20Q 01 Flashcards
PMP Notions
Start-to-finish relationship meaning
Start-to-finish relationship means both activities can begin together
Best practice benchmarking’ is done HOW
i) Collect and analyze data about best-in-class practices
ii) and then Compare it to the company’s current process to make improvements.
Objectivs of The principle of Time-Boxed Scheduling
The principle of Time-Boxed Scheduling is to maintain the schedule for each tasks without influence of another . Starting the next task or adjusting the schedule would disrupt the principle. The extra time can be ideally used for quality assurance tasks to maintain the process stability.
How to increase ROI
To increase the ROI, we must either increase the cash inflows or decrease the initial investment.
WHAT TO DO WITH The identified remaining funds
identified remaining funds should be added to the earned value:
New EV = EV + identified remaining funds
What is Expected Monetary Value (EMV) analysis
is a quantitative risk analysis technique that :
assigns a probability and impact monetary value to risks.
This helps the project manager determine the appropriate amount of contingency reserve to be allocated.
If the project’s risk is higher than expected, WHAT TO DO WHITH CONTINGENCY RESERVES
If the project’s risk is higher than expected, that means there are more uncertainties that can affect the project’s outcome. Therefore, the appropriate response is to request for additional contingency reserve to account for those new risks.
Net Present Value (NPV) formulas = ?
Net Present Value (NPV)
= Total Benefits - Total Costs.
In cost benefit analysis, a benefit-cost ratio greater than 1 signifies WHAT
In cost benefit analysis, a benefit-cost ratio greater than 1 signifies that project benefits outvalue project costs which advocates for implementation of the project.
the first document developed in a project ?
The project charter is the first document developed in a project as it provides a ** high-level understanding ** of the project goals, scope, and stakeholders
Risk of Maximizing resource utilization
can lead to employee burnout, potentially affecting the longer term health and productivity of the workforce.
Triangular Estimate
VS
The three-point estimating formula
Triangular Estimate = (Optimistic + Most Likely + Pessimistic) / 3
BUT
The three-point estimating formula used for beta distribution is (Optimistic + 4*Most Likely + Pessimistic) / 6
Can “Activity sequencing” be used on Scope planning ?
Activity sequencing is not a tool or technique used in the Scope Planning process but rather in the Schedule Planning process.
Solution for members waiting workflow from others
Fast tracking involves performing more tasks in parallel. It’s usually done when projects are behind schedule and need to be brought up to speed. This would remedy the issue of members waiting for input from each other by allowing more tasks to be done simultaneously.
Moderate risks appetite, which projects to prioritize
With a medium risk appetite, the project manager should prioritize risks with moderate impact and likelihood. This will balance the need to address risks without overextending the project’s limited resources.
