Prince2 Foundation ALL SOLUTION LATEST EDITION 2023/24 GUARANTEED GRADE A+

OV - 6 aspects of project performance to be manage 1.Costs 2.TimeScale 3.Quality 4.Scope 5.Risk 6.Benefits OV - 5 characteristics of a project 1.Change 2.Temporary 3.Cross functional 4.Unique 5.Uncertainty OV - 4 integrated elements on which Prince2 is based iples s sses project environment OV - 7 Benefits of using Prince2 be applied to any projects 2. common vocabulary & approach rates easily with industry specific model e management by exception to make efficient use of executives time e focus on the continuing viability of the projet of accredited training & consultancy org cit definition of roles & responsability OV - Customer/Supplier context of Prince2 project ... OV - 7 Principles nuous business justification from previous experience ed & agreed roles & responsabilities ement by stages ement by exception on the delivery of products ring of methodology OV - Difference between a project & a programme ... OV - 5 characteristics of a project (detailled) 1.Change : projects are the means to introduce changes 2.Temporary : one desired change has been implemented business as usual resume (start & end) 3.Cross functional : projects invovle a team of people with different skills working together to introduce a change outside of the team. Often cause strains since each has a different perspective 4.Unique : every project is unique. different team, customer, location 5.Uncertainty : threats & opportunities. More risks. OV - Definition of a project a temporary organisation that is created for the purpose of delivering one or more business products according to an ageed Business Case OV - 7 themes 1.Business Case : why 2.Organisation : who 3.Quality : What 4.Plans : How? How much? When? 5.Risk : what if? 6.Change : what's the impact 7.Progress : where are we know? Where are we going? Should we carry on? BC - Purpose of the BC them is to establish mecanism to judge whether the project is (and remains) desirable, viable and achievable as a means to support decision making in its (continued) investment BC - How the BC supports the continued biz justif principle by documenting the business justification in the business case describing the reasons for the project based on estimated cost, risk & expected benefits BC - Difference between output, outcome & benefit output : any of the project's specialist products (tangible or not); (ex : New Sales System) outcome : the result of the change derived from using the project's output (ex:Sales Order are processed faster) benefit: measurable improvement resulting from an outcome that is perceived as an advantage by one or more stakeholders (Costs are reduce by 15%) BC - Purpose of BC & Benefit Review Plan BC: used to document the justification for the undertaking of a project based on the estimated costs against the anticipated benefits to be gained & offset by any associated risks. BFR : how & when a measurement of the achievement of the project's benefit, expected by senior user, can be made BC - Recommanded composition of a BC (9) 1. Exec Summary 2. Reasons 3. Business options 4. Expected benefits 5. Expected dis-benefits 6. Timescale 7.Costs 8.Investment appraisal 9.Major risks OR - Roles in OR Project Board (3) Executive Snr User Snr Supplier Project Assurance (Business, User & Supplier) Project Manager Change Authority Project Support Team Managers Team Members OR - Purpose of OR theme to define & establish the project structure of accountability & responsability OR - in which process OR them is applied & which roles are responsible for this ... OR - the 3 projects interest & how these are represented within the three levels of the project mgmt team structure Business, User & Supplier OR - how the four levels of the project mgmt structure apply to the process model ... OR - Project Board Role + 4 chars Executive + Snr Supplier + Snr User has authority & responsability for the project within the instructions (prj mandate) set by corporate or program mgmt Authority; Credibility; Ability to delegate; Availbility OR - Difference between project stakeholders & decision makers Project stakeholders need to be informed Decision makers need to be on the board OR - purpose of the communication mgmt strategy Contains a description of the means & frequency of communication to parties both internal & external to the project. It facilitate the engagement with stakeholders through the establishment of a controlled & bi-directional flow of information OR - 4 levels of mgmt Corporate => program mgmt Directing => project Board Managing => Project Manager Delivering =>Team Manager OR - the Executive role (5) 1. ultimatly accoutable for the project's success & is the key decision maker 2. His role is to ensure focus on objectives & on delivering a product that will achieve the forecasted benefits. 3. He has to ensure that the project gives value for the money (cost conscious approach). 4.Appointed by corp or prg mgmt & appoint the rest of the team, including the rest of the project board. 5.Responsible for the business cases. OR - Snr User Role (2) 1. Responsible for specifying the needs of those who will use & for monitoring that the solution will met those needs. 2. He specifies the benefits OR - Snr Supplier Role (2) 1. represents those designing, developing, procuring & implementing the products 2. accountable for the quality of products OR - Project Manager Role (3) 1.Single focus for day to day management. Authority to run the project on behalf of the project's board with the contraints defined. 2. responsible for the work of all P2 process except for directing process & appointment of exec & PM 3. Manage the Team Managers & Project Support & is responsible for liaison with project Assurance & the project board OR - Team manager Role (1) e production of those products or Work packages allocated by PM. Reports & take direction from PM. OR - Project Assurance Role (3) 1. responsible for monitoring all aspects of projects performance & products independantly of the project manager 2.Project board members are responsible for the aspects of PA aligned to their area of concern. They may conduct it or appoint others. They must be independant from the PM. 3.Support the PM by giving advice & guidance. OR - Project Support (1) rt the PM. Administer configuration management procedure & tool. PMO. Keep separated from Project Assurance OR - Change Authority 1.It's the project board responsability to agree to each potential change before it is implemented. Must decide before end of initiation stage if delegation of authority. 2.PB should define in the Configuration Management Strategy a scale of severity ratings for request for change & appropriate authority (Corp; PB; CA;PM) QU - recommanded quality review team roles & responsabilities ... QU - Purpose of the quality them to define & implement the means by which the project will create & verify products that are fit for purpose QU - relationship between Quality Assurance & Project Assurance QA could be used by the PB as part of its Project PA. QA would look for effective PA as one of the indicators that the project is being conducted properly QU - Purpose of quality planning to provide a secure basis for:: -Project Board Agreement on the overall quality of expectations, the products required with their associated quality criteria, the means by which the quality is assessed & ultimatly the acceptance criteria - Communicating these agreements unambiguously so that all the project stakeholder have a common understanding of what the project is setting out to achieve - Control : establishing a baseline, including quality tolerance & a secure means of achieving products that are fit for purpose QU - Purpose of Customer's quality expectations A statement about the expected quality. To avoid misinterpretation & inacurrate assumptions about the project's quality requirements QU - Purpose of Quality Register A register containing summary details of all planned & completed quality activities. The Quality Register is used by the PM & PA as part of reviewing progress QU - Purpose of the Quality Management Strategy A strategy defining the quality techniques & standards be applied & the various responsabilites for achieving the required quality levels, during a project QU - Purpose of the Quality Control The process of monitoring specific projects results to determine whether they comply with relevant standards & of identifying ways to eliminate causes of unsatisfactory performance QU - Purpos eof a product description (6) - understand the detailled nateure, purpose, function & appearance of a product - Define who will use the product - Identify the sources of information or supply for the product - Identify the level of quality required of the product - Enable identification of activities to produce, review & approve the product - Define the people or skills required to product, review & approve the product QU - Purpose & composition of a product description Identifier, Title; Purpose, Composition, Derivation, Format & presentation, Development skills required, Quality Criteria, Quality tolerance, Quality Method, Quality skills required, Quality responsabilities PL - Levels of plan recommanded by P2 Project Plan Stage Plan Team Plan PL - Steps in producing P2 plan Design the plan Define & analyse the products Identify activities & dependencies Prepares estimates Prepare the schedule Document the plan PL - Four tasks of product-based planning Write Project Product Desc (Prj plan only) Create Product BreakDown Structure Write the Product Description Create the product Flow Diagram PL - The purpose of the plans them to facilitate the communication and control by defining the means of delivering the products (where, how, by whom, when & how much) PL - levels of plans, purpose & interelationship between Project Plan, Stage Plan, Teams plan & Exception Plan PP : during IP; Time, Cost, Scope & Quality Perf targets by showing major products, activities and ressources SP : by SU & Manage Stabe Boundaries for each mgmt stage. Similar to PP but Broken Down to required level of detailed. Produced near the end of current mgmt stage TP : by Managing Product Delivery, optional, by Team Manager to facilitate the execution of 1+ Work Package EP : for the appropriate mgmt levem to show actions required to recover from the effect of a tolerance deviation. If approve, replace the plan & becomes baseline PL - The 3 types of mgmt product : baseline, records & reports ... PL - the product based planning technique Products required are identified first then the activities, depencies & ressources required to deliver those products RK - definition of a risk & diff between threat & opportunity uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives. Combine Proba*Impact RK - drisk response type & whether theyr'e used against Threat or Opp Threat : Avoid, Reduce, Fallback, Transfer, Share, Accept Oppotunity : Exploit, Enhance, Share, Reject RK - difference between a risk owner & a risk actionnee Risk Owners : responsible for the management, monitoring and control of all aspects of a particular risk assigned to them, including the implementation of the selected responses to address the threats or to maximize the opportunities Risk Actionnee : An individual assigned to carry out a risk response action or actions to respond to a particular risk or set of risks. They support and take direction from the risk owner. RK - Purpose of the risk them is to identify, assess and control uncertainty, and, as a result improve the ability of the project to succeed. RK - 5 steps in the risk mgmt procedure Identify Assess Plan Implement Communicate RK - purpose of risk budget fund specific management responses to the project threats & opportunities. Depending on the expected monetary value of the set of risks. Risk mgmt strategy defining control & means of access to this budget. To cover the know risks and a provision for the unknown risks. RK - probability, impact & proximity of a risk Proba : how likely they are to occur Impact : in terms of project objectives (unit) Proximity : how close is it to occur RK - difference between cause, event & effect when expressing a risk Cause: source of the risk (risk drivers). Will trigger the risk (eg:raining) Event : area of uncertainty in terms of threat or opportunity (eg:overflow) Effect : impact on the project objectives (damage crop up to 50K€) RK - concept of risk appetite/tolerance An organization's unique attitude towards risk taking that in turn dictates the amount of risk that it considers is acceptable. RK - purpose of risk mgmt strategy A strategy describing the goals of applying risk management, as well as the procedure that will be adopted, roles and responsibilities, risk tolerances, the timing of risk management interventions, the tools and techniques that will be used, and the reporting requirements. RK - purpose of risk register to capture and maintain information on all of the identified threats and opportunities relating to the project CH - three types of issues Request for change : A proposal for a change to a baseline. Off-specification : Something that should be provided by the project, but currently is not (or is forecast not to be) provided. This might be a missing product or a product not meeting its specification. Problem/concern : Any other issue that the Project Manager needs to resolve or escalate. CH - purpose of change theme to identify, assess and control any potential and approved changes to the baseline. CH - purpose of change budget & change authority CA : Project Board's responsibility to review and approve requests for change and off specifications. delegate some decisions to a person or group CB : used to fund the cost of requests for change, and possibly also their analysis costs. reduce the number of trivial exceptions arising in projects where the frequency of requests for change is forecast to be high. Including a change budget. provides for a more realistic expectation of the overall costs/timeframe of the project. Where a change budget is given to a Change Authority, the Project Board may wish to put a limit on (a) the cost of any single change, and (b) the amount spent on change in any one stage without reference to the Project Board. CH - purpose & composition of Issue report report containing the description, impact assessment and recommendations for a request for change, off-specification or a problem/concern. It is only created for those issues that need to be handled formally. CH - purpose & recommanded composition of Issue register to capture and maintain information on all of the issues that are being managed formally. The Issue Register should be monitored by the Project Manager on a regular basis. ID, Type, date raised, raised by, Issue report Author, Issue Desc, Priority, Severity, Status, Last update date, Closure date CH - purpose of configuration mgmt strategy facilitates impact assessments (relationships between products) and maintains product baselines (the basis from which the entity will change) Configuration Management Strategy should define the way issues are handled (scale for prioritizing issues, scale for rating the severity of issues, What severity of issues can be handled at what management level) CH - purpose of configuration Item Record to provide a set of records that describe information such as the status, version and variant of each configuration item and any details of important relationships between the items. CH - Product Status Account to provide information about the state of the products within defined limits. useful if the Project Manager wishes to confirm the version numbers of products. CH - Configuration management procedure Planning, Identification, Control, Status Accounting, Verification & Audit CH - Issue & change control procedure Capture, Examine, Propose, Decide, Implement PG - event driven & time driven control ED:Take place when a specific event occurs (eg : end of stage, exception report) TD:Take place at predefined periodic intervals. (eg: monthly Highlight Reports for the Project Board or weekly Checkpoint Reports showing the progress of a Work Package) PG - reporting channels between the level of mgmt ... PG - Purpose of the progress them to establish mechanisms to monitor and compare actual achievements against those planned; provide a forecast for the project objectives CONTINUED..