Project Management Knowledge Corner

Taking from the "MODULE: PMO Mission, Goals, and Objectives: Business Driven vs. Theory Driven PMOs" of PMUniversity.

1. Murphy’s Law:
2. Parkinson’s Law:
3. Student Syndrome:
4. Entropy:
5. Game Theory:
6. Pyrrhic Victory:
7. Winner’s Curse:
8. Mexican Stand-off:
9. Pavlov’s Law:
10. The Peter Principle:
11. Peter’s Corollary:
12. The Dilbert Principle:
13. Goodhart’s Law:
14. Pareto Principle (the 80/20 rule):
15. Hanlon’s Razor:

a) Never attribute to intentional malice that which can be explained by sheer stupidity
b) Multiple opponents with weapons aimed at each other will not fire the first shot
c) If anything can go wrong, it will
d) An individual’s success in making choices depends on the choices of others (i.e., Nash Equilibrium, Prisoner’s Dilemma)
e) Work will expand to fill the time available for its completion
f) When a measure becomes a target, it ceases to be a good measure
g) A victory with a devastating and perilous cost to the victor
h) People will only start to fully apply themselves to a task just before its deadline
i) It is a natural tendency to move from order to disorder
j) In an auction, the winner will tend to overpay
k) 80 percent of the effects come from 20 percent of the causes
l) Repetitive event conditioning can trigger automatic prevent responses
m) In a hierarchical organization, employees will tend to rise to their own level of incompetence
n) Ineffective workers are moved to the place where they can do the least amount of damage
o) In time, every position tends to be occupied by an employee who is incompetent to do the job

I've just read the article "Don’t Break Your Back Over Scheduling! Quality Checks for the PMO" which you can find in http://www.pmo-journal.com/2016/07/14/dont-break-your-back-over-scheduling-quality-checks-for-the-pmo/

I found it to be very interesting, so read and feel free to comment and share, especially for us that are master schedulers.

I quote "A schedule is more than matching dates with tasks. A schedule is the backbone that supports the project, and one weak component can cause the whole skeleton to collapse."  (pmo-journal.com, 2016/07/14/)

You can view the full article here: http://www.techrepublic.com/blog/it-consultant/14-quality-checks-for-your-it-project-schedule/

Project Stakeholder Management includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution. Stakeholder management also focuses on continuous communication with stakeholders to understand their needs and expectations, addressing issues as they occur, managing conflicting interests and fostering appropriate stakeholder engagement in project decisions and activities. Stakeholder satisfaction should be managed as a key project objective.
(from PMBOK® Guide, Fifth Edition)

For you that are new to Project Management, how should you approach studying this Knowledge Area?
It’s recommended to have quick review of what it is and how it interacts with other knowledge areas, and then an in-depth study of all its components and interactions.

In the comments section Add your own important questions you need to ask yourself when studying this area.

This knowledge are is composed of the following processes:

• Identify Stakeholders—The process of identifying the people, groups, or organizations that could impact or be impacted by a decision, activity, or outcome of the project; and analyzing and documenting relevant information regarding their interests, involvement, interdependencies, influence, and potential impact on project success.
• Plan Stakeholder Management—The process of developing appropriate management strategies to effectively engage stakeholders throughout the project life cycle, based on the analysis of their needs, interests, and potential impact on project success.
• Manage Stakeholder Engagement—The process of communicating and working with stakeholders to meet their needs/expectations, address issues as they occur, and foster appropriate stakeholder engagement in project activities throughout the project life cycle.

(from PMBOK® Guide, Fifth Edition)

Every project will have stakeholders who are impacted by or can impact the project in a positive or negative way. While some stakeholders may have a limited ability to influence the project, others may have significant influence on the project and its expected outcomes. The ability of the project manager to correctly identify and manage these stakeholders in an appropriate manner can mean the difference between success and failure.
(from PMBOK® Guide, Fifth Edition)

Please post your answers/inquiries about this subject….

Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team.
The organization can be either the buyer or seller of the products, services, or results of a project.
(from PMBOK® Guide, Fifth Edition)

For you that are new to Project Management, how should you approach studying this Knowledge Area?
It’s recommended to have quick review of what it is and how it interacts with other knowledge areas, and then an in-depth study of all its components and interactions.

Some important questions you need to ask yourself when studying this area.

Difference between Contract Closeout and Admin Closure?
Different contract types?
What is the last item a project manager must do to finalize the project closing?

This knowledge are is composed of the following processes:
Project Procurement Management includes the contract management and change control processes required to develop and administer contracts or purchase orders issued by authorized project team members.
Project Procurement Management also includes controlling any contract issued by an outside organization (the buyer) that is acquiring deliverables from the project from the performing organization (the seller), and administering contractual obligations placed on the project team by the contract.
(from PMBOK® Guide, Fifth Edition)

Project Procurement Management processes which include the following:

• Plan Procurement Management—The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.
• Conduct Procurements—The process of obtaining seller responses, selecting a seller, and awarding a contract.
• Control Procurements—The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate.
• Close Procurements—The process of completing each project procurement.

(from PMBOK® Guide, Fifth Edition)

Please post your answers/inquiries about this subject….

Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.
(from PMBOK® Guide, Fifth Edition)

For you that are new to Project Management, how should you approach studying this Knowledge Area?
It’s recommended to have quick review of what it is and how it interacts with other knowledge areas, and then an in-depth study of all its components and interactions.

Some important questions you need to ask yourself when studying this area.
• Fast Tracking vs Crashing which one impacts the quality most
http://www.projectmanagement.com/discussion-topic/35129/Fast-Tracking-vs-Crashing-which-one-impacts-the-quality-most-
• Progressive Elaboration vs Rolling Wave Planning
http://www.projectmanagement.com/discussion-topic/33820/Progressive-Elaboration-vs-Rolling-Wave-Planning

This knowledge are is composed of the following processes:
• Plan Risk Management—The process of defining how to conduct risk management activities for a project.
• Identify Risks—The process of determining which risks may affect the project and documenting their characteristics.
• Perform Qualitative Risk Analysis—The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.
• Perform Quantitative Risk Analysis—The process of numerically analyzing the effect of identified risks on overall project objectives.
• Plan Risk Responses—The process of developing options and actions to enhance opportunities and to reduce threats to project objectives.
• Control Risks—The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.
(from PMBOK® Guide, Fifth Edition)

Project risk has its origins in the uncertainty present in all projects. Known risks are those that have been identified and analyzed, making it possible to plan responses for those risks. Known risks that cannot be managed proactively, should be assigned a contingency reserve. Unknown risks cannot be managed proactively and therefore may be assigned a management reserve. A negative project risk that has occurred is considered an issue.
Individual project risks are different from overall project risk. Overall project risk represents the effect of uncertainty on the project as a whole. It is more than the sum of the individual risks within a project, since it includes all sources of project uncertainty. It represents the exposure of stakeholders to the implications of variations in project outcome, both positive and negative. (from PMBOK® Guide, Fifth Edition)

Organizations perceive risk as the effect of uncertainty on projects and organizational objectives. Organizations and stakeholders are willing to accept varying degrees of risk depending on their risk attitude. The risk attitudes of both the organization and the stakeholders may be influenced by a number of factors, which are broadly classified into three themes:

Risk appetite, which is the degree of uncertainty an entity is willing to take on in anticipation of a reward.
Risk tolerance, which is the degree, amount, or volume of risk that an organization or individual will withstand.
Risk threshold, which refers to measures along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk. Above that risk threshold, the organization will not tolerate the risk.

Positive and negative risks are commonly referred to as opportunities and threats. The project may be accepted if the risks are within tolerances and are in balance with the rewards that may be gained by taking the risks. Positive risks that offer opportunities within the limits of risk tolerances may be pursued in order to generate enhanced value. For example, adopting an aggressive resource optimization technique is a risk taken in anticipation of a reward for using fewer resources.

Individuals and groups adopt attitudes toward risk that influence the way they respond. These risk attitudes are driven by perception, tolerances, and other biases, which should be made explicit wherever possible. A consistent approach to risk should be developed for each project, and communication about risk and its handling should be open and honest. Risk responses reflect an organization's perceived balance between risk taking and risk avoidance.
(from PMBOK® Guide, Fifth Edition)

Please post your answers/inquiries about this subject….