Planning a Project - Step 5 - Mod 102

Question 1

Step 5: Project Management Plan

Answer 1

Some subsidiary plans can be started shortly after initiating project. Others cannot be finalized until definition of project scope.

Question 2

Step 5: Project Management Plan - Steps

Answer 2

5a: Plan resource management
5b: Plan quality management
5c: Plan communications management
5d: Plan procurement process
5e: Perform quantitative risk analysis

Question 3

5a: Plan Resource Management

Answer 3

Defines how to estimate, acquire, management, and utilize physical and team resources.

Question 4

RACI

Answer 4

Responsible, accountable, consult, and inform.

Question 5

OBS

Answer 5

Lists project activities or work packages under organization’s existing departments, units, or team.

Question 6

RBS

Answer 6

Lists resources by category and resource type to a detailed level so they can be used in conjunction with WBS for planning, monitoring, and controlling purposes.

Question 7

Text-oriented Formats

Answer 7

Use if detailed descriptions are needed for team member responsibilities. In outline form, list responsibilities, authority, competencies, and qualifications.

Question 8

Step 5a: Plan Resource Management - Outputs

Answer 8

Resource management plan, team charter, project doc updates

Question 9

Resource Management Plan

Answer 9

Identifies, acquires, manages, trains, develops, and controls resources. Defines roles and responsibilities and recognizes team. Displays relationships graphically in org. chart.

Question 10

Team Charter

Answer 10

Establishes team values, agreements, and operating guidelines.

Question 11

Step 5b: Plan Quality Management

Answer 11

Identifies quality requirements and/or standards for project and its deliverables, documents how project will demonstrate compliance with relevant quality standards.

Question 12

Quality

Answer 12

Degree to which a set of inherent characteristics fulfills requirements.

Question 13

Cost-benefit Analysis

Answer 13

Helps identify balance between cost of quality activities and expected benefits (e.g., less rework, higher productivity, lower costs, increased profitability, increased stakeholder satisfaction).

Question 14

Cost of Conformance

Answer 14

Money spent during project to avoid failures.
1. Prevention costs (build a quality product): training, document process, equipment, time to do it right.
2. Appraisal costs (assess quality): testing, destructive testing loss, inspections.

Question 15

Cost of Noncomforance

Answer 15

Money spent during and after project b/c of failures.
1. Internal failure costs (found by project): rework, scrap.
2. External failure costs (found by customer): liabilities, warranty work, lost business.

Question 16

Step 5b: Plan Quality Management - Outputs

Answer 16

Quality management plan, quality metrics, PMP updates, project doc updates.

Question 17

Quality Management Plan

Answer 17

Describes how quality requirements of project will be met.

Question 18

Quality Metrics

Answer 18

Capture metrics used by Control Quality process to verify compliance.

Question 19

Step 5c: Plan Communications Management

Answer 19

Facilitates development of an approach and plan for communicating with stakeholders based on their info needs and requirements and available resources.

Question 20

Communications Requirements Analysis

Answer 20

Analyze info needs of stakeholders (type and format relative to value provided) and focus on activities that will contribute to project success or lack thereof can lead to project failure.

Question 21

Number of Potential Communication Channels

Answer 21

[n*(n-1)]/2

Question 22

Step 5c: Plan Communications Management - Outputs

Answer 22

Communications management plan, PMP updates, project doc updates

Question 23

Communications Management Plan

Answer 23

o Captures stakeholder communication rqrmts.
o Documents info to be communicated (language, format, content, etc.)
o Assigns responsibility for communicating and authorizing info.
o Provides options for methods and technologies to convey info.
o Identifies escalation process for issues that requires management attention.
o Defines methods for updating and refining CMP.
o Presents a glossary of common terms.
o Highlights comms constraints (legislation, technology, policy, etc.)

Question 24

Step 5d: Plan Procurement Process

Answer 24

Documents procurement decisions, specific approach, identifies potential sellers.

Question 25

Step 5d: Plan Procurement Process - Outputs

Answer 25

Procurement management plan, procurement strategy, bid documents, procurement, SOW, source selection criteria, make-or-buy decisions, independent cost estimates, change requests, project doc updates, OPA updates

Question 26

Procurement Management Plan

Answer 26

o Describes how goods and services will be acquired outside of project team.
o Covers procurement process from planning until contract closure.
o Includes guidance on contract types, risk management issues, supplier management, procurement coordination, constrains and assumptions, and make-or-buy decisions.

Question 27

Procurement Strategy

Answer 27

Follows after completion of make-or-buy analysis. Addresses delivery methods, contract type payments, and procurement phases.

Question 28

Bid Documents

Answer 28

Solicit bid, tender, or quotation. Manifests as RFI, RFQ, or RFP.

Question 29

Procurement SOW

Answer 29

Describes procurement item to determine if prospective sellers can deliver it.

Question 30

Source Selection Criteria

Answer 30

Objective or subjective criteria used to rate, rank, and/or score seller proposals.

Question 31

Independent Cost Estimates

Answer 31

Enables comparison of in-house vs independent estimates to address huge estimate gaps in large procurements.

Question 32

Fixed-Price Contracts

Answer 32

Seller agrees to deliver product, service, or result based on a fixed cost. Requires detailed specifications and changes will typically incur extra costs. Three types: FFP, FPIF, and FP-EPA.

Question 33

Firm Fixed Price (FFP)

Answer 33

Most common.

Question 34

Fixed Price Incentive Feed (FPIF)

Answer 34

Contracts that allow the buyer and seller flexibility to deviate from performance with incentives for meeting certain metrics.

Question 35

Fixed Price with Economic Price Adjustment (FP-EPA)

Answer 35

Provide a special provision to adjust price of fixed contract, especially on a long-term relationship.

Question 36

Cost Reimbursement Contracts

Answer 36

• Includes payments (cost reimbursements) for actual costs associated with procured items plus a seller’s fee, which includes profit.
• Provide flexibility if work cannot be accurately defined early in project.
• May include financial incentives depending on achievement of certain metrics.
  Three types: CPFF, CPIF, and CPAF

Question 37

Cost Plus Fixed Fee (CPFF)

Answer 37

Reimburse seller for actual costs of performing work plus a fixed-fee payment, typically a percentage of initial estimate project costs.

Question 38

Cost Plus Incentive Fee (CPIF)

Answer 38

Reimburse seller for actual costs of performing work plus a predetermined incentive fee based on achievement of certain metrics.

Question 39

Cost Plus Award Fee (CPAF)

Answer 39

Reimburse seller for actual costs of performing work plus a majority of the fee determined primarily by the buyer based on broad subjective performance criteria.

Question 40

Time and Materials (T&M) Contracts

Answer 40

• Contains aspects of both cost-reimbursable and fixed-price contracts.
• Used primarily for staff augmentation, acquisition of experts, and any outside support.
• May include not-to-exceed values and time limits.
• May include pre-determined unit labor or material rates.

Question 41

Step 5e: Perform Quantitative Risk Analysis

Answer 41

Numerically analyzes aggregate effect of identified risks to overall objectives. Typically follows process, merit in conducting during planning process because may impact PMP. Otherwise revisited during Control Risks Process.

Question 42

Representation of Uncertainty

Answer 42

Represent possible values in a probability distribution model. Which includes continuous (schedule, costs - beta and triangular) and discrete (outcome of test or possible decision tree scenario).

Question 43

Step 5e: Perform Quantitative Risk Analysis - Outputs

Answer 43

Project doc updates