Exam Part 3 Flashcards
When you are tasked with “project knowledge management,” what type of project knowledge is it that you are managing?
- Tacit Knowledge
- Knowledge of the project’s requirements
- Both Tacit and Explicit Knowledge
- Explicit Knowledge
Answer: Both Tacit and Explicit Knowledge
Overall explanation
Project knowledge management through the lens of the Project Management Institute, involves the management of both objective information (explicit) and subjective information (tacit). While explicit knowledge is structured and fixed (e.g. “the facts”), tacit knowledge is personal and context specific (e.g. feeling or judgment). Knowledge of the project’s requirements is handled via the documentation of requirements, which is one example of explicit knowledge, but isn’t the only knowledge you are tasked with managing on a project.
Susan is putting together three agile teams to address the project she’s just been assigned to. Of the following, which fits into the ideal number of people that she should have on each team?
- 11
- 2
- 10
- 5
Answer: 5
Overall explanation
Agile teams focus on rapid product development so they can obtain feedback. In practice, the most effective agile teams tend to range in size from three to nine members. Ideally, agile teams are colocated in a team space. Team members are 100% dedicated to the teams. Agile encourages self-managing teams, where team members decide who will perform the work within the next period’s defined scope. Agile teams thrive with servant leadership. The leaders support the teams’ approach to their work.
Which of the following is not a baseline that should be included in the project management plan?
- Schedule
- Scope
- Management Reviews
- Cost
Answer: Management Reviews
Overall explanation
While a management review could theoretically be baselined by comparing subsequent reviews to the first one done, the three baselines that should be included in every project management plan are the scope baseline, the schedule baseline and the cost baseline.
Brad has been decomposing work packages to develop the Work Breakdown Structure (WBS) for his new underground railroad (subway/tube) station project. When he shows the first draft to his project owner, he advises that it’s missing such deliverables as Project Scope Statement, Assumptions Log and Risk Register. Which role’s work package did Brad neglect to include in his WBS?
- Business Analyst
- Business Process Owner
- Project Manager
- Project Sponsor
Answer: Project Manager
Overall explanation
The WBS represents all product and project work, including the project management work. The total of the work at the lowest levels should roll up to the higher levels so that nothing is left out and no extra work is performed. This is sometimes called the 100 percent rule.
After closing a project out, the deliverables go to the end users. What happens to the project records?
- They become part of the Enterprise Environmental Factors (EEFs)
- They become part of the Organizational Process Assests (OPAs)
- They’re taken by an auditing team
- You hand them off to the next project manager
Answer: They become part of the Organizational Process Assests (OPAs)
Overall explanation
They become part of the Organizational Process Assests (OPAs). Things like Lessons Learned and Close Reports may provide valuable insights to everything from forensic audits of the project to other project managers. But you don’t ever just give the project assets to other teams or departments; you ensure they become part of the organization’s core knowledge so that anyone in future may access and benefit from it.
While writing his Risk Management Plan, Steve’s been interviewing project stakeholders and recording various of their responses to his questions regarding how much variance from what’s planned they’ll accept. For example, the project sponsor is okay if the budget is never more exact than plus or minus 25% of its current forecast, while an Information Systems stakeholder will not accept any deviation from the technical requirements that she provided to the RFP process the project undertook. In the meantime, the portfolio steering committee has made it clear they will be tolerant of a 4% change in budget from what’s forecasted. Which output of the Risk Management Plan is being described here?
- Risk Management Plan
- Stakeholder risk appetite
- Reporting Formats
- Definitions of risk probability and impacts
Answer: Stakeholder risk appetite
Overall explanation
Stakeholder risk appetite. The risk appetites of key stakeholders on the project are recorded in the risk management plan, as they inform the details of the Plan Risk Management process. In particular, stakeholder risk appetite should be expressed as measurable risk thresholds around each project objective. These thresholds will determine the acceptable level of overall project risk exposure, and they are also used to inform the definitions of probability and impacts to be used when assessing and prioritizing individual project risks.
Jake’s just received word from two project stakeholders that there are changes needed to the project scope or the widget they’re making won’t meet customers’ needs. Jake now must follow the perform integrated change control process to handle the scope change requests. Which project document is he definitely going to need to update as part of this process?
- Milestone List
- Requirements Traceability Matrix (RTM)
- Change Log
- Quality Metrics
Answer: Change Log
Overall explanation
Any formally controlled project document may be changed as a result of this process. A project document that is normally updated as a result of this process is the change log. The change log is used to document changes that occur during a project. While it’s true that if the scope changes are approved that Jake may need to come up with different use cases for his RTM, or different quality metrics to account for the new scope or new milestones to add to his existing milestone list, none of those documents are to be updated as part of performing integrated change control processes. The purpose of these processes is simply to shepherd the requested change through to its conclusion.
Which of the following is not an Interpersonal and Team Skill used to Develop a Project Charter?
- Facilitation
- Conflict Management
- Focus Groups
- Meeting Management
Answer: Focus Groups
Overall explanation
Facilitation: the ability to effectively guide a group event to a successful decision, solution, or conclusion. Conflict Management can be used to help bring stakeholders into alignment on the objectives, success criteria, high-level requirements, project description, summary milestones, and other elements of the charter. Meeting Management: includes preparing the agenda, ensuring that a representative for each key stakeholder group is invited, and preparing and sending the follow-up minutes and actions. On the other hand, Focus Groups are a way to gather data for the project charter, during which you may use any of the other three - the interpersonal and team skills - to elicit what you need from the focus group.
Holding’s Holdings is a land development firm currently negotiating a contract with an electrical contractor to do all of the cabling work for all of the houses in a new subdivision it’s building. In the past, Holding’s Holdings has experienced problems with vendors they contract with farming the work out to other companies, and not getting the results they had expected. So this time around, they make it clear to the new electrical contractor that they are to perform all the cabling work that’s in the contract themselves. Which professional services delivery method is this an example of?
- buyer/ services provider with subcontracting allowed
- joint venture between buyer and services provider
- buyer/ services provider acts as the representative
- buyer/services provider with no subcontracting
Answer: buyer/services provider with no subcontracting
Overall explanation
Once the make-or-buy analysis is complete and the decision is made to acquire from outside the project, a procurement strategy should be identified. The objective of the procurement strategy is to determine the project delivery method, the type of legally binding agreement(s), and how the procurement will advance through the procurement phases. For professional services, delivery methods include: buyer/services provider with no subcontracting, buyer/services provider with subcontracting allowed, joint venture between buyer and services provider, and buyer/services provider acts as the representative. In the case of this question, the correct answer is buyer/services provide with no subcontracting, because Holding’s Holdings doesn’t want any of the work “farmed out.”
Kelly is identifying which of her assigned project team members has the most experience with her organization’s financial software, as she’s been tasked with a project to replace it with a newer product. Her company holds a training on the software every three months and keeps note of who’s taken the training in personnel files. Which type of OPA can Kelly use to identify the resource she needs?
- Organizational standard policies, processes, and procedures
- Formal knowledge-sharing and information-sharing procedures
- Personnel administration
- Organizational communication requirements
Answer: Personnel administration
Overall explanation
One of the Organizational Process Assets (OPAs) available to Kelly as undertakes the management of project knowledge is Personnel administration. These types of OPAs include, for example, employee development and training records, and competency frameworks that refer to knowledge-sharing behaviors.
It’s Ruth’s next task to perform quantitative risk analysis on the various critical tasks and activities within the project she’s managing, and she feels the best way for her to do so is to provide and explain a tornado diagram at next week’s steering committee meeting. What type of analysis is Ruth planning to undertake?
- Decision tree
- Simulation
- Sensitivity
- Monte Carlo
Answer: Sensitivity
Overall explanation
The Monte Carlo analysis is one type of a Simulation analysis and the decision tree involves alternate project paths drawn like tree branches. One typical display of sensitivity analysis is the tornado diagram, which presents the calculated correlation coefficient for each element of the quantitative risk analysis model that can influence the project outcome. This can include individual project risks, project activities with high degrees of variability, or specific sources of ambiguity. Items are ordered by descending strength of correlation, giving the typical tornado appearance.
All of the following statements are true of a project charter EXCEPT:
- It documents business needs, assumptions and constraints.
- It formally authorizes the project or phase and authorizes project manager.
- It documents high-level requirements to satisfy stakeholder needs.
- A document that contains a detailed plan and guidance for training required as part of the project.
Answer: A document that contains a detailed plan and guidance for training required as part of the project.
Overall explanation
This defintion is for a training plan. At the point at which you’re writing a project charter - before the project’s even begun - you don’t have a firm enough grasp on the solution you’ll be implementing to project what kind of training will be required.
All of the following are outputs of the Control Quality process EXCEPT:
- Change requests
- Work performance information
- Organizational process assets updates
- Quality control measurements
Answer: Organizational process assets updates
Overall explanation
Organizational process assets updates is an output of controlling risks. The outputs of controlling quality are: Quality control measurements, Verified deliverables, Work performance information, Change requests, Project management plan updates and Project documents updates.
How many processes are there mapped to the Process Groups and Knowledge Areas?
- 49
- 50
- 40
- 45
Answer: 49
Overall explanation
Refer to the matrix displayed in this module for a complete review of the processes and how they are mapped to all Process Groups and Knowledge Areas.
The very first of a Project Manager’s 7 responsibilities is to develop the project charter. What is the next major milestone that you as a Project Manager are expected to deliver?
- Project Change Request
- Risk Management Plan
- Work Breakdown Structure
- Project Management Plan
Answer: Project Management Plan
Overall explanation
While all of these are indeed project deliverables required at one point or another in the project life cycle, they are not all authored by the project manager, nor are they all major milestones. The Project Management Plan is both, as well as being the very next focus point of the Project Manager, whose Work Breakdown Structure, project schedule and other related artifacts will all become necessary components of said plan.
Lucius is writing a benefits management plan and one of the biggest reasons his company wants to undertake the project to redesign their customer-facing website is the first target benefit he includes: to provide their customers with an enhanced user experience that results in a 20% increase in positive customer feedback from their next customer satisfaction survey. This is an example of which type of target benefit?
- Tangible
- Cost-Based
- ROI
- Intangible
Answer: Tangible
Overall explanation
Target benefits are the expected tangible and intangible business value to be gained by the implementation of the product, service, or result. ROI the calculation of Return On Investment and Cost-Based is not a valid measure of a target benefit.
The project manager may serve as an informal _____________ by educating the organization as to the advantages of project management with regard to timeliness, quality, innovation, and resource management.
- teacher
- ambassador
- liaison
- trainer
Answer: ambassador
Overall explanation
A professional project manager may choose to orient and educate other professionals regarding the value of a project management approach to the organization. The project manager may serve as an informal ambassador by educating the organization as to the advantages of project management with regard to timeliness, quality, innovation and resource management.
In which of the project management processes will you find stakeholders engaging with the project for the first time?
- Plan Scope Management
- Develop Project Charter
- Develop Project Management Plan
- Identify Risks
Answer: Develop Project Charter
Overall explanation
While stakeholders are engaged throughout every phase of the project, and can be involved in all of the project management processes, inputs and outputs, the first time a stakeholder engages with the project is during the Initiation process of Develop Project Charter.
Your project has undergone two change orders and you need to gain an understand of how those together have impacted the original baselined project budget solidified during Planning. Which of the following variance analysis formulas would you use?
- VAC = BAC - EAC
- CPI = EV/AC
- CV = EV - AC
- SV = EV - PV
Answer: CV = EV - AC
Overall explanation
SV = EV - PV Schedule Variance = Earned Value - Planned Value VAC = BAC - EAC Variance at Completion = Budget at Completion - Estimate at Completion CPI = EV/AC Cost Performance Index = Earned Value - Actual Cost CV = EV - AC Cost Variance = Earned Value - Actual Cost
For which project management process can the Requirements Traceability Matrix (RTM) be both an Input and an Output?
- Identify Stakeholders
- Create WBS
- Plan Procurement Management
- Determine Budget
Answer: Plan Procurement Management
Overall explanation
As an input, you are potentially using the RTM to inform your Procurement Management Plan, whereas the results of decisions that are made within the Plan Procurement Management process may require you to update your RTM with new information. The RTM is not typically created yet at the time you’re identifying stakeholders, and while it may help inform the processes required to create a WBS and determine a budget, the RTM is not an output of either of those procesess.