Project Qs Flashcards
In project management, the triple constraint triangle refers to three key baselines that must be managed to ensure project success. Which of the following are the three baselines that make up this triangle?
A. Quality, Communication, Risk
B. Scope, Schedule, Cost
C. Resources, Time, Quality
D. Procurement, Stakeholder, Risk
B. Scope, Schedule, Cost
(triple constraint triangle)
During the initiation phase of your project, you anticipate that certain resources will be available when needed, and that the project’s key stakeholders will remain supportive throughout the project. However, these factors have not been confirmed. What is the best way to document and track these unverified expectations?
A. Add them to the Risk Register
B. Document them in the Assumption Log
C. Include them in the Project Charter
D. Record them in the Issue Log
B. Document them in the Assumption Log
The Assumption Log is used to document and track assumptions that are believed to be true for planning purposes but have not yet been validated.
A project document used to record all assumptions and constraints throughout the project.
During the initial stages of a project, you need to document assumptions about project conditions and factors that are expected to be true but are not yet confirmed. What is the primary document used for recording these assumptions?
A. Risk Register
B. Assumption Log
C. Issue Log
D. Change Log
B. Assumption Log
Assumption Log: The Assumption Log is a document used to record all project assumptions—factors that are considered to be true for planning purposes but have not yet been validated. It is used throughout the project to track assumptions and constraints, which may impact project planning and execution.
During the execution of your project, an unforeseen problem arises that could potentially impact the project’s scope and timeline. Which document should you use to record, track, and manage this problem?
A. Risk Register
B. Assumption Log
C. Issue Log
D. Change Log
C. Issue Log
Issue Log: The Issue Log is a document used to record and track problems or concerns that arise during a project. It includes details about the issue, its impact, who is responsible for resolving it, and the resolution timeline. The Issue Log helps ensure that issues are managed effectively to minimize their impact on the project.
At the end of each project phase, you want to capture insights and experiences that could help improve future projects. Which document should you use to systematically record these insights?
A. Risk Register
B. Issue Log
C. Lessons Learned Register
D. Change Log
C. Lessons Learned Register
Lessons Learned Register: The Lessons Learned Register is a document used to capture and record the experiences, insights, and knowledge gained throughout the project. It includes details on what went well, what didn’t, and recommendations for future projects. This register is updated throughout the project lifecycle and is a valuable resource for continuous improvement.
During the planning phase of your project, you want to highlight significant points in the project schedule that indicate important achievements or deliverables. Which tool should you use to document these key points?
A. Gantt Chart
B. Work Breakdown Structure (WBS)
C. Milestone List
D. Risk Register
C. Milestone List
A significant point or event in a project, program, or portfolio.
As a project manager, you need to plan and track the timing of project activities to ensure that the project is completed on time. Which document should you develop and use to outline the sequence of activities, their durations, and the project timeline?
A. Project Charter
B. Risk Management Plan
C. Project Schedule
D. Resource Breakdown Structure
C. Project Schedule
An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.
As part of your project planning process, you want to visually represent the sequence of activities and their dependencies to help identify the critical path and potential scheduling risks. Which tool should you use for this purpose?
A. Gantt Chart
B. Project Schedule Network Diagram
C. Milestone List
D. Work Breakdown Structure (WBS)
B. Project Schedule Network Diagram
Project Schedule Network Diagram: This is a graphical representation of the project’s activities and the logical relationships (dependencies) between them. It helps in identifying the sequence of activities, potential bottlenecks, and the critical path, which is crucial for managing the project’s schedule effectively.
As a project manager, you need to clearly define what your project will and will not include, as well as establish the project’s deliverables, constraints, and assumptions. Which document should you create to capture all of this information?
A. Project Charter
B. Work Breakdown Structure (WBS)
C. Project Scope Statement
D. Requirements Traceability Matrix
C. Project Scope Statement
Project Scope Statement: The Project Scope Statement is a document that details the project’s scope, including the specific deliverables, boundaries (what is included and what is not), constraints, assumptions, and acceptance criteria. It serves as a baseline for what the project will achieve and provides a clear understanding of the project’s objectives and deliverables.
You need to ensure that every requirement in your project is tracked from its origin through implementation and testing to verify that all deliverables meet the stakeholders’ expectations. Which document should you use to manage this process?
A. Work Breakdown Structure (WBS)
B. Project Scope Statement
C. Requirements Traceability Matrix
D. Change Log
C. Requirements Traceability Matrix
Requirements Traceability Matrix (RTM): The RTM is a tool used to ensure that all project requirements are tracked throughout the project lifecycle.
A grid that links product requirements from their origin to the deliverables that satisfy them.
Define Resource Calendar
A calendar that identifies the working days and shifts upon which each specific resource is available (resources are ppl)
Define Risk Register
Document where risk management processes are recorded.
As a project manager, you need to identify all stakeholders, understand their interests, influence, and level of engagement in the project. Which document should you use to capture and maintain this information?
A. Risk Register
B. Stakeholder Register
C. Communications Management Plan
D. Issue Log
B. Stakeholder Register
A project document that includes information about project stakeholders including interests, influence, level of engagement, and communication needs.
As a project manager, you notice that there is confusion among team members regarding their roles, responsibilities, and the agreed-upon decision-making process. What document should you refer to or create to clarify these aspects and establish team norms?
A. Project Charter
B. RACI Matrix
C. Team Charter
D. Work Breakdown Structure (WBS)
C. Team Charter
A document that records the team values, agreements, and operating guidelines, as well as establishes clear expectations regarding acceptable behavior by project team members.
Who performs a needs assessment?
Business Analyst
What does a Needs Assessment involve?
- Business goals and objectives – align with vision and strategy
- Issues and opportunities (Think SWOT; Strength, Weakness,
Opportunity, Threat)
During the planning phase of your project, you conduct a Wants/Needs analysis to identify and prioritize the features and requirements for the project. What is the most important factor to consider to ensure the success of this analysis?
A. The analysis should be based solely on the project team’s preferences.
B. The analysis must align with the organization’s Vision and Strategy.
C. The analysis should focus only on the budget constraints.
D. The analysis should prioritize only the easiest requirements to implement.What needs to align on the needs assessment?
B. The analysis must align with the organization’s Vision and Strategy.
The Wants/Needs analysis needs to align with the Vision and Strategy
(Business analysists spend a lot of time determining what the need is and how to full it)
What is the value of a Business Analysis?
The value is the net quantifiable benefit identified from a business endeavor
(Business value, as defined by PMI, is the net quantifiable benefit derived from a business endeavor. The benefit may be tangible or intangible. Business value is often considered as the return on time, money, goods, or intangibles in return for something exchanged.)
There are 6 Values in business analysis. (for exam: Identify which value is not part of these 6)
- Financial
- Gain new customers
- First to market
- Improvement
- Compliance Regulation
- Social benefit
Define OKRs
Objectives and Key Results
What type of goal is an OKR?
smart goal
Define the SMART in smart goal
Specific, Measurable, Achievable, Relevant, Time-bound
Each objective in an OKR should have how many measurable key results?
3-5
What is the benefit owner responsible for implementing?
The benefit value into the organization
You are responsible for ensuring that the project delivers its intended benefits and that these benefits are sustained over time. Which document should you refer to that outlines how and when the project’s benefits will be delivered, measured, and sustained after project completion?
A. Project Charter
B. Benefits Management Plan
C. Project Scope Statement
D. Change Management Plan
B. Benefits Management Plan
Benefits Management Plan: This document outlines the benefits the project is expected to deliver, how these benefits will be measured, and the plan for sustaining them after the project is completed. It ensures that the project’s outcomes align with the organization’s strategic objectives and that the benefits are realized over the long term.helps the business determine whether a
project is worth the required investment of time, money, and resources
As a project manager, you need to justify a new project by comparing its expected costs to its anticipated benefits. Which technique should you use to systematically evaluate whether the benefits of the project outweigh the costs?
A. SWOT Analysis
B. Cost-Benefit Analysis
C. Earned Value Management
D. Risk Assessment
B. Cost-Benefit Analysis
Cost-Benefit Analysis: This is a technique used to compare the costs of a project against its benefits to determine whether it is financially viable or worthwhile. It helps in making decisions by quantifying both the expected costs and the potential benefits, thereby enabling project managers and stakeholders to make informed choices.
Define Present Value (PV of money)
What money is worth today.
Present value states that an amount of money today is worth more than the same amount in the future.
Define Net Present Value (NPV of money)
Money changes value over time.
The difference between the present value of cash inflows and the present value of cash outflows over a period of time.
Define Future Value (FV)
What will materials cost in future years if project is lengthy.
The value of a current asset at a future date based on an assumed rate of growth. Used to estimate how much an investment made today will be worth in the future.
You are evaluating several potential projects for your organization and need to determine which project would provide the best return on investment. Which financial metric should you use to calculate the rate at which the project’s net present value (NPV) equals zero, indicating the expected profitability of the project?
A. Payback Period
B. Cost-Benefit Analysis
C. Internal Rate of Return (IRR)
D. Earned Value Management (EVM
C. Internal Rate of Return (IRR)
Internal rate of return, what interest rate do I need so that my present value and future value equals zero?
A discount rate that makes the net present value (NPV) of all cash flows equal to zero in a discounted cash flow analysis.
Exam Q: What should be larger, the benefit or the cost?
Benefit
Define Opportunity cost:
value or cost of option you didn’t choose
What is important about a Payback period?
sooner we make back money the better, smaller and faster is better
Define return on Investment (ROI)
how much do I get in return based on what I’ve invested
