BEC MCQ 6.2 Flashcards Preview

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Flashcards in BEC MCQ 6.2 Deck (14):
1

Comparing the project work completed to date to the baseline defined in the plan occurs

In the monitoring phase

2

Baseline is developed during

Planning process

3

Project work activities are completed during

Implementation process

4

Baseline includes

Project deliverables
Amount of time required to complete the project
Attributes to be excluded from the project

5

Major process undertaken by a project manager

Project authorization including securing a project character and a statement of work is a major process undertaken by project manager
Project planning including development of the course of action is a significant process undertaken by the project manager
Closing or otherwise securing agreement that the project objectives have been met is major process undertaken by project manager
Project manager is responsible for project administration on a day to day basis including indentifying and managing internal and external stakeholder expectations

6

Project members responsibility

carrying out the work and producing the deliverables

7

Project sponsor

Interfacing between the organization and project itself is the responsibility of project sponsor

8

Approving project deliverables

is the responsibility of executive steering committee. He is the individual at the executive level of management who is responsible for funding and resource allocation to the project. The role of project sponsor includes responsibility of overall project delivery. He will not be reporting to board of directors but to the steering commitee

9

Stages in project management

Authorisation
Planning
Implementation
Monitoring
Closing

10

Planning

Planning involves all the activities necessary to determine the scope of the project.

11

Implementation

Assure quality activities that are necessary to complete the work

12

Project Risk

Trade off between risk and return

13

Methods of estimating cots

Judgement- Manager consider a combination of historical information and cost of materials and labor
Parametric estimation- Statistical estimation between historical costs and other variables. Examples includes Regression analysis and learning curve model.
WBS- estimate- Bottom up analysis
Three point estimates- Range of cost estimates
Reserve analysis-Monetary padding for uncertain cost estimations
Project management software- Include a feature that can be estimated to project costs
Vendor bid analysis- Vendor will bid on the work and the contract will be awarded
Earned value management- Planned value, earned value, actual cost, Estimate at completion, Cost performance Index=EV/ AC IF CPI is less than one then the project is over budget

14

Deleverables

The product or service the project must deliver
S-Specific
M-Measurable
A- Attainable
R- Relevant
T- Time based