test 1

Question 1

What is a Project

Answer 1

1. A project can be known as a temporary endeavor that is undertaken to make a unique product or service.

Question 2

What are a projects main attributes?

Answer 2

Some attributes that a project must have been that it has a unique purpose, temporary, drives change, requires resources, has a primary customer or sponsor and has uncertainty

Question 3

How is a project different from day-to-day operations?

Answer 3

. A project is different from day-to-day operations as a project always happens for a limited time while day-to-day operations is something that must always happen to keep an organization afloat.

Question 4

What is project management?

Answer 4

2. Project management is known as applying knowledge, skills and techniques to project activities to meet project requirements

Question 5

Briefly describe each of the five process groups

Answer 5

There are 5 process groups in project management that can be looked at as a series of actions towards a certain result. These 5 processes are known as Initiating, Planning, Executing, Monitoring and controlling, and closing process. The initiating process can consist of drafting the project charter, which is a document that contains the roles needed in the project, also kick off meetings may happen at this time to get everyone on board of the agenda and discuss deadlines and tasks. The planning process is when the work of the project is mapped out to guide how the work will be executed. The execution process is when the planned worked from the previous process is now being worked out. The monitoring and controlling process is when the project progress is being analyzed in order to make sure deadlines are being made or make any adjustments that may be needed to keep the project on schedule. The closing process is when the customer accepts the final product/service. Closing out projects even if they aren’t done helps to learn from mistakes.

Question 6

What is a project constraint?

Answer 6

A project constraint is a limitation or risk that must be confronted to ensure the project’s success.

Question 7

Discuss the triple constraint in project management

Answer 7

The 3 main constrains in a project are Scope, Time and Cost this is also known as the triple constraint. Scope is the work that is planned to be executed in order to complete the project. Time is the amount of time needed to complete the project and cost is known as the budget of the project.

Question 8

What is the SDLC?

Answer 8

The Systems Development Life Cycle or SDLC is a framework that is used to describe the phases of creating information systems. There are 5 cycles in this framework: analysis, design, construction, testing and support. This framework is done in a waterfall method, for example you must complete analysis before you move onto design and so on

Question 9

Describe, compare, and contrast the predictive (traditional waterfall) model and the
adaptive (agile) mode

Answer 9

Another method that is used in project management is known as Agile, method helps projects move quickly. Agile is known for its collaborative work which help aid rapid development. The agile method breaks down projects into small incremental tasks that can help make completing large projects easier

Question 10

Approximately what percentage of time do good project managers spend on each process
group and why

Answer 10

In the Initiation process, good project managers spend about 2% of time on this phase. For the planning phase good project mangers spend 21% of their time on this phase. The executing process takes about 69% of good project managers time in a project. 5% in monitoring and controlling and 3% of their time closing. From the numbers good project mangers spend more time planning the project compared to regular project managers and less time executing, this is because good project managers understand the importance of good planning as the more you spend on planning the easier the work should be as you are better prepared for any issues that may arise.

Question 11

What types of activities occur before initiating a project?

Answer 11

3. The types of activities that occur before the initiation process is laying out the groundwork for the project. This includes things like, determining the scope, time, and cost constraints, identifying the project sponsor and selecting a project manager. Some other tasks includer developing a business case for the project and to meet with the project manager to review the process and expectation for managing the project and to see if the project should be divided into smaller projects.

Question 12

What is procurement?

Answer 12

Procurement is known as acquiring goods or services from an outside source. There are many reasons why organizations outsource for projects.

Question 13

List five reasons why organizations outsource?

Answer 13

Access skills and technologies
Reduce both fixed and recurrent costs
Allow the client organization to focus on its core business
Provide flexibility
Increase accountability

Question 14

What is an RFP?

Answer 14

Customer issued solicitation to attract interested contractors to develop and submit proposed solutions. It is a formal document outlining:

Specific requirements for the project or service
Bidding process: submission, evaluation and selection

Question 15

Who prepares/issues the RFP?

Answer 15

the customer

Question 16

Identify and describe the components/sections that should be included in a typical RFP

Answer 16

Statement of work (SOW)
Customer requirements
Deliverables 
Customer-supplied items
Approvals required by the customer
Type of contract 
Payment terms
Required schedule for completion 
Instructions for format and content of proposals
Due date for proposals
Evaluation criteria 
Sometimes customer will indicate funds available

Question 17

What is the response to an RFP

Answer 17

A proposal

Question 18

What is its purpose?

Answer 18

The purpose of a proposal is to convince the customer that you are the best contractor to solve the problem

Question 19

Who prepares/submits the response(proposal)?

Answer 19

contractor

Question 20

Identify and describe the components/sections that should be included in a typical response to an
RFP.

Answer 20

There are 3 sections that must be included in a proposal. These three sections are known as the Technical, Management and Cost section. The Technical section is where the contractor approaches the customers problem with a solution. The management section contains the description of the work tasks, deliverables and a project schedule. The cost section should contain the materials needed, a list of any subcontractors and consultants, cost of travel and most importantly labor costs.

Question 21

What is PMI

Answer 21

The Project Management Institute (PMI) is an international professional society for project managers founded in 1969

Question 22

10 knowledge areas

Answer 22

Scope, schedule,csot, quality, resource, communications, risk, procurement ,stakeholder & project integration management

Question 23

What is strategic planning

Answer 23

Strategic planning involves determining long-term objectives
Analyzing the strengths and weaknesses of an organization
Studying opportunities and threats in the business environment
Predicting future trends
Projecting the need for new products and services

Question 24

what is SWOT

Answer 24

Strengths, Weaknesses, Opportunities, and Threats

Question 25

what is NPV

Answer 25

Net Present Value- Method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time

Projects with a positive NPV should be considered if financial value is a key criterion

Projects with higher NPVs are preferred

Question 26

what is ROI-Return on investment

Answer 26

Calculated by subtracting the project costs from the benefits and then dividing by the costs
ROI = (total discounted benefits - total discounted costs) / discounted costs

The higher the ROI, the better

Many organizations have a required rate of return
Minimum acceptable rate of return on investment for projects

Question 27

What is break even- or payback analysis

Answer 27

Payback (break even) period is the amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in a project
Determines how much time will elapse before accrued benefits overtake accrued and continuing costs
Payback occurs when the net cumulative discounted benefits equals the costs
Many organizations have requirements for the length of the payback period of an investment

Question 28

what is fixed price

Answer 28

Fixed price contracts: involve a fixed total price for a well-defined product or service

Question 29

What is cost reimbursement

Answer 29

Cost-reimbursable contracts: involve payment to the seller for direct and indirect costs

Question 30

what is an rfq

Answer 30

Customer issued solicitation for contractor/vendor to supply specific products or services. In addition to quantity and price, the RFQ typically includes information about:

Product or services specifics
Payment terms
Type / length of contract
Bidding process: submission, evaluation and selection