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Confidentia


               Exam Preparation



              Initiating Process Group
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
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
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
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
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
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
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
Confidentia
          Exam
                                    Step 4. Developing the project
       Preparation
                                               Charter




        PMP® Exam | Unit 2: Initiating Process Group          Irene Andrioti   9
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
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
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
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
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
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
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
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
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
Confidentia
                                      Step 6. Identify Stakeholders
          Exam
       Preparation




        PMP® Exam | Unit 2: Initiating Process Group            Irene Andrioti   19
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
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
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
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
Confidentia


               Exam Preparation


              Initiating Process Group

                      Practice Questions

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02 pm pexam-initiating

  • 1. Confidentia Exam Preparation Initiating Process Group
  • 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. 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. 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. 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. 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. 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. 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. Confidentia Exam Step 4. Developing the project Preparation Charter PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 9
  • 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. 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. 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. 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. 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. 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. 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. 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. 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. Confidentia Step 6. Identify Stakeholders Exam Preparation PMP® Exam | Unit 2: Initiating Process Group Irene Andrioti 19
  • 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. 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. 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. 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. Confidentia Exam Preparation Initiating Process Group Practice Questions