PT M1 - Vocab/Components

Question 1

A Management Style -

When you carry out repetitive actions that are always the same and that repeat every year in order to ensure the correct functioning of the organization.

Answer 1

Operations Management

Question 2

A Management Style -

A group of related projects

Answer 2

Program Management

Question 3

A Management Style -

A group of programs, projects, and subsidiary portfolios grouped together in order to facilitate organization objectives

Answer 3

Portfolio Management

Question 4

A Management Style -

Every project is individual in nature and always includes a level of uncertainty

Answer 4

Project Management

Question 5

A tool to determine how to communicate during a project.

Answer 5

The Communications Matrix

This tool details each of the stakeholders, the communications that there should be between them, and how this communication should be carried out. Among the stakeholders it is important to identify who is responsible for communication with whom, and how this communication should be carried out.

For example, a communication like a monthly performance report should be carried out by email from the management team and should be directed to the client, the sponsor, and a representative of the financial entity

Question 6

A condition or current situation that can impact the project’s objectives. Describes something current, not something in the future.

Answer 6

An Issue

An example of this would be if two workers on a project argue several times over technical disagreements, affecting the performance of the production of the component

Question 7

This document involves developing a detailed description of the project and the product and describes what the final project needs to contain as well as the design of the project.

Answer 7

The Project Scope

Question 8

Someone who is assigned within a company to lead a project.

This person is responsible for the project’s success and will receive support from the sponsor, who is above this person in the company’s hierarchy.

Answer 8

The Project Manager

Question 9

This professional has a much higher level of responsibility.

They will have the sponsors and project managers under their control to ensure that their organization works correctly.

Answer 9

The Manager of a Company

Question 10

The professional in charge of obtaining commission from clients. This person’s job is usually finished once the assignment is given to the company.

Answer 10

The Salesperson

Question 11

Someone who provides resources and support to a project and is responsible for facilitating its success.

This person is above the project manager in the company’s hierarchy

Answer 11

The Sponsor

Question 12

An uncertain event or condition that, if it occurs, will have an impact on the objectives of the project.

Answer 12

A Risk

Question 13

Factors that are included in the scheduling process and considered as real, true, and correct without need for proof.

Answer 13

An Assumption

It is important to monitor these factors to update the schedule as soon as you have new information through the use of an Assumption Log.

Question 14

This document and calculation is made up of the project’s costs, which have been approved by the key stakeholders (the client, the sponsor, the investors).

With this budget, the project manager should be able to successfully complete the project.

Answer 14

The Cost Baseline

Defined in the planning stage, after the project charter is created at the start of the project.

Question 15

1 of 3 Cost Baseline Components -

These are costs that have a direct relationship with the production of the project deliverables and can be assigned directly to a production element.

For example, when you are developing software, the cost of the developers working on a specific functionality can be described as a ____ cost

Answer 15

Direct Costs

Question 16

1 of 3 Cost Baseline Components -

These are costs that cannot be directly assigned to a deliverable but have an impact on the project as a whole.

For example, in a construction project, the cost of the tow truck that provides support for all of the project’s deliverables (including brickwork, structure, roofing, etc.) would be considered an _____ cost.

Answer 16

Indirect Costs

Question 17

1 of 3 Cost Baseline Components -

This is an amount of money assigned to the project in case the identified risks occur and become contingencies.

This reserve allows the project manager to respond to the contingencies that may occur in the project.

If part of this reserve has not been used by the end of the project, it will be returned to the client.

Answer 17

Contingency Reserve

This reserve is calculated by the project manager and approved by the key stakeholders

Question 18

This document recognizes the existence of the project within the company, gives authority to the project manager to carry it out, and describes the project’s limits.

In this document, a business analyst considers the client’s request, reviews the project’s viability, and creates the documents that describe this viability: the business case and the benefit management plan.

Once it is signed by the sponsor, the project has begun. After this, if all the parties are in agreement, the project is formalized through a contract.

Answer 18

Project Charter

Normally the project manager helps to write the project charter.

This document describes the Project’s Kickoff Documents: the contract and business viability report.

Question 19

This document includes commitments, right, and obligations established between the client who commissions the project, and the project management company that will carry out the project.

Answer 19

The Contract

Question 20

This document describes when and how the project’s benefits will be obtained, measured, and monitored.

Answer 20

The Benefits Management Plan

Question 21

1 of 2 ways Procurement Management can be organized-

The organization has a procurement department that supports all the organization’s projects.

Answer 21

Centralized

Question 22

1 of 2 ways Procurement Management can be organized-

The organization assigns a procurement owner for each project that is being developed. This expert joins the project management team and is dedicated full time to that project.

Answer 22

Decentralized

Question 23

Is the potential return of a project that you turn down. To calculate this measure, you use the Estimated Monetary Value (EMV) tool.

Answer 23

Opportunity Cost

EMV is obtained by multiplying the benefit of each project by the chance of the benefit occurring (the probability). The project that has the highest EMV will be the project with the greatest opportunity cost.

Question 24

A theory that describes the motivational priorities of human behavior.

This hierarchy is broken down into five levels based on the types of needs that each individual has.

Answer 24

Maslow’s Hierarchy of Needs

Question 25

1 of 5 levels of Maslow’s Hierarchy of Needs -

This is the search for what makes you feel comfortable with your own being, such as achieving personal goals or challenges.

Answer 25

Self-Actualization Needs (Top level)

Question 26

1 of 5 levels of Maslow’s Hierarchy of Needs -

This is the need to be valued for what you do, whether in a professional or personal environment

Answer 26

Esteem Needs (4th level from bottom)

Question 27

1 of 5 levels of Maslow’s Hierarchy of Needs -

This means feeling like you fit in and belong to a group, whether it be with work colleagues, friends, family, or a partner.

Answer 27

Social Needs (3rd level from bottom)

Question 28

1 of 5 levels of Maslow’s Hierarchy of Needs -

These needs are related to the safety of having a house, economic stability, health, etc.

Answer 28

Safety Needs (2nd level from bottom)

Question 29

1 of 5 levels of Maslow’s Hierarchy of Needs -

These are strictly related to the survival of a person, like breathing, eating, drinking, keeping warm, etc.

Answer 29

Physiological Needs (Bottom

Question 30

A Company Organizational Structure -

In this type of company, work is done, above all, by operations and the company’s separate departments are in charge of evaluating and distributing their resources. It is difficult to easily recognize a project and the project manager role has little authority.

Answer 30

Functional Company

An example of a _____ organization could be a chain of supermarkets. This type of organization does not have projects. They carry out separate and repetitive tasks over a long period of time, for example: logistics, sales, administration, and purchasing, which means it is easy for them to structure their company into _____ departments

Question 31

A Company Organizational Structure -

Projects are clearly and explicitly recognized, all the workers are organized by projects, and it is easy for the project manager to obtain resources.

An example of a _____ company is an architect studio, where work is organized by projects.

Answer 31

Projectized Company

Question 32

A Company Organizational Structure -

Combines the projectized and functional structures. In this type of company, projects and project managers are recognized and, at the same time, there are functional departments that provide support to the different projects.

An example of a ____ company is an urban infrastructure construction company that carries out work in projects but also has a significant number of operations that require well-defined departments.

Answer 32

Matrix Company

Question 33

A Company Organizational Structure -

This company organizational structure is completely projectized and only works in projects.

Answer 33

Agile Company

Question 34

This type of meeting should not last longer than 15 minutes and be dedicated to answering three questions:

What did you do yesterday?
What are you going to do today?
And are there any impediments in your way?

Answer 34

Daily Stand Up Meetings

Question 35

This type of meeting discusses how the team worked during the previous sprint or iteration so that, in the next work cycle, you can improve the processes and interactions as much as possible.

Answer 35

Retrospective Meetings

Question 36

Data that is represented digitally or on paper.

Answer 36

Work Performance Report

Question 37

This thing is made up of observations, calculations, measurements, and other raw information that is gathered during the projects development and which is used to generate the project information.

Answer 37

Data

Question 38

This is a document the project manager would use to assign an individual as being responsible for resolving an issue, with a set due date.

Answer 38

Issue Log

If this responsible individual does not resolve the issue, then the project manager would have to intervene.

Question 39

A 4 level established hierarchy of who should be in charge of approving or rejecting suggested changes based on the impact of each change.

Answer 39

Change Management Process

Question 40

1 of 4 levels in the Change Request Hierarchy -

This group is a formally appointed group where each of the project stakeholders should be represented.

If a change affects the project’s baselines, it must be approved by this group.

Answer 40

The Change Control Board (CBB)

Question 41

1 of 4 levels in the Change Request Hierarchy -

If a change affects the company’s objectives with respect to the project, it should be reviewed by this person, who is the stakeholder within the company who authorizes the project’s go-ahead.

Answer 41

Sponsor

Question 42

1 of 4 levels in the Change Request Hierarchy -

If the change does not affect the project baselines or the company’s objectives, but it does affect the project’s contingency reserves, it should be approved or rejected by this person.

Answer 42

Project Manager

Question 43

1 of 4 levels in the Change Request Hierarchy -

If there are changes in management or in the work approach that do not have an impact on the scope, schedule, or cost of the project, this group can handle these changes directly.

Answer 43

Project Team

Question 44

1 of 3 Key Stakeholders -

The agent that commissions the project and that details their needs and expectations. The project is designed to respond to these requirements.

Answer 44

The Client

In the hierarchy of project management, the client is above the project manager. This is because the client has significant power over the project, and their actions can impact the project’s development.

Question 45

1 of 3 Key Stakeholders -

High-level representative(s) of the company carrying out the project and are responsible for approving the project’s viability.

Answer 45

The Sponsor

Question 46

1 of 3 Key Stakeholders -

This person or groups of people who release funds to allow the project to be carried out.

They usually monitor the project to make sure that their investment is being used for the agreed upon actions.

Answer 46

The Entity that Finances the Project (Investors)

Question 47

This type of power is given to the project manager through a formal document that describes the authority and responsibilities of the project manager and recognizes the fact that the company recognizes this leadership.

This type of power or authority is indispensable in a project and for the project manager.

Answer 47

Formal (or Positional) Power

Question 48

Type of Power -

A project manager can rely on experts for support.

You do not need to know everything to be able to lead a team well.

Answer 48

Expert Power

Question 49

Type of Power -

Consists of convincing and leading your team thanks to the charisma of the project manager.

This can be a helpful asset but is not essential.

Answer 49

Charismatic (or Personal) Power

Question 50

Type of Power -

Consists of a team’s respect for their leader.

Gained by knowing how to listen, make a team, and get the best out of each team member.

Not every project manager has this power. It is not a type of authority that you can obtain immediately, but something gained over time.

Answer 50

Referent Power

Question 51

A Leadership Style -

Consists of focusing on concrete objectives or goals that a leader uses to reward their team.

For example, in a road construction project, a leader could set reducing costs by 10 percent as an objective. If the objective is achieved, the team will receive an incentive.

Answer 51

Transactional Leadership

Question 52

A Leadership Style -

Consists of a leader showing their commitment to serve and put others before themselves, focusing on growth, learning, development, and autonomy of their team members.

This type of leader provides support, helps resolve obstacles that are blocking the team, and delivers resources when they are necessary.

An example of this leadership style is when a leader organizes a follow-up meeting with their team and asks if they need any help resolving impediments in their tasks.

Answer 52

Servant Leadership

Question 53

A Leadership Style -

Consists of allowing the team to make their own decisions and establish their own goals.

An example of this leadership would be a leader assigning tasks by organizing a brainstorming session so that each team member could say what they would prefer to work on. In this way, the leader facilitates a decision-making process so that the team members reach an agreement.

Answer 53

Laissez-Faire (Hands-Off) Leadership

Question 54

A Leadership Style -

Consists of motivating the team.

An example of transformational leadership would be a leader who encourages team members by highlighting the achievements of their colleagues.

Answer 54

Transformational Leadership

Question 55

This thing reflects the capacity a project manager should have, for both agile and traditional approaches.

Answer 55

PMI Talent Triangle

• Leadership
• Technical Project Management
• Strategic and Business Management

Question 56

1 of 3 Parts of the PMI Talent Triangle -

Consists of the ability to manage a team and all the capabilities, knowledge, and skills necessary to be able to do so in a successful way.

Answer 56

Leadership

Question 57

1 of 3 Parts of the PMI Talent Triangle -

This means having the capacity, knowledge, and skills related to specific fields, whether this is projects, programs, or portfolios.

Answer 57

Technical Project Management

Question 58

1 of 3 Parts of the PMI Talent Triangle -

This consists of knowing that their sector and their company is developing projects in and understanding the objectives and strategy of that company.

This improves performance and the delivery of business results.

Answer 58

Strategic and Business Management

Question 59

This plan’s objective is to plan ways to actively encourage the participation of all the project’s stakeholders in the project and is carried out in the project planning stage.

Answer 59

Stakeholder Management Plan

Question 60

This plan is the process of defining how to estimate, procure, manage, and use the resources you have available (material and team) and is carried out in the project planning stage.

Answer 60

Resource Management Plan

Question 61

The function assigned to a person within the scope of the project.

Examples of the project _____ are civil engineer, business analyst, and test coordinator.

Answer 61

Role

Question 62

The ability to control an aspect of a project such as the ability to designate resources, permission to negotiate with suppliers, authorize payments, verify deliverables, etc.

It is important that project members have a balance between _____ and assigned responsibility.

Answer 62

Authority

Question 63

What an individual is expected to do and complete in the project.

An example of this would be the drafting of the electrical distribution plans for a project to build a shopping center, the drafting of a business evaluation technical report, or the definition of a test plan for a pharmaceutical product.

Answer 63

Responsibility

Question 64

The knowledge and skills that an individual must have in order to carry out his assigned role in the project.

If the team is not sufficiently trained, it can affect the performance of the project.

An example of this would be that you must have knowledge of fluid mechanics, you must have collaborated in projects of more than $5 million, or you must be proficient in spoken and written French.

Answer 64

Competency

Question 65

A document or tool used to show the relationships between project activities and team members.

This matrix reflects all activities in the first column and all team members in the first row. The grid describes the relationship that person has with that activity.

For example: Execute, review, authorize, etc. This also ensures that there is a single person responsible for each task, thereby avoiding conflicts or rework.

Answer 65

The RACI Matrix

The acronym RACI is the result of collecting the initials of the type of relationships established between member and activity.

Question 66

A RACI Matrix Component -

The person who executes the task.

For example, for an execution task for a garden irrigation installation: R would be the plumber, A would be the landscaper, C would be the landscaper, and I would be the customer.

Answer 66

Responsible

Question 67

A RACI Matrix Component -

The person who is responsible for the tasks

For example, for an execution task for a garden irrigation installation: R would be the plumber, A would be the landscaper, C would be the landscaper, and I would be the customer.

Answer 67

Accountable

Question 68

A RACI Matrix Component -

The person who is consulted about the task.

For example, for an execution task for a garden irrigation installation: R would be the plumber, A would be the landscaper, C would be the landscaper, and I would be the customer.

Answer 68

Consult

Question 69

A RACI Matrix Component -

The person to be informed about the tasks.

For example, for an execution task for a garden irrigation installation: R would be the plumber, A would be the landscaper, C would be the landscaper, and I would be the customer.

Answer 69

Inform

Question 70

An appropriate tool used to identify stakeholders, who are the individuals involved in the project.

In this grid, you map all the stakeholders based on their interest and the power they have in the project.

This allows you to plan and manage each individual’s expectations and involvement throughout the project.

Answer 70

The Power Interest Grid

Question 71

A technique based on making estimations regarding time or cost. This technique consists of estimating by comparing with previously finished components.

For example, to estimate how long you will spend making a website for a new client, you can check how long it took you to make your last website. You analyze the requirements for each component, and you add time to the estimation if you consider that the new site is more complicated than the last one.

Answer 71

Analogues Estimations

Question 72

This technique serves to help you identify where to find problems.

The _____ principle is also known as the 80/20 principle. It holds that 80 percent of the consequences are caused by 20 percent of the causes.

For example, in a software development project, you list the number of user errors and the number of different types of users. After this analysis, you note that a small percentage of users (this is the 20 percent) are responsible for a large percentage of the total errors (the 80 percent). If, in this situation you study the requirements and experience of these few users, resolving the issues that they have, you will drastically reduce the amount of total errors.

Answer 72

The Pareto Principle

Question 73

A risk management technique used to estimate the severity of the impact that risks would have on the objectives of the project if they occurred.

Answer 73

Expected Monetary Value (EMV)

It is calculated taking into account all the risks and, for each of them, multiplying the value of its possible impact by the probability of it happening. Adding up the severities of all the risks would give you the EMV of the project.

Question 74

A technique for group estimation. _____ is a way of facilitating a team session, and its benefit is based on hearing the option of all the members, as well as ensuring that the whole team understands the scope and duration of the task

Although ____ is used to estimate the duration of tasks, it can also be used to estimate any other quantifiable element, like cost, impact, risk, etc.

Answer 74

Planning Poker

Question 75

This tool allows the project team to carry out a breakdown of the scope of the project in order to create required deliverables. It is the most appropriate tool for defining, executing, and monitoring the deliverables of a project.

For example, if the project is building a house, through the creation of a _____ you would be able to subdivide this product into different deliverables, like cement, structure, carpentry, coverings, installations, etc.

Answer 75

Work Breakdown Structure (WBS)

Question 76

In this document/tool, the lessons learned and created throughout the duration of the project are logged.

Answer 76

Lessons Learned Register

Question 77

In this document/tool, stakeholders are identified, their power, interest, and relation to the project are noted.

Answer 77

Stakeholder Register

Question 78

This is the plan of the project’s schedule and due dates that indicate when each activity will be carried out.

Used to define and monitor the schedule that the project has to follow.

Answer 78

Project Timeline

Question 79

Type of Contract -

The provider is reimbursed for the costs that they have had to incur to provide the service, they are paid an additional fee or benefit, and they are given an incentive fee that is calculated according to their performance.

Answer 79

Cost-Reimbursable Contract that includes Incentives

Question 80

1 of 4 Cost-Reimbursable Contract w Incentives Component -

This is a provisional cost estimating how much the costs of the services will be, agreed upon by both parties before signing the contract.

Answer 80

Target Cost

Question 81

1 of 4 Cost-Reimbursable Contract w Incentives Component -

This is a provisional fee agreed upon by both parties before signing the contract. It sets the fee that the provider will receive if they comply with the target cost.

Answer 81

Target Fee

Question 82

1 of 4 Cost-Reimbursable Contract w Incentives Component -

This is the real cost that the provider incurred when providing the service

Answer 82

Real Cost

Question 83

1 of 4 Cost-Reimbursable Contract w Incentives Component -

This is the ratio split that is used to calculate how much incentive or penalty the provider will receive.

The split is applied to the difference between the target cost and the real cost.

Answer 83

Incentive Split for the Provider

Question 84

This brainstorming technique consists of asking a group of experts about the subject you are working on, anonymously, so that you can benefit from their opinions and proposals.

These opinions are reviewed by other experts so that they can be analyzed without knowing who provided them. In this way, you can obtain reviewed opinions while avoiding personal considerations.

Answer 84

The Delphi Method

Question 85

A Data Gathering Technique -

Allows you to identify a long list of ideas in a short period of time. It is carried out in a group environment and is led by a facilitator.

The technique is separated into two phases: idea generation and analysis.

Answer 85

Brainstorming

Question 86

A Data Gathering Technique -

Consists of bringing together interested parties and subject matter to experts in order to learn about their expectations and attitudes towards a product, service, or proposed result.

A capable moderator guides the group through an interactive discussion that is designed to be more conversational than like an interview.

Answer 86

Focus Groups

Question 87

A Data Gathering Technique -

Provide a formal or informal way of getting information from an interested party through a direct and in-directive dialog. Usually carried out by asking questions – whether prepared or spontaneous – and registering the responses.

Also a useful way of gaining confidential information.

Answer 87

Interviews

Question 88

1 of 6 Resolving a Claim Component -

A formal disagreement between a seller and a buyer. Can be done by either the buyer, or the seller.

Answer 88

Claim

Question 89

1 of 6 Resolving a Claim Component -

The act of speaking to the other party whenever there is a disagreement in order to understand their point of view to try and reach a mutually beneficial resolution.

Answer 89

Negotiation

Question 90

1 of 6 Resolving a Claim Component -

If a negotiation does not resolve the claim, the situation is named a ____. To resolve this conflict, a third party will now be required.

Answer 90

Dispute

Question 91

1 of 6 Resolving a Claim Component -

The intervention of an independent third party who will seek to find a middle ground between both parties.

An example of this person would be a mediator, an independent consultant, or a facilitator.

Answer 91

Arbitration

Question 92

1 of 6 Resolving a Claim Component -

If arbitration does not resolve the conflict, the situation becomes an ____. This conflict can now be resolved in court.

Answer 92

Appeal

Question 93

1 of 6 Resolving a Claim Component -

Taking the matter before a judge to resolve the appeal. This is the last option, and it should be avoided whenever possible.

Answer 93

Trial

Question 94

A Communication Technique -

Focuses on information about reactions to communications or to a situation.

Supports interactive communication between the project manager, the team, and all other project stakeholders.

Examples include coaching, mentoring, and negotiation

Answer 94

Feedback

Question 95

A Communication Technique -

Refers to the ability to consider factors such as the clarity of the proposed objectives when transmitting important messages.

It describes a group of skills that promotes and enable purposeful interactions, communication efficiency, and leadership behaviors.

Answer 95

Communication Competence

Question 96

A Communication Technique -

Team members must take care of the way they communicate, not only with what they say but also with non-verbal language they use when doing so.

Examples includes gestures, tone of voice, and facial or body expressions

Answer 96

Non-Verbal Communication

Question 97

A Communication Technique -

Involves the formal delivery of information or documentation.

Answer 97

Presentations

For a presentation to be successful, you have to take into consideration the audience’s expectations and needs, as well as the needs and objectives of the project and the project team.

Question 98

Quality Control Element -

These things are used in repetitive processes over a long period of time. The purpose of using a ____ is to determine whether the process is stable or not. That means defining whether you will always achieve the same result from the process.

____ illustrate how a process behaves over time. They are a graphic representation that shows whether the variables are within acceptable limits.
If you are able to guarantee that every cutting board created is 2,000mm wide, this would be a stable process.

Answer 98

Control Chart

Usually includes two types of limits: control and specification limits.

Question 99

1 of 2 components of a Control Chart -

When a process is within the acceptable _____ limits, it is not necessary to adjust the process. When the process is not within the _____ limits, you need to adjust the process.

Answer 99

Control Limit(s)

Defined by the variability of the process and should be stricter than specification limits.

Question 100

1 of 2 components of a Control Chart -

What is considered acceptable in the product

Answer 100

Specification Limits

Question 101

A Quality Control Element -

Consists of choosing a sample of interest to be inspected.

For example selecting 10 engineering drafts at random from a list of 75.

Answer 101

Statistical Sampling

An appropriate sample can reduce the cost of quality control.

Question 102

A Quality Control Element -

A structured tool that generally specifies a group of required steps that must be executed for each component of a product or a process.

Can be very simple or very complicated, but they must always be exhaustive. Usually, they are written in imperatives (Do this!) or in questions (Have you done this?)

Answer 102

Checklists

Question 103

A Quality Control Element -

A technique used to define which data will be used as a reference point when you carry out quality control. A measurement is a real value.

For example, it is not enough to say that complying with the due dates of the activities you are carrying out is a quality control measure. You need to indicate whether that means the activities should start on time or only if they must finish on time and whether you will measure the completion of all the individual activities or only the deliverable products, and, in that case, which ones.

Some examples of ______ include the number of defects, failure rate, availability, reliability, etc.

Answer 103

Establishing Quality Metrics

Question 104

The process designed to resolve issues or challenges and that is fundamental to improving the quality of a product.

Answer 104

Problem Solving

Question 105

A document that formally closes a project. This document is used as written proof for all the stakeholders in a project that the project has been finished.

Answer 105

Project Closure Document

Question 106

A viability study of a project, in which the possible benefits to be gained and the necessary costs to finish the project are analyzed.

It also assesses whether the project’s objectives are aligned with the strategic objectives of the organization.

For example, if you work in a software development company, it may not make sense to carry out a project to manufacture shoes.

Answer 106

Business Case

Question 107

A detailed plan of how a project will be carried out

Answer 107

Project Management Plan

Question 108

A significant point or event within a project.

This thing is a significant commitment in the relationship between a client and the organization tasked with executing the project.

An example would be a deadline.

Answer 108

A Milestone

Question 109

An activity or work to be done to achieve something.

An example of this would be developing the mentioned component

Answer 109

A Task

Question 110

A product or result that has already been carried out.

An example of this in a real estate promotion of 200 apartments would be a finished apartment.

Answer 110

Delivered deliverable

Question 111

1 of 2 ways teams can work according to their location -

When teams work remotely in different locations and use tools like remote servers, video conferences, and calls.

Answer 111

Virtually

Question 112

1 of 2 ways teams can work according to their location -

When teams share the same workspace, whether it is a room or an office. This way of working facilitates communication and understanding within the team.

Answer 112

Co-located

Question 113

How many types of power are recognized by PMI

Answer 113

14

Question 114

This document or tool is designed to help you detect the root cause of a problem.

This type of diagram separates the causes of the problem into separate branches, which helps to identify the principal or root cause of the problem.

Answer 114

Cause and Effect Diagram

Question 115

Incentive Contracts

Answer 115

The objective of a contract with incentives is to involve the provider in the objectives of the project. If the project succeeds, both the provider and the company stand to gain, and if the project does not succeed, both parties have something to lose.

A contract with incentives usually has a starting benefit for the provider. If the provider achieves any type of savings in the project, they will receive a percentage of the savings, which will be added to the starting benefit.

On the other hand, if the provider causes losses in the project, they will be penalized by a percentage of those losses.

Question 116

Objective of a Bidder Conference

Answer 116

The objective of a bidder conference is to publicly resolve doubts and to provide equality of opportunity to providers.

You would invite all providers who might want to present an offer in the procurement process for a project. In this meeting, the scope of the work to be done will be explained, emphasizing any particular aspects that are difficult to explain in the request for offers (RFO).

Any doubts that the bidders have can be resolved in public so that all the possible bidders can hear the reply and have the same opportunities. The bidder conference is carried out during procurement.