Project management

Question 1

Which is the correct sequence of phases to follow in managing a project? What is correct order of the four project phases is PM2?

Answer 1

Initiation, planning, execution, and closure (IPEC) + monitoring and control

Question 2

Lifecycle of a project?

Answer 2

Initiation, planning, execution, and closure (IPEC) + monitoring and control

Question 3

What is the expenditure lifecycle?

Answer 3

1. Preparation (legal basis, financing decision),
2. Implementation (call for tenders and for proposals, award decision, commitments, payments, recoveries and de-commitments)
3. Management
4. Reporting

Question 4

What is NOT a milestone in a project?

a. an output…;
b. a moment where the beneficiary has to make a decision;
c. an important moment that should be used to improve the future phases of the project;

Answer 4

a. an output…;

What is a milestone?
A significant point or special event in a project that receives special attention. In PM², there are management milestone artefacts that are of special interest to the Project Steering Committee (PSC). Milestones can also be used to mark key deliverables, control points, the acceptance of final outputs, and closing the project.

Question 5

What is PM2?

Answer 5

PM² is a Project Management Methodology developed by the European Commission. Its purpose is to enable Project Managers (PMs) to deliver solutions and benefits to their organisations by effectively managing project work. PM² has been created considering the environment and needs of EU Institutions and projects, in order to facilitate the management of projects’ complete lifecycle.

Question 6

What is the MEAT principle applied during evaluations of projects?

Answer 6

Most economically advantageous tender method of assessment that can be used as the selection procedure, allowing the contracting party to award the contract based on aspects of the tender submission other than just price.

Answers:

a. most economically advantageous tender;
b. most ecologically advantageous tender;
c. …

Question 7

What do you consider when you apply the critical path method?

a. No point in planning, the future is unpredictable.
b. Based on your experience and predictable events
c. Based on your experience, predictable and unforeseeable events

Answer 7

b. Based on your experience and predictable events

Longest chain of tasks while multitasking
Requires accuracy of estimates regarding the duration of the activity

Question 8

How does the dependency of activities work in Critical Path Method?

Answer 8

Dependencies are relations between events (decisions, problems, activities, processes, projects, etc.) that influence project performance and outcomes and should be taken into account when planning project activities.
CPM allows to identify the sequences to give a clear idea of the links between activities and helps establish dependencies because some actions will depend on the completion of others.

Question 9

What is PERT?

Answer 9

Program, Evaluation and Review Technique.
PERT is a method to evaluate and estimate the time required to complete a task within deadlines. PERT also illustrates the activities and interdependencies in a project. The main goal of PERT is to reduce the cost and time needed to complete a project.

Question 10

What are Gantt charts?

Answer 10

A type of bar chart that represents a project schedule. It may show information such as activities, start and end, duration and relation between activities.

Question 11

Definition of project

Answer 11

A temporary endeavour to create an unique output (service or product) among constraints.

Question 12

When managing a project, which of the following factors are the principal constraints that should be taken into account during implementation?

Answer 12

Schedule, resources, burget, quality, scope, risk.

Question 13

What is success in project?

Answer 13

Project: outputs - outcomes - benefits.
Success: the project has achieved the outcome and contributed to the strategic objective.

Question 14

What is risk?

Answer 14

An uncertain event or set of events (positive or negative) that, should it occur, will have an effect on the achievement of project objectives. A risk is generally measured by a combination of the likelihood (probability of the risk happening) and the impact on the project.

Question 15

What are the principles of risk management?

Answer 15

1. Identification
2. Assessment
3. Response development
4. Monitor
5. Control

Question 16

What is internal risk?

Answer 16

• From within the organization and arise during normal operation.
• Often forecastable, and therefore can be avoided or mitigated. I
• Typically generated by one (or some combination) of human, technical or physical factors