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Project Management > Final exam > Flashcards

Final exam Flashcards

1
Q

Triple Constraint

A

Scope, Time, Cost

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2
Q

What is project management?

A

The application of skills, tools, and techniques to project activities to meet project objectives.

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3
Q

What percentage of the world’s gross product is spent on projects?

A

25%

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4
Q

What is a project? Name Attributes.

A

Temporary endeavor undertaken to create a unique product, service, or result.

developed using progressive elaboration, requires resources, primary customer or sponsor, involves uncertainty.

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5
Q

What are the four frames of organizations and why are they important?

A

Symbolic, Human Resources, Structural, Political. To better understand an organization and the context in which the project is being undertaken.

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6
Q

What are the 10 knowledge areas of project management? Which added in 2012?

A
  1. Project Integration
  2. Scope
  3. Time
  4. Cost
  5. Quality
  6. Human Resource
  7. Communications
  8. Risk
  9. Procurement
  10. Stakeholder Management - added in 2012
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7
Q

What is a deliverable? Example(s)

A 
Product or service produced or provided as part of a project. 
•	Hardware
•	Software
•	Planning Documents
•	Meeting Minutes
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8
Q

What are some examples of SDLC models?

A

Waterfall, Spiral Life, Incremental Build, Prototyping, Rapid Application Development

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9
Q

What is a “phase exit” or “gate”?

A

management reviews important for keeping projects on track and determining if they should be continued, redirected, or terminated.

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10
Q

Which of the four frames of organization addresses how meetings are run, employee dress codes, and expected work hours?

A

Symbolic

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11
Q

What is the leading agile development method?

A

Scrum

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12
Q

What are the project management process groups?

A

Initiating, Planning, Executing, Monitoring and Controlling, Closing

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13
Q

What is a project charter? Details.

A

Document that formally recognizes the existence of a project and provides direction the projects objectives and management.
• Normally short, include key project information and stakeholder signatures.

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14
Q

What is Net Present Value? How is it used by project managers?

A

method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time. project managers use this to determine whether a project is worth pursuing based on financial profitability or losses.

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15
Q

What is Return on Investment? Formula?

A

common measure of profitability. Indicates how effectively a firm uses its capital resources to generate profit.
Total discounted benefits – total discounted costs) / discounted costs

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16
Q

What is “scope”? What is project scope management?

A

Scope - ALL the work involved in creating the products of the project and the processes used to create them

Project Scope Management - Processes involved in defining and controlling what is or is not included in a project

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17
Q

What is a WBS?

A

Work Breakdown Structure - deliverable-oriented grouping of the work involved in a project that provides basis for planning and managing project schedules, costs, resources, and changes.

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18
Q

What are different ways in which WBS can be organized?

A
  1. Analogy approach – review WBSs of similar projects and tailor to your project
  2. Top-down approach – Start with the largest items of the project and break them down
  3. Bottom-up approach – start with the specific tasks and roll them up
  4. Mind-Mapping - writing down or drawing ideas in a nonlinear format
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19
Q

Scope _______ is often achieved by a customer inspection and then sign-off on key deliverables

A

Validation

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20
Q

What is a “task” or “activity”?

A

element of work normally found on a WBS that has an expected duration, a cost, and resource requirements.

21
Q

What is a milestone? Examples.

A

significant event that normally has no duration and is a useful tool for setting schedule goals and monitoring progress

  • Obtaining customer sign-off on key documents
  • Completion of specific products
  • Holding project kick-off meeting
22
Q

Name and describe 4 common task dependency types.

A

FS: task B cannot start until task A finishes
SS: task B cannot start until task A starts
FF: task B cannot finish until task A finishes
SF: task B cannot finish until task A starts

23
Q

What is the difference between effort and duration?

A

Duration includes the actual amount of time worked on an activity plus elapsed time
Effort is the number of workdays or work hours required to complete a task

24
Q

What is a Gantt Chart?

A

provide a standard format for displaying project schedule information by listing project activities and their corresponding start and finish dates in a calendar format

25
Q

What is a critical path and why is it important?

A

series of activities that determines the earliest time by which the project can be completed and represents the longest duration of the project from start to finish. It is important because it helps manage an appropriate project schedule and recognizes slack times and also displays opportunities to crash activities or simultaneously complete activities to provide the best schedule. *Delays on critical path delay the entire project.

26
Q

What is the PMI?

A

Project Management Institute - an international professional society for project managers
Enables members to share ideas about project management in their particular application areas
o IS, aerospace/defense, financial services, gov’t, etc.

27
Q

What is decomposition refer to in the context of project management?

A

subdividing project deliverables into smaller pieces –>WBS

28
Q

What is a work package? Why is this concept important?

A

task at the lowest level of the WBS. Represents the level of work that the project manager monitors and controls and can be used to determine work completed or the procurement of specific products to determine effort or cost of resources needed

29
Q

What is a summary task?

A

Tasks that are decomposed into smaller tasks.

30
Q

What is rough-order-of-magnitude estimate, and when is it prepared?

A

Cost estimate that is done very early in the project life cycle, often 3-5 years before project completion. Provides estimate of cost for selection decisions and is -50% to 100+% accurate.

31
Q

What is the difference between intrinsic and extrinsic motivation?

A

Intrinsic Motivation – causes people to participate in an activity for their own enjoyment
Extrinsic Motivation – causes people to do something for a reward or to avoid a penalty

32
Q

Explain Herzberg’s theory of motivation.

A
  • Motivational factors: achievement, recognition, the work itself, responsibility, advancement, and growth, which produce job satisfaction.
  • Hygiene factors: cause dissatisfaction if not present, but do not motivate workers to do more. Larger salaries, more supervision, and a more attractive work environment.
33
Q

What is a RACI chart and what is its purpose?

A

Responsibility, Accountability, Consultation, Informed.
• maps the work of the project in accordance to the people responsible and accountable and the people involved in consultation and informed.

34
Q

What is a resource histogram and what is its purpose?

A

column chart that shows the number of resources assigned to a project over time. It can display the number of people needed in specific areas, and by stacking the columns, you can see the total number of people needed each month - helps to take the next step in acquiring necessary staff to develop the project team.

35
Q

What is resource leveling?

A

technique for resolving resource conflicts by delaying tasks using available slack to create a smoother distribution of resource usage and reduce overallocation

36
Q

What are the steps for running an effective meeting?

A

i. Determine if a meeting can be avoided
ii. Define the purpose and intended outcome of the meeting
iii. Determine who should attend
iv. Provide agenda to participants before the meeting
v. Prepare handouts and visual aids, and make logistical arrangements ahead of time
vi. Run the meeting professionally
vii. Set the group rules for the meeting
viii. Build relationships

37
Q

What are project archives and how are they used?

A

complete set of organized project records that provide an accurate history of the project
-can provide valuable information for future projects as well

38
Q

What type of communication media is appropriate to use when resolving a conflict? Why?

A

Face-to-face or phone call is well suited for resolving a conflict because it provides clarity and openness to discussion.

39
Q

What is a risk register, what is its purpose?

A

document that contains the results of various risk management processes and that is often displayed in a table or spreadsheet. its a tool for documenting potential risk events and related information.

40
Q

What is a probability/impact matrix, and what is its purpose?

A

qualitative risk assessment tool. lists the relative probability of a risk occurring on one side of a matrix or axis on a chart and the relative impact of the risk occurring on the other. Lists in terms of its probability of occurrence and its impact if it did occur:
o High
o Medium
o Low
Many project teams would benefit from using this to help them identify risks that need attention

41
Q

What is a power/interest grid and how is it used?

A

groups stakeholders based on their level of authority (power) and their level of concern (interest) for project outcomes.
o This is a stakeholder analysis technique to determine which stakeholders’ interests to focus on and how to increase stakeholder support throughout the project

42
Q

What are best practices for managing stakeholders?

A
  • Be clear from the start
  • Explain the consequences
  • Have a contingency plan
  • Avoid surprises
  • Take a stand
43
Q

What are Covey’s 7 habits to improve effectiveness on projects?

A
  1. Be proactive
  2. Begin with the end in mind
  3. Put first things first
  4. Think win/win
  5. Seek first to understand, then to be understood.
  6. Synergize
  7. Sharpen the saw.
44
Q

What are the three necessary criteria to take on a project?

A

There is a need for the project
There are funds available
There’s strong will to make the project a succeed

45
Q

Initiating

A 
Select Project Manager
Form Project Team
Identify Stakeholders 
Develop Project Charter 
Project Charter Completed - Milestone
46
Q

Planning

A

Develop Scope Statement
Create WBS
WBS approved

47
Q

Monitoring and Controlling

A

Status Report

Progress Report

48
Q

Closing

A

Prepare final project report
Prepare lessons learned report
Project completed - Milestone

Project Management (1 decks)

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