Chapter 4

Question 1

Assumptions log

Answer 1

An assumption is something that is believed to be true or false, but it has not yet been proven to be true or false. Assumptions that prove wrong can become risks for the project. All identified project assumptions are recorded in the assumptions log for testing and analysis, and the outcomes are recorded.

Question 2

Benefit/Cost Ratio (BCR) Models

Answer 2

An example of a benefits comparison model that examines the benefit to cost ratio.

Question 3

Change control Board (CCB)

Answer 3

A committee that evaluates the worthiness of a proposed changes and either approved or reject the proposed change.

Question 4

Change control system (CCS)

Answer 4

A system that communicates the process for controlling changes to the project deliverables. This system works with the configuration management system and seeks to control and document proposals to change the project product.

Question 5

Change log

Answer 5

a log in which all changes that enter into a project are recorded. The characteristics of the change, such as the schedule, cost, risk, and scope details, are also recorded.

Question 6

Change management system

Answer 6

a plan that details the project procedures for entertaining change request: how change requests are managed, documented, approved, or declined.

Question 7

Closure processes

Answer 7

this final process group of the project management life cycle that is responsible for closing the project phase or project. This is where project documentation is archived and project contracts are also closed.

Question 8

Communications management plan

Answer 8

a plan that defines who will get what information, how they will receive it, and in what modality the communication will take place.

Question 9

Configuration identification

Answer 9

This includes the labeling of the components, how changes are made to the product, and the accountability of the changes.

Question 10

Configuration management plan

Answer 10

a plan that is an input to the control scope process. It defines how changes to the features and functions of the project deliverable, the product scope, may enter the project

Question 11

Configuration management system

Answer 11

a system that defines how stakeholders are allowed to submit change request, the conditions for approving a change request, and how approved change requests are validated in the project scope. Configuration management also documents the characteristics and functions of the project products and any changes to our products characteristics.

Question 12

Configuration status accounting

Answer 12

The organization of the product materials, details, and prior product documentation.

Question 13

Configuration verification and auditing

Answer 13

the scope verification and completeness auditing of project or phase deliverables to ensure that they are in alignment with the project plan.

Question 14

Contract closure

Answer 14

The formal verification of the contract completeness by the vendor and the performing organization

Question 15

Cost baseline

Answer 15

The aggregated cost of all of the work packages within the work breakdown structure

Question 16

Cost management plan

Answer 16

A plan that details how the project cost will be planned for, estimated, budgeted, and then monitored and controlled.

Question 17

Explicit knowledge

Answer 17

easily communicated knowledge that can be quickly and easily expressed through conversations, documentation, figures, or numbers.

Question 18

Future value

Answer 18

A benefit comparison model to determine a future value of money. The formula to calculate future value is FV = PV(1+I)n, where PV is present value, I is the given interest rate, and n is the number of periods.

Question 19

Integrated change control

Answer 19

A process to consider and control the impact of a proposed change of the projects knowledge areas.

Question 20

Issue log

Answer 20

issues are points of contention, where some question of the project’s direction needs to be resolved. All identified issues are documented in the issue log, along with an issue owner, a deadline to resolve the issue, and the outcome of the issue.

Question 21

Mathematical model

Answer 21

a project selection method to determine the likelihood of success. These models include linear programming, non-linear programming, dynamic programming, integer programming, and multi objective programming.

Question 22

Milestones

Answer 22

significant points or events in the project’s progress that represent accomplishments in the project. Projects usually create milestones as the result of completing phases within the project.

Question 23

Milestone list

Answer 23

a list that details the project milestones and their attributes. It is used for several areas of project planning but also helps determine how quickly the project may be achieving its objectives.

Question 24

Murder Boards

Answer 24

Committees that ask every conceivable negative question about a proposed project. Their goals are to expose the project’s strengths and weaknesses and to kill the project if it is deemed unworthy of the organization’s commitment. Also known as project steering committees and project selection committees

Question 25

Net Present Value

Answer 25

Evaluates the monies returned on a project for each period the project lasts

Question 26

Payback Period

Answer 26

An estimate to predict how long it will take a project to pay back an organization for the project's investment of capital.

Question 27

Present Value

Answer 27

A benefit comparison model to determine the present value of a future amount of money. The formula to calculate present value is PV = FV / (1+I)^n, where FV is future value, I is the given interest rate, and n is the number of periods.

Question 28

Procurement management plan

Answer 28

A plan that controls how the project will acquire goods and services.

Question 29

Project Charter

Answer 29

A document that authorizes the project. It defines the initial requirements of the project stakeholders. The project charter is endorsed by an entity outside of the project boundaries.

Question 30

project management plan

Answer 30

The documented approach of how a project will be planned, executed, monitored and controlled, and then closed. This document is a collection of subsidiary management plans and related documents.

Question 31

Project scope management plan

Answer 31

A plan that defines how the project scope will be planned, managed, and controlled.

Question 32

quality baseline

Answer 32

Documents the quality objectives for the project, including the metrics for stakeholder acceptance of the project deliverable.

Question 33

quality management plan

Answer 33

A plan that defines what quality means for the project, how the project will achieve quality, and how the project will map to organizational procedures pertaining to quality.

Question 34

regression analysis

Answer 34

A mathematical model to examine the relationship among project variables such as cost, time, labor, and other project metrics.

Question 35

Risk Management plan

Answer 35

Risk is an uncertain event or condition that may affect the project outcome. The risk management plan defines how the project will manage risk.

Question 36

Risk register

Answer 36

A centralized database consisting of the outcome of all the risk management processes, such as the outcome of risk identification, qualitative analysis, and quantitative analysis.

Question 37

Risk Response Plan

Answer 37

A subsidiary plan that defines the risk responses that are to be used in the project for both positive and negative risks.

Question 38

Schedule baseline

Answer 38

The planned start and finish dates of the project. The comparison of what was planned and what was experienced is the schedule variance.

Question 39

Schedule management plan

Answer 39

Defines how the project schedule will be created and managed.

Question 40

Scope baseline

Answer 40

A combination of three project documents: the project scope statement, the work breakdown structure, and the WBS dictionary. The creation of the project deliverables will be measured against the scope baseline to show any variances from what was expected and what the project team has created.

Question 41

Scoring models

Answer 41

Models that use a common set of values for all of the projects up for selection. For example, values can be profitability, complexity, customer demand and so on.

Question 42

Tacit Knowledge

Answer 42

Knowledge that's more difficult to express because its about personal beliefs, values, knowledge gain from experience, and "know-how" when doing a task,