Project Management Final Exam Review QUESTIONS AND ANSWERS A GRADED

What is a project? Correct Answer: A project is "a temporary endeavor undertaken to create a unique product, service, or result" Operations is work done to sustain the business Projects end when their objectives have been reached or the project has been terminated Projects can be large or small and take a short or long time to complete Project Attributes Correct Answer: Has a unique purpose Is temporary Is developed using progressive elaboration Requires resources, often from various areas Should have a primary customer or sponsor The project sponsor usually provides the direction and funding for the project Involves uncertainty Project and Program Managers Correct Answer: Project managers work with project sponsors, the project team, and other people involved in a project to meet project goals Program: group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually Program managers oversee programs; often act as bosses for project managers The Triple Constraint of Project Management Correct Answer: Successful project management means meeting all three goals (scope, time, and cost) - and satisfying the project's sponsor! What is Project Management? Correct Answer: Project management is "the application of knowledge, skills, tools and techniques to project activities to meet project requirements" ] Project managers strive to meet the triple constraint by balancing project scope, time, and cost goals 10 Knowledge Areas Correct Answer: Scope Time Cost Quality Integration HR Communications Risk Procurement Stakeholder Project Stakeholders Correct Answer: Stakeholders are the people involved in or affected by project activities The stakeholders needs and expectations are important throughout the project! Stakeholders include: The project sponsor The project manager The project team Support staff Customers Users Suppliers Opponents!!! Project Management Tools and Techniques Correct Answer: Project management tools and techniques assist project managers and their teams in various aspects of project management Some specific ones include: Project charter, scope statement, and WBS (scope) Gantt charts, network diagrams, critical path analysis, critical chain scheduling (time) Cost estimates and earned value management (cost) Project Portfolio Management Correct Answer: As part of project portfolio management, organizations group and manage projects and programs as a portfolio of investments that contribute to the entire enterprise's success Portfolio managers help their organizations make wise investment decisions by helping to select and analyze projects from a strategic perspective Project Charters Correct Answer: After deciding what project to work on, it is important to let the rest of the organization know A project charter is a document that formally recognizes the existence of a project and provides direction on the project's objectives and management Key project stakeholders should sign a project charter to acknowledge agreement on the need and intent of the project; a signed charter is a key output of project integration management Organizational Structures Correct Answer: 3 basic organization structures: Functional: functional managers report to the CEO Project: program managers report to the CEO Matrix: middle ground between functional and project structures; personnel often report to two or more bosses; structure can be weak, balanced, or strong matrix Importance of Leadership Skills Correct Answer: Effective project managers provide leadership by example A leader focuses on long-term goals and big-picture objectives while inspiring people to reach those goals A manager deals with the day-to-day details of meeting specific goals Project managers often take on the role of both leader and manager Project Overview Correct Answer: A project is a temporary endeavor undertaken to create a unique product, service, or result Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements A program is a group of related projects managed in a coordinated way Project portfolio management involves organizing and managing projects and programs as a portfolio of investments Project managers play a key role in helping projects and organizations succeed The project management profession continues to grow and mature Creating the Work Breakdown Structure (WBS) Correct Answer: A WBS is a deliverable-oriented grouping of the work involved in a project that defines the total scope of the project WBS is a foundation document that provides the basis for planning and managing project schedules, costs, resources, and changes Decomposition is subdividing project deliverables into smaller pieces A work package is a task at the lowest level of the WBS Approaches to Developing WBSs Correct Answer: Using guidelines: some organizations, like the DOD, provide guidelines for preparing WBSs The analogy approach: review WBSs of similar projects and tailor to your project The top-down approach: start with the largest items of the project and break them down The bottom-up approach: start with the specific tasks and roll them up Mind-mapping approach: mind mapping is a technique that uses branches radiating out from a core idea to structure thoughts and ideas Project Time Management Processes Correct Answer: Defining activities: identifying the specific activities that the project team members and stakeholders must perform to produce the project deliverables Sequencing activities: identifying and documenting the relationships between project activities Estimating activity resources: estimating how many resources a project team should use to perform project activities Estimating activity durations: estimating the number of work periods that are needed to complete individual activities Developing the schedule: analyzing activity sequences, activity resource estimates, and activity duration estimates to create the project schedule Controlling the schedule: controlling and managing changes to the project schedule What is Project Scope Management? Correct Answer: Scope refers to all the work involved in creating the products of the project and the processes used to create them A deliverable is a product produced as part of a project, such as hardware or software, planning documents, or meeting minutes Project scope management includes the processes involved in defining and controlling what is or is not included in a project ***Of the Constraints, Scope is the most difficult to describe, agree upon, and meet.*** Scope Aspects of IT Projects Correct Answer: Functionality is the degree to which a system performs its intended function Features are the system's special characteristics that appeal to users System outputs are the screens and reports the system generates Performance addresses how well a product or service performs the customer's intended use Reliability is the ability of a product or service to perform as expected under normal conditions Maintainability addresses the ease of performing maintenance on a product Three types of Dependencies Correct Answer: Mandatory dependencies: inherent in the nature of the work being pe