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You are the project manager of a promotional campaign project that's currently in the development phase. The project sponsor is concerned about the project's financial performance and has asked you to send them an update report.
Which of the three following reports could be used to highlight the project's current financial position?
Business case.
Cash flow.
Benefits forecast.
Actual costs versus forecasted costs.
Investment appraisal.
Earned value analysis.
The correct reports to highlight the project's current financial position are:
Cash Flow (2):
Tracks the inflow and outflow of funds during the project, providing a real-time snapshot of liquidity.
This is critical for understanding whether the project is financially stable at any given point.
Actual Costs vs. Forecasted Costs (4):
Compares what has been spent so far to the planned or forecasted budget.
Highlights any deviations from the expected financial performance, such as overspending or cost savings.
Earned Value Analysis (6):
Combines cost, schedule, and scope to measure project performance and progress.
Provides insights into cost variances (difference between planned and actual costs) and schedule performance.
Why not the other options?
Business Case (1): The business case focuses on the initial justification for the project, not real-time financial tracking.
Benefits Forecast (3): Focuses on future benefits, not current financial performance.
Investment Appraisal (5): Evaluates long-term financial viability, not ongoing financial performance.
Which of the below would not usually be recorded within a change request?
Stakeholder opinion is generally gathered during requirements or stakeholder management but is not a standard part of a formal change request.
Change requests typically include areas of impact, cost estimates, and anticipated benefits.
Which of the following are not typical responses to risks?
Complete root cause analysis to understand why the situation has occurred.
Reduce the probability of the threat occurring or the impact on the project.
Change objectives or practices to change the cause of the threat so it can no longer occur.
There are no acceptable or viable approaches to take to avoid or reduce, so the threat and any residual risk must be managed.
Prepare a risk management plan to document the risk and give it to your sponsor.
Pass the responsibility for bearing the impact of the threat from one party to another.
Preparing a risk management plan (5) is part of risk planning, not a direct response to risks.
Managing residual risks (4) does not reduce or mitigate the risk, making it a less typical response.
SIMULATION
You are managing a project to develop and deploy a new finance management software system for a client. The project has been deployed and is now in the post-deployment support phase. This phase requires ongoing technical support and maintenance after the software is deployed. The workload can vary significantly over time, is likely to evolve over time, and quick response times are essential.
Questio n: Based on the features of different contractual relationships and methods of supplier reimbursement, state the most appropriate contract type for the post-deployment phase. (1 mark)
Questio n: Explain four reasons why this would be the most suitable. (4 marks)
Most Appropriate Contract Type:
Time and Materials (T&M) Contract
The Time and Materials (T&M) contract is the most suitable for the post-deployment support phase of this project. This type of contract allows flexibility and is ideal for scenarios where workload can vary significantly, and the scope of work may evolve over time.
Four Reasons Why T&M is the Most Suitable Contract Type:
Flexibility to Accommodate Changing Workloads:
The nature of post-deployment support often involves unpredictable workloads that may vary significantly based on client issues, system updates, and evolving requirements. A T&M contract enables scaling of resources (both time and effort) up or down as needed, ensuring the flexibility required for such scenarios.
Adaptability to Evolving Scope:
Since post-deployment support tasks often change over time (e.g., addressing newly discovered bugs, implementing requested features, or handling unexpected incidents), a T&M contract is well-suited as it allows for adaptability without the need for renegotiation.
Cost-Effective for the Client:
Clients only pay for the actual time and materials used, making it cost-effective. This ensures that no money is wasted on fixed-price contracts where the estimated scope may not align with the actual effort required.
Enables Quick Response Times:
Post-deployment support often demands immediate attention to critical issues to maintain the software's reliability and performance. A T&M contract facilitates rapid allocation of resources as needed, ensuring prompt resolution of issues without delays caused by scope or cost discussions.
SIMULATION
A financial services company is launching a new banking product for which the sponsors have set a challenging timeline for an initial launch. The stakeholders have provided a list of conflicting requirements to be included in the new product design and build.
The project manager has decided to deliver the project in an iterative life cycle due to the time constraints.
Part A: State two reasons why an iterative approach would benefit solutions development in this scenario.
Faster delivery of prioritized features.
Flexibility to adapt to evolving stakeholder requirements.
Part B: Explain three requirement prioritization approaches the project team could focus on to meet the deadline in this scenario.
MoSCoW Method: Categorizes requirements as 'Must Have,' 'Should Have,' 'Could Have,' and 'Won't Have,' focusing on essential features.
Cost-Benefit Analysis: Focuses on implementing high-value, low-cost features first.
Value-Risk Matrix: Balances high-value requirements with low risk to ensure a feasible and impactful scope.
Iterative approaches allow for incremental delivery and continuous stakeholder feedback, which is essential for resolving conflicting requirements within tight timelines. Prioritization techniques ensure limited resources are used effectively.
