Guide - Section 2.4 (DECK #4) - Planning Performance

Question 1

How is uncertainty described in project management?

Answer 1

The lack of knowledge or information about the future that affects the outcome of a project or task.

It is a measure of the degree of risk associated with a project or task, and reflects the likelihood that the actual outcome will differ from the expected outcome.

Question 2

What are 3 common factors of uncertainty in project management?

Answer 2

1. lack of information - incomplete requirements or unknown variables
2. complexity -interdependencies between tasks or unforeseen technical challenges
3. external factors - market conditions or regulatory changes

Question 3

What is a dependency?

Answer 3

Relationship between tasks

A task that relies on the completion
of a different task

Question 4

What are 4 types of dependencies?
Hint (DEIM)

Answer 4

1. Discretionary
2. External
3. Internal
4. Mandatory

Question 5

What depency type involves
a relationship that is
contractually required or inherent in the nature of the work?

Answer 5

Mandatory Dependency (aka “hard logic”)
This type of dependency usually cannot be modified.

Example - construction - foundation is the predecessor task and walls are the successor task. The walls cannot be built until the foundation is complete, regardless of whether there are other available resources or not.

Question 6

What depency type involves
a relationship that is based on
best practices or project preferences?

Answer 6

Discretionary Dependency (aka “soft logic”)
This type of dependency may be modifiable.

Example - marketing project where the creative team needs to complete the design of a brochure before the marketing team can start the promotional campaign. Although the marketing team can start the campaign before the design is complete, the project manager may decide that it is better to wait until the brochure design is finalized before beginning the campaign.

Question 7

What dependency type involves
a relationship between
project activities and non-project activities?

Answer 7

External Dependency
This type of dependency usually cannot be modified.

Example - a construction project where the delivery of construction materials is dependent on a supplier’s schedule. The construction team cannot begin work until the materials are delivered, and the delivery time is outside the control of the project team.

Question 8

What depency type involves
A relationship between
one or more project activities?

Answer 8

Internal Dependency
This type of dependency may be modifiable.

Example - a construction project where the installation of electrical wiring is dependent on the completion of the framing and drywall installation. The electrical wiring cannot be installed until the framing and drywall installation are complete, as the wiring needs to be installed inside the walls.

Question 9

What is required to create a project budget? (1)

Answer 9

Agreed estimates for the project

Question 10

What is
a snapshot of the expected costs of a project called
and how is it used?

Answer 10

A cost baseline is used as a comparison against actual project expenditures to determine if the project is on track, behind schedule, or over budget.

Question 11

What are
set aside to implement a risk response
or to respond to risk events should they occur?

Answer 11

contingency reserves

Question 12

What are
set aside for unexpected activities
related to in-scope work?

Answer 12

management reserves

Question 13

What is the most important factor in engaging with stakeholders effectively?

Answer 13

Communication

Question 14

Anyalyzing what 3 things
provides the foundation
for establishing the communications processes and plans
for the project?

Answer 14

1. the stakeholders
2. information needs
3. categories of information

Question 15

What are non-personel resources referred to as?

Answer 15

physical resources

Question 16

What is a decision-making process
that helps project managers determine whether
to produce a product or service in-house
or to outsource it to a vendor or supplier?

Answer 16

Make or Buy Analysis

Question 17

What are 5 steps to a Maker or Buy Analysis?

Answer 17

1. Define project scope
2. Identify requirements
3. Conduct cost analysis
4. Evaluate risk
5. Make a decision

Question 18

Why is the
make-or-buy analysis
an essential tool
for project managers?

Answer 18

It helps project managers
to make informed decisions
that ensure resources are allocated efficiently
and that projects are completed on time
and within budget.

Question 19

What includes
setting the thresholds
that indicate whether work performance is as expected,
trending positively or negatively away from expected performance,
or unacceptable?
Hint (EM)

Answer 19

establishing metrics

Question 20

What 3 things are used
as the basis to evaluate variance
of actual performance
as part of the Measurement Performance Domain?
Hint (MBT)

Answer 20

1. Metrics
2. Baselines
3. Tests