Day 4 Flashcards
(32 cards)
What is the importance of a Project Management Plan?
It integrates all project components and guides execution, monitoring, and closure.
What are the key aspects of Risk Management?
Identifying, analyzing, responding to, and monitoring risks.
What is the Risk Breakdown Structure (RBS)?
A hierarchical framework categorizing project risks into technical, management, commercial, and external risks.
What are common Risk Identification Techniques?
Brainstorming, SWOT analysis, Delphi technique, Monte Carlo simulation, and expert judgment.
What is a Probability and Impact Matrix?
A tool used to prioritize risks by assessing their likelihood and potential impact.
What is the difference between qualitative and quantitative risk analysis?
Qualitative ranks risks subjectively; quantitative uses numerical methods like Monte Carlo simulations.
What are the Risk Response Strategies for threats?
Avoid, Mitigate, Transfer, Accept.
What are the Risk Response Strategies for opportunities?
Exploit, Enhance, Share, Accept.
What is the purpose of a Risk Register?
To document risks, their probability, impact, triggers, and response strategies.
What is Earned Value Management (EVM)?
A technique that measures project performance using scope, schedule, and cost data.
What is a Contingency Reserve?
A budget allocated for identified risks and their responses.
What is a Management Reserve?
A budget set aside for unforeseen risks or unknowns.
What is the Cost of Quality (COQ)?
The total cost of ensuring quality, including prevention, appraisal, and failure costs.
What is the difference between internal and external failure costs?
Internal occurs before product delivery (e.g., rework); external occurs after delivery (e.g., warranty claims).
What is a Quality Management Plan?
A document outlining quality policies, standards, and procedures to ensure project deliverables meet requirements.
What is the role of a Quality Audit?
To assess if project processes comply with policies and identify improvements.
What are key Quality Improvement Methods?
Six Sigma (DMAIC), Kaizen, Plan-Do-Check-Act (PDCA), and Lean principles.
What is the purpose of an Integrated Project Plan?
To align all aspects of project planning, ensuring consistency across scope, schedule, cost, quality, and risks.
What is the role of a Change Control Process?
To evaluate, approve, or reject changes to the project plan.
What is a Servant Leader?
A leader who prioritizes team needs, removes obstacles, and fosters collaboration.
What are the Tuckman Stages of Team Development?
Forming, Storming, Norming, Performing, Adjourning.
What is Emotional Intelligence (EQ)?
The ability to recognize and manage emotions for better team collaboration and leadership.
What is the RACI Model?
A matrix defining team roles as Responsible, Accountable, Consulted, and Informed.
What are effective Conflict Resolution techniques?
Collaborating, Compromising, Avoiding, Accommodating, Forcing.
