CQP Intermediate Level

Project Management flashcards

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What distinguishes a project from operations, a programme and a portfolio?

Project: a temporary endeavour undertaken to create a unique product, service or result. Operations: ongoing, repetitive work producing the same output; the project creates the capability and operations run it. Programme: related projects managed in a coordinated way for benefits not available from managing them individually. Portfolio: projects, programmes and operations managed as a group to achieve strategic objectives; the components need not be related.

Why must a business case cost the do-nothing option rather than assume it is free?

Because the present state is rarely static: costs rise, competitors act, assets deteriorate and customers leave, so doing nothing has a cost. A case that compares the recommended option with a costless status quo understates the value of acting and will reject sound investments. The business case is owned by the sponsor and is maintained rather than filed.

What does the project charter do, and who issues it?

It formally authorises the existence of the project and gives the project manager authority to apply organisational resources to project activities. It is issued by the sponsor or initiator, at a level above the project, because a document that authorises the project cannot be authorised by the project. Exit criteria, the conditions for closing or cancelling the project, are the element most often omitted.

What is the 100 per cent rule of the work breakdown structure?

The WBS includes 100 per cent of the work defined by the project scope and captures all deliverables, project management included. Work not in the WBS is outside the scope of the project, which is what makes the WBS a scope control instrument rather than a diagram. The WBS is deliverable-oriented, and its lowest level is the work package.

What is the critical path, and how is total float calculated?

The critical path is the longest path through the network, and therefore the shortest possible project duration. Its activities have zero total float. Total float = LS - ES (or LF - EF): how long an activity can slip without delaying the project finish. A one-day delay to any critical activity is a one-day delay to the project.

What are planned value, earned value and actual cost?

PV: the authorised budget for the work scheduled to be done by now. EV: the budget value of the work actually done, always at the budget rate, never what it cost. AC: what has actually been spent on the work performed. SV = EV - PV and CV = EV - AC; a negative figure means behind schedule or over budget.

How does manage quality differ from control quality?

Manage quality is quality assurance: preventive and focused on the process, asking whether the way the project works will produce conforming output. Typical activity: a quality audit. Control quality is quality control: detective and focused on the deliverable, asking whether this output conforms. Typical activity: inspection and testing. Control quality produces verified deliverables, which then go to validate scope.

What do the letters of a RACI chart stand for, and what rule makes it useful?

Responsible: does the work. Accountable: the single person answerable for the outcome. Consulted: input sought before the decision. Informed: told of the result. Exactly one accountable per activity: two accountable parties means nobody is, and none means the same.

How many potential communication channels does a team have, and why does it matter?

Channels = n(n - 1) / 2. A team of 5 has 10 channels, 10 has 45, 15 has 105 and 20 has 190. Complexity grows roughly with the square of team size, which is the quantitative argument for a small core team and structured communication.

How is expected monetary value calculated, and what is its limitation?

EMV = P x I, with threats negative and opportunities positive. The net EMV of the identified risks is a quantified basis for the contingency reserve. It is an average over many repetitions. A project happens once, so an impact either occurs in full or not at all, and EMV does not say whether the organisation could absorb it.

How do enterprise environmental factors differ from organisational process assets?