Module 3

Question 1

Dedicated Project Teams

Answer 1

Operates separate from parent organization with a full-time project manager

Question 2

Projectitis

Answer 2

Become overly focused on projects, often a detriment to overall strategic goals and operational efficiency

Question 3

Matrix Structure

Answer 3

Blends functional and project based structures. Used where project work is prominent.

Question 4

Weak Matrix

Answer 4

Similar to a functional approach, except there is a formally designated project manager

Question 5

Balanced Matrix

Answer 5

Project manager is focused on establishing a plan for the project, functional managers are focused on how it will be accomplished

Question 6

Strong Matrix

Answer 6

Project manager controls most aspects of the project. Functional managers are called on as needed.

Question 7

Project Management Office (PMO)

Answer 7

A centralized unit within an organization or a department that oversees and supports the execution of projects

Question 8

Organizational Culture

Answer 8

Reflects the “personality” of the organization. Shared norms, beliefs, values, and assumptions that binds people together.

Question 9

Projectized Organization

Answer 9

Organizational structure in which projects are the primary focus of the company’s operations

Question 10

Project Scope

Answer 10

The result or mission of your project and defines the results to be achieved.

Question 11

Scope Statements (Statements of Work)

Answer 11

A summary of key elements of the scope, followed by extended documentation of each component.

Question 12

Project Charter

Answer 12

Documentation authorizing the project manager to initiate and lead the project.

Question 13

Scope Creep

Answer 13

The tendency for the project scope to expand over time.

Question 14

Gold Plating

Answer 14

Additions not requested by clients/stakeholders and often go beyond the original project requirements

Question 15

Three major trade-offs for a project manager

Answer 15

• Cost (Budget)
• Time (Schedule)
• Performance (Scope)

Question 16

A project manager manages trade-offs by

Answer 16

Constrain (Performance) – The original parameter is fixed
Enhance (Time) – a criterion should be optimized
Accept (Cost) – a criterion is tolerable to not meet the original parameter

Question 17

Work Breakdown Structure

Answer 17

Hierarchical decomposition of a project into smaller, more manageable components.

Question 18

Work Packages

Answer 18

The lowest level of the work breakdown structure. A short-duration task that consumes resources and represents cost

Question 19

Organization Breakdown Structure (OBS)

Answer 19

A way to visualize the organization of a project. It shows who is involved in the project and what their roles are.

Question 20

Work Breakdown Structure (WBS) Dictionary

Answer 20

Provides detailed information about each element in the WBS

Question 21

Process Breakdown Structure (PBS)

Answer 21

Is used for process-oriented projects

Question 22

Product Scope Description

Answer 22

The specific features, functionalities, and requirements of a product. What will and will not be included.

Question 23

Acceptance Criteria

Answer 23

A set of conditions that a product or feature must meet to be accepted by stakeholders

Question 24

Responsibility Matrix (RM)

Answer 24

Lists all the project activities and the participants responsible for each activity

Question 25

Priority Matrix

Answer 25

Divides tasks into four quadrants based on urgency and importance:
* Urgent and Important (Critical deadline)
* Not Urgent but Important (Strategic planning, skill development)
* Urgent but Not Important (Routine reports)
* Not Urgent and Not Important (Unproductive activities)

Question 26

Risk

Answer 26

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives

Question 27

Risk Breakdown Structure (RBS)

Answer 27

Hierarchical framework that categorizes and organizes potential risks associated with a project.

Question 28

Scenario Analysis

Answer 28

Assesses the significance of each risk event in terms of probability and impact

Question 29

Risk Severity Matrix

Answer 29

Prioritizes which risks to address

Question 30

Mitigating Risk

Answer 30

Reducing the likelihood that the event will occur and impact that the adverse event would have on the project

Question 31

Avoiding Risk

Answer 31

Changing the project plan to eliminate the risk or condition

Question 32

Transferring Risk

Answer 32

Passing risk to another party (Examples: Fixed-price contracts, insurance)

Question 33

Escalating Risk

Answer 33

Notifying the appropriate people within the organization of the threat

Question 34

Retaining Risk

Answer 34

Making a conscious decision to accept the risk of an event occurring

Question 35

Contingency Plan

Answer 35

An alternative plan that will be used if a possible foreseen risk event becomes a reality.

Question 36

Opportunity

Answer 36

An event that can have a positive impact on project objectives

Question 37

Contingency reserves

Answer 37

Specifically allocated to cover risks that are identified during the project planning phase but are uncertain in terms of their occurrence and impact.

Question 38

Management reserve

Answer 38

Designed to address risks that are unknown at the time of planning, providing a financial buffer for unforeseen issues.

Question 39

Time Buffers

Answer 39

Amounts of time used to cushion against potential delays in the project

Question 40

Risk Register

Answer 40

Details about risks, their potential impact, and the strategies in place to manage them.

Question 41

Risk Control

Answer 41

Processes and strategies implemented to mitigate, monitor, and manage risks identified in a project or organization.

Question 42

Change Management Systems

Answer 42

Structured approaches designed to manage and facilitate organizational change effectively.