Project management
Managing stakeholders expectations Correct Answer: Managing stakeholders expectations involves satisfying the needs of the
... [Show More] stakeholders, communicating, resolving issues, improving project performance, and managing concerns. Communications planning stakeholders is where you develop the plan for communicating to stakeholders throughout the project. Developing the stakeholder team isn't an actual activity but you are responsible for developing project teams and this is where team-building and conflict-resolution techniques are used, and distributing information is where the communication plan is put into action.
Communications planning stakeholders Correct Answer: is where you develop the plan for communicating to stakeholders throughout the project.
The various objectives of a transition plan are as follows: Correct Answer: Transition dates: There should be a defined date for the deliverables to be transferred to the organization; an account of the conditions for the deliverables to be moved from the management of the project to the management of operations.
Ownership: When a project is completed and a set of deliverables have been created, someone must now be responsible for the management of deliverables. The transition plan describes the ownership of project deliverables and makes a person responsible for the maintenance and upkeep on the deliverables.
Training: The project team should train the recipients of the deliverables and define how to use and maintain the deliverables. This can be made through training manuals, train-the-trainer sessions, hands on exercises, or a combination of knowledge transfer events.
Extended support: There should be some extended support depending upon the type of project and the deliverable. The extended support entails the project team and the operation team to work together as the new technology is applied so that the operational team can learn from the project team about the project deliverables and implementation.
Warranties: There must be some warranty information about the project deliverables if the project was completed by a vendor for a client. The warranty must be detailed in the project contract and talked about during the operation transfer.
risk management plan Correct Answer: A risk management plan is a document arranged by a project manager to estimate the effectiveness of the project, predict risks, and build response plans to mitigate them. It also consists of the risk assessment matrix.
Risks are built-in with any project, and project managers evaluate risks repeatedly and build plans to address them. The risk management plan consists of analysis of possible risks with both high and low impacts, and the mitigation strategies to facilitate the project and avoid being derailed through which the common problems arise. Risk management plans should be timely reviewed by the project team in order to avoid having the analysis become stale and not reflective of actual potential project risks. Most critically, risk management plans include a risk strategy for project execution.
security management plan Correct Answer: is a documented set of policies and procedures. It ensures the security of an organization's operations and assets. It comprises guidelines on the procedures to minimize the perceived risks to an acceptable level. The security management plan also provides appropriate response measures for disasters. The main objective of the security management plan is the establishment of a secured organizational environment by reducing the risks.
communication management plan Correct Answer: is a document that contains information that is required by the stakeholders. It also documents when and how the information should be distributed. It describes the information delivery needs, its format and level of detail. The communication management plan is contained in or is a subsidiary of the project management plan.
areas a project manager should focus on when discussing performance with a team member Correct Answer: Specify performance expectations.
Identify inadequate performance behaviors.
Reward superior performance.
Reprimand inadequate performance.
Provide specific consequences for choices made.
kick off meeting documents Correct Answer: The documents reviewed during a project kickoff meeting are as follows:
Project charter
Project scope
Project budget
The project kick-off meeting should be held after the project charter is signed and ideally before the project scope statement is written.
The project kick-off meeting is held at the beginning of the Executing process group and serves the following activities:
Introduces team members
Communicates the goals and objectives of the project
Communicates stakeholder expectations
Reviews roles and responsibilities for team members
scope baseline Correct Answer: Scope baseline is one of the outputs of the Create Work Breakdown Structure (WBS) process.
project charter and project scope Correct Answer: Project charter is one of the inputs of the Identify Stakeholders process. Project scope statement is one of the outputs of the Define Scope process.
AC, PV, EV, BAC Correct Answer: AC represents the actual costs expended during a given time period for the completed work. PV is the planned value, EV is the earned value, and BAC is the budget at completion.
information distribution Correct Answer: The information distribution process provides the stakeholders with information regarding the project in a timely manner via status reports, project meetings, review meetings, emails etc.
communication planning Correct Answer: Communication planning defines the type of information, frequency, format, and method of distribution the project stakeholders require during the course of the project.
Performance report Correct Answer: A performance report is made by the project team detailing activities, milestones, problems, accomplishments, and identified issues. Performance reports are used to report some key information as follows:
Current status
Scheduled activities
Significant accomplishment for the period
Forecasts
Issues
project charter Correct Answer: The project charter is the document that formally authorizes a project. The project charter provides the project manager with the authority to apply organizational resources to project activities. A project charter is issued by the project sponsor.
The key elements that are included in a project charter are as follows:
Project goals and objectives
Project description
Problem statement
Key project deliverables
High-level milestones
High-level cost estimates
Stakeholder identification
High-level assumptions
High-level constraints
High-level risks
General project approach
Name of the project manager and their authority level
Name of the sponsor
Other contents
Project scope statement Correct Answer: The project scope documents the product description, key deliverables, success and acceptance criteria, key performance indicators, exclusions, assumptions, and constraints. it helps developing a common understanding of project scope among the stakeholders. It is a documented description of the project to answer questions such as What is being produced?, How is it being produced?, What is included?, etc. The scope statement is used as a baseline for future project decisions.
WBS is the last document created during scope definition.
AC Correct Answer: Actual cost of work performed (ACWP) or actual cost (AC) is the total costs actually incurred and recorded in accomplishing the work performed during a given time period for a schedule activity. It is the cost of the work to date, including direct and indirect costs. AC is money that has actually been expended to date.
SV Correct Answer: Schedule variance (SV) is a earned value technique used for measuring the schedule performance on a project. The variance signifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula:
SV = Earned value (EV) - Planned value (PV)
If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target.
closing Correct Answer: The Closing process group is one that is most often forgotten and not performed, but it should be performed for every project.
pareto chart Correct Answer: A Pareto chart is a type of histogram, ordered by the frequency of occurrence. Pareto diagrams are related to the Pareto law which holds that a relatively small number of causes will typically produce a majority of problems or defects. It is also called the 80/20 principle.
prioritization matrices Correct Answer: Prioritization matrices provide a method of ranking a diverse set of problems and/or issues by their importance. They are not a tool to perform quality control.
WBS dictionary Correct Answer: The WBS dictionary describes the project deliverables, a code of accounts identifier, estimates, resources, criteria for acceptance, and other information that helps clarify the deliverables.
control schedule process Correct Answer: The five outputs of the control schedule process are work performance measurements, organizational process assets updates, change requests, the project management plan updates, and project document updates.
Change requests are requests to expand or reduce the project scope; modify policies, processes, plans, or procedures; and modify costs or budgets or revise schedules. These requests for a change can be direct or indirect, externally or internally initiated, and legally or contractually imposed or optional. A project manager needs to ensure that only formally documented requested changes are processed and only approved change requests are implemented.
most commonly used network diagraming Correct Answer: Precedence diagramming is the most used diagramming method.
why is formal review required Correct Answer: A formal final review of the comprehensive project management plan is required so that you, the sponsor, and the key stakeholders understand what it is you're about to do, can authorize and sign off on that work, and can move the project into the Executing phase.
what is last deliverable at close meeting? Correct Answer: The last deliverable at the close out meeting is lessons learned. Documenting lessons learned is the most important step of project closure. In this step, a project manager can identify where things went wrong, how he fixed them, and what would be considered as alternatives in the future. Lessons learned is useful for those who have a similar project.
RACI Correct Answer: A RACI chart is a type of responsibility assignment matrix that details the tasks and resources and whether they are responsible, accountable, consulted, or informed about the task.
expected monetary value of risk Correct Answer: The expected monetary value of the risk is determined by multiplying the cost of the risk by its probability of happening
Projectized structure Correct Answer: A projectized structure, sometimes called a project-based structure, provides the most authority and power for the project manager.
matrix organization characteristics Correct Answer: A matric organization is characterized by:
Low to moderate authority for the project manager
A mix of full time and part time project resources
Better inter-departmental communication
functional structure Correct Answer: A functional structure provides the least amount of power for the project manager and the most power for the functional manager.
advantages of functional org. stru are : Clear chain of commands, Growth potential and a career path for employees, opportunities for those with unique skills to flourish.
disadvantage is : Multiple projects compete for the same limited resources
Since the functional units are not accountable to each other and share decision-making power, the process is more bureaucratic and tends to take longer. While the flow of communication within a department is expedient, communication between departments and synchronization of work and project completion is more difficult to manage.
strong matrix Correct Answer: A strong matrix does provide much power and authority for the project manager, but not as much as a projectized structure. The strong matrix organization emphasizes project work over functional duties.
balanced matrix Correct Answer: Balanced matrix: A balanced matrix organization shares equal emphasis between projects and functional work. Both the project manager and the functional manager share power in this type of structure.
weak matrix Correct Answer: A weak matrix provides some power for the project manager, because they essentially become project facilitators.Most of the project power is assigned to the functional management in a weak matrix structure. In a weak matrix organizational structure, the project manager is also known as the project coordinator.
coverage matrix Correct Answer: A coverage matrix is a table used to manage tracing. It is ideal for smaller projects where there are fewer requirements to trace. It is also ideal when only high-level requirements need to be traced.
traceability matrix Correct Answer: A traceability matrix is a document, usually in the form of a table that correlates any two baseline documents that require a many-to-many relationship to determine the completeness of the relationship. It is often used with the high-level requirements (these often consist of marketing requirements) and the detailed requirements of the software product to the matching parts of high-level design, detailed design, test plan, and test cases.
economic model Correct Answer: The economic model includes discounted cash flow, NPV, and IRR.
benefit measurement methods Correct Answer: The benefit measurement methods include cost-benefit analysis, scoring model, and payback period.
lines of communication formula Correct Answer: ( n(n-1) ) / 2
pre-project set up Correct Answer: Identify the project.
Validate the project.
Develop a project charter and obtain approval of the project charter.
initiating process group Correct Answer: The Initiating Process Group consists of those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase. The Initiating Process Group includes the following project management processes:
Develop Project Charter
Identify Stakeholders
business case justification Correct Answer: Business case justification includes:
performing a feasibility study,
justifying the tangible and intangible benefits of the project,
and aligning the project goals to the strategic plan.
validating a project Correct Answer: The ste [Show Less]