Module 4: Project Integration, Initiating, and Planning📁

Question 1

Integration

Answer 1

ensuring that all components of a project work together seamlessly

Question 2

Project Charter

Answer 2

To put project information on paper, assess feasibility, and obtain formal authorization.
- Outlines project objectives.
- Authorizes the project manager.
- Requires sponsor approval for validation
Project Charter should be approved before detailed planning occurs.

Question 3

Cost-Benefit Analysis:

Answer 3

(Total Expected Benefits) / (Total Costs).

Question 4

Economic Value Add

Answer 4

Measures financial value added to the company

Question 5

Internal Rate of Return

Answer 5

Indicates the project’s return in an interest rate

Question 6

Opportunity Cost

Answer 6

The value given up when choosing one thing over another

Question 7

Payback Period

Answer 7

Time to pay back project expenses

Question 8

Present Value (PV) and Net Present Value (NPV)

Answer 8

Evaluate current value of future cash

Question 9

Return on Investment (ROI)

Answer 9

Measures profit generated relative to costs

Question 10

Initiating Processes

Answer 10

• Develop Project Charter
• Identify Stakeholders

Question 11

Project Business Case

Answer 11

Developed before project is even initiated. A study of if the project is feasible and what the benefits are why it should move forward as a project.

Question 12

Project Benefits Management Plan

Answer 12

Developed before project is even initiated. a documented explanation outlining processes for identifying, maximizing, and keeping the benefits provided by the proposed project.

Question 13

feasibility studies

Answer 13

typically used to evaluate a proposed project to assess its likelihood of success. Business success can be defined primarily in terms of ROI, which is the amount of profits that will be generated by the project

Question 14

Stakeholder

Answer 14

any individuals or groups who have an interest in the project and can be affected by its outcome

Question 15

power-interest grid

Answer 15

Stakeholders are grouped according to the degree of authority (power), the level of concern about the project’s outcomes (interest), their ability to affect the project’s outcomes (influence), or their ability to alter the planning or execution of the project.

Question 16

High-power/high-interest

Answer 16

manage closely

Question 17

High-power/low-interest

Answer 17

keep satisfied

Question 18

Low-power/high-interest

Answer 18

keep informed

Question 19

Low-power/low-interest

Answer 19

monitor only

Question 20

IF a new stakeholder is simply identified later on in the project..

Answer 20

1.Update the stakeholder management plan, (because you need to assess if the new stakeholder is supportive, resistant….etc and you need to put them on the power/interest grid to know how to engage them and properly update the communication management plan).

2. Add them to the stakeholder register to analyze them to document what their needs, expectations, interest, requirements or stakes are on the project so you can effectively engage and manage them to deliver the project objectives. You also want to engage them!

Question 21

If a stakeholder was MISSED in initiating

Answer 21

You will need to initiate a change request or in some situations you may need to escalate to your sponsor. Your sponsor is involved in all initiating processes.

Question 22

Kickoff Meeting

Answer 22

Held after project initiation, before completing the project management plan.
Purpose:

• Formally announce project start
• discuss objectives, roles, responsibilities
• Secure commitment

Key stakeholders attend.
Review high-level aspects such as risks, milestones, communication plan, and meeting schedule.

Question 23

Scope Management Plan

Answer 23

-Component of project plan. Details how scope will be defined, developed, monitored, and controlled. You will identify and define what ACTIONS are required to deliver the project’s required work – and EXCLUDE any unrelated work

Question 24

Gold Plating

Answer 24

Unnecessary or unauthorized project work

Question 25

Requirements management plan

Answer 25

component of the project management plan that describes how project and product requirements will be analyzed, documented, and managed. This plan essentially guides how requirements will be managed and tracked throughout the project.

Question 26

scope management processes

Answer 26

1. Collect requirements. 2. Define the scope. 3. Create the WBS. 4. Validate scope.

Question 27

Scope statement

Answer 27

a document that outlines the project's objectives, deliverables, constraints, assumptions, acceptance criteria, and other essential details, providing a foundation for project planning and execution

Question 28

Product scope

Answer 28

refers to specific features like chat messages, buttons, or search function. Features and functions that are a part of the actual product, service, or result.

Question 29

Project scope

Answer 29

includes tasks to deliver the product, such as creating a project plan, updating risk logs, and holding project team meetings. The work PERFORMED to deliver a product’s features/ functions for that product, service, or result

Question 30

Acceptance Criteria

Answer 30

he specific conditions and criteria that a product or feature must meet to be considered complete and accepted by the stakeholders. These criteria are defined collaboratively between the development team and stakeholders to ensure alignment with expectations.

Question 31

Definition of Done

Answer 31

A set of criteria that defines the completion status of a task or a user story. It outlines the standards and expectations that need to be met before a product increment or feature is considered finished.

Question 32

User Story Level

Answer 32

A detailed breakdown of requirements at the level of individual user stories. User stories are concise, user-focused descriptions of functionality that guide development and provide a basis for prioritization

Question 33

Release Level

Answer 33

Requirements that pertain to the entire release or version of the product. These could include overarching features, improvements, or changes that are planned for a specific release, ensuring alignment with project goals.

Question 34

Final Product Deliverable

Answer 34

the ultimate outcome or output that the project aims to deliver. It encapsulates the features, functionalities, and specifications outlined in the requirements, culminating in the final product that meets the project objectives.

Question 35

Validate Scope

Answer 35

The process of formalizing acceptance of the completed project deliverables. It involves reviewing and confirming that the project has met its objectives and that the deliverables meet the specified requirements.

Question 36

Requirements Traceability Matrix

Answer 36

a document that maps out specific requirements and how they relate to your project objectives so you can use this document throughout the project to assess how any proposed changes might impact requirements and objectives

Question 37

Iteration

Answer 37

A timeboxed period in which all of the work for that time-period is performed

Question 38

Time boxing

Answer 38

a short fixed period of time where work is completed. An iteration is a timebox.

Question 39

Minimum Viable Product (MVP)

Answer 39

identifying the fewest or minimum features that need to be built to deliver a useable product to the customer while the rest of the product/ service/ result is built out. Basically like giving your customer an out of the box product – the first release of something that can be used ASAP and can be improved over time later.

Question 40

Work Breakdown Structure WBS

Answer 40

Visual tool showing all the scope on the project broken down into manageable deliverables called work packages. - **It helps to ensure no deliverables are missed** - Also a communication tool – gives your team info on whats included in the project - Created with input from team and stakeholders, helps gain buy-in - May help identify risks or work from slipping through the cracks - Provides a basis for estimating time and costs and resources - 100% rule: 100% of the scope that you defined should be broken down on the WBS.

Question 41

Decomposition

Answer 41

breaking down the project scope and deliverables into smaller, manageable parts. This technique is crucial for thorough planning, clear definition of deliverables, responsibility assigment, cost estimation, and effective scheduling

Question 42

Activity List

Answer 42

detailed document listing all tasks needed to complete the project, decomposed/broken-down from the WBS into smaller manageable activities.

Question 43

Rolling Wave Planning

Answer 43

- short term work is planned in detail, and future work planned at a higher level - details are added as the project progresses and more information-becomes available - useful when full upfront planning is not feasible - flexible short term planning within the overall project scope

Question 44

FAST TRACKING

Answer 44

refers to a situation where the timeline for a project is shortened by overlapping or eliminating certain tasks or activities. We can fast-track projects by starting work on different aspects of the project simultaneously or by cutting out non-essential steps. This technique is often seen as risky since it can lead to coordination problems and potential quality issues in the final product BUT this is a FIRST SOLUTION when compressing the schedule, it does not involve additional project costs or resources.

Question 45

CRASHING

Answer 45

used to describe a situation where a project’s progress is modified to speed up the overall timeline. This can be done by adding more people/ resources, working longer hours, or making other changes to the original project baseline. Crashing the schedule is typically seen as a last resort option since it can often lead to increased cost overruns and potentially decreased alignment with quality standards.

Question 46

Sequencing project activities

Answer 46

organizing a list of activities into a graphic (like a schedule network diagram) which shows the order work will be completed in. May include: Activity list - gives a description of the activity Activity attributes - any dependencies or constraints

Question 47

Internal dependency

Answer 47

defined between two project activities. Generally, the Project Team has complete control over the project activities.

Question 48

External dependency

Answer 48

non project activity. A dependency relying on an external source. Example: government approval before preparing site

Question 49

Discretionary dependency (Soft Logic)

Answer 49

Based on preferred practices or knowledge. Example: Following a preferred method of execution.

Question 50

Mandatory dependency (Hard Logic)

Answer 50

Activities must follow a specific sequence due to legal, contractual, or physical requirements.

Question 51

Finish-to-Start (FS)

Answer 51

a must finish before b can start The most common relationship where one task must finish before another can start.

Question 52

Start-to-Start (SS)

Answer 52

Two tasks can start simultaneously, and the second task's start is dependent on the initiation of the first task.

Question 53

Finish-to-Finish (FF)

Answer 53

Two tasks must finish at the same time. The completion of one task is tied to the completion of another.

Question 54

Start-to-Finish (SF)

Answer 54

b must start before a can finish) The start of one task is linked to the completion of another. This relationship is rarely used. (B can only start when A has finished)

Question 55

Analogous Estimating (Top-Down Estimating):

Answer 55

- Uses expert judgment and historical data to estimate durations. - Applicable to time, cost, and resources. - Often used for high-level estimates or when limited data exists. - Example: "Similar projects took 8 months, so ours might too." - Refine estimates as the project progresses.

Question 56

Bottom-Up Estimating:

Answer 56

- Involves creating detailed estimates for each activity using a WBS. - Individual estimates are rolled up into control accounts and the project estimate.

Question 57

Parametric Estimating:

Answer 57

- Uses a mathematical equation with historical data or industry standards. - Analyzes relationships between data and other variables to estimate duration. - Example: Estimating time per line of code for software development.

Question 58

Triangular Distribution

Answer 58

Combines three estimates (pessimistic, optimistic, most likely) to create a realistic assessment of activity duration. Formula: (P + O + M) / 3. - Suitable for high uncertainty or limited data.

Question 59

Beta Distribution

Answer 59

Similar to Triangular but gives more weight to the most likely estimate. Formula: (P + 4M + O) / 6. - Preferred when you have historical data or are confident in the most likely estimate.

Question 60

Lead

Answer 60

starting the next task before the current one is completely finished. Leads help speed up the project by overlapping activities, but they're only used when there's no strict rule saying one task has to finish before the next can

Question 61

Lag

Answer 61

waiting for a certain amount of time before starting the next task. It's like when you paint a wall: after applying the first coat, you need to wait for it to dry before applying the second coat. This waiting time is the lag. Lags can happen for various reasons, like waiting for resources to become available or for specific events to occur.

Question 62

Cost Of Change

Answer 62

Changes towards the end of the project are way costlier than changes at the beginning. In Agile projects changes are welcomed more than in traditional projects. Cost Of Change in agile projects is cheaper because we plan less up front.

Question 63

Last Responsible Moment

Answer 63

lean principle useful for planning. It means delaying commitment and keeping important decisions open until the last responsible moment. At that moment you need to make the decision because the cost of not doing so is bigger. In agile approaches to scheduling it is important that decisions are reversible and that schedule management plans are change-driven.

Question 64

Schedule Network Diagram

Answer 64

A Schedule Network Diagram is a graphical representation of the logical relationships among the project schedule activities.

Question 65

Critical Path

Answer 65

the longest sequence of project activities that must be completed to from Start to Finish in our project - it indicates the minimum time necessary to complete the entire project.

Question 66

Float/Slack/Free Float

Answer 66

the amount of time a task can be delayed without affecting the deadlines of subsequent tasks or the project's final delivery date. FORMULA LS-ES or LF-EF . *Project float is the total float for the project.

Question 67

Rough Order of Magnitude (ROM)

Answer 67

- Early stage, limited details. - Initial assessment based on project characteristics. - Range: -25% to +75% of final cost. - Example: Estimating house cost per square foot, excluding specific features.

Question 68

Budget Estimate

Answer 68

- More refined than ROM. - Detailed analysis of project components. - Range: -10% to +25% of final cost. - Example: Estimating project cost with more details, but still an approximation

Question 69

Definitive Estimate

Answer 69

- Most accurate, created later in the project. - Clear understanding of scope and requirements. - Range: +/- 5% to +/- 10% of final cost. - Example: Final cost estimate based on detailed project information.

Question 70

Fixed costs

Answer 70

Costs that don't change. If production value goes up or goods and services increase in cost, fixed costs stay the same (rent, daily recurring costs)

Question 71

Variable costs

Answer 71

Costs that change depending on amount of work etc. (Materials, wages for adding people to the project etc)

Question 72

Direct costs

Answer 72

Costs that are attributed to the work on the project (salaries, travel, project materials, food..)

Question 73

Indirect 

Answer 73

Overhead costs that happen as a result of the project (taxes,  benefits..)

Question 74

Sunk costs

Answer 74

A sunk cost is a cost that has already been incurred and cannot be recovered. Doesn't affect future decisions, you cant get it back. Costs can be sunk AND also fixed or variable or direct or indirect. They aren't mutually exclusive.