IST 345 Test 1 QUESTIONS AND ANSWERS 100% CORRECT

Project Management Correct Answer: application of knowledge, skills, tools, and techniques to project activities to meet project requirements Triple Contstraint Correct Answer: - can't change one factor without affecting the others 1. Scope 2. Cost 3. Time 4. Quality Process Groups Correct Answer: - describes project timeline - used within project phases and entire projects 1. Initiating 2. Planning 3. Executing 4. Monitoring/Controlling 5. Closing 10 Knowledge Areas Correct Answer: 1. Integration 2. Scope 3. Time 4. Cost 5. Quality 6. Human Resources 7. Communications 8. Risk 9. Procurement 10. Stakeholders Project Correct Answer: - temporary undertaking - meets unique goals Project Success Factors Correct Answer: 1. User Involvement 2. Executive Support 3. Clear Business Objectives 4. Emotional Maturity 5. Optimizing Scope 6. Agile Process 7. Project Management Expertise 8. Skilled Resources 9. Execution 10. Tools and Infrastructure Perceived Project Success Factors Correct Answer: - influenced perception of project success through stakeholder's eyes - what stakeholders think is important 1. Routine use of IT systems 2. Quality of Tech Support 3. Awareness of Options 4. Practical Value 5. Executive Endorsement 6. Involvement 7. Visible Payoff 8. Have Related Skills Change Management Individuals Correct Answer: - people who should be engaged with project changes - Technical Professionals - Internal "Information Brokers" - Middle Management - Remote Office Centers - Customer Contact Personnel Roles in a Project Correct Answer: - Stakeholders (anyone with interest in the projects) - Sponsors (clients) - Project Manager - Resources (project team, suppliers/vendors, advertisers, materials) Operation Correct Answer: - ongoing work - delivers products or services Frames of an Organization Correct Answer: 1. Human Resources 2. Structural (organization hierarchy) 3. Symbolic (symbols of org) 4. Political (perception management) Project Administration Layers Correct Answer: - Portfolio - Program - Project - Sub-Project Portfolio Layer Correct Answer: - all projects in an organization - related or unrelated Program Layer Correct Answer: - multiple projects - series of related projects that are managed together Project Layer Correct Answer: - any sized singular project Sub-Project Layer Correct Answer: - parts of a project - individuals may be responsible for running specific project components Predictive Project Life Cycle Correct Answer: - Waterfall approach - predictable work, schedule, and cost - path is expected Adaptive Project Life Cycle Correct Answer: - agile approach - less predictable, more iterative process Project Integration Management Correct Answer: coordinates all aspects and elements of a project to ensure successful completion and stakeholder satisfaction Project Integration Activities Correct Answer: - initialize project process (work requests and tracking) - develop charter/scope documentation - plan project management - direct/manage project execution - monitor/control project work - close project Project Selection Approach Correct Answer: - net present value (NPV) - ROI - weighted scoring method - balance scorecard Risk Management Correct Answer: identifying, analyzing, and responding to risk throughout the life of a project in the interest of meeting project objectives Risk Management techniques Correct Answer: - SWOT analysis - Feasibility studies - Brainstorming - Interviewing Risk Register Correct Answer: - used to analyze risks - used in every project - reviewed regularly Failure Mode Effects Analysis (FMEA) Correct Answer: - risk analysis technique - measures on scale 1-5: 1. probability of the risk impact on the project 2. severity of the risk impact effect 3. likelihood of discovery of the risk in advance Risk Priority Number (RPN) Correct Answer: - risk priority calculation - listed on risk register RPN = severity x likelihood x probability Monte Carlo Statistical Approach - Simulation Correct Answer: - risk analysis technique - uses historical data to measure how you handled process of risk in the past Feasibility Study Correct Answer: - risk analysis technique - deliverable report with potential approaches for how to handle features, benefits, risks/issues, etc. Positive Risk Correct Answer: - opportunities that disrupt a plan - good things Positive Risk Response Correct Answer: 1. Acceptance 2. Sharing 3. Enhancement 4. Exploitation Negative Risk Response Correct Answer: 1. Acceptance - allowing the risk 2. Avoidance - eli