key revsion

Question 1

List and Describe five typical stages of a process for selection of a supplier via competitive tender

Answer 1

Research the companies which would be suitable for the scope of work required; this would include if they are available and if they are able to conduct the work. If they are not suitable for the task it would be a waste of time even approaching them. This could be achieved using a prequalifying questionnaire to gather information about them.

Pre-qualify this is to define a long list to a manageable number who are eligible for the contact and who would be invited to tender. Provider screening aims to reduce the likelihood of provider non performance and to ensure the provider will be responsible and respond.

Tender providers will be asked to draw bid for the work, this may proceed with RFI .or request proposals each of which are designed for providers to gain more information, the key elements is that the companies is given all the requirements are clearly defined so that providers have equal chance,

Project managers would then Shortlist potential supplies ensuring that they can achieve what the contract for, they would provide presentations, visit sites to try and win the contract.

Award contract, this involves negotiation and agreement of a contract to supply the goods and services. It is key that all parties understand that a legally binding agreement is being entered into and that the contract is not a casual nod of the head.

Question 2

Within the context of earned value management, explain the term earned value management.

Answer 2

Earned value is a project control process based on a structured approach to planning cost collection and performance measurement, it facilitates the integration of project scope, time and cost objectives and the establishment of a baseline plan for performance measurement

Question 3

Explain four benefits of using earned value management.

Answer 3

Project reporting.

Cost performance index and schedule performance index are two of the most commonly used key performance indicators in project management .They provide a quick and easy to understand indicator of project health,

Facilitate forecasting of outline return of cost and time,

CPI and SPI forecast can be used to project the final cost and duration of the project. Although these projections are built on assumption that future performance will continue as per past performance, they can be used to validate any competing assumptions or assertions.

Helps justify corrective action

EVM projections can act as a useful catalyst for the identification and approval of corrective action. EVM information may be used to justify a wealth of actions such as adjusting resources to the project, adding resources to the project , changing the team, revising the project scope.

May indicate early termination of the project is required.

When EVM projects that the out turn cost and time for the project render the business case no longer viable, this can lead senior management to prematurely close the project. Resources and funding can then be diverted to a more productive proposal.

Question 4

List and describe five stages of a negotiation process

Answer 4

Plan-The first set of negotiations is planning to ensure that we can gather as much relevant information as possible, we need to identify the issues on both sides, including social and cultural interests. The project team should develop proposals on what the organisation is and what would be the best alternative to agree on, and if they fail what would be the backup plan. Need to make sure the project team thinks about both parties and what each holds and organises a united front. There is also a need for the logistical needs where when and who will host the meeting.

Discuss. With then need to establish discussion between the two parties, introductions and their roles within the project and try to establish a report. Invite the other party to establish their objectives and then state ours. Then clarify the rest of the agenda including the proposal and allow for a period of discussion between the each party if needed.

Proposing. The negation will then go to the proposing stage, proposing to the party and evaluate the reasons. Prioritising that could lead to breakdown and communicate openly so there can be no confusion in the process

Bargaining. The parties would then bargain for trade off to ensure that they get the best outcome from the negotiation, ensuring to protect the non negotiable and value any concessions made by the other party

Agreement after all negotiations have concluded both parties should summarise the outcome to ensure no confusion from the other stages, schedule follow meeting to agree the next stages if required and record all in writing so this can form the basis of a contract.

Question 5

List and describe 5 typical risk management process

Initiate

Answer 5

initiate
Identify
Asses
Plan
Implement

Question 6

Explain 5 approaches being used to conflict resolution and the circumstances under which each might be used.

Answer 6

Accommodate- sacrifice your own goals.
Avoid ignore the conflict
Compromise both parties obtain something but make some sacrifices
Compete higher power uses to their goals
Collaborate both parties working together to a mutually beneficial agreement

Question 7

6 elements of governance

Answer 7

the adoption of a disciplined life cycle governance that includes approval gates at which viability is reviewed and approved

recording and communicating decisions made at approval gates

giving members of delegated bodies the capability and resources to make appropriate decisions

ensuring that business cases are supported by information that allows reliable decision-making

ensuring that stakeholders are engaged at a level that reflects their importance to the organisation and in a way that fosters trust

the deployment of suitably qualified and experienced people

Question 8

Explain five distinct benefits to be gained from managing groups of projects as a programme rather than as individual, unconnected initiatives

Answer 8

Better prioritisation of projects in line with overall business strategy
Improved resource management and utilisation
More holistic risk management.
Increased consistency in application of project management processes
Increased shared learning across the projects within the programme

Question 9

List and describe five policies which may be mentioned in a Project Management Plan

Answer 9

information management policy
HSE policy
HR policy, (impact on project on training recruitment, clearances)
Procurement policy (required suppliers, tendering,sourcing of good, labour)
Quality policy

Question 10

list five plans normally in a Project Management Plan

Answer 10

The procurement plan
The risk management plan
The quality plan 
The information management plan
The HSE plan describes

Question 11

List and describe five ways of identifying project risks

Answer 11

Brainstorming
Interviews
Checklists.
Lessons Learned
Questionnaires

Question 12

List and Describe five benefits of adopting a formal risk management process

Answer 12

Defining ways to deal with risk.
Consistency.
Allowing for contingencies.
Common reference for audit and assurance.
Sponsoring organisations have clear perspective of risk have clear perspective of risk

Question 13

What are the EV calculations

Answer 13

CV=EV-AC
SV=EV-PC
CPI=EV\AC
SPI=EV\PC

EAC= BAC\CPI
EFD = PD\SPI

Question 14

6 elemtes of governance PPP

Answer 14

the acceptance of responsibility by the organisation’s management board for project, programme and portfolio governance

establishing clearly defined roles, responsibilities and performance criteria for governance

developing a coherent and supportive relationship between business strategy and projects, programmes and portfolios

procedures that allow a management board to call for an independent scrutiny of projects, programmes and portfolios

ensuring that project, programme and portfolio management add value

fostering a culture of improvement and frank disclosure of project, programme and portfolio information

Question 15

Give 5 elements of a structured project method

Answer 15

1. Products
2. People
3. Processes
4. Templates
5. Tools
   Products are an element of a project management method. Products are what you need to deliver the project. For example, the PMP produced by the PM during definition phase. Products are also the working documents used throughout the project. These may be a risk register, a change log or a cost plan. Many of these documents i.e. drawings are held in the configuration library are version controlled, checked out and managed through the change process if they need to be amended.

People are also an element of a project management method. People are the resources working on the project, e.g. the project team, Project Manager or PMO. A method will define the standard roles and responsibilities to be used in an organisations projects. In addition to the standard roles such as project manager, sponsor and user a method may define specific company roles such as technical lead, client or project engineer.

Processes are another type of element of a project management method. The processes and procedures are produced by the Project Manager within the definition phase and form part of the Project Management Plan. The processes form a framework identifying how things need to be done and forms part of the governance of the project. This allows for continuity and structure e.g. should the project manager leave during the project it will allow someone new to take over. For example, the Risk Management Plan. This is used by the PM to monitor risk and give the ability to communicate to the Stakeholders and Users.

Templates are also an element of a project management method. They will usually have pre-determined formats and be partially populated with text of explanations for use. An example would be the Risk Register or Change Log. This provides consistency and like with processes, continuity throughout the project and more importantly through a programme of works.
Tools are an element of a project management method. These are usually items like the software used e.g. risk management software, design or reporting software. Tools can also be more specific especially during the development stage where health and safety equipment or cranes may be needed.

Question 16

Explain three ways that change control can reduce and manage scope creep on a project

Answer 16

1. The existence of a change control process will reduce the number of changes requested. The change control process is created and agreed in the definition stage of the project by the PM and is part of the PMP. This process is seen as lengthy and bureaucratic requiring a business justification for approval. This process can help reduce the number of change requests submitted.
2. Towards the end of the development phase and after many change requests have been submitted a change freeze could be installed to ensure no further changes are made impacting on time, cost, quality and benefits and will reduce and manage scope creep. The project sponsor will implement the change freeze ensuring that no further delays to the project are incurred.
3. A formal change process will reduce and manage scope creep on a project and ensures proper record keeping and easy location of information and that there is a defined baseline clearly stating project time, cost and quality parameters. Without these two aspects, conflict and confusion could generate between the project team, sponsor and stakeholders and this could lead to a demotivated team resulting in more time delays and resource issues.

Question 17

Five benefits of formal Risk Management are:

Answer 17

1) Defining ways to deal with risk is one of the benefits of risk management. It identifies who is responsible for dealing with the risk (risk owner), what are the actions that can be taken to mitigate the risk, and in case of risk occurrence what will be the impact on project baselines (time, cost, quality and benefits). For example, identified risk is for the delay of the supply of the overseas material, risk owner is the procurement engineer and mitigation action is to issue early purchase order.
2) Consistency is another benefit for formal risk management. People are using the same forms and are following the same procedures (in other words, people are doing things in the same way). One can easily get the risk log form from an old similar project and review it to make sure that none of the risks is ignored. That is useful as it minimises the chances for errors and maximises the benefits of lessons learnt. For example, in previous project the risk log sheets included the risk of currency change which was not considered in this project.
3) Allowing for Contingencies is one more benefit for formal risk management. It ensures that proper allowances for contingencies are quantified on basis of the identified risks. That is important in case if risk occurs. Then, these allowances in time and cost will be released in agreement with the Sponsor and project base lines will be updated to reflect the impact on cost and time. For example, manufacturing of the overseas material was delayed, contingency is released to use air freight for shipping the material in lieu of sea freight.
4) Common reference point for Auditing and Assurance is one of the benefits for formal risk management. Risk management plan and risk log sheets are embedded in the PMP. They are reviewed and approved along with the PMP during the definition stage. Any updates to the risk log sheets will have to be carried out through controlled configuration management process. Both documents (PMP and Risk management documents) will be subject to routine audits and assurance together. For example if risk log sheet is updated during the development phase in the project, then the document revision will be raised and that will be reviewed by the auditors.
5) Sponsoring organisations having clear perspective on risk is another key advantage for the formal risk management. Senior management in the organisation will have visibility on the possible risks. That enables them to take proactive actions towards mitigating the risks or at least minimising their impact on the business. For example, in one project majority of the equipment will be purchased via Euro. Increase in Euro rates is anticipated as major risk that will knock the project budget. Senior managers in the organisation decided transferring the full cost for the equipment into Euro at the early beginning of the project.