Introduction

Question 1

What is a project portfolio?

Answer 1

A collection of programmes and projects with a single strategic aim

Question 2

What are the 5 stages of a project?

Answer 2

IPECC

Initiation - Is it worth doing? Benefits
Planning - What must be done?
Execution - How will it be done?
Control - Tracking, forecasting and correcting what is done
Close-out - Delivery and lessons learned

Question 3

What is ROI?

Answer 3

Return on investment = (Gain - cost)/cost

Question 4

What is the generic planning process?

8 Steps

Answer 4

Requirements capture
Deliverables & goals
Work management & organisation
Performance - how will it be tracked
Risks - what are they
Activities & interdependencies - order of work
Schedule - when will each task be completed/deadlines
Share & Commit - ensure all stakeholders agree with everything and are committed to delivery

Question 5

What is Earned Value Management (EVM)?

Answer 5

Is the idea that each step in a project has an associated value to it. By step X, how much value has the project actually created?

Question 6

What is a Critical Path?

Answer 6

It is the succession of connected tasks that will take the longest to complete. This is the longest path that can be taken to complete the project.

Therefore, these tasks should be monitored closely as they will have a direct impact on the progression of the project.

Question 7

What is a project?

Answer 7

A unique transient endeavour undertaken to achieve PLANNED objectives

Question 8

What is a project programme?

Answer 8

A selection of projects with a common business purpose