OPMT 2500 Project Scope and schedule management Exam Questions And Answers Practice Questions with Solutions Newest | Already Graded A+

OPMT 2500 Project Scope and schedule management Exam Questions And Answers Practice Questions with Solutions Newest | Already Graded A+ Operations - Answer- by definition is Ongoing Execution of activities, same product, Repetitive ongoing efforts, Standard process or procedures, routines and Processes, and NEVER-ENDING PROJECTS. Project - Answer- A temporary endeavor undertaken to create a unique product, service, or result. Standards - Answer- Standards are good to have, while regulations are a must. by definition from Prof, Standards are guideline, or a formal document that describes /establishes norms. Application informed by Judgement. Regulations - Answer- Are a must. By definition from prof Often begin as a standard, specified required products, process, or service characteristics, legally sanctioned. Compliance is mandatory outcome - Answer- result or consequence of project or process which includes outputs, artifacts, with more intent on the benefits the project was undertaken to deliver. example Excel outputs for percentages and outputs for inspector general reports. product - Answer- a quantifiable artifact composed, can be either an end item in itself or a component in itself Project objectives - Answer- must support strategic directions, determined in the initiation process group phase then refined in the planning process group phase (ie progressive collaboration). Documented in Project charter and must be clear and achievable Portfolio - Answer- A collection of projects, Programs, and sub portfolios and operations managed to achieve strategic objectives Program - Answer- Defined as a group of related projects sub programs, and program activities, managed in a way to obtain benefits that would not be achieved otherwise. (Individual projects that are inside or outside of a program are still considered part of the portfolio. system for value delivery - Answer- begins with Portfolio in WBS map, broken down into different programs, i.e. Program A, Program B, then into smaller projects 1, Project 2 and finally OPERATIONS information flow and Strategic goals - Answer- flow of information moves through senior leadership, then portfolios, projects and programs and finally operations. while Strategic goals move through Portfolio, program, and project. Generic Project Life cycle - Answer- Initiating Process, Planning Process, Executing Process, Monitoring and controlling processes, and finally closing processes (10 knowledge areas) Value - Answer- the worth of importance, or usefulness of something. which can be perceived in different ways by different stakeholders. customers definition can be defined as the ability to utilizes specific features or functions of a project. while Organizations can focus on the business value with financial metrics, such as the less benefits the less the cost of achieving those benefits. finally, the societal value can include the contribution to groups of people, communities and the environment. Tangible vs Intangible values - Answer- Business Value in a project can be achieved from a project and create values that are tangible and intangible or both. examples of tangible values are monetary assets, stakeholder equity, tools, market share. the latter examples of intangible values are good will, Brand Recognition, public benefit, reputation Project Management - Answer- the application of knowledge, skills, tools, and techniques, to project activities to meet project requirements. Balancing Competing project constraints, scope, quality, schedule, budget, resources and HR, Human Resource Management, Iterative Processes and Progressive elaboration. responsible for achieving Project objectives Project manager functions - Answer- some project manager functions are to provide oversight and coordination, Present objectives and feedback, Facilitate and support, perform work, contribute insights, apply expertise, provide business direction and insight, provide resource and direction, and maintain governance General management knowledge and skills - Answer- include Financial Management and Accounting, Purchasing and Procurement, Sales and Marketing, Contract and Commercial Law, Manufacturing and Distribution, Strategic Planning, Organizational Development, Health and Safety, Supply Chain Management, Unions and Collective Agreement Competencies of a project manager (hardskills) - Answer- skills relating to a specific to a task or situation and are quantifiable. examples are technical project, strategic and business management, knowing the business (carpenter, engineer, and electrician) Soft skills - Answer- defined as a combination of people skills examples are Team building, Motivation Communication, Decision making, Political and cultural awareness, Negotiation, Trust building Conflict management, Coaching Project phases - Answer- possible project phases are Feasibility study , Design, Build ,Test, Deploy , and Close Project Process group mapping - Answer- similar to work breakdown structure table but for each Process group, ie initiating process group, planning process group etc.