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APM PMQ > PMQ Qs > Flashcards

PMQ Qs Flashcards

1
Q

Explain 2 differences between types of contractual relationships.

A
  1. Comprehensive Contracts vs Sequential.
  2. Parallel Contracts vs Comprehensive & Sequential.
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2
Q

Explain 3 steps in the supplier selection process.

A
  1. Research
  2. Tender
  3. Closure
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3
Q

Explain Investment Appraisal Techniques used by a PM

A
  1. NPV - (1+r)^t
    r: discount rate & t: time period.
    Time value for money
    5% interest= £100 —> £105 (1 yr)
  2. IRR / NPV = 0 means present value = initial investment.
    Higher IRR: more favourable
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4
Q

Explain 2 reasons why we would re-estimate across the lifecycle.

A
  1. Greater project team involvement.
  2. Increases likelihood of adhering to estimates.

(+1) Lessons Learnt + contingency reserves.

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5
Q

Explain a proactive and reactive response type.

A
  1. Transferring a project threat from one party to another. (Proactive)
  2. Accepting a project threat and not altering plans. (Reactive)
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6
Q

Explain 3 benefits of risk management procedures.

A
  1. Increase likelihood of adhering to plans.
  2. Keeps stakeholders informed.
  3. Forms justification for actions and contingencies.
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7
Q

Explain 3 ways an OBS can be used to create a RAM/RACI.

A
  1. Mapping roles and responsibilities create RAM.
  2. Reporting relations creates RAM
  3. Communications lines creates RACI.
    responsibilities, accountability, consulting, informing
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8
Q

Describe 3 ways an EPMO can support projects.

A
  1. Assisting with information management.
  2. Offering Training Needs to project team.
  3. Allocating resources to projects within its remit.
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9
Q

Explain 3 steps in an issue management strategy procedure.

A
  1. Identify, log and analyse.
  2. Issue escalation
  3. Maintained until project closure.
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10
Q

Explain 3 steps in a risk management procedure.

A
  1. Identify Risks
  2. Analysing Risks
  3. Responding to Risks
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11
Q

State 4 things that can affect communication in a project.

A
  1. Location & Time Zones
  2. Cultural Diversity & Language Barriers
  3. Stakeholder Feedback
  4. Following Governance e.g., Training.
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12
Q

Explain 3 ways conflict can be addressed by a PM (referring to Thomas K Model)

A
  1. Avoiding the Conflict
  2. Accommodating the Conflict
  3. Collaborating
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13
Q

Explain 3 ways leadership can impact teams performance & motivation. (Theories)

A
  1. Maslow’s Hierarchy of Needs
    Striving for next level
  2. Herzberg’s Hygiene Factor Theory
    1st hygiene then motivation
  3. Hersey Blanchard’s theory of situational leadership.
    Adapting to each team member
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14
Q

Describe 3 characteristics of an effective team.

A
  1. Mutual Support
  2. Clear Roles and Responsibilities
  3. Open & Clear Communication
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15
Q

Explain 2 differences between a project & BAU.

A
  1. Project is time bound, BAU is ongoing.
  2. Project team is dynamic, BAU is stable.

(+1) Multiple outs in projects, single outputs in BAU.

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16
Q

Describe 3 instances where a programme may be useful.

A
  1. Manage multiple projects at the same time. (Better communication)
  2. Uncertainty in project, split into multiple projects.
  3. Programmes better implement Governance more broadly.
17
Q

Outline 4 ways that knowledge & information management/sharing can be used to inform decision making.

A
  1. Status reporting gains validity.
  2. Estimating is more efficient
  3. Risk identification is more efficient
  4. Collaboration & communication is encouraged.
18
Q

Explain 3 reviews that take place and their benefits.

A
  1. Decision gates
  2. Benefit Reviews
  3. Audits
19
Q

Explain 3 differences between the responsibilities of a PM and Sponsor.

A
  1. Responsibility for business case.
  2. Authority and delegation are placed
  3. Managing finances
20
Q

Explain 3 reasons why we have project governance.

A
  1. Policies provided clear defined processes.
  2. Sponsor can secure funding and maintain business justification.
  3. Greater decision making (OBS/WBS).

APM PMQ (1 decks)

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