Project Management C722

The project must be reevaluated in view of the new long term strategic plans.

Your company has just revised its long-term goals and objectives as well as its long term strategic plans. What is the impact on an existing project?

None. Proceed as planned.

The project must be reevaluated in view of the new long term strategic plans.

Accelerate the schedule before any directive to change the project.

Finish the project. It conformed with the company's strategy at the time it was approved.

scope, schedule, and budget

The final __________, _________, and ____________ plans are captured as baselines for the project, which the sponsor approves before the project moves into the execution phase.

Dedicated

a ____________ project manager's role in life is to be a project manager regardless of the operational needs of the business.

working

a product design manager was also responsible for the operational delivery of the product is a __________project manager

scope, time and budget

the triple constraints of a project

project plan

A _____________ __________

should include approved requirements, a schedule resource plans, and budgeting requirements.

stakeholder

Anyone who is involved with the project from inside or outside of the organization that is either a user or contributor to the project and the organization

Project Manager

Who manages the varying interests of stakeholders?

regularly and timely

The frequency of project status meetings is based on stakeholders' interests and communication needs, but they must be regular and timely.

It is important that project status meetings are held ____________________________

weekly internal status

During the meeting, each leader speaks to the status of their work. Risks and the status of any mitigation activities are discussed. Based on the discussion, the PM assembles the team reports and updates them into one document.

Monthly Management Project Review

This meeting includes three highlights, three lowlights, three issues, milestones that show the project schedule performance compared to baseline, and a standard financial performance trend chart.

Monthly Customer Meeting

Using the team's last prior weekly report and the customer meeting information from last month, the PM covers project performance to schedule and financial performance for the project. Product and contract issues and discussions are also held at this time.

False

The real purpose of a status meeting beyond informing, which can be done in writing, is to get questions and raise issues before they become problems! You will save time if you find out information and issues as early as possible.

True or False: Status meetings should be held only with the sponsor to keep questions to a minimum and conserve time.

project status meeting

Choosing the reports that a project will use is closely linked with selecting the_____________________ __________ _____________

scheduling

A Gantt chart is an example of a

____________________

tool.

The maximum number of hours that should go by before checking in with a team member

One of the project manager's tools for communicating is the 8 and 80 Rule. What does the number 80 refer to in this rule?

Setting aggressive deliverables and schedules

Combining people of different skills and backgrounds

Asking people to work on the tasks needed without giving them the whole picture

Which of the following are causes of conflict in teams? (Select all that apply.)

Setting aggressive deliverables and schedules

Combining people of different skills and backgrounds

Working on risk resolution through a variety of collaborative platforms

Asking people to work on the tasks needed without giving them the whole picture

communication with the team

Which is a way to avoid conflict in a project?

Conflict can teach the project manager and team members something critical about the project that was not previously known.

How can conflict be an opportunity?

They are best practices that may not apply to every project in every company in every industry.

Which of the following statements about the PMBOK and PRINCE2 standards is correct?

They enforce systems and processes to ensure efficiencies and project safety.

The review process is lengthy so standards may not be relevant and don't reflect the best practices of the time.

They are best practices that may not apply to every project in every company in every industry.

They dictate the project management processes and standards that a PM needs to understand and adhere to.

Standards

What specifically do PMBOK and PRINCE2 to provide to projects?

PMP - Project Mgmt Professional

Which certification has the largest number of practitioners registered globally?

IPMA

Which organization issues competency-based certifications but does not have a standard such as the PMBOK?

AXELOS, Ltd

Project Management Institute (PMI)

International Project Management Association (IPMA)

Association for Project Management (APM)

Axelos

Which organization oversees the PRINCE2 certification?

AXELOS, Ltd

Association for Project Management (APM)

Project Management Institute (PMI)

International Project Management Association (IPMA)

PMI

Which organization would you go to if you wanted to become a certified PMP?

Project Management Institute (PMI)

AXELOS, Ltd

Association for Project Management (APM)

International Project Management Association (IPMA)

Functional (Departmentalized)

Projectized

Matrix

There are essentially three types of organizational structures:

depends on the type of matrix

A project manager's level of authority in a matrix organization:

project manager

In a strong matrix organization, a, SMEs assignments come from the

functional

A project manager has no authority in a _________________ organization

matrix

In a _______________organization, administrative personnel are not duplicated in each project team.

projectized

Timely decision making is an advantage of a ________________________ organization.

functional

organizational structure used by gov entities?

projectized

The project manager always has a full-time role on a project when the organizational structure being used is

PMO - project management office

In an organization with only one project that is not very complex, there is no need for a

project maturity model

a process for determining if the level of documentation and best practices were followed in project execution.

The lowest maturity level of any of the processes

The overall organizational maturity level is determined by

Lessons and best practices are applied

According to OPM3, what takes place during the fifth and final level of project management maturity?

corporate strategy

PMOs can help an organization to align project investment to __________ ____________

alignment

In project management the term ______________ is used to describe connecting project outcomes to company goals.

Models are singular in their vision of reality..

Because of their singularity of vision, models can ignore other aspects of a future project.

Which is a possible shortcoming of using a project selection model?

Models are singular in their vision of reality.

Models are not beneficial for estimating costs.

Models require an artist's conception.

False - Project checklists can include hundreds of items with many participants.

T or F: Project checklists are always a quick and simple approach to project selection.

False - he criteria used to accept or reject has nothing to do with an initiative being a project, program, or portfolio.

T or F: the selection criteria determines if the initiative is a project, program, or portfolio.

False - Any project is open to rejection if it cannot be justified. There may be other options to what was proposed that are more effective.

T or F; An operating necessity project is always approved.

False - A sacred cow project may be canceled once the project sponsor understands the lack of justification for continuing.

T or F: "Sacred cow" projects are never canceled.

True - Non-numeric analysis can be equally as good as numeric analysis, depending on the type of project being analyzed and the type of analysis used.

T or F: Non-numeric analysis

can be as good as

numeric analysis.

False - Checklists are not weighted but are basically a list of questions about the characteristics of the project.

T or F: Checklists assign weights to each selection criteria.

operating necessity

checklist model

What is an example of a type of non-numeric model for selection criteria?

sometimes

can also be based on scoring model

Numeric selection is

(sometimes or always)

based on profit/loss projections.

sometimes

Scoring models are numeric if relative important weights are assigned to each criteria.

Scoring models are

(sometimes or always)

numeric.

time value of money

the concept of _________________________________ suggests that money is worth more to an organization now than in the future

discounted

When adding the consideration of the time value of money to a payback period model, cash flows are Hint, displayed below

____________________

to reflect a more accurate estimate for the payback period.

True - There is not enough information provided. We would need to know how long each project lasts before we started to get any revenue to know the impact of the time value.

T or F: Including time value of money in the payback period equation will

have an unknown impact on

which of two projects being compared will be chosen.

Internal Rate of Return (IRR)

Which financial concept used for project selection evaluates projects in the same way that financial investments are evaluated?

True - This is a financial calculation using time and an interest rate.

T or F: The concept of IRR uses time value of money.

positive

If the future benefits exceed the costs of the project, the NPV is : + or -

True

The discount rate can be based on bank interest rates as well as other comparative rates for acquiring capital.

T or F: The discount rate in NPV can be equivalent to the interest rate that would be paid to a bank.

False

NPV includes all incomes and all expenses.

T or F: When calculating NPV, any one time expenses do not need to be included.

selection of the project

(if selected)

creation of project charter

Conclusion of the defining phase results in:

project proposal

Major project outcomes and deliverables, how the project will be completed, a high level estimate of the cost and completion time are included in the

When an idea for a project is identified by a company

When does the project defining phase begin?

planning

We officially leave the ______________+phase when the scope, budget (cost), and schedule (time) are approved by the customer and/or sponsor and the project team.

scope, budget, and schedule

The approved ________, ___________, and ______________become the baselines which will be used to measure project performance throughout execution

Work Breakdown Structure

The intent of a ___________ _____________ _____________is created to help ensure that stakeholders are satisfied that the project outcomes will be achieved and the project team understands the work which needs to be completed.

Scope creep

___________ __________ can quietly sneak in and sap money, resources and time.

Adding functionality without considering impacts

Which is an example of project scope creep?

Adding functionality without considering impacts

Having an incomplete project scope

Continually using change management procedures

deliverables

The intermediate outcomes from work activities are called

True - It is during the executing phase that changes to triple constraints are often identified and must be addressed.

True or false? During the executing phase, the project team may need to return to the planning phase in order to make adjustment to the budget, schedule, and/or scope.

closing

The project ____________ phase is when the project outcomes are delivered to the customer and/or sponsor and the customer and/or sponsor evaluates them to determine if they are acceptable

closing

During the _____________ phase, the customer may identify items that need to be corrected, which can require the team to replan parts of the project and then execute the revised activities in order to satisfy the expectations of the customer.

lessons learned

What is gathered and documented by the PM during the project closing phase?

Reassign project resources back to the company

Document the project results

Verify that the completed project is transitioned over to the customer

What does the PM need to do during project closeout? (Select all that apply.)

Reassign project resources back to the company

Document the project results

Verify that the completed project is transitioned over to the customer

Create downstream communication plans

measurable goals

Examples of _____________ ________________ include price point, maximum production time, total cost, and other factors.

business case

The project justification may also be referred to as the ___________ _____________

monitoring and controlling

During the monitoring process, if the PM detects that the project is not being executed as planned, she may need to intercede in order to correct the situation. We call this process, _____________________________

cost, schedule, scope

In the project execution phase, which are major areas for monitoring?

executing

The project deliverables and outcomes are created during the

___________________

phase of the project life cycle.

They will occur repeatedly as problems are detected.

Why are planning and executing considered iterative activities?

Completing administrative closeout

Which phase of the project closeout includes the archiving of all records?

Deliver project outcomes

Close all procurement activity

Complete administrative closeout

3 phases of project closing:

Each phase is a project with a deliverable.

How do the phases of iteration differ from the phases of the project life cycle?

uncertainties

Using phases of the iteration process to accomplish overall project outcome is a way of addressing

False

Iterative planning methods can allow the team to move forward with specific deliverables which will contribute to planning and executing future deliverables which will eventually lead to the desired project outcome.

True or false? An iterative planning process can be used if the team does not have sufficient time to thoroughly plan the project.

A decision point between phases of iteration.

Which is the definition of phase-gate?

Scope

_____________ is the number and type of features or functions

scope

statement of work (SOW)

The project ___________ is what the result of the project is desired to be. It defines the product of the project. It is sometimes referred to as the ___________ ____ ______________

scope creep

A well-written scope will clearly define every aspect of the project including functions and features, quality expectations, and time constraints. This helps prevent:

Triple Constraint

___________________ means that three items—scope, cost, and schedule—are tied together, and changing one affects the other two.

False - There are sometimes government mandated safety levels. In addition, reduction in safety level can lead to litigation if there are any injuries related to quality defects.

T or F: In the quality constraint, the customer can always revise the quality level to reduce costs or schedule.

critical path

The __________ ________ is defined as the path with the longest duration from the start of the project to its completion

milestone dates

________ _______ are key dates and critical events, such as safety inspections, which shape the project schedule.

False -

Float time is the difference between the time required for the critical path to complete and the time for another path to complete.

True or False.

Float time means that the time required to complete a task is unknown and can vary (float around).

True

T or F: Even though milestone dates are key dates in the project schedule, there are instances where they may be changed.

True

T or F: It is just as important to track progress of paths with long float times as tasks on the critical path.

True

T or F: Tasks on noncritical paths can have resources temporarily diverted to other tasks without impacting the schedule.

False -

The Gantt chart shows the elapsed time of the project but not the actual work hours. In order to do the budget, we need work hours X's hourly cost or fixed price for the elapse time to do the budget. Just having the calendar does not help us create a budget.

True or false? The PM has created a Gantt Chart for the project. She can now do the budget.

baseline

The ______________ determines what is included in the scope, what the schedule is, and what the costs are

The baseline documents the initial project scope that was agreed to.

The baseline provides a means of determining how much requested changes will cause deviation from original project plans.

The baseline can help determine how much, if any, float time has been used.

Which of the following statements about a project baseline are correct? (Select all that apply.)

The baseline documents the initial project scope that was agreed to.

The baseline provides a means of determining how much requested changes will cause deviation from original project plans.

It provides a way for the PM to assign blame when things go wrong.

The baseline can help determine how much, if any, float time has been used.

The baseline document indicates what we based all our estimates on.

Projected scope, schedule, and cost

What does a project baseline help to establish?

Deck staining is postponed until following summer.

In examining the triple constraints for a proposed vacation home, which development will impact the project scope?

Contractor must postpone the project start due to delays on another project.

Cost of specialized labor increases.

Sprinkler system takes extra day to install due to rainwater.

Deck staining is postponed until following summer.

PERT - Project evaluation and review technique

________________ is used to estimate activity duration times.