Midterm Exam Flashcards
What are the three fundamental dimensions of Projects (The Triple Constraint)?
a. Time, Cost, Risks
b. Scope, Time, Cost
c. Product, Service, Result
b. Scope, Time, Cost
What characteristic differentiates Projects from the normal day-to-day business operations?
a. Money and resources are being used (Cost)
b. There is a well-defined goal (Output)
c. There is a time constraint - a predetermined start and end time (Time)
c. There is a time constraint - a predetermined start and end time (Time)
Often we find initiatives that fall outside of day-to-day business but not all are given ‘project’ status. Why do you think initiative “P” has been classified as a project, but initiative “N” has not?
“P”: A French company producing and selling cheese decides to enter the US market by setting up shops in 3 states. A small factory will also be built. Everything has to be ready for the product to be made available to US customers in 15 months.
“N”: The sales manager of a local supermarket has reviewed a new study on how to maximize sales through efficient product placement. She has requested the staff to re-order the shelves in the cheese area by the end of the month.
a. Initiative “P” is temporary. There is a due date in 15 months.
b. Initiative “N” takes place in the same city, hence there is no need to be managed as a project.
c. Initiative “P” is a complex one, employing people and capital to meet a specific result in a limited time period. Initiative “N” would not classify as complex, as the goal can be met as part of the day-to-day business activities.
c. Initiative “P” is a complex one, employing people and capital to meet a specific result in a limited time period. Initiative “N” would not classify as complex, as the goal can be met as part of the day-to-day business activities.
What do you think can potentially transform Initiative “N” from a normal activity into a Project?
a. Apply the optimal product positioning to other supermarkets in the country. Develop a plan on when to review and amend the positioning of all product groups and perform trainings of employees.
b. Extend the timeline to 6 months - a typical project duration.
c. The sales manager dedicates more time to read other studies and research findings on the topic. She decides to monitor if the changes on the cheese shelves influence the sales of these products for two months.
a. Apply the optimal product positioning to other supermarkets in the country. Develop a plan on when to review and amend the positioning of all product groups and perform trainings of employees.
Would you classify the below initiative as a “project”?
The manager of the administration department is asked to use a brand new software for the year end performance evaluation process of the employees. She has to populate all employee data into the new system, assign scores and submit. This needs to be completed by November 30th.
No - This activity falls into the manager’s general responsibilities.
Would you classify the below initiative as a “project”?
A Japanese technological company, producing camera drones decides to open a small shop in the US, as part of its international expansion strategy. Within 6 months, the shop must be operational and a local sales team of 2 or 3 employees will have to be recruited and trained. The goal of the initiative will not only be to directly distribute the products but also test the market and to explore opportunities for further expansion.
Yes - The initiative is with a defined goal and is temporary. Coordination of people and resources is likely to be needed in order to reach the goal within the given constraints. Although the shop will be small, starting a business in a foreign country requires coordination of various activities – legal, business, technical, supply-chain, HR, marketing, etc. This could also be considered “pilot-project” by the company, if the plan is to explore also other foreign markets.
Which of the following is most likely to create the demand for a project?
a. Customer requests to amend the established trading agreements by modifying the billing frequency from 30 to 40 days and update the billing address.
b. A direct competitor introducing a mobile app as an extension of their product.
c. An update of the accounting requirements, affecting a few processes for the company. All related process updates can happen for 7 days.
b. A direct competitor introducing a mobile app as an extension of their product.
During which phase does the PM prepare the detailed plans for the project, including the specific activities to be done, the duration and resources needed to perform them?
a. Initiation
b. Planning
c. Monitoring & Control
d. Execution
e. Closure
b. Planning
In which phase should a Project Manager be assigned?
a. Initiation
b. Planning
c. Monitoring & Control
d. Execution
e. Closure
a. Initiation
Thanks to the activities done in which phase should the PM identify the project is running over-budget?
a. Initiation
b. Planning
c. Monitoring & Control
d. Execution
e. Closure
c. Monitoring & Control - Through the monitoring tools implemented and used by the PM they will understand if things are not on track.
In which phase is it most likely to observe conflicts within the project team which the PM has to solve?
a. Initiation
b. Planning
c. Monitoring & Control
d. Execution
e. Closure
d. Execution - During the execution of the actual work, delays and tension are most likely to arise within the project team.
The Project Charter is compiled during the Initiation Phase. What information CANNOT be obtained from it?
a. What the high-level risks are
b. Who the project sponsor is
c. The detailed activity list
d. What the high-level budget and timeline of the initiative are
c. The detailed activity list
The information on the scope is only high-level. Also, the high-level milestones can be shown in the Charter. The detailed activities will be determined during Planning the Scope.
In which document can the PM see a detailed financial analysis (including NPV, interest rate, inflation forecast, etc.)?
a. The Communication Plan
b. The Project Charter
c. The Business Case
d. A high-level Risk Assessment
c. The Business Case - The business case has to include all details and calculations, proving the benefit of the initiative.
Who should be the key person responsible for the initiation activities?
a. The Project Sponsor
b. The CEO of the company
c. The Project Manager
d. The client of the project
a. The Project Sponsor - The Project sponsor, or the person responsible for starting the project and proving it will be beneficial to the organization. There could be exceptions and it can be different in some cases, hence the question is who “should” the key person be.
An in-depth and comprehensive Planning process benefits projects by:
a. Optimizing the order of the project activities
b. Reducing the risk of misunderstandings and delays
c. Reducing the potential impact of uncertainties and risks on the project success
d. All of the above
d. All of the above
PMs need to be prepared to deal with Non-straight-forward tasks (NSF). Which of the below best describes the characteristics of such tasks:
a. Technology is utilized – e.g. Use a link to access a folder and download a copy of a document.
b. Team members are involved – e.g. request an update on the process from a responsible team member.
c. Information is not readily available and the PM may need to work with people multiple times – e.g. PM needs to obtain an approval by the IT manager on their estimate of hours needed to develop a specific software.
d. Tasks that always take a lot of time.
c. Information is not readily available and the PM may need to work with people multiple times – e.g. PM needs to obtain an approval by the IT manager on their estimate of hours needed to develop a specific software.
The Project Scope includes all of the following, except:
a. The detailed requirements and expectations on the project output
b. The project deliverables
c. The project buffers
d. All work the project team members need to do to create the deliverables
c. The project buffers - There are no buffers in the scope, they are used for the durations of tasks and budget.
Which of the below is the description of the scope, which can easily be used as a “skeleton” or basis to plan the next areas (timelines, budget, etc.)?
a. The Business Case
b. The Activity List / Work Breakdown Structure
c. The Scope Statement
d. The Project Charter
b. The Activity List / Work Breakdown Structure
The activity list presents the scope as an easy to use list, next to which dates and durations will be added. The WBS contains similar information, but will not be that handy to use when durations are being added. It helps when representing the scope in groups and is more useful at the beginning of scope planning.
Which of the below is the formal document in which the project scope is strictly described by the PM to avoid any confusion as the project continues?
a. The Work Breakdown Structure
b. The Activity List
c. The Scope Statement
d. The Project Charter
c. The Scope Statement - The scope statement is the formal document, which the PM can use to challenge any requests that later come to him to add tasks or activities that should not be done during this project.
In Agile, the Planning and Execution activities are grouped in packages called:
a. Requirements
b. Demos
c. Story Points
d. Iterations
d. Iterations
What is the process the PM must follow when preparing the project budget?
a. All of these answers are correct
b. Obtain the project budget from the Project Charter and distribute it evenly throughout the project period.
c. Define the cost-generating activities. Analyze the dependencies and risks.
d. Define the cost-generating items from the activity list, make a detailed estimation of the financial resources needed and compile the overall project budget.
c. Define the cost-generating activities. Analyze the dependencies and risks.
What is the name of the longest sequence of dependent activities in a project?
a. Project Plan
b. Work Breakdown Structure
c. Tasks
d. Critical Path
d. Critical Path
Which of the statements below is true?
a. Only one project methodology can be used for a project.
b. The methodology used for a project is selected based on the nature of the scope and the environment of the organization.
c. Waterfall can be used for construction projects only.
d. Agile should always be used.
b. The methodology used for a project is selected based on the nature of the scope and the environment of the organization.
Which of the stakeholders listed below should always be involved in the Quality Requirement Planning Process?
a. All of the answers are correct.
b. The client of the project
c. An individual who will use the final output of the project
d. An organization who will use the final output of the project
a. All of the answers are correct.
An in-depth and comprehensive Planning process, benefits projects by:
a. Optimizing the order of the Project Activities
b. Reducing the risk of misunderstandings and delays
c. Reducing the potential impact of uncertainties and risks on project success
d. All of the above
d. All of the above
PMs need to be prepared to deal with Non-straight-forward tasks (NSF). Which of the below best describes the characteristics of such tasks:
a. Technology is utilized; e.g. Use a link to access a folder and download a copy of a document.
b. Team members are involved; e.g. request an update on the progress from a responsible team member.
c. Information is not readily available and PM may need to work with people multiple times; e.g. PM needs to obtain an approval by the IT manager on their estimate of hours needed to develop a specific software.
d. Tasks that always take a lot of time
c. Information is not readily available and PM may need to work with people multiple times; e.g. PM needs to obtain an approval by the IT manager on their estimate of hours needed to develop a specific software.
The Project Scope includes all of the following except:
a. The detailed requirements and expectations on the project output
b. The project deliverables
c. The project buffers
d. All work the project team members need to do to create the deliverables
c. The project buffers - There are no buffers in the scope, they are used for the durations of tasks and budget.
Which of the below is the description of the scope, which can easily be used as a “skeleton” or basis to plan the next areas (timelines, budget, etc.)?
a. The Business Case
b. The Activity List and/or Work Breakdown Structure
c. The Scope Statement
d. The Project Charter
b. The Activity List and/or Work Breakdown Structure
The activity list presents the scope as an easy to use list, next to which dates and durations will be added. The WBS contains similar information, but will not be that handy to use when durations are being added. It helps when representing the scope in groups and is more useful at the beginning of scope planning.
Which of the below is the formal document in which the project scope is strictly described by the PM to avoid any confusion as the project continues?
a. The Work Breakdown Structure
b. The Activity List
c. The Scope Statement
d. The Project Charter
c. The Scope Statement
The scope statement is the formal document, which the PM can use to challenge any requests that later come to him to add tasks or activities that should not be done during this project.
What is the name of the longest sequence of dependent activities in a project?
a. Project Plan
b. Work Breakdown Structure
c. Critical Path
c. Critical Path
What is TRUE about the critical path?
a. The critical path indicates the fastest way to complete a project
b. The critical path cannot change during the project
c. The critical path has been created by Henry Gantt
a. The critical path indicates the fastest way to complete a project
What input does the Project Manager need in order to perform the Critical Path Analysis?
a. The Project Charter and activity durations
b. The activity list and the start and end dates of each activity
c. The activity list, the activity durations and dependencies
c. The activity list, the activity durations and dependencies
What is the most important input for the PM to start estimating durations while Planning Project Timelines?
a. The Project Charter
b. The Activity List or Work Breakdown Structure
c. The Scope Statement
d. The Business Case
b. The Activity List or Work Breakdown Structure
You need to estimate the duration of the activity “Perform marketing study”. Your observations and information from past similar projects is that this could be done in 22 days at the quickest. The most usual duration has been 28 days and the in the worst case it has taken 46 days. According to the 3-point estimate approach, what is the appropriate duration?
a. 32 days
b. 28 days
c. 30 days
d. 46 days
c. 30 days
You can calculate this through using the Three-Point estimate formula.
(O + 4M + P) / 6
What is the Three-Point Estimate Formula?
One way to estimate how long a project will take.
O = optimistic
M = most likely
P = pessimistic
(O+4M+P)/6
To which activity should the PM add more buffer, compared to the rest?
a. Activity A: a junior team member is given a task with which the team has a lot of experience from past projects.
b. Activity B: an experienced team member will be responsible for a task that has not been done before. Activity B is not among the most critical ones for the project.
c. Activity C: it is one of the most important for the project and is given to an experienced team member, who has completed many similar tasks successfully.
d. Activity D: it is going to be performed for the first time and it is very difficult to plan, as it includes high levels of uncertainty.
d. Activity D: it is going to be performed for the first time and it is very difficult to plan, as it includes high levels of uncertainty.
You are refurbishing the kitchen. The work can be grouped into 3 activities: A) Remove old furniture and wall coverings; B) Select new toaster for the kitchen; C) Install new kitchen furniture. Which 2 are dependent and what is the type of their dependency?
a. Finish A to Start B
b. Start A to Finish C
c. Finish A to Start C
d. Start B to Finish A
c. Finish A to Start C
What type of dependency exists between the following 2 activities: A) go to the supermarket; B) prepare dinner
a. Resource
b. Logical
c. External
d. Soft
b. Logical
What type of dependency could exist between the following 2 activities: A) Meet the existing coach of the soccer team and explain his contract is being terminated due to bad performance in the championship; B) Announce the name of the new coach to the media
a. Resource
b. Logical
c. Buffer
d. Soft
d. Soft
Nothing prevents you physically from talking to the media. But it is not appropriate to do this before having settled everything with the previous coach.
What information CANNOT be obtained from the Gantt Chart?
a. How the activities have to be sequenced
b. The start date of a specific activity, with date/month/year
c. The number of developers who will work on a given software update activity
c. The number of developers who will work on a given software update activity
What does the Gantt chart provide that the Critical Path Analysis does not?
a. The activity durations
b. You can understand which activities can be executed in parallel and which need to be sequenced
c. The specific calendar dates on which each activity is planned start to end
c. The specific calendar dates on which each activity is planned start to end
What should a PM consider when preparing the budget?
a. All costs the company will incur during the project period
b. All project related activities that can potentially generate financial expenditures
c. Only the external payments to vendors, needed for the project
b. All project related activities that can potentially generate financial expenditures
What is the process the PM must follow when preparing the project budget?
a. Obtain the target budget from the Project Charter and distribute it evenly throughout the project period.
b. Define the cost-generating items from the activity list, make a detailed estimation of the financial resources needed and compile the overall project budget.
c. Define the cost-generating activities. Analyze the dependencies and risks.
c. Define the cost-generating activities. Analyze the dependencies and risks.
For a project you are planning, you will need to employ 5 IT specialists from a vendor company to perform a specific software development work. Their daily rate is $300 per specialist. 20 working days will be needed. How much is needed to perform this project activity?
$30,000
As part of a construction project, the project sponsor asks what is the budget needed for the flooring activities. The area to be covered is approximately 496 sq. ft. A special flooring material has been selected to fit into the overall building design. The price of the material, offered by the vendor, is $97 per sq. ft. As a PM, what figure would you request as budget for the flooring (including buffer)?
$53,000
496971.1 (factor in 10% buffer on top of your basic estimate)
The roles and responsibilities need to be determined for which project stakeholders?
a. The entire project team – anyone involved in creating the deliverables
b. All key project stakeholders – PM, project sponsor, project team and any individual or organization supporting or influencing the work
c. The entire PMO department of the organization
b. All key project stakeholders – PM, project sponsor, project team and any individual or organization supporting or influencing the work
With regards to a specific engineering task in a project, what would be the most probable role distribution according to the RACI matrix?
a. Accountable - Project Sponsor
Responsible - PM
Consulted - Engineering expert
Informed - Chief Engineer
b. Accountable - Chief Engineer
Responsible - Engineering expert
Consulted - PM
Informed - Project Sponsor
c. Accountable - PM
Responsible - Engineering expert
Consulted - Chief Engineer
Informed - Project Sponsor
c. Accountable - PM
Responsible - Engineering expert
Consulted - Chief Engineer
Informed - Project Sponsor
This distribution is most probable: The engineering expert will perform the actual task, the PM is accountable for the project and also for this task. The Chief Engineer can be consulted as an expert with experience in the field. The Project sponsor can be simply informed on the progress of the task, if there are any issues and when it has been completed.
The quality requirements in a project are:
a. Very similar between the different projects
b. Strictly specific for each project, as the scope is unique
c. Provided by the Project Sponsor
b. Strictly specific for each project, as the scope is unique
Gathering the quality requirements is often a Non-straight-forward process for a Project Manager, as they need to work with various stakeholders and reach an agreement among all parties. Which of the below stakeholders do you believe should always be involved in the Quality planning process?
a. The client of the project, the individual, department or organization who will use the final output
b. The legal department of the organization
c. The senior management of the organization
a. The client of the project, the individual, department or organization who will use the final output
You are the client of a software development project for an online banking platform. What quality characteristic would be the most important to you?
a. The speed with which a standard payment is made
b. The user-friendly interface of the software
c. The security of funds to which online access will be given
c. The security of funds to which online access will be given
You are a Project manager in a Multinational company. A project is starting to create a dedicated team responsible for booking the business trips of the employees – flights, hotels, etc. You are planning quality and you learn from the managers that they are often given a very short notice for their travels – sometimes even for the next day. You need to define a measurable metric to check that the quality requirement is being met. What metric should you use in this case?
a. The time between sending the request to the team and their response with specific quotations (flights, hotels)
b. The minimum number of options given for flights and for hotels
c. The business language used by the assistance team int he email back to the employee
a. The time between sending the request to the team and their response with specific quotations (flights, hotels)
Risks are a very important factor in any project. How can a PM determine and manage key risks in a specific project?
a. From the Project Charter, where the sponsor has determined high-level risks
b. Through discussions with all relevant project stakeholders
c. By applying their Project Management experience and proactively suggesting risks that need to be tracked
d. All of the above
d. All of the above
Risks can be evaluated through which key characteristics?
a. Probability of occurrence and the contingency plans.
b. Stakeholders involved and their expectations.
c. How likely it is for the risk to become a reality and how much would it then impact the project.
c. How likely it is for the risk to become a reality and how much would it then impact the project.
The probability of occurrence and the severity are the 2 key characteristics for evaluating a given risk.
The flight attendants of most airlines perform a short safety demonstration before takeoff. With regards to the technical risks associated with an airplane, what is this action aiming to do?
a. Reduce probability of occurrence
b. Reduce severity
c. Both
b. Reduce severity
You are managing a software development project. The software is intended to help employees transfer big data files quickly and easily. So far, they have been always exchanging the files via e-mail. The entire company should switch to the new software as of the 1st of March. One of the risks you have analyzed is around the possible malfunctioning of the software, resulting in lost files during the first 2 months after implementation. What would you apply as a mitigation action to reduce the severity of this risk?
a. Employees to exchange the files both via the software and via email for the first 2 months to avoid losing data
b. Together with the CFO, examine options for additional IT support
c. Decrease the duration of the activity, hence pull the target date forward
a. Employees to exchange the files both via the software and via email for the first 2 months to avoid losing data
As a PM what should you do with regards to any changes to the plan you are asked to do during Execution?
a. All changes must be rejected by the PM as they always lead to inefficiencies - additional time and/or resources.
b. Changes are beneficial as stakeholder requests need to be respected - PM needs to accept all changes by following a change control process.
c. A PM should limit the changes to the project by rejecting the unnecessary ones, while for the approved ones follow a change control process.
c. A PM should limit the changes to the project by rejecting the unnecessary ones, while for the approved ones follow a change control process.
In Agile, the Planning and Execution activities are grouped in packages, which are called:
iterations
Agile framework is more efficient than Waterfall for cases, in which the project scope is:
a. Significant in terms of amount of work and resources needed
b. Dependent on specific customer requirements on functionalities and quality
c. Difficult to determine before the start of the execution, due to the nature of the work
c. Difficult to determine before the start of the execution, due to the nature of the work
What is NOT true about the Iterations in an Agile project?
a. The number of iterations is always the same across projects
b. The durations of the iterations is the same within a project
c. Each iteration starts with a planning session
a. The number of iterations is always the same across projects
Rather, the number of iterations would vary from one project to another.
In order to ensure the project team always works on the most important parts of the scope (requirements), the Agile methodology requires:
a. Unlimited support to be always available by the software developing department
b. The customer to be closely involved in the work and dynamically confirm what are the priorities the team should follow
c. Eliminate the possibility of any changes happening to the original plan
b. The customer to be closely involved in the work and dynamically confirm what are the priorities the team should follow
What do you think is true about project management methodologies?
a. In today’s world, Agile methodology has to always be used
b. Waterfall methodology has to be used only for construction projects
c. The methodology has to be selected based on the specific project environment and nature of scope
c. The methodology has to be selected based on the specific project environment and nature of scope
What are the three essential pillars of Scrum?
Transparency, Inspection and Adaptation
Which element of Scrum provides information on what needs to be created?
a. Scrum Artifacts
b. Scrum Events
c. Scrum Team
a. Scrum Artifacts
Scrum Artifacts, including the Product Backlog, Sprint Backlog, and Increment, outline the work that needs to be done.
Who are the members of the Scrum Team?
a. PM, Business Analyst, Quality Assurance Tester
b. Stakeholders, Clients, End Users
c. Product Owner, Development Team, Scrum Master
c. Product Owner, Development Team, Scrum Master
What is contained within the Product Backlog in Scrum?
a. Detailed project plan with predefined start and end dates
b. An ordered list of tasks, which includes requirements for the final project
c. Completed project deliverables
b. An ordered list of tasks, which includes requirements for the final project
Which format is recommended for writing User Stories in Scrum to provide clarity and context?
As a user, I want to be able to… in order to…
What is an EPIC in Scrum?
a. A big piece of work that refers to an important set of product requirements and can be broken down into smaller pieces of work
b. A detailed step-by-step plan for completing the project
c. The smallest unit of work that can be completed in a single sprint
a. A big piece of work that refers to an important set of product requirements and can be broken down into smaller pieces of work
In Scrum, EPICs can be broken down into…
user stories
What is the primary purpose of a Sprint in Scrum?
a. To complete specific activities essential for reaching the Product Goal
b. To plan for the next several months of the project
c. To document all activities completed so far in the project
a. To complete specific activities essential for reaching the Product Goal
What is ‘Backlog Refinement’ in Scrum?
a. The process of adding more tasks to the Product Backlog
b. The process where the Product Backlog is reviewed and adjusted
c. A meeting where the team decides which tasks to remove from the Product Backlog
b. The process where the Product Backlog is reviewed and adjusted
What are the project phases, in order?
initiation
planning
execution
monitoring + control
closure
Scope =
Output + Work
What are the three key attributes to consider when starting a project?
Time
Scope
Cost
What is project management?
Leading project teams to acceptable results (scope) that are on a schedule (time) and use limited resources (cost)
90% of a project manager’s job is…
communication!
Describe how to lead an effective meeting.
Prepare
(purpose, participants, props)
Communicate
(invitation, agenda, note taker)
Facilitate
(on time, on topic, on tempo, objective)
Wrap Up
(action items, assignments, next steps)
These two aspects of the project development stages run parallel to one another.
execution and monitoring + control
What are Tuckman’s Stages of Team Development?
forming, storming, norming, performing
This project methodology is great if we know all of the requirements upfront.
Waterfall
In this project methodology, you limit production to one work in progress per person.
Kanban
This project methodology is very data-driven; you quantify the problem.
DMAIC / lean six sigma
What does DMAIC stand for?
define
measure
analyze
improve
control
In project management (particularly Scrum), MVP stands for…
minimum viable product
the early version of the product which includes the most basic functionalities and capabilities to make the product usable in practice
This project methodology is best with complex, uncertain projects.
Agile
When is it appropriate to change project methodologies? Name a few examples.
- change in PM
- change in sponsor
- timeline changes
- big changes in project
- not progressing how you want it to
Who do we talk to to get the project requirements?
- project sponsor
- other stakeholders
What are the two aspects of planning in a project?
what you CAN and what you CAN’T control
Items that will meet your project scope are called project…
deliverables
A hierarchical tree structure that breaks down a project into smaller, deliverable-oriented, manageable portions is a…
Work Breakdown Structure
What is the ‘planning fallacy?’
Predictions are often wrong, as people underestimate the actual time needed to complete a task.
RACI stands for…
Responsible
Accountable
Consulted
Informed
In the RACI model, this is the person actually doing the work.
R- Responsible
In the RACI model, this is the person ultimately accountable for getting the work done.
A - Accountable
In the RACI model, this person is utilized for their expertise.
C - Consulted
In the RACI model, this person is not usually directly involved in the task, but is communicated with.
I - Informed
How do we determine the human resources required for a project?
- type
- time
- availability
- roles / responsibilities
The approved estimate for the project or any work breakdown structure component or any schedule activity is the…
budget!
What are the two main types of costs you may need to consider in a project budget?
LABOR
MATERIALS
What is top-down budgeting? What are the pros and cons?
when mgmt decides the budget, estimates major tasks
pros: ensures the company stays on a firm financial track
cons: estimation not done by the people doing the work
What is bottom-up budgeting? What are the pros and cons?
use WBS to estimate tasks, the workers make the decisions
pros: creates a sense of teamwork + more accurate details
cons: time consuming and higher spending
People tend to ____________ time and ________________ costs.
underestimate
overestimate
What is analogous budgeting? What are the pros and cons?
use a previous, similar project as the basis for estimation of this one
pros: helps when you have limited amount of detailed information, less costly and time consuming
cons: generally less accurate than other methods
What is parametric budgeting? What are the pros and cons?
uses statistical relationship between historical data and other variables
pros: generally more accurate than analogous, good option for time and materials projects
cons: need to ensure your cost model is sound and applicable
What is t-shirt size budgeting? What are the pros and cons?
define t-shirt sizes (S, M, L) and values or ranges for each size and then use those to estimate
pros: informal, fast
cons: less precise so may not be accurate enough
What is ROI? How do you calculate it?
ROI = return on investment (the profitability of investment relative to cost)
ROI = (net profit or savings / cost) * 100
What is TCO? How do you calculate it?
considers all direct and indirect costs associated with owning and operating an asset over its entire life cycle
What is the PMBOK?
the project manager book of knowledge
What are the ‘known unknowns?’
risks
What are the ‘known knowns?’
issues
What is the Failure Mode and Effects Analysis?
- Severity of failure (S)
- Likelihood of it happening (L)
- probability of Detection (D)
RPN (risk priority number) = S * L * D
Project management prepares the ____________ for the _____________.
change, organization
Change management prepares the ____________ for the _____________.
organization, change
What are the negative threat responses for risk?
Avoid
Transfer
Mitigate
Accept
What are the positive threat responses for risk?
Exploit
Enhance
Share
Accept
The application of a structured process and set of tools for leading the people side of change to achieve a desired outcome is…
change management
What is ADKAR? What is it used for?
Awareness
Desire
Knowledge
Ability
Reinforcement
The PM in Waterfall is comparable to the __________ in Agile.
Scrum Master
True or False: Project phases are associated with Scrum.
FALSE - those are associated with Waterfall.
Programmers import data rather than user entry. Which risk strategy?
Avoid
True or False: The Project Background in included in the Project Charter.
FALSE
