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project management > Unit 6 - project planning > Flashcards

Unit 6 - project planning Flashcards

1
Q

What is the Project Charter?

A

provides a very high-level view of what the project entails. Authorizes the project. Serves as a contract document showing the agreement by the key stakeholders

(Created in the Defining Phase)

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2
Q

What is the SOW? (Statement of Work)

A

defines the project’s outcomes in terms of objectives, specific deliverables, acceptance criteria, technical requirements, milestones, constraints, and assumptions.

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3
Q

What is the Project Scope Statement?

A

Project Scope Statement - document the customer’s expectations regarding when the project will be completed (the time/schedule constraint) and how much the completed project will cost (the budget or cost constraint).

The scope statement becomes the standard by which project results will be measured.

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4
Q

What is included in the project scope?

A
  1. Project Requirements
  2. Project deliverables
  3. Product scope
  4. Project scope
  5. Project Scope Statement
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5
Q

What is a bare-bones description of “Project Requirements”?

A

characteristic, function, or capability

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6
Q

What is a bare-bones description of “Project deliverables”?

A

the features and functions of the project outcome)

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7
Q

What is a bare-bones description of “PRODUCT scope”?

A

what, deliverables, features/functions

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8
Q

What is a bare-bones description of “PROJECT scope”?

A

how, work/methods

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9
Q

What is a bare-bones description of the “Project Scope statement”?

A

outcomes, acceptance

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10
Q

What does WBS stand for?

A

The Work Breakdown Structure

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11
Q

What is WBS?

A

a deconstruction of deliverables into activities and then
tasks to be performed.

  • It brings clarity to the team and organization for completing the planning phase and preparing for execution.
  • A picture of the agreed-upon deliverables and what activities and tasks need to be completed, milestones are met, and thatthe project is completed to expectations.
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12
Q

What is WBS used for?

A
  1. organizing the resources for a project
    * Assigning responsibility & resources for tasks for both project-specific actions and project management controls
    * Identifying the interaction and contingencies of tasks and how to assign them to meet schedule requirements
    * Showing control points and milestones for communicating the team’s progress
    * Validating everyone’s understanding of the project scope
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13
Q

Draw an example WBS filling in the following levels in their correct position.

A

Level 1 - Name of project
level 2 - project deliverables
Level 3 - Activity (subtask of level 2)
level 4 - Tasks/work package (subtasks of level 3)

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14
Q

What is the 8/80 rule?

A

Do not assign anything that takes less than eight hours (one
business day).

Do not assign a task that takes more than 80 hours or two work
weeks to complete

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15
Q

What is a “ resource Responsibility Matrix”?

A

the resources needed are identified and the roles and responsibilities are detailed

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16
Q

What is a resource histogram?

A

A commonly used pictorial representation of
resources required at a specific time in the
project life.

  • Used to display specific types of personnel
    (such as SMEs),
  • Allocation of other resources such as people,
    equipment, machine time, and office space
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17
Q

What is Risk management?

A

Proactive planning for risks and opportunities that may occur

The objective of risk management is to minimize the negative impact of risk and maximize
the positive outcomes.

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18
Q

What is Risk Appetite?

A

the degree of uncertainty an entity is willing to take on in anticipation of a reward.

19
Q

What is Risk Tolerance?

A

the degree, amount, or volume of risk that an organization or individual will withstand.

20
Q

What is Risk Threshold?

A

the degree, amount, or volume of risk that an organization or individual will
withstand.

21
Q

What are 3 main risk influences?

A
  • Organization
  • External
  • Technical
22
Q

What are some examples of “Organization” risk influences?

A

resources, funding, priorities, competition with other projects, and reliance or dependencies on other actions in the organization.

23
Q

What are some examples of “External” risk influences?

A

partners or contractors, regulation or government, competitive market influences, customer expectations and availability, environmental factors such as weather, etc.

24
Q

What are some examples of “Technical” risk influences?

A

technology availability and cost, complexity of the technical requirements, performance and reliability, quality, project requirements, costs, etc.

25
Q

What are 4 Risk Response Strategies?

A
  1. Avoid
  2. Mitigate (reduce the impact/likelihood of the risk)
  3. Transfer (move the risk to someone else)
  4. Accept (recognize the risk and say that it is a part of the project or normal business practice, and the team will plan to accept it accordingly)
26
Q

What are the 4 negative Risk response Strategies?

A
  1. Avoid the risk
  2. Mitage
  3. Transfer
  4. Accept
27
Q

What are 4 positive Risk response Strategies?

A
  1. Opportunity Management
  2. Acceptance
  3. Enhancing the opportunity
  4. Sharing the opportunity
28
Q

What is an Opportunity Management risk Strategy?

A

Some risks are opportunities for the betterment of the project. Look to acknowledge the
possibility and identify the upside (benefit) and encourage the opportunity to happen

29
Q

What is an Acceptance Risk Strategy?

A

you welcome the risk and use the benefits to your advantage.

30
Q

What is an Enhancing the Opportunity Risk Strategy?

A

You invest in the opportunity if you think the benefit will more
probably happen and will exceed the investment.

31
Q

What is Sharing the Opportunity Risk Strategy?

A

You share the opportunity with your partners will help everyone to benefit from the opportunity. If you know that the possible positive outcomes will benefit both the project and the partners, you will share the costs and benefits by sharing your information and knowledge with the partner.

32
Q

What is a bare-bones definition of a Risk Register?

A

The risk register lists all risks (external, technical, or organizational) and assigns scores for probability and severity.

33
Q

What is an in-depth definition of a Risk Register?

A

The combined Probability * Severity (PS) score helps you prioritize the risks appropriately.
* The risk register lists action plans or risk management options for each risk, as well as the person responsible for responding to the risk.
* Use the risk register to document your findings during planning and add them on a chart for monitoring and control.
* The goal is for the register to tell you which risks to watch for and how to respond.
* The highest score of PS is the highest priority for risk monitoring.

34
Q

What are the 3 steps in the Risk Management Process?

A
  1. Identify the risk
  2. Analyze the risk
  3. respond to the risk
35
Q

What are the two Estimation techniques?

A
  1. Top-down
  2. Bottom-up
36
Q

What is a Top-down estimation technique?

A

Someone with experience with similar projects, like a SME (subject
matter expert) can provide an estimate of the overall project cost

37
Q

What is a Bottom-up estimation technique?

A

Bottom Up – All the tasks are added up from the bottom of the WBS to produce
a total.

38
Q

What are the 2 parameter estimates?

A
  1. Ratio
  2. Apportion
39
Q

What is “Ratio” in reference to “Parametic estimates”?

A

Ratio uses experience from prior
projects to estimate the overall cost of
the current project. Exp. $35 per sq. ft.

40
Q

What is “Apportion” in reference to “Parametic estimates”?

A

Apportion are the “portions” out the work in
percentages

The apportion method allocates the
overall project budget to the major work
areas.

41
Q

What are the 2 reserves?

A
  1. Management Reserve - coverer unknown risks
  2. Contingency reserve - covers known risks
42
Q

What is a Calendarized Budget?

A

a bottom-up approach is used to identify the specific work activities required for each major deliverable.

The costs are distributed across the time periods of the project.

Shows the timing of the expenditures

43
Q

What is a simple budget?

A

The simple budget method is based on the apportion method provides the stakeholders with a tabular breakdown of the budget based on the major deliverables.

The simple budget provides insight into the cost of the major
deliverables

Does not indicate when the expenses will occur

project management (8 decks)

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