WEEK 1

Question 1

What are the core principles of project management?

Answer 1

Defining key terms and concepts, balancing scope, time, cost, quality, risk, and resources, and developing strategies for competing constraints.

Question 2

What are the five process groups in project management?

Answer 2

Initiation, Planning, Execution, Monitoring, and Closure.

Question 3

What defines project success?

Answer 3

Completing a project on time, within budget, meeting performance levels, with minimal scope changes, and delivering long-term business value.

Question 4

What is the PMI Talent Triangle?

Answer 4

A combination of technical project management, leadership, and strategic/business management skills.

Question 5

What are common misconceptions about entry-level project managers?

Answer 5

That they have full authority, control over teams, and regular access to executives.

Question 6

What are key responsibilities of a project manager?

Answer 6

Transforming inputs (resources) into outputs (products or services), managing project teams, and tracking project progress.

Question 7

What are the main challenges in technology-based projects?

Answer 7

High complexity, tight schedules, agile approaches, and the need for skilled teams.

Question 8

What is concurrent engineering?

Answer 8

A parallel approach where multiple departments work together simultaneously, reducing time-to-market but increasing risk.

Question 9

What is the role of the project manager in resource management?

Answer 9

Negotiating with line managers for resources, overseeing project deliverables, and ensuring project success.

Question 10

What are the eight performance domains in project management?

Answer 10

Stakeholders, team, development approach and life cycle, planning, project work, delivery, measurement, and uncertainty.

Question 11

What are the seven driving forces behind project management?

Answer 11

Capital projects, customer expectations, competitiveness, executive understanding, new project development, efficiency, and business growth.

Question 12

What are common reasons for project failure?

Answer 12

Ineffective planning, scheduling, estimating, and cost control.

Question 13

What is the purpose of the Stage-Gate process?

Answer 13

To review project progress, time, cost, risks, and assess management support at each gate.

Question 14

What are the roles of a functional manager in a project?

Answer 14

Defining technical criteria, providing resources, and sharing responsibility for deliverables with the project manager.

Question 15

Difference between project and line managers?

Answer 15

Project managers plan, monitor and control the project, whilst line managers perform the work and ensure delivery within constraints.

Question 16

What are the four key aspects of Committee Sponsorship/Governance?

Answer 16

1. Alignment: Corporate governance ensures the project portfolio aligns with business objectives, while project governance focuses on keeping projects on track.
2. Direction: Corporate governance provides strategic direction, ensuring project success meets corporate goals; project governance handles operational decisions based on scope, time, cost, and functionality.
3. Dashboards: Corporate governance uses financial, marketing, and sales metrics, while project governance uses metrics like time, cost, scope, quality, risks, and deliverables.
4. Membership: Corporate governance committees consist of senior management, whereas project governance can include middle management.