Planning for Success Part 2

Name four approaches to producing estimates.

• Analogy, Parametric (Statistical), Engineering (Bottoms Up), and Actual Costs.

• the most optimistic estimate (O),

  a most likely estimate (M), and.

  a pessimistic estimate (least likely estimate (L)).

• Parametrics, analogous, analytical, and Delphi)

• 1) estimate preparation; 2) the takeoff; 3) extension and review; and 4) bid summarisation.

What are the reasons for and benefits of re-estimating through the project lifecycle? (best answer)

• To update and refine the estimates of the project’s cost, time, scope and quality as more information becomes available and changes occur

• Constraint is the time, scope and cost for a project:

• An approximation of project time and cost targets, refined throughout the project life cycle.

• The cost estimates are refined, and the budget is updated

Which is the best statement to explain the relationship between stakeholder, influence and engagement

• A key strategy for stakeholder engagement is consistently communicating company activity.

• Stakeholders are individuals or groups that have an interest or role in the project, programme or portfolio or are impacted by it

• Stakeholder engagement is the systematic identification, analysis, planning and implementation of actions designed to influence stakeholders

• A stakeholder is a group or individual who can affect or is affected by the achievement of the organisation's objective.

Explain the importance of managing stakeholder expectations to the success of the project (best answer)

• When expectations of the stakeholders are actively managed, the project gets a higher likelihood for success.

• The most important part of managing expectations is understanding them.

• The project manager should continuously negotiate and influence desires of the stakeholders to achieve strict conformity of project goals and expectations

• It helps to ensure that everyone is on the same page, and that there is a shared understanding of the project's objectives, scope, and requirements.

Why would a project manager would use earned value management?

• To provide information which enables effective decison making

• To: provide data for objective measurement of the project

  A basis for estimating financial cost

  Predict completion

  Manage resources

  Managing and controlling change

• Earned value management is a project control process based on a structured approach to planning, cost collection and performance measurement.

• To assess the current status

What are the benefits of using the interpretation of earned value data?

• It enables early detection and correction of problems

• Earned value management is a project control process based on a structured approach to planning, cost collection and performance measurement.

• It will enhance communication and stakeholder satisfaction

• It allows the project manager and stakeholders to see how well the project is meeting its scope, schedule and budget objectives, and how much value it is delivering

What is the role of contingency planning in projects

• Contingency planning is the same as risk management

• To prepare for and respond to potential risks or uncertainties that may affect the project’s objectives, scope, schedule, budget or quality

• Contingency plans are used by smart managers who are aware that there are always risks that can sideline any project or business

• Contingency planning is a proactive process of creating a strategy to help you prepare for any scenario