Planning for Success Part 1

Explain the importance of a business case throughout the project lifecycle

• It evaluates the benefit, cost and risk of alternative options

• A business case is not a necessary requirement in project managment

• A business case will remain the same throughout the project life cycle

• It enables project team members to understand their roles and expectations

Explain investment appraisal techniques

• NPV is not the future net flow of the companies assets.

• IRR is the actual value of the project required to enable the work to go forward

• IRR uses the value of money across time to calculate the net return

  NPV focusses on finding the discount value that will return a IRR of zero

• NPV uses the value of money across time to calculate the net return

  IRR focusses on finding the discount value that will return a NPV of zero

Explain what is meant by benefits management

• Benefits managment is the same as benefits realisation

• It involves identifying, planning, measuring and tracking benefits from the start to end of a project

• It means you need to have SMART objectives

• The project manager needs to ensure that all information is gathered and monitored throughout the project life cycle

Explain an information management process

• Data analysis is an important tool to use

• It is about the responsibility of gathering data in an open and transparent way.

• Not all mediums need to be considered for information management

• it is the method by which your business collects, organises, maintains and archives information

Explain factors which would typically be reported on to help ensure successfull project outcomes

• Goals and objectives should be clearly specified and recognised by all stakeholders

• Results vary depending on the particpants

• Recurring factors are evident such as methodical approach, proper planning, and effective communication etc

• Satisfaction of stakeholders is paramount to ensure success of the project

Describe the typical contents of a project management plan

• This needs to be a consise plan incorporating scheduling problems, security issues and interpersonal conflict

• Includes a summary describing the aims of the project and the expected benefits, the monitoring, risk change and quality

• A formal, approved document used to guide both project execution and project control

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  A complicated process which plays a key role in managing a project

Explain the importance of producing a project management plan

• There can be an overlapping of roles and responsibilities in project managment so careful planning is necessary when producing a project plan

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  A plan helps to ensure you have enough people to expertly own the activities needed to complete the project

• A plan produces a schedule, scope and cost

• Project plans give direction and establishes project boundaries

Explain the relationship between the deployment baseline and the development of a project management plan

• The deployment baseline is a complex culmination of information required for the PMP

• The culmination of all the 'planning' work is the deployment baseline, documented in the integrated project management plan 

• The project management plan does not require a deployment baseline

• The deployment baseline and PMP are the starting points for progress monitoring and implementation of change control