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SEM 6 Prep > SPM mod 2 > Flashcards

SPM mod 2 Flashcards

1
Q

What is step planning ?

A

Planning is the most difficult process in project management. The framework described is called the Stepwise method to help to distinguish it from other methods.

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2
Q

List all the steps taken in stepwise planning

A

Step 0: Select Project
Step 1: Identify project scope and objectives
Step 2 : Identify project infrastructure
Step 3 : Analyse project characteristics
Step 4 : Identify project products and activities
Step 5 : Estimate effort for each activity
Step 6 : Identify activity risks
Step 7 : Allocate resources
Step 8 : Review/ Publicize plans
Step 9 and 10 : Execute plan. Lower levels of planning

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3
Q

What is PRINCE2 ?

A

PRINCE2 is a project management methodology that is mostly used in the UK, Australia and European countries. “PRINCE2” stands for Projects IN Controlled Environments, because this method focuses on managing resources and risks by dividing projects into smaller stages, defining clear roles & responsibilities and using seven processes to manage the project life cycle.

By organizing the project into logical steps, PRINCE2 demands a project management framework that has an organized and controlled project plan before starting, one that maintains its organization through the project life cycle.

The control is achieved by seven PRINCE2 processes. These project management processes cover all the activities that compose a project, from start to finish.

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4
Q

Do we have to follow all the seven priciples of PRINCE2 for a project to be considered as a PRICE2 project ?

A

Yse

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5
Q

List seven principles of PRINCE2 ? names only

A
  1. Continued Business Justification
  2. Learn From Experience
  3. Roles and Responsibilities Are Defined
  4. Manage by Stages
  5. Manage by Exception
  6. Focus on Products
  7. Tailor to Suit Project Environment
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6
Q

What is Continued Business Justification in prince2 principle ?

A

The most important document in PRINCE2 is the business case, which is reviewed and revised throughout the life cycle of the project. This is done to make sure the project remains viable. If not, the project ends.

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7
Q

What is learn from experience in prince2 principles ?

A

Learn From Experience
There is a lesson log attached to every project that acts as a repository for lessons learned in previous projects to avoid repeating past mistakes. The lesson log is referred to throughout the project.

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8
Q

What is roles and responsibilities in prince2 principles ?

A

Roles and Responsibilities Are Defined
Project members can take on multiple roles or share a role. There are four levels that make up the structure of people in a project: corporate, project board, project manager and team.

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9
Q

What is manage by stages in prince2 principles ?

A

Manage by Stages
PRINCE2 is planned ahead and follows a stage-by-stage process. When transitioning between stages the business cast, risk and project plan are all updated.

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10
Q

What is manage by exception in prince2 principles ?

A

Manage by Exception
There are what are called tolerances for each project objective. This creates limits and defines how authority is delegated. If the tolerance is exceeded the management team must decide if that tolerance is redefined.

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11
Q

What is focus on products in prince2 priciples ?

A

Focus on Products

The quality requirements of deliverables are of paramount concern.

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12
Q

What is Tailor to Suit Project Environment in prince2 priciples ?

A

Tailor to Suit Project Environment
The size, complexity, importance, time, risk, etc., or the project environment, is used to tailor the project in the initiation phase and throughout each stage of the project.

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13
Q

What are PRINCE2 Roles & Responsibilities

Names only

A

To create a controlled project environment, roles and responsibilities are clearly defined in the PRINCE2 project management methodology. Here are the main roles which make up a PRINCE2 project management team.

1-Project Manager
2-Team Manager
3-Customer
4-Project Board

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14
Q

What is the role of project manager in prince2 ?

A

The project manager is the one who is responsible for managing the project planning, execution, controlling and closure phases.

Project Manager Key Responsibilities
1-Assemble a project team and monitor its performance
2-Create a project plan that includes a schedule and budget
3-Communicate with the with the project board and customers

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15
Q

What is the role of team manager in prince2 ?

A

Team Manager
Depending on the size of your project, you might need a team manager to closely supervise team members and report to the project manager.

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16
Q

What is the role of customer in prince2 ?

A

Customer
There’s also a customer, user or supplier involved in the project. This is the person or organization that is paying for the project and will be impacted somehow by its outcome.

Customer Key Responsibilities
1-Understand important project management documents such as a project plan, project brief, risk register or business case
2-Provide enough funds to cover the project’s resource requirements

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17
Q

What is the role of project board in prince2 ?

A

Project Board
Finally, there’s a project board, which is made up of the customer and business executives, such as a person who represents the user side and another representing the suppliers or specialists involved in the project.

Project Board Key Responsibilities
1-The project board members are in charge of the high-level decision making process.
2-Communicate with the project manager on a regular basis and approve or reject his initiatives

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18
Q

List all the seven prince2 processes. Names only

A
  1. Start Up the Project
  2. Initiate the Project
  3. Direct the Project
  4. Control Stages
  5. Manage Product Delivery
  6. Manage Stage Boundary
  7. Close the Project
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19
Q

What happens in the ‘startup the project’ process in prince2 ?

A

This is where it’s determined whether the project is viable. To do so, a project brief, business case and a detailed stage plan must be created.

Activities of this process include the trigger, which is a high-level document stating the project’s mandate. Also, it’s important to do due diligence before the project is executed to save time and money once the project has started.

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20
Q

What happens in the ‘Initiate the project’ process in prince2 ?

A

Initiate the Project
During this process, you’ll need to define the project aspects that we mentioned above; scope, costs, timescales, risk, quality and benefits.

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21
Q

What is ‘direct the project’ process in prince2 ?

A

Direct the Project
This process is to help the project board be accountable to the project through their decision-making. They have authority on initiating the project, delivering its product and closing the project. They also offer direction and control during the project. Additionally, they work with the corporate entities or program management and review post-project benefits.

Activities related to this process include authorizing the initiation, the project itself and the stages of the project. Other direction is offered as needed until project closure is authorized.

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22
Q

What is ‘control stages’ process in prince2 ?

A

Control Stages
This is where the project manager assigns tasks, monitors that work, deals with whatever issues arise and reports on its progress to the project board.

Activities in this process include authorizing a work package with the team, reviewing its status and progress, and checking on its quality when complete. One must also review and compare progress to the project plan, capture any issues and risks and act to resolve them.

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23
Q

What is ‘manage product delivery’ in prince2 ?

A

Manage Product Delivery
This process manages the delivery of the project product, controlling the work between the project manager and the team.

Activities associated with this process include accepting the work package, executing the work package and delivering the work package to make sure it’s complete.

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24
Q

What is ‘manage stage boundary’ process in prince2 ?

A

Manage Stage Boundary
There are two parts to this process: firstly, the project manager provides the project board with an overview of performance, updates the project plan and business case, and creates a plan for the next stage. Secondly, the information provided by the project manager will help the project board review the current stage, approve the next and review the updated plan.

Activities include planning the next stage and reporting on the stage end.

25
Q

What is ‘close the project’ in prince2 ?

A

Close the Project
This process is about making sure the project achieved its goals and objectives by the deadline. Sometimes project managers prepare the planned closure and the premature closure, but that’s not required.

Mandatory activities include handing over the product, evaluating the project and recommending its closure to the project board to officially close it out.

26
Q

What are the six aspects of prince2 ?

A

The PRINCE2 methodology identifies six aspects or areas that need to be managed in every project. Project managers need to use KPIs to measure performance goals and project tolerances.

1- Scope
2- Costs
3- timescales
4- Risk 
5- Quality 
6- benefits
27
Q

What Is PMBOK in Project Management?

A

PMBOK stands for Project Management Body of Knowledge, and it is the entire collection of processes, best practices, terminologies, and guidelines that are accepted as standard within the project management industry. PMBOK is considered valuable for companies as it helps them standardize practices across various departments, tailor processes to suit specific needs, and prevent project failures.

Because the body of knowledge is constantly growing as practitioners discover new methods or best practices, it must be regularly updated and disseminated. This is an effort that is overseen by the Project Management Institute (PMI), a global not-for-profit member association of project management professionals. You can find a more in-depth discussion on PMBOK in Wrike’s Project Management Guide.

28
Q

What is the PMBOK methodology?

A

PMBOK is technically not a methodology but rather an industry framework that incorporates best practices in project management. It is often associated with the waterfall methodology, which aligns project stages in a sequential approach, but it is also compatible with newer methodologies such as Agile. The PMI does not advocate for any particular methodology as the processes of PMBOK can be tailored to suit a variety of project management situations — managers select what they need for their respective companies, teams, and projects.

29
Q

What are the objectives of project evaluation ?

A

1- Analyze the process of implementation focusing on the participation of team members
2- To analyze the impact or changes that have occured within the team
3- To analyze the problems and constraints that have been encountered.
4- To identify important lessons to be learnt and make recommendation for the implementation of future plan

30
Q

Why do we do project evaluation ?

A

We want to decide whether a project can proceed before it is too late
We want to decide which of the several alternative projects has a better success rate

31
Q

Who does the project evaluation ?

A

Senior management
Project manager
Team leader

32
Q

When does the project evaluation happens ?

A

usually at the begining of the project

33
Q

formula for calculating the ROI

A
34
Q

What is Net present value(NPV) analysis ?

A
35
Q

What formula we use to calculate the net present value ?

A
36
Q

If we recieve 100 rupees in the next year with a discount rate 10%, it approximately equals 91 rupees if we get them immediately. Calculate the npv

A
37
Q

How to calculate the successive year’s present value ?

A
38
Q

What is the disadvantage of NPV ?

A
39
Q

What is Internal rate of return (IRR) ?

A
40
Q

What is the formula for calculating the IRR ?

A
41
Q

What is Build and fix model/Exploratory model ?

A
42
Q

Draw the waterfall model

A

q

43
Q

Pros of waterfall model

A
44
Q

Cons of waterfall model

A
45
Q

What is iterative waterfall model ?

A

Advantages of Iterative Waterfall Model :

Feedback Path –
In the classical waterfall model, there are no feedback paths, so there is no mechanism for error correction. But in the iterative waterfall model feedback path from one phase to its preceding phase allows correcting the errors that are committed and these changes are reflected in the later phases.
Simple –
Iterative waterfall model is very simple to understand and use. That’s why it is one of the most widely used software development models.
Cost-Effective –
It is highly cost-effective to change the plan or requirements in the model. Moreover, it is best suited for agile organizations.
Well-organized –
In this model, less time is consumed on documenting and the team can spend more time on development and designing.

46
Q

What is V model ?

A

It is a variant of waterfall
it emphasizes verification and validation
In every phase of development testing activities are planned in parallel with development

47
Q

Draw V model

A
48
Q

Draw phases of prototype

A
49
Q

Briefly explain the prototype model

A

A derivative of waterfall model. Before starting actual development- a working prototype of the system should be built first.
A prototype is a toy implementation of a system-
Limited functional capabilities, Low reliability, inefficient performance

50
Q

List some reasons behind making a prototype

A

1- Learn by doing: useful where requirements are only partially known. Improved communications, Improved user involvement
2- Illustrate to the customer
3- Examine technical issues associated with product developement

51
Q

Draw prototype model

A
52
Q

Advantages of prototyping

A

The resulting software is usually more usable
User needs are better accomodated
The design is of higher quality
The resulting software is easier to maintain

53
Q

disadvantages of prototyping

A

For some projects, it is expensive
Susceptible to over engineering- designers start to incorporate sophistications that they could not incorporate in the prototype

54
Q

What are the types of contracts ?

A

1- Fixed price contracts
2- Time and materials contract
3- Fixed price per delivered unit

55
Q

What are fixed price contracts ?

A

Here the price is fixed when the contract is signed. If contract terms are not going to change then price for the same will remain fixed.

56
Q

Advantages and disadvantages of fixed price contracts ?

A

Advantages-
The customer gets aware of the price.
supplier motivated to be cost effective

disadvantages=
Supplier will increase price to meet contingencies
Difficult to modify requirements
threat to system quality

57
Q

What is time and material contract ? Write the advantages and disadvantages also.

A
58
Q

Advantages and disadvantages for fixed price/ unit contract

A
59
Q

What is open tendering, Restricted tendering process and negotiated procedure ?

A

SEM 6 Prep (12 decks)

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