Project Management Unit 8 End Test Review

Building a team requires...

bringing talent together that can achieve the organization's goals on time to budget

Cooperating and working together...

is one characteristic of an effective team

Each member doing what they are best at...

is a characteristic of an effective team

The storming state of team development...

is where personalities surface, showing strengths, weaknesses and personal needs of each individual on the team. They do not yet understand how to work together.

The forming state of team development...

is where the team members may be meeting for the first time

Co-located teams...

make face-to-face meetings easy at almost any time as it may only require a walk down a hallway to a conference room

Virtual teams...

are teams whose members interact primarily through electronic communications

If a team leader takes the time to visit each and every team location to assure everyone that their contributions are valued and needed...

they are leading a virtual team

A team is...

a group of people working together to reach a mutually agree-upon goal or objective

Agreeing about the end goal or objective...

is another characteristic of an effective team

Unity of purpose is...

yet another characteristic of an effective team

The performing stage of team development is...

where team members are fully comfortable working together

Co-locate teams....

physically work together

For virtual teams...

team building and cultural differences may be particularly daunting for virtual teams

Scope creep occurs when...

major changes are made to the scope of the project without approval.

Minor changes are....

anticipated and have no impact on scope creep.

The calendarized budget

identifies the project costs and when they will occur

A corrective action is...

a document issued to identify quality failures and how they will be corrected.

A risk register...

is a list of potential risks and how the risks will be monitored and action to be taken if risk occurs.

The change management process...

involves identifying and evaluating change, making a decision about the change, and then communicating to the team about the change.

Reports are used...

to communicate project performance information to stakeholders.

The three quality aspects are...

quality management, quality assurance and quality control

Standards are...

requirements that are generally accepted by a group of firms that produce similar products or services.

Requirements are...

what the customer needs to achieve from the completed projects

Quality management is...

the process of identifying the customers requirements and how they will be measured

An effective method for monitoring project scope is...

holding regular status report meetings.

What are the first two steps in monitoring a project schedule?

Reviewing work performance data and analyzing variances

To monitor costs and know the source of any variations..

the PM should compare actual expenditures to the calendarized budget

An effective activity for monitoring project risk is...

brainstorming and documenting solutions for solving potential risks

The requirements traceability matriz is used to...

measure the quality of deliverables

Once a change has been identified the PM should...

gather input from stakeholders about the costs and benefits of making the change.

Weekly reports present...

status updates, accomplishments, issues and schedules with team reports

Quality Control is...

the process of monitoring and changing project execution to ensure that activities are being executed as planned and will result in meeting the customer requirements.

Quality Audit should provide...

positive outcomes such as identifying best practices that can be adopted by future project teams

The assessment of earned value...

can be done any time during a project's execution phase

The actual cost is..

the total dollar value of costs incurred and includes work and invoices already paid as well as any expenses that have been incurred but not yet invoiced or paid

The schedule variance (SV) is calculated by...

subtracting the planned value (PV) from earned value (EV)

SV= EV-PV

Earned value is based on...

the baseline budgeted costs of each activity

The 0-100 Rule assigns...

0% to activities that have not been started and those that are in progress and completed activities are assigned 100%

The cost performance index...

is an index that is used to calculate the estimate to completion

If the SPI or CPI are greater than one...

the budget is under the actual budget and the time completing the work is less than predicted

ETC provides...

an estimate of how much money will be needed to complete the project

The schedule performance index...

uses the same inputs as the SV measure but combines them using a ratio that creates a measure of time efficiency

The EAC is...

the forecast of how much more the project is expected to cost to complete the project

The indexes calculated by PM and the EVM values...

can be used to predict how the project will end

The cost variance...

compares the difference between the EV and AC to determine if the project is meeting its budget expectations

Budget at completion is...

the approved total baseline budget approved for the completed project

Cost performance index uses...

the same inputs as the CV measure but combines them using a ratio that creates a measure of cost efficiency

The to complete performance index (TCPI)

is essentially what the CPI will need to be for the remainder of the project if the team intends to finish on budget

The percent complete index...

is a measure of how much of the total project work has been completed.

The planned value is...

the dollar value of all work scheduled to have been completed to date

Key EVM measures and variances can be summarized using...

a line chart

Planned value is based on the...

baseline schedule and calendarized baseline budget

The 50-50 rule assigns...

50% complete as soon as an activity is started and the activity is considered 100% upon completion.

CPI Formula is...

CPI = EV/AC

SPI formula is...

SPI = EV/PV

TCPI is calculated by...

dividing the remaining work by the remaining budget

ETC formula is...

ETC = (BAC-EV)/CPI

Earned Value management is...

a widely accepted method of measuring project performance and progress of actual cost against the budgeted/planned cost.

If project management software is being used...

cost reports can be used to determine the actual cost of the project.

The percent complete index - cost...

measures the percent complete based on the new estimate at completion (EAC)

Earned value...

is the total dollar budget of the work that has been completed

Formal acceptance of the project deliverable is of extreme importance for project completion because...

it indicates that the customer is satisfied with what the project produced.

Checklists...

can be very useful in verifying that products and services ordered were delivered on time and as ordered.

A checklist is...

a list of items, and/or attributes, and/or activities.

The lessons learned review...

teaches current or future project managers, project teams and other what can work well and what may not work well.

The lessons learned review can...

help avoid unnecessary expenditure of resources on future projects.

Engaging people in decisions is one of the best ways to...

motivate and educate them.

The project closeout document...

indicates that the project has been completed and that the customer agrees with the outcomes.

It may occasionally be necessary to...

terminate a project that has not been completed.

After Action review is...

another name for lessons learned

The lessons learned review teaches...

current or future project managers, project teams and others what can work well and what may not work well. This can help avoid unnecessary expenditure of resources on future projects.

People tend to get more energized when discussing...

what went right, then by going over "what went wrong"

Discussing mistakes is an opportunity to...

review and understand issues and anticipate corrective action for the future.