Project Management Elements and Activities Quiz

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What are some potential consequences of failing to clearly establish and communicate project scope?

Delays, unnecessary work, failure to achieve deliverables, cost overruns, unintended consequences

What aspects should be addressed in the Scope Management Plan according to the text?

Authority and responsibility for scope management, how scope is defined, measured and verified, scope change process

What should be discussed in the Schedule Management Plan according to the text?

Scheduling tool/format, schedule milestones, schedule development roles and responsibilities

What elements should be included in the Quality Management Plan based on the text?

Quality roles and responsibilities, quality control, quality assurance, quality monitoring Signup and view all the answers

What is the purpose of the Risk Management Plan according to the text?

To identify and manage risks associated with the project Signup and view all the answers

Why is it important to have a clearly defined approach for managing project scope?

To avoid delays, unnecessary work, cost overruns, and ensure successful deliverables Signup and view all the answers

What is a key feature of the critical chain project management approach?

The use of various buffers Signup and view all the answers

What is a key aspect of good risk management in project management?

Establishing contingency plans and budgets Signup and view all the answers

Why is it important to not focus solely on critical path activities in a project?

Other activities may also become critical Signup and view all the answers

What are some undesirable consequences of risks in project management?

Delays, Increased costs, Inability to meet technical specifications Signup and view all the answers

In project management, why is it important to be aware of resources that could shorten the critical path?

Managers may not be aware of resources that could help finish activities ahead of schedule Signup and view all the answers

What are some key activities involved in good risk management for projects?

Identifying risks, Analyzing risks, Minimizing probability of occurrence, Establishing contingency plans Signup and view all the answers

What is the purpose of a Work Breakdown Structure (WBS)?

To communicate project strategy and provide better control of work definition. Signup and view all the answers

How does a WBS help in project management and control?

It allows work to be defined at an appropriate level for estimating and control for the current stage. Signup and view all the answers

What are some goals that a WBS should achieve?

Compatibility with work execution and management, visibility to important work, mapping of requirements, clear ownership, and data for performance measurement. Signup and view all the answers

What are some benefits of Project Portfolio Management?

Builds discipline into the project selection process, Links project selection to strategic metrics, Prioritizes project proposals across a common set of criteria, Allocates resources to projects that align with strategic direction, Balances risk across all projects, Justifies killing projects that do not support strategy, Improves communication and supports agreement on project goals Signup and view all the answers

What is the purpose of a Portfolio Management System in a multiproject environment?

To classify projects, establish selection criteria based on classification, evaluate proposals, and manage the portfolio of projects. Signup and view all the answers

Why is it important for a WBS to give visibility to important or risky work?

To ensure that critical tasks are identified and managed effectively. Signup and view all the answers

How does a WBS facilitate clear ownership by managers and task leaders?

By dividing the project into coherent packages that can be assigned to specific managers and task leaders. Signup and view all the answers

What are some examples of financial models used in Portfolio Management?

Payback model, Net Present Value (NPV) Signup and view all the answers

How does the Payback Model in financial evaluation work?

It measures the time a project will take to recover the initial investment. Signup and view all the answers

What is the significance of using Multi-Criteria Selection Models in project evaluation?

Multi-Criteria Selection Models use several weighted criteria to evaluate project proposals. Signup and view all the answers

How does Project Portfolio Management support the strategic goals of an organization?

By linking project selection to strategic metrics, balancing risk across all projects, and allocating resources according to strategic direction. Signup and view all the answers

What is the purpose of applying a selection model in project management?

To align projects closer with the organization’s strategic goals Signup and view all the answers

What are some sources for project proposals in an organization?

Within the organization and Request for Proposal (RFP) from external sources Signup and view all the answers

What does prioritizing project proposals involve?

Discipline, accountability, responsibility, constraints, reduced flexibility, and loss of power Signup and view all the answers

What role does senior management play in managing the project portfolio?

They provide input and guidance in selecting criteria aligned with the organization’s strategic goals. Signup and view all the answers

What is the purpose of a proposal form for a project like Automatic Vehicular Tracking (AVL) in public transportation?

To manage the project efficiently and effectively Signup and view all the answers

Why is risk analysis important in projects such as a 500-Acre Wind Farm?

To assess and mitigate potential risks associated with the project Signup and view all the answers