Project Management Basics Quiz

Questions and Answers

During the start of the project, ___ is used by the project manager to review the risks that have been identified at the beginning of the project.

Issue log

Project Charter

Risk report

Risk register (correct)

What should be covered in a kick-off meeting?

All the above (correct)

Discuss budget constraints, resource allocation, and any other financial considerations relevant to the project.

Define what the project aims to achieve and clarify the expected outcomes.

Identify and introduce everyone involved in the project, including team members, stakeholders, and clients.

Which element in SWOT analysis is normally NOT for generating project ideas?

Weakness (correct)

Threat

Strength

Opportunity

Which project should you select given the cost constraint in the timeframe?

Project A, as the payback period is shorter Signup and view all the answers

Which is NOT an evaluation criterion during the selection of a project?

Emotional Value Signup and view all the answers

Which of the following shows a hybrid approach to performing a project?

Combine elements of predictive and agile approaches Signup and view all the answers

Which of the following shows analogous estimation?

Use the previous projects’ information as the basis of the cost estimating. Signup and view all the answers

What is the next step after identifying the stakeholders?

Conduct stakeholder analysis Signup and view all the answers

A/an ____ in project management is used to document and track all factors or events that are true, real, or certain for planning purposes but have not been confirmed or validated.

assumption log Signup and view all the answers

Which approach is used by David if he defined and organized the project scope starting from the smallest, most detailed tasks and progressively built up to a broader project overview?

Bottom-up approach Signup and view all the answers

What is scope creep in project management?

The unauthorized changes or additions to a project's scope without proper approval. Signup and view all the answers

____ is a companion document with detailed information about each component (or work package) identified in the WBS.

WBS Dictionary Signup and view all the answers

WBS can be presented in multiple formats. The following format is known as ____ WBS.

Tabular Signup and view all the answers

____ are the results or outcomes that stakeholders and clients expect from a project, typically defined and agreed upon during the project initiation phase.

Deliverables Signup and view all the answers

____ are used to track progress, signal key achievements, and help ensure that the project stays on schedule.

Milestones Signup and view all the answers

____ is a financial metric used to evaluate the efficiency or profitability of an investment or project.

NPV Signup and view all the answers

Which of the following is the reason for using Weighted Scoring Model to select a project?

It quantifies the relative value of projects. Signup and view all the answers

Study Notes

Project Management Concepts

Risk Review Document: Project managers use a risk register to review identified risks at the project's start.
Kick-off Meeting Elements:
- Defines project goals and expected outcomes.
- Discusses budget constraints and resource allocation.
- Introduces all team members, stakeholders, and clients involved.
SWOT Analysis:
- Typically does not generate project ideas through Weakness in SWOT (Strength, Weakness, Opportunity, Threat).
Project Selection under Cost Constraint:
- Choose Project A if prioritizing shorter payback period (12 months) despite slightly lower NPV (300), as cash flow is crucial in a 1-year timeframe.
Evaluation Criteria:
- Emotional value is not a standard criterion; typical criteria include benefit, NPV, and resource requirements.

Estimation Techniques

Hybrid Project Approach: Combines predictive and agile methodologies, employing a phased approach with overlapping phases.
Analogous Estimation: Uses data from previous projects for estimating costs; differs from breaking down tasks or using formulas.

Stakeholder Management

Post-Stakeholder Identification: Conduct stakeholder analysis is the immediate next step after identifying stakeholders.
Assumption Documentation: An assumption log is used to document uncertainties during planning that have not been confirmed.

Project Planning Techniques

Project Scope Definition:
- A bottom-up approach starts with detailed tasks to gradually build up a broader project overview.
Scope Creep: Refers to unauthorized changes to project scope without proper approval, leading to uncontrolled expansion.
WBS Companion Document: The WBS Dictionary provides detailed information about each component identified in the Work Breakdown Structure (WBS).
WBS Formats: The graphical WBS represents project components visually, while it can also be presented in tabular format.

Project Outputs and Metrics

Deliverables: Expected outcomes defined during project initiation; clarify what clients and stakeholders anticipate from the project.
Milestones: Used to track progress and indicate key achievements throughout the project timeline, ensuring it moves forward as planned.
Financial Metrics:
- Net Present Value (NPV) evaluates investment efficiency; Return on Investment (ROI) in analyzing project profitability.
Weighted Scoring Model: A useful tool in project selection, offering a systematic approach to prioritize projects based on various criteria.

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Description

Test your knowledge of fundamental project management concepts with this quiz. Topics include project initiation, risk management, and the importance of kick-off meetings. Perfect for beginners looking to solidify their understanding of key principles.