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project management
section 4
| Question | Answer |
|---|---|
| Triple constraint | Scope, time, and cost are interrelated: change one affects the others. |
| Triple constraint | trade-offs, triangle, balance |
| Operating necessity | Project required to keep business running / meet compliance. |
| Operating necessity | regulation, safety, system failure, must-do, required. |
| Competitive necessity | Project needed to stay competitive (market/competitor pressure). |
| Competitive necessity | competitor released feature, market share, keep up. |
| Sacred cow | Chosen because a powerful leader wants it, not because of analysis. |
| Sacred cow | CEO wants it”, no feasibility check, pet project. |
| Checklist model | Uses questions/criteria to screen and compare options (often yes/no). |
| Checklist model | list of questions,” “criteria,” “checklist. |
| To calculate money’s worth today compared to in the future | Time value of money |
| To calculate whether revenue tomorrow is greater than costs today | Net present value |
| To calculate future cash flows using time and interest rate | Internal rate of return |
| To calculate the alternative use of money | Opportunity cost |
| What is the time value of money? | The concept that a dollar today is worth a dollar, but a dollar in a year will be worth less than a dollar |
| What is internal rate of return? | The discount amount when present value of cash intake equals the original investment |
| Which tool could a project manager use to ensure that the project team will address the items that are important when developing and defining the project’s scope? | Checklist |
| A project manager wants to understand and document the approvals that must be obtained for each work package in the work breakdown structure (WBS). Which tools document the approval requirements for each work package? | Project statement of work (SOW) & Requirements traceability matrix (RTM) |
| What are the three categories of risk in the project risk register? | External, technical, or organizational |
| A project manager is creating a list of anticipated project tasks while building a calendarized budget. What is the key component of this budget called? | Activity estimates |
| A project manager has identified activities in a calendarized budget. What is the appropriate next planning action this project manager should take to utilize the cost, duration, and sequencing information for these activities? | Creating project schedules |
| Which output is needed prior to using the bottom-up estimating technique? | Work breakdown structure |
| Risk | An uncertain event that can have a positive or negative effect on objectives |
| Risk | uncertainty, probability, impact. |
| Risk register | A document listing risks, probability/impact, triggers, owner, response plan. |
| Risk register | risk list, monitoring, response actions. |
| Risk response( Avoid ) | Change plan to eliminate risk entirely. |
| Risk response( Avoid ) | redesign, remove risky task, choose different approach. |
| Risk response(Mitigate) | Reduce probability or impact. |
| Risk response(Mitigate) | training, testing, backup plan, prototypes. |
| Risk response(Transfer ,Transference) | Shift risk to another party (insurance, fixed-price supplier contract). |
| Risk response(Transfer ,Transference) | vendor contract, warranty, insurance. |
| Risk response( Accept) | Acknowledge risk and do nothing proactive besides monitoring/contingency. |
| Risk response( Accept) | watchlist, “if it happens we’ll handle it. |
Created by:
ltay774