PM Exam 1

Question 1

Elements of a Project definition document* most important step in project plan

Answer 1

Purpose, Scope, Goals/objectives, success criteria, assumptions, constraints, risks, stakeholders, out-of-scope specifications, preliminary costs/schedule estimates

Question 2

Purpose

Answer 2

why are u doing this project

Question 3

scope

Answer 3

high level breakdown of goals and objectives

Question 4

goals/objectives

Answer 4

what r u going to accomplish, targeted outcome

Question 5

success criteria

Answer 5

what does success look like

Question 6

Triple constraint

Answer 6

cost, scope, time

Question 7

Project management

Answer 7

the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

Question 8

project

Answer 8

is temporary and unique, defined beginning and end

Question 9

operations

Answer 9

is not unique, it on going to sustain organization

Question 10

steps of PM

Answer 10

initiating, planning, executing, monitoring, closing

Question 11

PMBOK stands for and is what

Answer 11

the project management body of knowledge
A document that formally authorizes the project or phase. It should include the business need of the project and the product description

Question 12

Project manager skills

Answer 12

business management skills, PM skills, technical knowledge skills, communication skills, leadership skills,

Question 13

common mistakes of Project manager

Answer 13

not aligning the project with org objectives, not meeting stakeholder expectations, not delegating responsibilities not communicating effectively, not identifying risks

Question 14

When is a project successful

Answer 14

the project can be successful even if they fail to meet textbook criteria, canceled project can still be successful

Question 15

project charter( project definiton document)

Answer 15

the official, written acknowledgment that a
the project exists and resources will be committed to it

Question 16

Project planning

Answer 16

how the work will be done, involves resources, work tasks, schedule/costs

Question 17

Progressive Elaboration

Answer 17

Continuously improving and detailing a
plan as more detailed and specific
information and more accurate estimates
become available as the project
progresses

Question 18

Building a Project Plan

Answer 18

work effort estimates, project schedule, project budget

Question 19

work breakdown structure * most important for project manager*

Answer 19

logical breakdown and
representation of the work required by the
project (graphical or outline of tasks)

Question 20

outline for WBS * the bday party hw*

Answer 20

Best to capture details needed for cost and schedule
development

Question 21

Difference between project schedule and WBS

Answer 21

WBS: doesn’t show who is assigned to a task, doesn’t have when tasks will occur, does not include task dependencies (order of tasks to be performed)

Question 22

Want more details in WBS

Answer 22

because the more accurate work estimates, and better level of control, and identifying risks

Question 23

estimating work *baking a cake

Answer 23

need to identify work required, resources needed, and time to be able to identify risks

Question 24

estimate accuracy levels

Answer 24

ROM: -25-75% initiating
Budget: -10-25% planning
definitive estimate: -5-10% planning

Question 25

estimating methods used to identify project risk factors

Answer 25

analogous (top down), bottom up, expert judgment

Question 26

analogous estimating

Answer 26

Utilizes historical information (actual duration periods from previous projects) to form estimates.

Question 27

expert judgement

Answer 27

this method uses subject matter expert to get skilled opinion

Question 28

Bottom-Up Estimating

Answer 28

Start with the details and work your way up to
the total. accurate but expensive

Question 29

parametric estimating

Answer 29

uses statistical relationship and historical data

Question 30

estimating changes

Answer 30

At a minimum, each project or project phase should be estimated three different times and refined as new info is learned

Question 31

estimating is based on

Answer 31

WBS, estimated by team doing work, based on historical info, and expert judgement, and capabilities and resources, risks,