GR Types Contd

7/28/2019 GR Types Contd

1/27

1) Project Cost management processes

a. Estimate cost developing an approximation of proj costb. Determine Budget Aggregation of indic=vidual activity cost or work package cost

c. Control cost - Monitoring status of project to update project budget.

2) The ability to influence cost is greatest at the early stages making early scope definition critical.

3) Cost management plan has the following

a. Level of accuracyb. Units of measure

c. Organizational process link

d. Control thresholde. Rules of performance measurement

f. Reporting formats and frequency

g. Process descriptions

4) Samples Unit of measures for Resourcesa. Staff hours

b. Staff daysc. Staff weeks

d. Lump sume. Currency

NOTE : First 4 are considered to eliminate effect of currency fluctuation

5) Some earned Value techniques

a. Weighted milestonesb. Fixed formula

c. Percent complete

6) Ways and Times for measuring costs of Aquired items

a. When acquisition decision is made

b. When acquisition is commited

c. Order is placedd. Item is delivered

e. Actual cost is incurred

f. Actual cost is recorded

7) Project Cost management should be concerned about

a. Cost of resources needed to complete the project

b. Recurring cost of usingc. Recurring cost of maintaining

d. Cost of Supporting the product , service , or result of the project

8) General management techniques used in predicting and analyzing the prospective financial

performance of the projecta. Return on Investment

b. Discounted cash Flow

c. Investment payback analysis


2/27

9) Estimation degree

a. Rough Order of estimation - +-50%b. Definitive - +-10%

10) Types of resource costa. Labor

b. Material

c. Equipment

d. Servicese. Facilities

f. Special Category Inflation allowance

g. Special Category Contingency Costs

11) Types of cost

a. Direct Cost b. Indirect Cost Costs that cannot be directly traced to a specific project

Accumulated and Allocated Equiatbly between multiple projects

Allocation follows some Approved & documented accounting procedure12) Time Sensitive costs -

a. Union Labour with regularly expiring collective bargaining agreementsb. Materials with seasonal cost variations

13) Cost Inputs from Human resource paln

a. Project staffing attributes

b. Personnel ratesc. Rewards and Recognition

14) Cost associated with Risk- Risk mitigation cost

15) Cost contingency reserves can be

Used

ReducedEliminated

16) basis of estimate is also important output of estimate cost

17) Funding limits/constraints etc can be got from the Project scope statement

18) Budget reserve Analysis establishesContingency reserves

Management resreves

19) Management reservesa. Budgets reserved for Unplanned changes to project scope and cost

b. Need prior approval from management for spending

c. Not part of cost baselined. Part of project budget

e. Not included as part of EVM

20) Funding limit reconciliation

a. Expenditure vs Commitment of Fund

21) Cost performance baseline


3/27

a. Summation of approved budget by time period

b. Typically displayed as a S curve ( Time vs Cumulative Values)c. In EVM technique its called as performance measurement baseline (PMB)

22) Project Fundinga. Total Funding requirements

b. Periodic funding requirements (quarterly, annual)

23) Project Cost Control includesa. Influence the factors that creates change to the cost baseline

b. Ensure all change requests are acted in a timely manner

c. Managing the actual changes when and as they occurd. Ensuring cost expenditure go beyond funding

e. Monitor cost performance to isolate and understand variances from the approved cost

baselinef. Monitoring work performance against funds expended

g. Preventing unapproved changes from being included

h. Informing appropriate stakeholders of all approved changes and appropriate costi. Acting to bring expected cost runs within acceptable limits

24) 3 key dimensions developed and monitored in EVM

a. Planned valueb. Earned Value

c. Actual Cost

25) Total PV of a project is BAC

26) Types of variances

a. Schedule Variance = EV - PVb. Cost variance = EV AC

i. ( any negative CV is non-recoverable)

27) Performance Index

a. Schedule performance index = EV/PV

i. < 1 less work was completed than planned

ii. > 1 more work is completed than plannedb. Cost performance index = EV/AC

i. < 1 Cost overrun for work completed

ii. > 1- Cost underrun for work completed

28) Forecasting EMV

a. EAC Estimate at Completion

b. ETCc.

29) Forecasting the EAC involves making estimates or predictions of condition or events in theprojects future based on the information and knowledge available at the time of the forecast.

30) Ways of claulating EAC

a. EAC = AC + bottom-up ETCb. EAC = AC + BAC - EV ( when current cost performance will become better in the

future )

c. EAC = BAC/ Cumulative CPI ( when current cost performance continues in the future)


4/27

d. EAC = AC + {( BAC EV) / ( cumulative CPI X Cumulative SPI ) } considering bothe

SPI and CPI

31) TCPI = (BAC-EV)/(BAC-AC) = Work remaining / Funds remaining

TCPI =(BAC EV) / (EAC AC)

32) Performance reviews

a. Compare cost performance over time

b. Schedule activities or work packages overrung or Underrunning budgetc. Estimated funds needed to complete the project

33) Info got in Performance review if EVM is useda. Variance analysis planned vs expected

b. Trend Analysis improve vs detiortate

c. Earned Value performance baseline vs actual

34) Percentage of acceptable variance will decrease as more work is accomplished

Quality management

35) Quality management processesa. Plan Quality identify Quality requirement , standards and documenting how they will

complyb. Perform QA Auditing to see if its followe

c. Perform Quality control Monitor and record results of executing Quality activities,

recommend corrective actions

36. Quality vs grade

Quality is the degree to which a set of inherent characteristics fulfill requirementsGrade is same functional use but different technical characteristics

37. Precion vs AccuracyPrecison less scatter

Accuracy closer to the true value

38. Quality management approaches bya. Proprietry

i. Deming PDCA

ii. Juran iii. Crosby

b. Non proprietry

i. TQM

ii. Six Sigmaiii. Failure mode and Effect Analysis (FMEA)

iv. Design reviews

v. Voice of Customervi. Cost of Quality

vii. Continuous Improvement

39) Modern Quality management and project management recognize the importance ofCustomer Satisfaction

Conformance to requirements

Fitness to usePrevention over Inspection


5/27

Quality is planned, designed and built in not inspected

Cost of preventing mistake is much less than correcting them when found by inspectionContinuous Improvement

Deming/Shewhart PDCA

TQM and Six Sigma improve project management and product qualityProcess Improvement Models

Malcolm balridge

OPM3

CMMIManagement Responsibility

40) Quality Policy OPAa. Use performing organizations policy as is

b. If no formal policy or multiple performing organization Project management team

creates onec. Make it aware to all stake holders thru distribute information

41) Beneifits of Qualitya. Less rework

b. Increased productivityc. Lower costs

d. Increased stakeholder/customer satisfaction

42) Cost of quality

a. Cost of Conformancei. Prevention Cost (Build a Quality project)

1. Training

2. Document processes3. Equipment

4. Time to do it right

ii. Appraisal Cost (Assess The Quality)1. testing

2. Destructive testing loss

3. Inspections

b. Cost of non conformancei. Internal Failure Cost ( Failure Found by the Project)

1. rework

2. Scrapii. External Failure Cost ( Failure found by the Customer)

1. Liabilities

2. Warranty Work

3. Lost business

43. Control Charts

Upper and Lower Specification limit by requirementUpper and Lower Control limit By Project manager and Stakholders- Take corrective action

44) For repetitive processes the control limits are generally +-3 sigma

45) Process is out of control when

Data Point exceeds a control limit7 Consequitive points are above or below the mean


6/27

46) Uses of Control chartsa. Monitor various type of output variables

b. Used most frequently to track repetitive activities required for manufacturing

c. Monitor Cost and Schedule varianced. Monitor Volume and frequency of Scope Changes

e. Other management results to Monitor Project management processes

47 ) benchmarkingCompare Actual or Planned project practices to those of comparable projects

Within the same org or outside

Within the same application area or different

48) Benchmarking helps to

Identify best practicesGenerate ideas for Improvements

Provides a basis for measuring performance

49) DOE

A statistical method .. Change more than 1 variable at a timeIdentify which factors influence which variable of a process or product

Used to determine number and type of test to be conductedReduces Sensitivity of product performance to source of variations

50) Statistical SamplingChoose a population of Interest

Sample frequency

Sample size

51) Flow Charting

Graphical rep of a processShows relationship among processes

Help anticipate Quality problems that occur better test cases

52) All Flowcharts showActivities

Decision Points

Order of processing

53) Additional Quality Planning Tools

Brainstorming

Affinity Diagram logical groupingNominal group technique

Force Field Analysis Diagram of the forces for and against change

Matrix diagram - factors vs causes or objectivesPrioritization matrices rank a diverse set of problems and/or issues by importance

54) Quality MetricsA project or product attribute defining a operational definition

How a Quality control process will measure it

55) Sample of Quality metrics


7/27

On-time performance

Budget controlDefect frequency

Failure rate

AvailabilityReliability

Test Coverage

56) Process boundariesPurpose of process

Start and end of process

Inputs and OutputsData Required

Owner / Stakeholder

57) Quality Audit

Identify best practices and share them

Identify gap/short comingsProactively improve process

Highlight contribution of each audit

58) Quality Audits can beScheduled or Random

Internal or External

59) Quality Audits can confirm the implementation of approved change requests including corrective

action, preventive action, defect repair

60) Process Analysis

Examine Problems experienced

Constraints experiencedNon value added activities

61) Root Cause analysis

Identify the problemDiscover underlying causes

Develop preventive actions

62) Prevention vs Inspection

63) Sampling

Attribute Sampling ( result conforms or does not)Variables Sampling measures degree of conformity)

64) Tolerance vs Control limit

65) Ishikawas 7 basic tools of Qality

Cause and Effect DiagramC

F

HP


8/27

R

SS

66) HistogramX axis attribute or characterisc

Y frequency

Common cause of problems - Tallest

66) Pareto

Histogram ordered by freq of occurrence

Rank ordering to focus corrective action80/20 ANALYSIS

67) Run ChartData poimts plotted in the order they cocur

Show History and pattern of variation

ShowTrends in a process over time

Variation over timeDeclines or improvements over time

68) Trends Analysis

Use Run charts

Involves mathematical technique to forecast future outcomes based on historical infoUsed to monitor

Technical performance

Cost and Schedule performance

69) Scatter Diagram

Shows relationship between 2 variablesStudy and identify relationship between 2 variables

Plot Dependent variable

Plot Independent variable

The Closer they are are to the diagonal line the more closely they are related

70) lessons learnt are documented throught the project life cycle but at a min during closure

71) Validated Deliverables

- Deliverables checked for correctness

Validated Change

- Changed or repaired items are inspected- Accept if ok

- Reject if not Send to rework

- Provide notification of the decision

72) HR management process

Develop Human resource Plan - identifying and documenting project Roles and RespRequired Skills

Reporting relationships

Creating a Staff Managmengment PlanAcquire team Confirming Availability and obtaining the team


9/27

Develop project team Improve Competencies, team interaction, And overall team environment

Manage Project team Track team member performance, providing feedback, resolving issues,managing changes to optimize project performance

73) Other names for Project management team

a. Core team

b. Executive team

c. Leadership team

74) Role of Project Sponsor

a. Assists the Project management team ini. Project Funding

ii. Clarifying Scope

iii. Monitoring progressiv. Influencing others in order to benefit the project

75) Human resource factors that impact the project

a. Team environmentb. Geographical location of team members

c. Communication among stakeholdersd. Internal and External politics

e. Cultural issues

f. Organizational Uniqueness

76) The Management team should make sure that the project team does the following regarding

professional ethicsa. Aware of

b. Subscribe to

c. Ensure all team members follow

77) Things in the HR plan

a. Project roles and responsibilities

i. Roles (Designation)ii. Authority (Rights)

iii. Responsibilities

iv. Competencies (skill and capacity)b. Project Organization Chart

c. Staffing management plan

i. Staff acquisition

ii. Resource Calendars ( resource histogram)iii. Staff Release plan ( Monitor cost, boost morale)

iv. Identification of training needs ( Increase competencies, certifications)

v. Plans for Rewards and Recognitionvi. Compliance Consideration ( Union contract, govt regulation, other HR policies)

vii. Safety issue (protection)

d. Team building strategies

e. Impact of the staffing management plan on the organization

78) Types of Roles and responsibility charts


10/27

a. Hierarchical

b. Matrixc. Text-oriented

79) Places where we can find Roles and responsibilitiesa. Organizational Chart

b. Subsidary plans like

i. Risk, - Risk Owners

ii. Quality or Who is responsible for QA , QCiii. Communication - Who is responsible for communicating

80) Types of Hierarchichal Type Resource Charts

a. WBS

b. OBSc. RBS

81) Types of matrix resource Chartsa. RAM responsibility Assignement Matrix

i. High level Ram Bu groupsii. Low level RAM By Roles, resp, authority

82) Types of RAM

a. RACI

b. By leadsc. By resource designation

83) usual information contained in Text oriented forma. responsibilities

b. authority

c. competenciesd. qualifications

84) Other names of text type formats

a. Position Description formb. Roles-Responsibility-Authority forms

85) Networking is thea. Formal and Informal interaction

b. With others in an

i. Organization

ii. Industryiii. Professional Environment

c. Constructive Way to understand political and Interpersonal factors that effect staffing

management

86) Human Resources networking Activities

a. Proactive Correspondenceb. Luncheon meeting

c. Informal Conversation

d. Meetings and Eventse. Trade Conferences


11/27

f. Symposia

87) Uses of Networking

a. Useful technique at the beginning of project

b. Effective way to enhance Project management professional development during theproject and after it ends

88) Organizational theory provides information regarding the way in which people, team and

organizational units behave

89) Uses of knowing Organizational theory

a. Shortens the time cost and effort needed to create HR plan outputs

b. The likelihood the plan is effective increases

90) Resource Histogram

a. X axis , resource or by calendar

b. Y axis max number of hours available

91) Apply following resource leveling strategies when bars go beyond max hours availablea. Add More resources

b. Modify schedule

92) factors that may affect the Project management team in team members selection

a. Collective bargaining agreementsb. Use of Subcontractor personnel

c. Matrix project environment

d. Internal or External reporting relationshipse. Other reasons

93) factors to be considered during project acquiringa. PM should negotiate and influence in acquiring

b. HR acqusiotion results in proj success failures

c. Should settle for alternative resources if not available

94) Acquire Project team

a. Pre Assignement (selected in advance )

i. Becos they were promised as a part of a competitive proposalii. Project needs some expertise

iii. Staff assignments defined in the charter

b. Negotiation

i. Negotiate with Functional managerii. Negotiate with Performing organization

iii. Negotiate with External orgs, Contractors,

c. Acquisitioni. Hire Individual Consultants

ii. Sub contract

d. Virtual teams

95) Virtual teams becos

a. Teams in Diff geo areasb. Expert in diff geo area


12/27

c. Work from home

d. Disabilitiese. Different shifts

f. Save Travel Expenses

96) Important Considerations for Virtual teams

a. Communication Planning - most imp

b. Set expectation

c. Facilititate communicationd. Develop protocol for resolving conflict

e. Include people in-decision making

f. Share credit in success

97) technology used in Virtual teams

a. e-mailb. Audio conferencing

c. Video conferencing

d. Web-Based meetings

98) Types of Project Staff assignment documentation

a. Project team directoryb. Memos to team members

c. Names inserted in proj management plan ( like Organization Charts and schedules)

99) factors to concentrate to create reliable Resource calendars/ schedule

a. Good Understanding of each persons schedule conflictb. Including Vacation times

c. Including Other Project time

d. Document team members availability

100) High Team performance can be achieved using

a. Open and Effective communicationb. Developing trust among team members

c. Managing conflicts in a constructive manner

d. Encouraging Colobarative problem solvinge. Encouraging Colaborative decision-making

101) PM roles to foster teamworka. Create an environment which facilitates team work

b. Motivate team by providing challenges and opportunities

c. Provide timely feedbackd. Provide timely support as needed

e. Recognize and reward good performance

102) Objectives of developing team

a. Improve Knowledge and skills of team members

b. Improve feeling of trust and agreement among team membersc. Create a dynamic and cohesive team culture


13/27

d. Allows cross training

e. Allows mentoring

103) Develop project team Tools and techniquesa. Interpersonal skill (soft skills)

b. Training

c. Team Building activities

d. Ground Rulese. Co-location

f. Recognition and rewards

104) soft skills

a. Empathy

b. Influencec. Creativity

d. Group facilitation

e. Understand sentimentsf. Anticipate actions

g. Acknowledge their concersh. Followup on their issues

105) Training

a. Formal vs Informal

b. Scheduled vs Unplannedi. Scheduled : as per HR plan

ii. Unplanned

1. as a result of observation2. As a result of conversation

3. as a result of Project performance appraisals during managing

106) Team Building activities

a. Simple 5 minute agenda in a status review meeting

b. Professionaly facilitated experience

107) To build effective project teams, PM should

a. Obtain Top management support

b. Obtain Commitemnt of team membersc. Introduce appropriate rewards and recognition

d. Create a team identity

e. Manage conflict effectively

f. Promote trust and open communication among team membersg. Provide good ledership

108) 5 stages of team developmenta. Forming

b. Storming

c. Normingd. Performing

e. Adjourning

109) Duration of a team development stage depends on


14/27

a. Team size

b. Team dynamicsc. Team leadership

110) Ground Rulesa. Acceptable behaiour

b. Decreases misunderstanding and increases productivity

c. Helps discover values important to one another

d. All team members enforce it

111) Co locationa. Temporary only during strategic important times in the project

b. Entire Project

112) Co location strategies

a. Team meeting roomb. Places to post schedules

c. Other conveniences that enhance Communicationd. Other conveniences that enhance a sense of community

113) Rewards and recognition

a. Should satisfy need values by the individualb. Consider Cultural differences

c. Reward only desirable behaviour

d. Should not be Win-Lose or zero Sum awards ie be acheivble by all

114) Types of rewards

a. Tangiblei. Money

b. In Tangible

i. Opportunity to Grow, accomplish

ii. Opportunity to apply their professional skills to meet new Challengesiii. Public recognition of Good performance

115) Team assement fill up later bored116) Manage Project team tools and techniques

a. Observation and Converstaion

b. Project Performance appraisals

c. Conflict managementd. Issue Log

e. Inter personal skills

117) Objectives for conducting Performance appraisals

a. Clarification of roles and responsibilities

b. Constructive feedback to team membersc. Discovery of unknown or Un resolved issues

d. Development of individual training plans

e. Establish specific goals for the future


15/27

118) Sources of Conflict

a. Scarse resourcesb. Scheduling priorities

c. Personal work styles

119) Ways to reduce conflict

a. Team ground rules

b. Group norms

c. Solid project management practices like communication planning and role definition

120) Conflict resolution

a. First Project team membersb. If escalated , PM should facilitate resolution

121) Addressing Conflicts

a. Early

b. In privatec. Direct colborative approach

d. If distruptive follow formal procedures including disciplinary action

122) Characteristics of conflict and conflict management processa. Natural and forces a search of alternatives

b. Is a team issue

c. Openness resolves conflictd. Focus on issues not personalities

e. Focus on present not past

123) factors that Influence Conflict resolution methods

a. Importance

b. Intensityc. Urgency / Time pressure

d. Position of players involved

e. Motivation to solve it on a long term or short term basis

124) 6 GENERAL TECHNIQUES for resolving conflict

a. Withdrawing/Avoiding

b. Smoothing/Accomodating = emphasize areas of agreementc. Compromising brings some degree of satisfaction

d. Forcing

e. Collaborating Multiple viewpoint, perspectives then consensus

f. Confronting/Problem Solving Examine alterantiave , give and take , open dialog

125) Issue log

a. Issueb. Responsible person

c. Target Date

d. Issue resolution

126) Interpersonal skills

a. Leadershipb. Influencing


16/27

c. Effective Decision making

127) Key influencing skills see page 240

128) Staffing changesa. By Choice or Uncontrolled

b. Includes

i. Moving people

ii. Outsourcing some workiii. Replacing team members who leave

129) Communication Management includes the timely and appropriate

a. Generation

b. Collectionc. Distribution

d. Storage

e. Retrievalf. Ultimate disposition

Of project information

130) Project Communication Management processesa. Identify stake holders Identifying and Documenting their I I I

b. Plan communication Determine stakeholder Information needs and Defining a

communication approachc. Distribute Information Making information available as planned

d. Manage Stakeholder Expectations Communicate and Working with stakeholder to meet

their needs and addressing issues as they occure. Report performance Collect and Distribute Performance Info(status report, forecasts,

Progress measurement)

131) Type of Communication

a. Type 1

i. Internal Within the project

ii. External Other Projects, media, public , Customerb. Type 2

i. Formal Reports , memos , briefings

ii. Informal email, ad-hoc discussionc. Type 3

i. Vertical Up and Down the org

ii. Horizontal With peers

d. Type 4i. Official Newsletter, Annual report

ii. Unofficial Of the record communication

e. Type 5i. Wriiten

ii. Oral

f. Type 6i. Verbal

ii. Non verbal Voice Inflections, Body Language

132) Stakeholder handling strategy


17/27

a. Maximize positive influences

b. Mitigate potential negative impacts

133) Stake Holder Analyis

a. Identify all stake holders Their III, Roles, departments, Knowledge level, expectationi. Done by Interviewing

b. Classify them

i. Power Interst

ii. Power Influenceiii. Influence Impact

iv. Salience

1. Power (ability to influence their will)2. Urgency ( Need for Immediate attention)

3. legitimacy ( Involvement is appropriate)

c. Asses how they respond in various situation in order to plan to influence them

134) Power Interest grida. Low Interest Low Power Monitor

b. Low Interest High Power keep Satisfiedc. High Interest Low Power Keep Informed

d. High Interest High Power Manage Closely

135) Getting Expert Judgement

a. Individual Consultationi. One on One meeting

ii. Interview

b. Panel formati. Focus groups

ii. Surveys

iii. Etc

136) Stake holder register has

a. Identification Info

b. Assesment infoc. Stake Holder Classification

i. Internal / External

ii. Supportor/ neutral/ resistor

137) Stake Holder management strategy

a. Key stakeholders

b. Level of participation desiredc. Stake holders and their management (as groups)

138) Plan Communicationa. Who needs what

b. When

c. Who will give it to themd. How will it be given to them

139) Problems dues to Improper Communicationa. Delay in message delivery


18/27

b. Communication of sensitive info to wrong audience

c. Lack of communication

140) Types of Communication

a. Effective Info is providedi. In the right time

ii. Right format

iii. Right Impact

b. Efficienti. Providing only the information which is needed

141) Plan Communication Tools and Techniquesa. Communication Requirement Analysis

b. Communication Methods

c. Communication technologyd. Communication Models

142) Communication requirement Analysis

a. N * (n-1)/2b. Who gets what

143) Communication Methods influencing factors

a. Urgency

b. Staffing ( Expertise and Experience)c. Availability ( Access to)

d. Duration

e. Project Environment (face to face or virtual)

144) Communication Model Components

a. Sender b. Receiver

c. Medium

d. Message

e. Noisef. Encode

g. Decode

h. Feedbacki. Feedback message

j. Acknowledge

k. response

145) Example of Noise

a. Distance

b. Unfamiliar technologyc. Lack of background information

146) Communication model responsibilitiesa. Sender - Information is clear and Complete so that the receiver can receive it correctly

Confirming its properly understood

b. Receiever Information is received in its entiretyUnderstood correctly


19/27

Acknowledged

147) Communication methods

a. Interactive - meetings, phone calls, video confrencing

b. Push - letters, memos, reports, email, faxes, voice mails, press releases etcc. Pull Intranet, online learning, knowledge repositories

148) When pull communication is useda. Large Volumes of Info

b. Large Audiences

c. Access at their own discretion

149) Contents of a Communication management plan 0- refer page 257

150) Effective Information Distribution techniques

a. Sender receiver Modelsb. Choice of media

c. Writing styled. Meeting management technique

e. Presentation techniquef. Facilitation techniique

151) Distribute Information Communication methods

a. Individual/Group meeting

b. Video and Audio conferencesc. Computer Chats

d. Remote communication

152) Information Distribution Tools

a. Hard-copy documents

b. Electronic communication and conferencing toolsc. Electronic tools for Project management

153) Types of Logsa. Issue Log

b. Change Log

154) Variance analysisa. Verify Quality of Info

b. Determine variance

c. Determine the impact of the variances

155) Categories of forecasting methods

a. Time Series methods Use historical data for future out comeb. Causal/econometric - Forecast using influencing underlying factors

c. Judgemental method Intuitive judgement, opinion and probability estimates

d. Other methods


20/27

156) Eg of Time Series Method

a. Earned valueb. Moving average

c. Extra polation

d. Linear predictione. Trend estimation

f. Growth Curve

157) Eg of causal/ Econometrica. Regression analysis using linear or non linear regression

b. ARMA autoregressive moving average

c. Econometrics

158) Eg of judgemental methods

a. Composite forcastsb. Surveys

c. Delphi method

d. Scenario buildinge. Technology forecasting

f. Forecast by analogy

159) Eg of other methodsa. Simulation

b. Probabilistic forecasting

c. Ensemble forecasting

160) Objectives of risk management

a. Increase the probability and impact of positive eventsb. Decrease the probability and Impact of negative events

161) Risk management processesa. Plan risk management

b. Identify risks

c. Perform Quality Risk Analysis

d. Perform Quantitative risk Analysise. Plan Risk responses

f. Monitor and Control risks

162) cause of risk

a. requirement

b. assumption

c. constraintd. condition

163) Risksa. In the future

b. Uncertain

c. Has impact on atleast one project ojectived. Has one or more causes

e. Has one or more impacts

164) Project or Org Environment factors that could contribute to risk


21/27

a. Immature project management practices

b. Lack of integrated management systemsc. Concurrent multiple projects

d. Dependency on external participants who cannot be controlled

165) Risk tolerance

a. Helps determine Threats allowed

b. Should balance with rewards

166) Plan Risk Tool Planning meeting and Analysis

a. Held by project teams

b. To develop Risk management planc. High level plans for conducting risk management activities discussed

d. Risk management Cost elements discussed

e. Risk schedule activities discussedf. Risk management responsibities assigned

g. Organizational templates tailored or generated to specific project

167) Risk management plan

a. Methodolgyb. Roles and responsibilities

c. Budegtingd. Timing

e. Risk categories ( eg as a RBS)

f. Definition of Risk Probability and Impactsg. Probability and Impact Matrix prioritize to high moderate low

h. Revised Stakeholder Tolerances

i. Reporting formatsj. Tracking

168) RBSa. Identified project risks

b. Arranged by category and subcategory

c. That identifies the various areas and causes of potential risks

169) Identify Risk

a. Determine which risks affect the project

b. Documenting their characteristics

170) Identify Risks Tools and Techniques

a. Documentation reviewsb. Information gathering technique

c. Checklist Analysis

d. Expert Judgemente. Diagramming techniques

f. Assumption Analysis

g. SWOT analysis

171) Documenattion review Review of Documents

a. Plansb. Assumptions


22/27

c. Previous project files

d. Contractse. Other information

172) Information gathering techniquesa. Brainstorming

b. Interviewing

c. Root Cause Analysis

d. Delphi technique

173) Root cause analysis

a. Identify a problemb. Discover the underlying causes that lead to it

c. Develop preventive action

174) Delphi Technique

a. Facilitator prepares a questionnaire

b. Circulated to anonymously to Risk expertsc. Get Responses

d. Responses are summarizede. Recirculated to experts for further comments

f. Repeat till consensus is reached

175) Brainstorming

a. Free form ideas contributed by participantsb. Structured mass interviewing like Nominal Group tech

176) Checklist Analysis prepare checklist froma. Historical Info

b. Lowest level of RBS

177) Assumption Analysis Risks identified from Assumptions

a. Inaccuracy

b. Instability

c. Inconsistencyd. Incompleteness

178) Diagramming techniques

a. Cause and Effect diagram

b. System or Process flow chart

c. Influence Diagram

179) SWOT analysis

a. Identify strength and weakness of organization ( Performing or Wider business) throughtechniques like brainstorming

b. Analyze Opportunities from strengths

c. Analyze Threats from weaknessd. Analyze degree to which strengths offset Threats

e. Analyze degree to which opportunities may overcome wekness

180) Risk register


23/27

a. List of identified Risks

i. EVENT IMPACTii. CAUSE,EVENT - EFFECT

b. List of potential Responses

181) Projects having more uncertainities / risks

a. State of the art

b. First of its kind

c. Highly complex

182) Qualitative Risk Analysis Tools and Techniquesa. Risk probability and Impact Assesment

b. Probability and Impact matrix

c. Risk data Quality Assesmentd. Risk categorization

e. Risk Urgency Assesment

f. Exper Judgement

183) P&I Risk ratinga. Diff rating for cost, schedule, scope

b. Overall rating for each riskc. Organization rating

d. Project rating

184) Risk responses

a. Hig risk Threats

i. Priority actionii. Aggressive responsive strategies

b. Low risk threats

i. Add to watch listii. Add a contingency reserve

c. High Risk Opportunities

i. Targetted

d. Low risk Opportunitiesi. Monitored

185) Risks categorizationa. By Source (using RBS)

b. By Areas of Project affected (Using WBS)

c. Other useful category (By Project Phases)

186) Quantitative Risk Analysis Numerically analyzing the effect of identified risks on

overall project objectives

187) Perform Quantitative Risk analysis should be repeated after ( to check if risks have been

reduced)

a. Plan Risk responsesb. Monitor and Control Risks

188) Quantitative risk Analysis Tools and techniquesa. Data gathering and Representation techniques


24/27

b. Quantitative Risk analysis and Modelling techniques

c. Expert Judgement

189) Data gathering and Representation techniquesa. Interviewing ( eg give an estimate of optimistic, pessimistic and most likely estimates)

b. Probability Distributions

190) Quantitative Risk analysis and Modelling techniquesa. Sensitivity Analysis

i. Which risks have the most impact

b. Expected Monetary Value Analysis

c. Modelling and Simulation

191) Types of Proabaility Distribution

a. Continuous Probability Distribution

i. Betaii. Triangular

b. Discrete Distributionc. Uniform Distribution

d. Normal Distributione. Lognormal Distribution

192) Tornado diagram

a. Compare Uncertain and certain/Stable Variables

b. Compare relative importance and Impact

193) EMV

a. Analysis Under Uncertainityb. Opportunities Positive

c. Threats negative

d. EMV = Sum of (Value of each Possible Outcome (Impact) * Probability of accurance)

e. Eg decision tree analysis

194) Modelling and Simulation see page 299

195) Rissk responses have to bea. Appropriate

b. Cost effective

c. Realistic

d. Agreed upone. Owned by 1

f. Timely

200) Plan risk responses Tools and techniques

a. Strategies for Negative risks

b. Strategies for Positive Risksc. Contingent response Strategies

d. Expert Judgement

201) Strategies for negative Risks


25/27

a. Avoid

b. Transferc. Mitigate

d. Accept

202) Avoid

a. Involves changes to PM Plan

b. Shut down project

203) Transfer

a. Ownership of Response to third partyb. Management of response to third party

204) Eg of Risk transference toolsa. Insurance

b. Performance Bonds

c. Warrantiesd. Guarantees

e. Contracts

205) Mitigatea. Reduction in probability

b. Reduce Impact

206) Eg of Mitigation Options

a. Adopting less Complex processs

b. Conducting more testsc. Choosing a more stable supplier

d. Prototype development

207) Mitigation strategies

a. Reduces severity of Impact

b. Targets factors that determine severity

208) Accept

a. Passive Acceptance

i. No actionii. Just document the risk

iii. Wait for it to happen

iv. Project team handles it when it happens

b. Active Acceptence

i. Establish a Contingency reserve

ii. Reserve can be Time, Cost,. Or Resources

209) Strategies for Positive Risks or Opportunities

a. Exploit - make sure it really happens probabilityb. Share

c. Enhance

d. Accept


26/27

210) eg of Exploit

a. assign talented resource to finish fastb. assign talented resource to lower cost

211) Sharinga. Allocate or share ownership with someone who is best able to capture the opportunity

b. All parties gain from the action

212) Eg of Sharing Actionsa. Forming Risk-sharing partnerships. teams

b. Special purpose companies

c. Joint ventures

213) Enhance

a. Increase Impactb. Identify and maximize key drivers

214) Accept Opportunitiesa. Take advantage when it comes

b. Dont pursue

215) Contingent response strategiesa. Execute only under some conditions

b. Event triggers should be defined an Tracked

216) Types of Risks

a. Known Risks

b. Unknown Rosksc. Residual risks

d. Secondry Risks

217) Types of Risk Plan

a. Contingency Plan

b. Fall back Plan

218) Eg of Enhance

a. Adding more resources to finish early

219) Monitoring and Controlling Risks

a. Implementing Risk response plan

b. Tracking identified risksc. Monitoring residual risks

d. Identifying new Risks

e. Evaluating Risk process effectiveness throughout the project

220) assessed Risk

a. Can Changeb. Can retire

221) Risk Response Ownersa. Reports periodically to the PM on the effectiveness of the plan


27/27

b. Reports any unanticipated effects

c. Reports correction needed to handle the risk appropriately

222) Monitor and Control Risks Tools and techniques

a. Risk Reassesmentb. Risk audits

c. Variance and Trend analysis

d.

223) Risk Reassesment

a. Identify new risks

b. Reassess Current Risksc. Closing of Outdated Risks

224) Risk Audit

225) Corrective Risk Actionsa. Contingency plans

b. Workarounds not planned initially

GR Types Contd

Documents

Transcript of GR Types Contd