Doing the Work

Question 1

Risk

Answer 1

An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Can be positive (opportunities) or negative (threats)

Question 2

Trigger Condition

Answer 2

An event or situation that indicates that a risk is about to occur.

Question 3

Project Risk Management

Answer 3

The project management knowledge area that includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.
(consider the ‘likelihood’ that the risk event will occur, and the ‘potential impact’ of the risk

Question 4

Risk Management Plan

Answer 4

a component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.

Question 5

Effect-based Risk Classification

Answer 5

Involves classifying risks according to their effects on
schedule, cost, quality, and scope.

Question 6

Sourced-Based Risk Classification

Answer 6

Involves classifying risks according to their sources:
- Internal
- External
- Technical
- Non-technical
- Industry-specific

Question 7

Risk Classifications (4)

Answer 7

• Known known - Information that is fully studied and well understood
• Known unknown - Information that is understood to exist but is not in the possession of the person seeking it
• Unknown unknown - Something unforeseeable
• Unknown known - Information that an individual or organization has in its possession but whose existence, relevance or value has not been realized

Question 8

Risk Threshold

Answer 8

The maximum amount of risk, and the potential impact of that risk occurring, that a project manager or key stakeholder is willing to accept

Question 9

Risk Appetite

Answer 9

The degree of uncertainty an organization or
individual is willing to accept in anticipation of a
reward.

Question 10

Risk Tolerance

Answer 10

The level of risk exposure above which risks are
addressed and below which risks may be accepted.

Question 11

Business Value

Answer 11

The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible or both. Example:
1. Financial gain
2. Social
3. Improvements
4. New customers
5. First to Market
6. Technological Improvements

Question 12

Product Roadmap

Answer 12

• Display the strategy and direction of the product and the value it will deliver.
• Are progressively elaborated over time with information and work inputs and refinement of the vision.
• provide long term and short term visualization of the product.

Question 13

Incremental Delivery

Answer 13

Enables the project to deliver value sooner than the end of the project. Benefits:
• Higher customer value and increased market
share.
• Partial delivery (or previews) to customers— this often creates excitement for the product and can build customer loyalty
• Enables early feedback for the project team allowing for adjustments to the direction, priorities, and quality of the product.

Question 14

Minimum Viable Product (MVP)

Answer 14

The smallest collection of features that can be included in a product for customers to consider it functional.

Question 15

Minimum Business Increment (MBI)

Answer 15

A term used in Disciplined Agile approaches, an MBI
is the smallest amount of value that can be added to
a product or service that benefits the business.
- enables team to incrementally build on success or pivot as needed.

Question 16

What is a timebox and benefits

Answer 16

Timebox is a fixed period of time, for example, 1 week, 2 weeks, 3 weeks, or 1 month.
- Allow for better tracking over time
- Creates a sense of urgency
- Cycling the project through similar timeboxes provides progress measurements from one timebox to the next.

Question 17

Stakeholder Engagement Assessment Matrix

Answer 17

A matrix that compares current and desired stakeholder engagement levels.

Question 18

Project Artifacts

Answer 18

are created by project teams during project work. Artifacts facilitate management of the project. Example: Spreadsheets, emails, and meeting minutes.

Question 19

Deliverable

Answer 19

Any unique and verifiable product, result, or capability (tangible or intangible) to perform a service that is required to be produced to complete a process, phase or project. Example: a planned software improvement.

Question 20

Project documents

Answer 20

Integral documents for a project; they define and support the work of the project. They are regularly updated by project management processes.
Example: a scope management plan.

Question 21

Configuration Management

Answer 21

A tool used to manage changes to a product or service being produced as well as changes to any project documents

Question 22

Configuration Management System

Answer 22

A collection of procedures used to track project artifacts and monitor and control changes to these artifacts.

Question 23

What are some causes of project changes (4)

Answer 23

1. Inaccurate initial estimates - from lack of experience, lack of information, inaccurate data.
2. Specification changes- new options become apparent that weren’t considered during the initial planning.
3. New regulations - governmental or industrial
4. Missed requirements

Question 24

Change Control Systems

Answer 24

A set of procedures that describe how modifications to the project deliverables and documentation are managed and controlled. it includes de forms, tracking methods, processes, and approval levels required for authorizing or rejecting requested changes.

Question 25

Change Control Board (CCB)

Answer 25

A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.

Question 26

Type of Change Requests (4)

Answer 26

1. Corrective Action - Adjusts the performance of the project work with the project management plan.
2. Preventative Action - Ensures future performance of the project work with the project management plan
3. Defect Repair - Modifies a non-conformance within the project
4. Update - Modifies a project document or plan.

Question 27

Explicit Knowledge vs. Tacit Knowledge

Answer 27

Explicit - can be documented and shared with others
Tacit - Personal knowledge that can be difficult to articulate and share such as beliefs, experience, and insights.

Question 28

Scope creep

Answer 28

When additional scope or requirements are accepted without adjusting the corresponding schedule, budget, Or resource needs.
To manage this, use a change control system. Where all changes are evaluated for potential value, resources, time and budget.
Change needs to be formally approved.