B6 - Project Management

Question 1

Statement of Work

Answer 1

Describes the product or service the project must deliver at completion

Question 2

Summarize Project Management - 5 stages

Answer 2

An authorized proejct plan, implemented, monitored and controlled, eventually ends when the objectives have been completed.

Question 3

Project Sponsor (Geoff)

Answer 3

Executive level, allocate funding, overall delivery, leading the development of charter, chair the steering committee, champion, diplomacy and negotiation, interface between the project and the organization

Question 4

Steering Committee

Answer 4

Approve deliverables, scope changes, budget strategy, Monitor risk quality and timeliness, authorize the project charter.

Question 5

Scope Baseline

Answer 5

Formal written statement describing both the end product (product scope) and the project scope (work that mube be done).

Question 6

Parametric Estimating

Answer 6

Relies on statistical relationship between historical cost and other variables. I.E. Regression and learning curve model.

Question 7

Analogous Estimating

Answer 7

similar sized projects in the past, less accurate because it’s a top down approach

Question 8

Work Breakdown Structure Estimation

Answer 8

bottom up, estimate each WBS and add them up

Question 9

Three Point Estimates

Answer 9

Range based on a most likely assumption. Optimistic or Pessimistic.

Question 10

Planned Value, Earned Value, Cost Performance Index

Answer 10

PV - how much should the project worth at a particular point in the schedule
EV - task completed to date and budget for that task
CPI - EV/AC

Question 11

Quality of Project Deliverables (SMART)

Answer 11

Specific
Measureable
Attainable
Relevant
Time-based