Hi
Several people in this study group have exams coming up over the next few weeks. So to help with last minute revision here are some sample questions to try. Post your answers below and we will give you feedback.
1) Describe five key components of a procurement strategy?
2) List and describe the five stages in the risk mangement process?
3) Explain in five paragraphs a known team development model and its relevance to project mangement?
4) Explain in five paragraphs the management of cost in a project?
5) Explain in five paragraphs project scope mangement?
Paul
Brett I only see the first part of your questions.
Karen Stafeck Your answer is fine. I would just number the points to make sure the examiner can clearly identify your paragraphs,
Apologies Paul suffered IT probs last night will retry tonight
Q1 The 5 key components of a Procurement Strategy are:
1) The make or buy decision – In this part of the strategy we are looking at whether its is best to use inhouse resources to produce the solution or to outsource from a supplier. Before the decision is made the project will need to consider certain factors such as:
– costs
-availability of resource
-capacity
-control (quality/schedule)
– reliability of supply
Once this has been decided we need to consider the contractual relationships
2) Contractual Relationships – in the part we need to consider how we will work with the supplier. For example do we want to have one main single supplier (Prime contract) where we manage with one main supplier to perform the work (this is the simplest form of contact or have a Prime Contract with the main supplier sub contracting the work out and managing the sub contractor to name a few. Each has there benefits and disbenefits though control and management of the three project context need to be kept in check (Time ,Cost and Quality). The selection of contract will be aligned to the objectives and context of the project.
3) Supplier Selection – This process involves the preparation for formal tender and proposal documents for the subsequent bids by potential suppliers. The selection will based on selection criteria such as:
-Quality
– Costs
– Reliability
– Capacity
During this process suppliers will be able to ask for points of clarification on he questions asked in the tender which may be shared with other potential bidders providing it does not break any commercial confidences.
4) Supplier Reimbursement – In this stage the decision on how we are best to pay the supplier for the work is taken which will consider the following factors such as:
– The ability of the supplier to start the work ASAP
– Who owns the risk
– what level of management of the suppler is required
– The ability to include further scope changes
– How will quality be impacted with specific payment terms.
This will influence the type of reimbursement meths which will range from Firm Fixed Price where the price is set at the start of the project and not subject to change or Time and Materials where the amount of work performed is payable at a daily rate eg man-days
5) Contract – Once the supplier has been selected the drawing up of legal document which are binding are drafted. This covers the area of work, payments duration of the contract exit strategy as well as warranties guarantees and intellectual property rights. Once this process has been completed a feedback of the process and any lessons learned are documented and fed into continuous improvements for other future projects.
Question 2 The 5 stages of risk management are:
1 Initiate
2 Identify
3 Asses
4 Plan Responses
5 Implement Responses
1 Initiate.
This first step of risk management looks at starting the risk management process. This will look at developing the Risk Management Plan, what tools are to be used and the roles and responsibilities within the risk management process. This is important as it provides a foundation and understanding of how the risks within the project will be managed and controlled and provides consistency for all those involved in identifying and managing risks in the project.
2. Identify
This next step looks at identifying the risks. This may take the form of brainstorming,checklists, prompt lists (PESTLE), interviews or previous projects risk logs. This important as stakeholders, users have different view points of the project so risks can be captured at an early point, though some methods or identification can be subjective.
3. Asses
Now the risks have been identified they can now be classified and ranked. This is best performed on a Probability and Impact Grid (PIG). The risks can ve graded for v high to v low based on the impact and probability scores of each individual risks. They can now be prioritized in order allowing focus to the more serious high scored risks.
4. Plan Responses
Now the risks have been assessed responses to treat the risks can be applied these are:
– Avoid ( do something different)
– Accept ( accept that the risk will happen)
– Reduce ( take mitigation action to reduce impact or probability or both)
-Transfer ( Pass the work on to a supplier thus them accepting the risk or in financial world provide insurance against risk)
– Fall back ( Plan contingencies)
5. Implement Responses
Once the responses have been put in place an owner to manage the risk action needs to be identified. The risk log is updated and the risk action is tracked an potentially reassessed again to see if the risks inherent impact has been reduced. Progress is monitored,tracked and reviewed and the log and plan are updated accordingly.
Question 3 Team Development model
A well renown team development model is the Tuckman model which describes team formation in the following Forming, Storming, Norming and performing Tuckman later added a fifth stage adjourning.
Forming.
at this stage individuals have not yet formed a group.Individuals explore each others abilities and capabilities attitudes and backgrounds. They may be suspicious confused guaranteed as well as being tentative. Team members are keen to establish their own individual identities and m,ake a personal impression on others.
Storming
This a conflict stage in the team lifecycle. Team members tend to bargain with each other as they attempt to sort out what the individual wants rather than the teams needs. It is likely in this stage that hostilities will appear as differences in individuals goals emerge and relationships established in the forming stage disappear.
Norming
The groups differences are worked out and develops a way of achieving the projects objectives. working rules are established in terms of behavior and role allocation Cohesion is now achieved recognizing roles and strengths within the team. A framework is created within the team through each team member can relate to others.
Performing
The penultimate stage is concerned with getting the job done. A mature group has been created which can now get on with the work at hand. The team works closely are resourceful and have a sense of accomplishments and direction.
Adjourning
This stage involves dissolution. With the work complete we look at terminating the roles within the team, the completion of the tasks. There may be a sense of loss and anxiety a this point. There may also be a sense of a feel good factor and satisfaction of a job done well in particular where there has been no infighting or conflict amongst the team members.
Brett these are good answers, ten like that and you should pass.