Implementing Project Integration Management

Question 1

Assumptions

Answer 1

Beliefs considered to be true, real, or certain for the sake of planning

Question 2

Benefit Measurement Methods

Answer 2

Used in comparing the value of one project against the value, or benefits, of another; often used in project selection models.

Question 3

Benefit/Cost Ratios

Answer 3

These models examine the cost-to-benefit ratio.

Question 4

Change Control Board

Answer 4

A board that determines the validity and need of (thus approving or denying) project change requests.

Question 5

Change Control System

Answer 5

A system to formally accept, review, and act upon project change requests.

Question 6

Configuration Management

Answer 6

A plan that documents and organizes the stakeholder needs for communication. This plan covers the communications system, its documentation, the flow of communication, modalities of communication, schedules for communications, information retrieval, and any other stakeholder requirements for communications.

Question 7

Constrained Optimization Methods

Answer 7

These are complex mathematical formulas and algorithms that are used to predict the success of projects, the variables within projects, and the tendencies to move forward with selected project investments. Examples include linear programming, integer algorithms, and multi-objective programming.

Question 8

Constraints

Answer 8

Any influence on the project that may limit the options of the project team in performing the project work.

Question 9

Earned Value

Answer 9

The value of the work that has been completed and the budget for that work, the equation for which is EV = %complete x BAC.

Question 10

Future Value

Answer 10

A formula to calculate the future value of present money.

Question 11

Historical Information

Answer 11

Information the project may use from previous projects.

Question 12

Internal Rate of Return

Answer 12

The IRR is a complex formula to calculate when the present value of the cash inflow equals the original investment.

Question 13

Lessons Learned

Answer 13

An ongoing documentation of things the project manager and project team have learned throughout the project. Lessons learned are supplied to other project teams and project managers to apply to their ongoing projects. They are documented throughout the project, not just at the end of the project.

Question 14

Murder Boards

Answer 14

Committees full of folks that ask every conceivable negative question about the proposed project. Their goal is to expose strengths and weaknesses of the project–and kill the project if it’s deemed worthless for the organization to commit to.

Question 15

Net Present Value

Answer 15

NPV calculates the present value of monies returned on a project for each time period the project lasts.

Question 16

Payback Period

Answer 16

The amount of time it takes to “pay back” the costs of the project.

Question 17

PMIS

Answer 17

Project Management Information System (PMIS) is typically a computer program to assist in project management activities, recordkeeping, and forecasting.

Question 18

Present Value

Answer 18

A formula to calculate the present value of future money.

Question 19

Project Baselines

Answer 19

The accepted plans against which actual results are compared to identify variances.

Question 20

Project Charter

Answer 20

The charter authorizes the project, the project manager, and the required resources to complete the project work.

Question 21

Project Integration Management

Answer 21

The day-to-day actions of the project manager to ensure that all parts of the project work together. Composed of project plan development, project plan execution, and integrated change control

Question 22

Project Plan

Answer 22

The project plan is a collection of documents that is developed with the project team, stakeholders, and management. It is the guide to how the project should flow and how the project will be managed. It also reflects the values and priorities of, and the conditions influencing, the project.

Question 23

Project Scope Statement

Answer 23

Defines what the project will accomplish, create, and deliver.

Question 24

Scoring Models

Answer 24

These models use a common set of values for all of the projects up for selection. The projects with high scores take priority over projects with lesser scores.

Question 25

Statement of Work

Answer 25

This fully describes the work to be completed, the product to be supplied, or both. The SOW becomes part of the contract between the buyer and the seller. The SOW is typically created as part of the procurement planning process and is used by the seller to determine whether it can meet the project’s requirements.

Question 26

Status Review Meetings

Answer 26

Regularly scheduled meetings to record the status of the project work. These commonly employed meetings provide a formal avenue for the project manager to query the team on the status of its work, record delays and slippage, and to forecast what work is about to begin.

Question 27

Supporting Detail

Answer 27

Any information that supports decisions–including the logic employed and rationales–and the project plan as a whole. Supporting detail can include books, articles, web sites, vendor information, test results, historical information, and many other information sources.