project Management Office) in relation to project metrics?

The PMO acts as the guardian of project management intellectual property, coordinating metric development, maintenance, and updates. They also oversee metric performance and ensure their effectiveness. Signup and view all the answers

It is always considered a good practice to introduce as many metrics as possible to track project progress.

False Signup and view all the answers

What are the key factors the PMO should consider when determining the best metrics for a project?

The PMO should consider the project management maturity level of the organization, the maturity level of the stakeholders, and whether the metrics are truly valuable and relevant to the project. Signup and view all the answers

Which of the following is NOT a benefit of promoting project metrics?

Reduced project risk and uncertainty. Signup and view all the answers

The use of metrics can guarantee project success.

False Signup and view all the answers

What is the primary focus of project metrics compared to business metrics?

Project metrics focus on real-time data, providing a detailed picture of project performance and progress. Business metrics primarily focus on financial and strategic goals, often taking a broader, longer-term perspective. Signup and view all the answers

What is the distinguishing characteristic of a project management process metric?

It reflects organizational maturity and best practices in project management. Signup and view all the answers

Study Notes

Instructional Materials for HRMA 40023: Project Management

Course covers the changing landscape of project management, global project management, project management methodologies and frameworks, the need for effective governance, engagement project management, customer relations management, paperless project management, project management maturity and metrics, project management benchmarking and metrics, activities, and assessments.
Also covers driving forces for better metrics, stakeholder relations management, project audits and the PMO, scope creep, and project health checks, as well as managing distressed projects.
50+ years project management has been used but not necessarily worldwide.
The differentiation of early years users was whether project management was used, not how well it was used.
Today, differentiation is between simply being good at project management and truly excelling.

Executive View of Project Management

Project management is a strategic competency necessary for company survival.
Continuous project management certification, not just PMP®, is needed.
Project managers participate in portfolio selection and capacity planning.
Project managers bridge strategy and execution and participate in business decisions.

Global Project Management

Companies may lack the capability to manage complex projects.
Companies may outsource project management services.
Global solution providers compete in the marketplace.
Differentiation is based on factors like core business, PM satisfaction, PM methodology, metrics/KPIs, supporting tools, continuous improvement, business knowledge, and team type.

Project Management Methodologies and Frameworks

Methodologies are series of processes, activities, and tools that accomplish specific objectives.
Consistency in project management is provided by methodologies.
Methodologies often are improved upon by companies continually.
Improved methodologies should shorten project schedules, control costs, prevent scope changes, improve execution planning, and accurately predict results.
Benchmarking is a form of comparison that can be used to identify weaknesses and strengths in various business processes.
Two methodologies discussed are light methodologies and heavy methodologies.

The Need for Effective Governance

Governance provides a framework for decision-making.
Governance encompasses expectations, accountability, responsibility, power, and performance verification.
Governance improves efficiency and decision-making.
A PMIS that includes metrics and KPIs can support informed decision-making.
Governance is provided by the project sponsor or a project management committee.

Engagement Project Management

Project management is now considered a strategic business competency.
Companies in a global marketplace need engagement project management.
Engagement selling focuses on long-term customer partnerships for repetitive project work, rather than a one-time sale.
Engagement project management focuses on managing customer expectations and maintaining customer relations.

Customer Relations Management

Engagement project management forces project managers to become involved in customer relations activities, such as customer identification and relationship development.
Project managers must focus on identifying the correct customers and creating beneficial relationships
Project managers do not typically manage customer relations entirely alone.
Customer satisfaction management is an additional life-cycle phase at the end of a project to gather feedback.

Paperless Project Management

Project management heavily relied on legacy systems.
Data/information warehouses and ERP/CRM systems allow for more information and project-based decisions.
Paperless project management uses dashboards for critical data display.

Project Management Maturity and Metrics

Companies desire project management maturity for both speed and excellence.
Companies may have repeated mistakes from simply using project management, which is not the same as true excellence.
Maturity models (e.g., PMMM) represent different achievement levels of project management.
Five levels of the PMMM, from lowest to highest, are common processes, singular methodology, benchmarking, and continuous improvement.
Metrics are essential to project management maturity and excellence.
Metrics help companies recognize project management as a strategic competence.

Project Management Benchmarking and Metrics

Benchmarking is a way to compare your organization's processes/performance to industry best practices.
Metrics to measure include; time, cost and quality.
Benchmarking involves identifying best-in-class firms and comparing their processes to your own.
Common pitfalls in benchmarking include identifying the wrong industries to benchmark against, and incorrectly identifying the right leaders in the industry.
Methods of effective benchmarking including visiting best in class companies in the industry (and in other industries) to learn from them.
Five steps in benchmarking: Identify problem areas, identify organizations that are leaders in these areas, visit best practice companies to identify leading-edge practices, implement new and improved business practices, and benchmarking costs.

Project Health Checks

Regular project health checks are critical, especially late in the project cycle.
Health checks can detect warning signs of project distress.
Who will perform the health check? Stakeholders should be honest in their assessment.
Three phases in project health checks: Reviewing the business case and project’s history, the audit phase and preparation of the health check report.

Managing Distressed Projects

Project failures can occur at any stage of the project.
Common causes for project failure include unrealistic expectations, poor project progress reporting, poor communication, unclear stakeholder requirements and lack of support from stakeholders and governance.
Ways to manage distressed projects include having the right project manager, using a recovery life cycle, and evaluating the root cause of the errors.
The project’s recovery phases may differ from the company's original project management methodology.
Project health checks are part of project oversight.

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Questions and Answers

Project management is no longer regarded as a part-time occupation or even a career path position. It is now viewed as a strategic competency needed for the survival of the firm. Superior project management capability can make the difference between winning and losing a contract.

What is the difference between a project management methodology and a project management framework?

What is the purpose of the Customer Satisfaction Management phase added at the end of the project life cycle?

Which of the following is NOT a limitation of using financial metrics for project management?

What are the three main types of costs associated with benchmarking?

Which of the following is NOT a recognized type of benchmarking?

Explain the difference between "best practice" and "proven practice" in project management.

In project management, scope creep is always considered detrimental to the success of a project.

What is the primary goal of project management when it comes to defining and managing project scope?

Project health checks are only necessary when a project is already in trouble.

What is the difference between a 'kill switch' and a 'fix-it plan' in project management?

Which of the following is NOT a common reason a project may become distressed?

What are the three possible outcomes when managing a troubled project?

It is always considered a good practice to bring in outside consultants to manage a troubled project.

What are the three phases of the recovery life cycle for distressed projects?

What is the primary goal of the "Tradeoffs Phase" in the recovery life cycle?

When dealing with stakeholder issues during the recovery process, it's essential to avoid blaming individuals to maintain team morale.

What are the three restart options available for a distressed project?

During the execution phase of a distressed project, which is NOT a crucial back-to-work implementation factor?

Effective project metrics are primarily a responsibility of the project manager and do not require input from other stakeholders.

Which of these is NOT a common misconception about project metrics?

What is a metric trap?

Explain the concept of 'rolling-wave' or 'moving-window' measurements in project metrics.

Effective project management relies heavily on reactive measures, relying primarily on metrics to address problems that arise during the project.

What are the four broad categories of project metrics?

What is the primary responsibility of the PMO (Project Management Office) in relation to project metrics?

It is always considered a good practice to introduce as many metrics as possible to track project progress.

What are the key factors the PMO should consider when determining the best metrics for a project?

Which of the following is NOT a benefit of promoting project metrics?

The use of metrics can guarantee project success.

What is the primary focus of project metrics compared to business metrics?

What is the distinguishing characteristic of a project management process metric?

Study Notes

Instructional Materials for HRMA 40023: Project Management

Executive View of Project Management

Global Project Management

Project Management Methodologies and Frameworks

The Need for Effective Governance

Engagement Project Management

Customer Relations Management

Paperless Project Management

Project Management Maturity and Metrics

Project Management Benchmarking and Metrics

Project Health Checks

Managing Distressed Projects

Studying That Suits You

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