It Project Management Test Questions – Flashcards
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RFP
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Request for proposal
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IFB
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Invitation for bid
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RFQ
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Request for quote
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WBS
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Work Breakdown Structure
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Who can cancel a project?
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Project sponsor
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Formula for. VAC
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BAC -EAC
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Who is responsible for signing the project charter
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Executive with power to authorize the project
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Formula for (CPI) Cost Performance Index
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Earned value (EV) / Actual cost (AC)
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What processes compromise an initiating process group?
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Develop Charter and Identify Stakeholders
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Project Scope Statement Provides
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Project boundaries Project constraints Project deliverables Project assumptions Product descriptions
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Sensitivity analysis
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Helps determine which risk have the highest potential impact on a project as a whole
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Control limit
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Determine the minimum and maximum acceptable values of process variation
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Economic project models
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Discounted cash flow NPV IRR
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Scope creep happens when?
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When a project isn't properly defined documented or controllrd
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Program transition plan
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Defines how your program benefits are moved fron program control to organizational control
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Code of accounts
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Hierarchical numbering system that uniquely identifies each deliverable of a WBS and segments the WBS by numbered levels
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What are two steps to validate a project ?
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Validate the business case Identify and analyze stakeholders
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What is the best source of determine the activities for project closures
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Project contract
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What is a method of planning and managing projects that emphasize resources required to execute project tasks?
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Critical chain project management (CCPM)
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Parkinson's Law
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States that work will expand to the amount of time it is allotted
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Law of diminishing returns
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States that the relationship between an increase in applied labor and its outcome isn't linear.
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What is a calendar that is used to define the working and no working days and times for tasks?
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Project calendar
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What does a transition plan provide?
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Brief overview of transition goals Assumptions on what the plan is based Any risk identified that can severely limit your capability to complete on time
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The financial manager keeps track of this document?
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Resource breakdown structure
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What does the product verification determine?
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Whether the contract work was complete accurately and satisfactorily
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What does a scope management plan describe?
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Procedures for preparing a scope statement and WBS a definition of how deliverables will be verified and a description of the process for controlling changes
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Quantitative risk analysis
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Presents a quantitative approach to decision making in the presence of uncertainty
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Delphi Technique
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Uses rounds of anonymous surveys to build a consensus
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Monte Carlo Technique
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Uses a combination of hypothetical and actual events to determine mean or most likely outcome of a scenario
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Qualitative risk ananlysis
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Determine the probability and impact of risk events to determine which events require further analysis
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What is the risk response strategy that defers liability to a third party?
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Transfer
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What is the risk response strategy that avoids risk all together?
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Avoid
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What is the risk response strategy that reduces Rick impact or probabilility?
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Mitigate
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In which organizational structure can project managers plan and evaluate project implementation without actual authority over workers?
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Weak matrix
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What is the core function and primary responsibility of project managers?
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Integrating the project work and assuring the satisfaction of the stakeholders
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What should a project manager mandate to be used to record all changes in a project plan document made by stakeholders?
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Version control
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What is it called when a project fades away and becomes a full fledged ongoing operation?
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Addition
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Formula for ETC. estimate to complete
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Estimate at complete (EAC) -Actual costs ( AC) 1: find EAC = budget at completion at completion (BAC)/Cost pers index (CPI) 2: CPI = earned value (EV)/Actual costs
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Formula for project cost variancr
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Cv = earned value (EV) - actual cost (AC)
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RACI STANDS FOR
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Responsible Accountable Consult Inform
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Formula for SPI
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EV/PV
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PMI
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Project Management Institute
