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Question 1

5 sections of the Risk Mgmt Plan

Answer 1

1. Risk mgmt. roles and responsibility
2. Risk analysis budget and schedule
3. Risk categories
4. Definitions of probability and impact
5. Revised stakeholders tolerance of risk

Question 2

Mcclellands three need theory

Answer 2

aka achievement theory

employees are motivated by achievement, power and affiliation

Question 3

reward vs. expert vs. legitimate vs referent power

Answer 3

reward power - the ability to give rewards and recognition
expert power - when the manager is the expert, credibility
legitimate power - power from position
referent power - based on respect or charisma
punitive - punish

Question 4

McGregor Theory X and Theory Y

Answer 4

People who believe Theory X presume team members are only interested in their own selfish goals
People who practice Theory y assume people are naturally motivated to do good work.

Question 5

Contingency theory

Answer 5

a leaders effectiveness is contingent on two factors - whether they are task or relationship oriented AND situational factors at the workplace such as how stressful the workplace is.

Question 6

Herzberg’s Motivation-Hygiene Theory

Answer 6

Nothing to do with Hygiene. It is similar to Mazlow, it states that the presence of certain factors does not make them satisfied, but their absence makes them unsatisfied. Hygiene factors (paycheck, status, security) must be present, but they don’t motivate. Motivation factors like achievement and recognition motivate.

Question 7

Inspection

Answer 7

A tool of Verify Scope. In inspection, the product of the project is compared with the project scope.

Question 8

3 pieces of the human resource plan

Answer 8

1. Roles and responsibilities
2. Project organization charts
3. Staffing management plan which answers where will the staff come from, when they will be released, when are they available, recognition and rewards, safety, compliance

Question 9

3 types of dependencies

Answer 9

mandatory - activities must be followed in order
discretionary- activities recommended they be followed in a certain order, but optional. Based on expert opinion
external - dependencies that lie on factors outside the project.

Question 10

Qualitative vs. Quantitative Risk assessment

Answer 10

First you do a Qualitative risk assessment to generate a shorter list of risks to focus on. The output of Qualitative risk assessment is subjective, although you use a probability and impact matrix to pick the value (impact on x axis, prob on y axis). It results in a score against which the other risks are compared. Then you either do quantitative risk analysis on the ones with the highest risk or go on to the plan risk process. Quantitative risk provides a specific #, ex. $40,000 vs. a probability #).

Question 11

Project Manager vs. Project Coordinator vs. Project Expeditor

Answer 11

People managing a project with progressively less power. Project coordinators usually found in weak matrix or functional organizations and may not make budget decisions or overall project decisions, but have some authority to reassign resources. Expeditors are the weakest of all. They typically report to an executive who is ultimately responsible for the project.

Question 12

Vroom Expectancy theory

Answer 12

Employees who believe their efforts will lead to effective performance and who expect to be rewarded for their accomplishments will remain productive as rewards meet expectations.

Question 13

Project SOW

Answer 13

Project Statement of Work - written description of the project’s product, service, or result. It is supplied by the customer or if internal the sponsor.

Question 14

PDM

Answer 14

Precedence Diagramming Method
aka Activity on Node (AON)
Activities are represented as nodes and one of 4 logical relationships are shown on them: SF, FS, FF, or SF.

Question 15

GERT

Answer 15

Graphical Evaluation and Review Technique

Similar to PDM except it allows looping and is often done in computer simulations.

Question 16

Mitigation vs. Transference

Answer 16

Mitigation is a strategy where by you lessen the probability of the risk from occurring (e.g. change the start of a project to when the weather is better).
Transference is a strategy where you transfer the risk to a 3rd party. It doesn’t lessen the risk.

Question 17

Requirements Documentation

Answer 17

Requirements docs list all project, product, and technical reqts that must be met. It also includes user acceptance criteria. Requirements docs are part of the project mgmt. plan.

Question 18

Funding Limit Reconciliation

Answer 18

A technique used during the Determine Budget process and involves regulating cash flow over the life of a project. It involves rearranging the time-phased budget so that planned expenditures never exceed planned funds on hand. Sometime work must be rescheduled to level out cash flow projections.

Question 19

war room

Answer 19

an area where all team members gather

Question 20

key component of a business case

Answer 20

cost benefit analysis (e.g. NPV, IRR, or ROI study)

Question 21

After you identify the cost of quality you…

Answer 21

do a cost benefit analysis

Question 22

organizational theory

Answer 22

Organizational theory provides info on how individuals and teams behave. This theory can help enhance the effectiveness of the human resource plan and reduce the effort required to create it

Question 23

RBS

Answer 23

Resource Breakdown Structure, a.k.a. Risk Breakdown Structure - tool used within the Develop Human Resource process to breakdown project resources according to resource category and resource type. It can help organize possible project risks.

Question 24

OBS

Answer 24

Organizational Breakdown Structure - tool used in the Develop Human Resource process. Organized according to the organization depts. and teams. It displays the work packages or project activities under that dept.

Question 25

Salience model

Answer 25

A classification model that organizes different categories of stakeholders based on the following:

• their ability to impose their will (power)
• their need for immediate attention (urgency)
• their involvement is suitable (legitimacy)

Question 26

if a bunch of major unforeseen problems arise, what should you do

Answer 26

Bring them to the attention of the sponsor to have the business case re-evaluated.

Question 27

Rule of 7

Answer 27

If 7 or more consecutive data points fall on the same side of a mean, the process is consider out of control - EVEN if it falls within acceptable ranges

Question 28

What activities do you need to focus on when creating the project plan?

Answer 28

Determining resource and skill levels, defining configuration mgmt. levels, and developing technical and mgmt. details

Question 29

Difference between Direct & Manage Project Execution, Perform Integrated Change Control, Monitor and Perform Process Control

Answer 29

Direct & Manage Project Execution - performs APPROVED CHANGES
Perform Integrated Change Control - process of approving or rejecting CHANGE REQUESTS
Monitor and Perform Process Control - performs CORRECTIVE ACTIONS to correct problems or deviations you discover through monitoring activities. It also includes correcting project baselines and executing risk response plans.

Question 30

Examples of formal vs. informal communication

Answer 30

“Formal” (reports memos, briefings) and “Informal” (email and ad-hoc discussions)

Question 31

Termination with cause

Answer 31

Can occur when either party is in breach of the contract or is about to breach the contract.

Question 32

FIRST thing to do when developing new project ideas

Answer 32

Review your organizations strategic goals before you brainstorm

Question 33

What is the main purpose of classifying stakeholders in a project?

Answer 33

To ensure that the effort used to manage them is efficient

Question 34

risk audit

Answer 34

Used to express how well the risk management plan and risk responses are working

Question 35

project funding requirements

Answer 35

An OUTPUT of the Determine Budget Process, project funding reqts are established in conjunction with the finance dept.

Question 36

Managing Stakeholders

Answer 36

Project manager, project sponsor or customer, the portfolio manager

Question 37

Which type of cost estimate focuses on improving accuracy by factoring in the amount of risk related to the original estimate?

Answer 37

3 point estimate

Question 38

RFI

Answer 38

A type of procurement document used to query a potential seller for info about their business, their product capabilities, as well as their capabilities

Question 39

SOW

Answer 39

Document created during project scope creation that describes the products or services that result from performing the work. It references a businesses need, the product scope description, and the organizations strategic goals.

Question 40

Accommodating

Answer 40

A conflict resolution technique that emphasizes agreement by the parties instead of focusing on their differences.

Question 41

Procurement Contract Award

Answer 41

AKA contract

include a section on how to handle disputes

Question 42

where do you document the reasons specific corrective actions were taken?

Answer 42

Lessons learned docs (not the change log or assumptions log). Ex. insulation replacement

Question 43

You are evaluating a cost related risk. Which docs would include the project costs that have been incurred? Risk audits, Performance reports, Risk reassessment, or Work Performance Information?

Answer 43

Work Performance Information. WPI also includes the status on deliverables and schedule process

Question 44

What indicator best shows that a work package is decomposed to the proper level?

Answer 44

The work can be completed in a reporting period. The three questions to ask on decomposition are:

1) Can cost and time be estimated without further breakdown?
2) Can the result be measured and verified?
3) Can the work be completed within a reporting period?

Question 45

Scope statement vs. SOW

Answer 45

scope statement - detailed and holistic description of the project and product scope including exclusions/assumptions/constraints and the user acceptance criteria.
SOW contains info such as the business need and describes the scope.

Question 46

IRR

Answer 46

Internal Rate of Return is a type of cost/benefit analysis included in the business case.

Question 47

smoothing

Answer 47

A temporary means of conflict resolution that involves minimizing the severity of the conflict. While it is good for the relationships, it doesn’t usually solve the problem.

Question 48

What are the two places you find user acceptance criteria?

Answer 48

Scope statement and requirements documentation

Question 49

Variance analysis

Answer 49

Used to determine how far a project is off from the original planned schedule. It also helps to determine TOTAL FLOAT VARIANCE which is essential for evaluating a project’s schedule performance.

Question 50

preventative vs. corrective action

Answer 50

preventative are made to avoid the occurrence of the negative risk. (ex. firewall). Corrective are made to correct deviations that may occur to future performance.

Question 51

PDM vs. PERT vs. GERT

Answer 51

PDM - Precedence Diagramming Method, network diagram method that allows FS, SF, SS, FF.
PERT - Program Evaluation and Review Technique, a schedule technique that provides a weighted average of best/worst/realistic durations and divides them by the weight (sounds similar to 3 point estimation)
GERT - Graphical Evaluation and Review Technique - similar to PDM, but it allow looping, used in computer simulations

Question 52

Program

Answer 52

group of related projects

Question 53

Project management

Answer 53

Using skills, knowledge, and resources to satisfy project requirements