BUNDLED ANSWERS GRADED A+
⩥ Name the six components of a project? (Six essential questions that
need settled). Answer: 1. *Scope* What are the objectives and scope of
the work
2. *Schedule* How long will it take to achieve?
3. *Finance* How are the necessary funds acquired and costs managed?
4. *Risk* What are the threats and opportunities involved?
5. *Quality* How will fitness for purpose of the deliverables and
management processes are assured?
6. *Resource* How will the necessary resources be acquired, mobilized
and managed?
⩥ Define the project environment.
What key distinction should be made in this area? Answer: The project
environment is the circumstances and conditions within which the
project, programme, or portfolio must operate.
The distinction should be between internal and external factors
, ⩥ Name two key tools to analyse the project environment Answer: 1.
SWOT (strengths, weaknesses, opportunities, threats)
2.) PESTLE (political, economic, social, technological, legal, ecological)
⩥ Why do projects fail? Offer at least five. Answer: Lack of link
between project and organisational strategy
Lack of clear senior management ownership and leadership
Lack of effective engagement with stakeholders
Lack of skills and proven PM and risk management
Too little attention to breaking development and implementation into
manageable steps
Evaluation of proposals driven by initial price, not long term value for
money
Lack of understanding of and contact with the supply industry
Lack of effective project team integration between clients, supplier, and
supply chain.
i.e. governance and control
⩥ What are the six benefits of governance of project management?
Answer: COMABS
*C*ompliance
*O*ptimise portfolio