Integration Management

Question 1

What is the process of integration management?

Answer 1

Develop project charterDevelop project management planDirect and manage project workMonitor and control project workPerform integrated change controlClose project or phase

Question 2

What is the Develop Project Charter process?What is its key output?

Answer 2

Creating a project charter, which formally establishes the project and gives the project manager authority to spend money and commit resources to the projectOutput: project charter

Question 3

What is the Develop Project Management Plan process?What is the output?

Answer 3

The process of creating a project management plan that is bought into, approved, realistic, and formalOutput: the project management plan

Question 4

What are key outputs of the Direct and Manage Project Work process?

Answer 4

Deliverables, work performance data, change requests, updates to the project management plan and project documents

Question 5

What are the key outputs of the Monitor and Control Project Work process?

Answer 5

Change requests, work performance reports, updates to the project management plan and project documents

Question 6

What are the key outputs of the Perform Integrated Change Control process?

Answer 6

Approved change requests, change log, updates to the project management plan and project documents

Question 7

What are the key outputs of the Close Project or Phase process?

Answer 7

Final product or service, formal acceptance of the project or phase, lessons learned and other organizational process assets updates

Question 8

Explain the project manager’s role as an integrator

Answer 8

Making sure all the pieces of the project are properly coordinated and put together into one cohesive whole

Question 9

What are the two major categories of project selection methods?

Answer 9

Benefit measurement (comparative)Constrained optimization (mathematical)

Question 10

What are the economic models for selecting a project

Answer 10

Present valueNet present valueInternal rate of returnPayback periodCost-benefit analysis

Question 11

Define present value

Answer 11

The value of today’s dollars of a future cash flow

Question 12

Define net present value (NPV)How is it interpreted?

Answer 12

The present value of total benefits (income or revenue) minus costs over a series of time periodsGenerally if the NPV of a project is positive, the investment is a good choice unless an even better investment opportunity exists

Question 13

Define internal rate of return (IRR) and how it is interpreted

Answer 13

The rate at which a project’s inflows and outflows are equal (i.e. the rate an investment in the project will return)The higher the IRR, the better

Question 14

Define payback period.How is it interpreted?

Answer 14

The length of time required for the organization to recover its investment in the project (before the project starts yielding profit)The shorter the payback period, the better.

Question 15

Define cost-benefit analysisWhat is the result of this analysis?How is it interpreted?

Answer 15

Comparing the expected cost of a project to its potential benefits (revenue)The benefit cost ratio (BCR)The higher the BCR, the better

Question 16

Define opportunity cost

Answer 16

The opportunity given up by selecting one project over another (i.e. the value of the project not selected)

Question 17

What are sunk costs?

Answer 17

Expended costsSunk costs should not be considered when deciding whether to continue a troubled project

Question 18

Define the law of diminishing returns

Answer 18

After a certain period, adding more input will not result in a proportional increase in productivity

Question 19

Define working capital

Answer 19

Current assets minus current liabilitiesThe amount of money the company has available to invest, including investment in projects

Question 20

What are the two types of depreciation?

Answer 20

Straight line depreciation: depreciate the same amount each periodAccelerated depreciation: depreciate an amount greater than straight line each period

Question 21

What is the project statement of work?

Answer 21

Describes need, product scope, and how the project fits into the organization’s or customer’s strategic planCreated by the customer/sponsor before the project startsLater refined in the project scope statement

Question 22

What is a project charter?

Answer 22

A document issued by the sponsor during project initiating that: formally recognizes/authorizes the project, gives the project manager authority to spend money and commit resources, provides the objectives, high-level requirements and success criteria, identifies constraints and high-level risks, uncovers assumptions, links the the project to ongoing work

Question 23

What is a business case?

Answer 23

The project purpose and justificationExplains why the project was selected, how it fits into the org’s strategic goals, and how it will bring business value to the org

Question 24

What is included in the project management plan?

Answer 24

Project management processesmanagement plans for knowledge areasscope, schedule, and cost baselinesrequirements management planconfiguration management planprocess improvement plan

Question 25

What are project documents?

Answer 25

Any documents used to manage a project that aren’t part of the project management plan, including: project charter, statement of work, procurement SOW, agreements and contracts, stakeholder register, required documentation, activity list, quality metrics, risk register, issues log, change log, any other such documents

Question 26

What are baselines?

Answer 26

The parts of the project management plan against which actual project performance is measured

Question 27

What three elements make up the performance measurement baseline?

Answer 27

Schedule baselineScope baselineCost baseline

Question 28

What is a configuration management plan?

Answer 28

A plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versionsIt defines how you will manage changes to the deliverables and processes and the resulting documentation

Question 29

What is a change management plan?

Answer 29

A system of formal procedures, set up in advance, defining how project deliverables and documentation are controlled, changed, and approved

Question 30

What is a change control board?Who might be on a change control board?

Answer 30

The group responsible for reviewing and approving or rejecting change requestsMay include project manager, customer, experts, sponsor, functional managers, and others

Question 31

What are change requests?When are they approved?

Answer 31

Formal requests to change parts of the project after the project management plan is approvedDuring the Perform Integrated Change Control process

Question 32

What are corrective actions?

Answer 32

Actions taken to bring expected future project performance in line with the project management plan

Question 33

What are preventative actions?

Answer 33

Actions taken to deal with anticipated or possible deviations from the performance measurement baseline and other metrics

Question 34

What is deficit repair?

Answer 34

Rework required when a component of the project does not meet specifications

Question 35

What is a kickoff meeting?When does it occur?

Answer 35

A meeting of all parties to the project (all project stakeholders including sellers) to make sure everyone is on the same pageAt the end of the planning process group

Question 36

What is a work authorization system?

Answer 36

The project manager’s system for authorizing the start of work packages or activitiesIt ensures work is done at the right time and in the proper sequence