Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

02 pm pexam-initiating

611 views

Published on

Published in: Education, Technology
  • Be the first to comment

  • Be the first to like this

02 pm pexam-initiating

  1. 1. Confidentia Exam Preparation Initiating Process Group
  2. 2. Confidentia Unit Objectives • At the end of this unit, you will be able Exam to: Preparation – Perform project assessment – Develop the project charter – Obtain approval for the charter (from the sponsor and customer) – Perform key stakeholder analysis PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 2
  3. 3. Confidentia Initiating the Project The formal recognition that Exam – a new project or the next phase of an Preparation existing project, should begin – resources may be committed to the project PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 3
  4. 4. Confidentia Step 1. Performing Project Assessment Exam i. Identifying needs and demands (market Preparation demand, organizational need, customer request, technological advance, legal requirement, ecological impact, social need) ii. Conducting a feasibility study (is viable, probability of success, technical issues) iii. Selecting a project  Conducted by a steering committee PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 4
  5. 5. Confidentia Project selection methods Mathematical Benefit Measurement models methods Exam Preparation •Linear •Cost-benefit analysis •Dynamic •Scoring models •Integer (weighted criteria) •Nonlinear •Cash flow analysis techniques •Multi-objective programming s… Constrained Decision models, na optimization methods, Comparative approach K no w use form of algorithms PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 5
  6. 6. Confidentia Cash flow analysis techniques • Payback period – time to recoup funds invested Exam – Choose project with the quickest payback Preparation • Discounted cash flows – PV = (FV) / (1+interest)n – Choose projects with the highest return • Net present value (NPV) – Value of the project in today’s money, determines project’s ROI : NPV = PVrevenues – PVcosts – Choose projects with NPV >0 • Internal rate of return (IRR) – Discount rate when PV of cash inflows equals the original investment – Choose projects with the highest IRR PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 6
  7. 7. Confidentia Step 2. Defining the high-level Project Scope Exam • Based on business and compliance Preparation requirements • Documented in the project charter • Elaborated and defined as the project moves into the Planning process PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 7
  8. 8. Confidentia Step 3. Identify high-level Risks, Assumptions, Constraints Exam • Based on the existing environment, Preparation historical information, expert judgment • Documented in project charter • Expanded in the planning process group by working out the granular details PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 8
  9. 9. Confidentia Exam Step 4. Developing the project Preparation Charter PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 9
  10. 10. Confidentia What is a Project Charter? A document that: – Formally initiates the project Exam Preparation – Provides the project manager with the authority to apply organizational resources to project activities – Needs gathering and analyzing stakeholders requirements – Leads the way for properly identifying project & product scope, milestones, deliverables – Links the project to the ongoing work of the organization – Issued by a sponsor not the PM PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 10
  11. 11. Confidentia Inputs : Project Statement of Work (SOW) Exam Preparation • Is created by the customer / sponsor • Contains : business needs, product or service scope description, strategic plan • In external projects can be part of a bid document (request for proposal, request for information, request for bid, part of a contract) PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 11
  12. 12. Confidentia Inputs: Business case • Its purpose is to Exam – understand the business need Preparation – determine whether the investment is worthwhile • Contains – Business need, special requirements, alternative solutions, expected results • Typically it is justified by a cost-benefit analysis • It is periodically reviewed to ensure that the project is on track and still required PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 12
  13. 13. Confidentia Inputs: Contract • Applicable only for external projects Exam Preparation • Documents – the conditions under which the project will be executed – the time frame – the description of the work PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 13
  14. 14. Confidentia Enterprise Environmental Factors • Organizational or • Personnel company culture and administration (hiring Exam structure and firing guidelines) Preparation • Governmental or • Stakeholder risk industry standards tolerances • Infrastructure (existing • Commercial facilities and capital information databases equipment) • PMIS (Project • Existing human Management resources Information System) • Marketplace conditions • Company work authorizations system PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 14
  15. 15. Confidentia Organizational Process Assets Includes two broad categories: Exam 1. Organization’s processes and Preparation procedures for conducting work 2. Organizational corporate knowledge base for storing and retrieving information (historical info, lessons learned, templates) PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 15
  16. 16. Confidentia T&T: Expert Judgment • Sources of experts: Exam – Other units within the organization Preparation – Consultants – Stakeholders – Professional and technical associations – Industry groups – Subject matter experts (SMEs) – Project Management Office (PMO) PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 16
  17. 17. Confidentia Output: the Project Charter • The first official project document which contains: – Project purpose or justification Exam Preparation – Deliverable & related success criteria – High-level of risks – Summary milestone schedule – Summary budget – Project approval requirements (what contributes project success, who decides the project is successful, who signs off on the project) – Assigned project manager, responsibility, authority level – Name and authority of the sponsor or other person(s) authorizing the project charter PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 17
  18. 18. Confidentia Step 5. Obtaining project charter approval • Project charter isn’t complete until Exam sign-off has been received from Preparation – Project sponsor – Senior management – Key stakeholders • Last step : publishing or distributing the charter PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 18
  19. 19. Confidentia Step 6. Identify Stakeholders Exam Preparation PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 19
  20. 20. Confidentia Who are stakeholders? • People or organizations who have a Exam vested interest in the outcome of the Preparation project • They have something to either gain or lose as a result of the project • They have the ability to influence project results PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 20
  21. 21. Confidentia T&T : Stakeholders analysis 1. Identify all potential stakeholders and Exam capture general info about them Preparation 2. Identify the potential impact or support each may have to the project, then classify them according to impact so that you can devise a strategy to deal with them. 3. Assess their reaction, this will help you manage them PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 21
  22. 22. Confidentia Stakeholders grid High Exam • Power / Interest Preparation (level of authority / level Keep Manage of concern) Satisfied closely • Power / Influence (ability to impose their will / involvement) • Influence / Impact Monitor Keep (active involvement / ability to affect (min effort) Informed changes) Low High PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 22
  23. 23. Confidentia Outputs: 1. Stakeholder register Exam • Identification info Preparation • Assessment info • Stakeholder classification 2. Stakeholder management strategy • Approach to increase support and minimize obstacles PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 23
  24. 24. Confidentia Exam Preparation Initiating Process Group Practice Questions

×