Project management

What is scope creep in project management?

When the project's scope increases beyond the original plan during execution. It often results from customer or team changes and must be controlled through change management.

What are the four steps of the change management process?

1) Identify the change, 2) Evaluate impact on time/cost, 3) Sponsor decision, 4) Communicate to the team.

What marks the beginning of the closing phase in the project lifecycle?

The sponsor approves the completed deliverables.

What are lessons learned, and when are they documented?

Insights into what went well or didn’t during the project, documented in the closing phase to help future projects.

What is the main function of the Monitoring and Controlling process group?

To identify and respond to issues like scope creep, interpersonal problems, and risk during project execution.

Which process groups are iterative, and why?

Planning, Executing, and Monitoring & Controlling. They repeat as needed to address changes or issues.

What does a RACI chart represent?

It shows who is Responsible, Accountable, Consulted, and Informed for each task in the WBS.

What are the three categories of project risks?

Organizational, External, and Technical.

Define risk appetite.

The degree of risk an organization is willing to accept in pursuit of value.

Define risk tolerance.

The level of risk an organization can handle before it becomes unacceptable.

What is a risk threshold?

A specific point at which the organization takes action based on the level of risk (e.g., $10K cost).

What are the four risk responses?

Avoid, Accept, Mitigate, Transfer.

What is a risk register, and when is it created?

A document listing identified risks, their scores, responses, and responsible parties

created during planning.

What is ratio estimating?

Using per-unit costs from past projects (e.g., $35 per sq ft) to estimate current project costs.

What is apportion estimating?

Dividing total cost into portions by project area or function based on percentage estimates.

When is top-down estimating used?

In early project phases

SMEs provide high-level estimates from experience.

What is bottom-up estimating?

Detailed cost estimation done after the WBS is created, adding up all task-level costs.

Difference between contingency and management reserve?

Contingency: For known risks. Management: For unknown risks.

What is a calendarized budget?

A budget that maps spending across a timeline (e.g., months or weeks).

What is the 0-100 rule for reporting work?

Report 0% until a task is 100% complete.

What is the 50-50 rule for reporting work?

Report 50% when started, 100% when complete.

What is triangular distribution for estimating?

(Optimistic + Most Likely + Pessimistic) / 3

What is beta distribution for estimating?

(Optimistic + 4×Most Likely + Pessimistic) / 6

What does the learning curve concept describe?

Repetition improves task performance efficiency.

What is the 8/80 rule in WBS?

Tasks should be no less than 8 hours and no more than 80 hours.

What are the four task dependency types?

Finish-to-Start (most common), Finish-to-Finish, Start-to-Start, Start-to-Finish (least common).

What is the critical path in a project?

The longest duration path

any delay delays the entire project.

Name the three schedule compression strategies.

Crashing, Fast Tracking, Scope Reduction.

What are the three aspects of quality management?

Quality Management (define quality), Quality Assurance (build-in quality), Quality Control (test for defects).

What is Earned Value (EV)?

The value of the work completed to date.

What is Planned Value (PV)?

The value of the work planned to be completed at a point in time.

What is Actual Cost (AC)?

The amount spent on the project so far.

How do you interpret CV and SV in EVM?

Positive = good (under budget, ahead of schedule)

Negative = bad (over budget, behind schedule).

What do CPI and SPI values indicate in EVM?

1 = good, <1 = bad, =1 = on target (for cost or schedule).

What defines a project?

A temporary effort with a clear start and end, aimed at delivering a unique outcome.

What is a program in project management?

A group of related projects managed in a coordinated way.

What is a portfolio?

A group of programs and projects managed to meet strategic objectives.

What are the triple constraints in project management?

Scope, Time (Schedule), Cost (Budget).

What are the four lifecycle phases of a project?

Defining, Planning, Executing, Closing.

What are the five process groups?

Initiating, Planning, Executing, Monitoring and Controlling, Closing.

What is the purpose of a PMO?

To support project managers through best practices, lessons learned, and project reporting.

What is the purpose of project lifecycle phases?

To outline the sequential progression of a project from beginning to end.

What is the purpose of project process groups?

To manage and control different aspects of a project throughout its life.

Which process group is not part of the lifecycle phases?

Monitoring and Controlling.

What makes Planning, Executing, and Monitoring & Controlling iterative?

They are repeated whenever changes or issues arise.

Why are Initiating and Closing not iterative?

They occur only once at the start and end of a project.

How is scope creep managed?

Through the change management process.

What does the change management process control besides scope creep?

Any formal project change including budget, time, or deliverables.

Why is scope shown as one of the triple constraints?

Because it affects both budget and schedule.

What is the function of a project baseline?

To serve as a frozen reference for scope, cost, and time for comparison.

What does the term 'frozen baseline' mean?

It refers to locking the scope, schedule, and cost after planning.

What is the purpose of risk scoring in a risk register?

To prioritize risks based on probability and severity.

What does the risk threshold determine?

Whether a planned response is triggered based on magnitude.

What’s the difference between known and unknown risks?

Known risks are identified and planned for

unknown risks are not.

What is the purpose of estimating in project management?

To forecast time, cost, or resources needed to complete tasks.

Why is bottom-up estimating the most detailed?

Because it calculates the cost of every single activity or work package.

When is a calendarized budget useful?

For tracking planned spending over weeks or months.

How is a Work Breakdown Structure (WBS) used?

To break the project scope into smaller, manageable tasks.

Why does the 8/80 rule exist?

To ensure tasks are neither too small to manage nor too large to control.

What is float in project scheduling?

The amount of time a task can be delayed without affecting the project end date.

What does it mean when a task has zero float?

It’s on the critical path and delays will delay the whole project.

Why is fast-tracking risky?

Because overlapping dependent tasks can cause rework or errors.

Why does crashing increase project cost?

It usually involves adding resources to accelerate task completion.

What is the goal of scope reduction?

To reduce project duration by eliminating or reducing deliverables