Learning Objective 07 - Assurance Flashcards
Understand assurance as the ability to provide confidence to the governance board that a project is on track to deliver objectives.
What is the purpose of assurance within a project?
To provide confidence to the governance board that the project is on track.
What are the key benefits of assurance activities? List four.
- Provides an objective view of project performance
- Gives reassurance to stakeholders that the project is on track
- Supports effective decision making
- Ensures proper execution of change control and risk management
What is the relationship between assurance, governance, and risk management?
Assurance must go hand in hand with governance and risk management.
What are the components of assurance activities?
- Controls
- Compliance
- Independent review
What is a key characteristic of an assurance plan?
It must be independent, objective, and proportionate to the work.
Fill in the blank: Assurance activities must target the greatest _______.
[risks]
What is the purpose of independent reviews in assurance activities?
To provide a strategic overview of the systems of control.
True or False: Assurance is unnecessary in low-cost projects.
False
Which statement is true regarding assurance? Assurance gives stakeholders confidence that the project will deliver its _______.
[aims]
What is one reason to have assurance carried out by an external company?
To ensure that the assurance is fully independent and not influenced by the project team.
What should an assurance plan show regarding accountabilities?
It must show clear accountabilities for all assurance arrangements, activities, and subsequent outputs.
What does assurance improve in project management?
The accuracy of risk assessment.
Fill in the blank: Assurance must show that the timings of cycles of assurance activities are _______ and coordinated.
[planned]
What are the typical contents of a procurement strategy?
This is not explicitly covered in the text, but generally includes objectives, sourcing methods, and vendor selection criteria.
Which of the following statements about project assurance is true? a) Assurance should be carried out at multiple points through the project life cycle.
True
What is the role of compliance measures in assurance activities?
To confirm the control of risks through monitoring, regular checks, and audits.
