Project Management Textbook
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________ involves formal acceptance of the completed project scope by the stakeholders.

  • Customer sign-off
  • Verification
  • Deliverable acceptance
  • Scope validation (correct)

    • _________ issues cause the most conflict over the life of projects.

  • Cost
  • Change control
  • Schedule (correct)
  • Scope creep

    • A _________ chart is a histogram that can help you identify and prioritize problem areas.

  • Control
  • Velocity chart
  • Pareto (correct)
  • Burndown

    • When a process is out of control, variations in the results of the process are caused by _________ events.

    <p>Nonrandom</p> Signup and view all the answers

    Controlling resources involves ________ resources.

    <p>Physical</p> Signup and view all the answers

    ______ are unplanned responses to risk events.

    <p>Workarounds</p> Signup and view all the answers

    Which of the following charts shows the amount of work (tasks) completed compared to the plan?

    <p>Burnup charts</p> Signup and view all the answers

    The purpose of the ________ is to inspect the outcome of the sprint and determine future adaptations.

    <p>Sprint review</p> Signup and view all the answers

    Which knowledge areas include processes related to closing?

    <p>Project integration management</p> Signup and view all the answers

    Which of the following statements is false?

    <p>Closing does not include developing a transition plan.</p> Signup and view all the answers

    Updating processes, policies, procedures, and knowledge bases is part of…

    <p>Updating organizational process assets</p> Signup and view all the answers

    Answering questions such as, 'What will you do differently on the next project based on your experience working on this project?' is part of a…

    <p>Lessons-learned report</p> Signup and view all the answers

    What is the most common reason for closing or terminating a project?

    <p>Integration</p> Signup and view all the answers

    This approach to project termination occurs when a project is ended by decreasing its budget or suddenly ending funding.

    <p>Starvation</p> Signup and view all the answers

    A ________ is another name for a project closeout meeting.

    <p>Post-mortem</p> Signup and view all the answers

    __________ is the process of communicating knowledge that was developed by one person or in one part of an organization to another person or other parts of an organization.

    <p>Knowledge transfer</p> Signup and view all the answers

    What can agile teams do to collect lessons learned for the entire project?

    <p>Hold a final retrospective</p> Signup and view all the answers

    Which of the following is advice for closing projects or phases?

    <p>You should capture lessons learned as soon as possible, not just at the end of a project</p> Signup and view all the answers

    Which of the following statements is true?

    <p>According to PMI's salary survey (2020), professionals with a PMP® credential earned 22% more than those without it.</p> Signup and view all the answers

    A predictive approach to project management is also called?

    <p>Waterfall</p> Signup and view all the answers

    A _________ is a temporary endeavor undertaken to create a unique product, service, or result.

    <p>project</p> Signup and view all the answers

    Which of the following is not an attribute of a project?

    <p>Projects involve no uncertainty</p> Signup and view all the answers

    Which of the following is not part of the triple constraint of project management?

    <p>Meeting communication goals</p> Signup and view all the answers

    ________ is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

    <p>Project management</p> Signup and view all the answers

    Which of the following is not a project performance domain according to the PMBOK Guide-Seventh Edition?

    <p>Leadership</p> Signup and view all the answers

    Project portfolio management addresses ________ goals of an organization, while project management addresses ________ goals.

    <p>Strategic, tactical</p> Signup and view all the answers

    Which of the following statements is true concerning agile project management?

    <p>You should first understand and use an agile mindset before trying to implement agile project management.</p> Signup and view all the answers

    Which of the following statements is false concerning the project management profession?

    <p>Project managers, program managers, and portfolio managers require the same skillset.</p> Signup and view all the answers

    Which of the following is not part of a SWOT analysis?

    <p>Tactics</p> Signup and view all the answers

    A large company continues to be successful by providing new products and services for its market niche of brides. What is its main competitive strategy?

    <p>Focus</p> Signup and view all the answers

    The last step in the four-stage planning process for projects is…

    <p>Resource allocation</p> Signup and view all the answers

    Which of the following statements is false concerning agile project planning?

    <p>A roadmap sets a tactical plan and goals for completing a major undertaking, such as building and releasing a product.</p> Signup and view all the answers

    Which of the following statements is false concerning the financial analysis of projects?

    <p>The required rate of return is the discount rate that results in an NPV of zero for the project.</p> Signup and view all the answers

    A _______ is a methodology that converts an organization's value drivers into a series of defined metrics.

    <p>Balanced scorecard</p> Signup and view all the answers

    Which of the following is not a major benefit of grouping projects into programs?

    <p>Increasing revenues</p> Signup and view all the answers

    Under what existing program might a project to provide discounts for faculty, students, and staff to use the city's new light rail system naturally fit?

    <p>Transportation program</p> Signup and view all the answers

    Many organizations find duplicate or unneeded projects after they perform which step in project portfolio management?

    <p>Putting all projects in one list</p> Signup and view all the answers

    Instead of creating a set of structured projects with short-lived teams to execute them, _________ project portfolio management defines desired outcomes for an organization.

    <p>Lean</p> Signup and view all the answers

    If you are leaving a project where requirements are not well defined, change is expected, and a customer wants several deliveries of useful products, which development approach might be most appropriate to use?

    <p>Incremental</p> Signup and view all the answers

    In which of the five project management process groups are activities performed that relate to each knowledge area?

    <p>Planning</p> Signup and view all the answers

    What document provides justification for investing in a project?

    <p>Business case</p> Signup and view all the answers

    What document formally recognizes the existence of a project and provides direction on the project's objectives and management?

    <p>Project charter</p> Signup and view all the answers

    Which of the following is not an accountable unit in the Scrum framework?

    <p>Product manager</p> Signup and view all the answers

    A _________ describes the desired future state that would be achieved by developing and deploying a product.

    <p>product vision</p> Signup and view all the answers

    A ________ is an emergent, ordered list of what is needed to improve the product.

    <p>product backlog</p> Signup and view all the answers

    A _________ is a description of what a customer or user would want from a product or solution.

    <p>customer request</p> Signup and view all the answers

    Unlike predictive project estimating, agile approaches to estimating are often done in terms of…

    <p>Relative size</p> Signup and view all the answers

    Which of the following was done as part of initiating the GCHC project that is part of the Scrum framework?

    <p>Creating a product backlog</p> Signup and view all the answers

    Which of the following is not an output of planning for project integration and scope management for predictive projects?

    <p>A project website</p> Signup and view all the answers

    The main purpose of project planning is to:

    <p>Guide project execution</p> Signup and view all the answers

    Predictive project teams develop a _______ to coordinate all other project plans.

    <p>Project management plan</p> Signup and view all the answers

    A requirements __________ is a table that lists requirements, various attributes of each requirement, and the status of the requirements to ensure that all of them are addressed.

    <p>traceability matrix</p> Signup and view all the answers

    A _________ is a deliverable-oriented grouping of the work involved in a project that defines the total scope of the project.

    <p>WBS</p> Signup and view all the answers

    A ________ is a deliverable at the lowest level of the WBS, where it can be appropriately assigned to and managed by a single accountable person.

    <p>work package</p> Signup and view all the answers

    Which of the following statements is true concerning agile projects?

    <p>Story cards facilitate planning and discussion of user stories to help define the scope.</p> Signup and view all the answers

    Using a Scrum framework, the daily Scrum meetings, the sprint planning meeting, the sprint review, and sprint retrospectives allow…

    <p>Necessary discussion and interactions</p> Signup and view all the answers

    Teams should also remember the INVEST rule when writing story cards, where the T stands for…

    <p>Testable</p> Signup and view all the answers

    A(n) ___________ normally does not have any cost or duration.

    <p>Milestone</p> Signup and view all the answers

    What is normally on the back of a story card?

    <p>milestone</p> Signup and view all the answers

    What is the most common type of dependency between activities?

    <p>Finish-to-start</p> Signup and view all the answers

    The __________ method is a network diagramming technique used to predict total project duration.

    <p>Critical path</p> Signup and view all the answers

    _____________ is a technique for making cost and schedule trade-offs to obtain the greatest amount of schedule compression for the least incremental cost.

    <p>Crashing</p> Signup and view all the answers

    Using a(n) __________ approach to developing cost estimates requires a good deal of expert judgment and is generally less costly than others are, but it can also be less accurate.

    <p>Analogous</p> Signup and view all the answers

    The __________ must be the basis for a project cost estimate if you plan to create a cost baseline and use earned value management as part of monitoring and controlling costs.

    <p>WBS</p> Signup and view all the answers

    Instead of creating a detailed schedule for all of the activities required to complete an entire project, agile teams focus on the most valuable work they can complete within each iteration using an approach called…

    <p>Timeboxing</p> Signup and view all the answers

    Which of the following statements is true?

    <p>Agile projects must still consider dependencies between activities.</p> Signup and view all the answers

    Instead of discrete numbers or a range of numbers for estimates, agile projects use ________ estimates.

    <p>relative</p> Signup and view all the answers

    Which of the following is not an agile estimating method?

    <p>Parametric estimating</p> Signup and view all the answers

    ________ is defined as the degree to which a set of inherent characteristics fulfill requirements.

    <p>Quality</p> Signup and view all the answers

    ________ allow organizations to measure their performance in certain areas - such as failure rates, availability, and reliability - and compare them over time or with other organizations.

    <p>Metrics</p> Signup and view all the answers

    A RACI chart is a type of…

    <p>Responsibility assignment matrix</p> Signup and view all the answers

    Topics such as who will receive project information and who will produce it should be described in a…

    <p>Communications management plan</p> Signup and view all the answers

    What two dimensions should you use when evaluating project risks?

    <p>Probability and impact</p> Signup and view all the answers

    A ________ is a document that contains the results of various risk management processes.

    <p>risk register</p> Signup and view all the answers

    You can purchase an item you need for a project for $20,000 and it has daily operating costs of $500, or you can lease the item for $700 per day. On which day will the purchase cost be the same as the lease cost?

    <p>Day 100</p> Signup and view all the answers

    The letters in the ADKAR® Model for organizational change stand for:

    <p>Awareness, desire, knowledge, ability, and reinforcement</p> Signup and view all the answers

    Which of the following is an agile event where the team presents the results of their work to key stakeholders to inspect the outcome of the sprint?

    <p>Sprint review</p> Signup and view all the answers

    Goals of _______ include reducing preparation efforts as much as possible and improving time to market.

    <p>Lean-agile procurement</p> Signup and view all the answers

    Fortune Magazine summarized research showing that the main reason CEOs failed was due to…

    <p>Poor execution</p> Signup and view all the answers

    Which of the following is not an executing process?

    <p>Validate scope</p> Signup and view all the answers

    If project managers want to find a mutually acceptable solution that partially satisfies both parties, which conflict-handling mode should they use?

    <p>Compromising</p> Signup and view all the answers

    __________ can assist in ensuring and improving quality by improving workflow.

    <p>Kanban</p> Signup and view all the answers

    Which of the following statements is false?

    <p>Most people today prefer managers who follow Theory X versus Theory Y.</p> Signup and view all the answers

    If a project team goes from four people to six, how many more communication channels are there?

    <p>9</p> Signup and view all the answers

    If you are listening with the intent to understand someone else, what technique are you using?

    <p>Empathy</p> Signup and view all the answers

    You are managing a virtual team. An expert advised you to be unavailable. What does this mean?

    <p>Take time off when you need to, and let team members know they should do the same.</p> Signup and view all the answers

    The goal for leaders should be to develop a solid understanding of the different styles of leadership and their implications and…

    <p>Choose the right one for the situation.</p> Signup and view all the answers

    Which of the following statements is true concerning the execution of agile projects?

    <p>Scrum teams should have all the skills necessary to create value in each sprint.</p> Signup and view all the answers

    Which knowledge areas include processes related to monitoring and controlling?

    <p>All ten knowledge areas</p> Signup and view all the answers

    _______ is a project performance measurement technique that integrates scope, time, and cost data.

    <p>Earned value management</p> Signup and view all the answers

    Study Notes

    Project Management Fundamentals

    • Demand for Project Management Professionals: Professionals with a PMP® credential earned 22% more than those without, highlighting the credential’s value in the job market.
    • Project Definition: A project is a temporary endeavor aimed at creating a unique product, service, or result.
    • Triple Constraint: The triple constraint includes scope, schedule, and cost; communication is not included.
    • Uncertainty in Projects: Projects are characterized by their uniqueness and the presence of uncertainty.
    • Agile Project Management: An agile mindset is essential for successful implementation; integration of both agile and predictive methods is permissible.

    Planning and Strategy

    • SWOT Analysis: Key components include strengths, weaknesses, and opportunities; tactics are not part of this analysis.
    • Competitive Strategy: A focus strategy is key for companies succeeding by targeting niche markets.
    • Project Planning Process: The last step in project planning is resource allocation.
    • Financial Analysis: The required rate of return is significant for evaluating net present value (NPV), which indicates profitability.

    Agile and Scrum Framework

    • Scrum Roles: In the Scrum framework, the Product Manager is not an accountable unit within the team.
    • Requirements Management: A requirements traceability matrix ensures all project requirements are monitored throughout the project lifecycle.
    • User Stories: A user story expresses the needs of a customer and typically includes acceptance criteria for validation.

    Project Integration and Scope Management

    • Project Management Plan: A comprehensive document that helps guide project execution and integrate various project plans.
    • Work Breakdown Structure (WBS): Represents a hierarchical decomposition of the total scope of work, ensuring manageable work packages.

    Quality Management

    • Quality Definition: Quality is measured by the fulfillment of inherent characteristics against requirements.
    • Metrics: Metrics are vital for evaluating organizational performance in aspects like reliability and failure rates.
    • RACI Chart: A RACI chart is an essential tool for demarcating responsibilities among project team members.

    Risk Management

    • Risk Evaluation: Risks should be assessed based on probability and impact to develop effective mitigation strategies.
    • Risk Register: A crucial document for capturing risk management processes and tracking identified risks.

    Communication and Leadership

    • Communication Management Plan: Essential for establishing guidelines on information flow and escalation procedures among stakeholders.
    • Leadership Styles: Understanding various leadership approaches is necessary for effectively managing teams and projects.

    Monitoring and Controlling

    • Earned Value Management (EVM): A project performance measurement technique that integrates scope, schedule, and cost data.
    • Change Control: Managing change is vital to avoid scope creep and ensure project success.

    Closing Projects

    • Project Closure: Includes releasing resources and finalizing project documentation; transition plans are also a part of the closure process.

    Additional Key Concepts

    • Dependency Types: Finish-to-start is the most common dependency type among project activities.
    • Estimating Methods: Agile estimating often relies on relative size rather than absolute values.
    • Milestones: Milestones mark significant points in a project but do not incur costs themselves.

    These notes encapsulate the fundamental aspects of project management, frameworks, risk evaluation, and leadership essential for effective project execution and success.### Lessons Learned and Project Closure

    • Lessons-learned reports capture insights and experiences from a project to improve future projects.
    • Questions about improving future projects are often addressed in the lessons-learned report.

    Project Termination Reasons

    • Integration is the most common reason for closing or terminating a project, highlighting the merging or finalization of project components.

    Budget Impacts on Project Termination

    • Starvation refers to project termination due to budget cuts or the cessation of funding.

    Project Closeout Meeting Terminology

    • Post-mortem is another term for a project closeout meeting, which reviews project successes and failures.

    Knowledge Transfer

    • Knowledge transfer involves sharing insights developed by individuals or departments within an organization to enhance overall competence.

    Agile Teams and Lessons Learned

    • Final retrospectives are conducted by agile teams to gather comprehensive lessons learned throughout the project lifecycle.

    Best Practices for Closing Projects

    • It is advisable to capture lessons learned as soon as possible throughout the project, not solely at its conclusion.

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    Description

    Test your knowledge on key concepts from project management. This quiz includes questions about the demand for project management professionals and the different approaches to project management. Challenge yourself to see how well you understand these foundational topics.

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