Project+ Study Notes 6

Question 1

is the discount rate when the present value of the cash inflows equals the original investment. ??? states the profitability of an investment as an average percent over the life of the investment. The general rule is that projects with higher ??? values are considered better than projects with lower ??? values.

Answer 1

Internal rate of return (IRR)

Question 2

are mathematical models, some of which are very complicated. They are typically used in very complex projects and require a detailed understanding of statistics and other mathematical concepts.

Answer 2

Constrained optimization models

Question 3

relies on the expertise of stakeholders, subject-matter experts, or those who have previous experience to help reach a decision regarding project selection. Is used in conjunction w/1 of the decision models.

Answer 3

Expert Judgement

Question 4

Individual stakeholders may have different priorities regarding your project, and you may have to do some negotiating with your stakeholder groups to bring them to a consensus regarding the end goal of the project. Building consensus among a group with diverse viewpoints starts with up-front negotiation during the initial phases of the project and continues with ongoing communication throughout the life of the project.

Answer 4

Info

Question 5

The expertise they bring from their respective business areas helps the project manager and project team when defining requirements, reviewing deliverables, and assuring the end product or result meets quality standards. Stakeholders provide direction throughout the life of the project and review and approve the final end product, service, or result.

Answer 5

Stakeholders (b)

Question 6

customer is the recipient of the product or service created by the project. In some organizations this stakeholder may also be referred to as the client. A customer is often a group or an organization rather than a single person. Customers can be internal or external to the organization.

Answer 6

A customer is a stakeholder

Question 7

is usually an executive in the organization who has the authority to assign money and resources to the project. The ??? may also serve as a champion for the project within the organization. The ??? is an advisor to the project manager and acts as the tiebreaker decision maker when consensus can’t be reached among the stakeholders. One of the primary duties of a project manager is keeping the project ??? informed of current project status, including conflicts or potential risks.

Answer 7

Project Sponsor

Question 8

Provide or obtain financial resources, Approve the project charter, Approve the project baseline, Help define and approve the high-level requirements, Define the business case and justification for the project, Authorize assignment of human resources to the project, Assign the project manager and describe their level of authority, Serve as final decision maker for all project issues, Negotiate support from key stakeholders, Communicate or market the benefits of the project, Monitor and control delivery of major milestones, Run interference and remove roadblocks.

Answer 8

Project Sponsor Duties :

Question 9

Managing the Team Project, Communicating w/Stakeholders and Project Team Members, Managing Scope (Scope describes the goals, deliverables, and requirements of the project. The project manager will capture and document scope, along with help from the stakeholders and team members, and will monitor and manage project scope using change-control processes), Managing Risks (Risks are identified, managed, tracked, and monitored by the project manager), Managing the Project Budget (Project managers are responsible for monitoring and tracking project costs and alerting the sponsor as soon as possible if costs are higher than expected or the project is running through funds faster than anticipated), Managing the Schedule (responsible for managing the schedule and assuring that key deliverables are performed on time), Managing Quality Assurance, Project Artifacts (artifacts are the documents, templates, agendas, diagrams, and other work products used in managing the project. For example, the project charter is an artifact. The project manager is responsible for maintaining and archiving the artifacts of the project).

Answer 9

Project Manager

Question 10

assists the project manager in all aspects of the project. They generally assist the project manager in an administrative support function. For example, they may coordinate cross-functional team members and resources, set up meetings, help the project manager with resource scheduling, monitor the schedule, and check for quality products and processes.

Answer 10

Project Coordinator