Project Basics
This distinguishes projects from operations: they are unique and
temporary
SMART goals must be Specific, Measurable, Achievable, Relevant, and ________.
What is Time-based?
The main output of project initiation is the ________.
What is the project charter?
Project managers spend roughly this percentage of their time communicating.
What is 90%?
These are costs that exist because of the project but aren’t tied to a single task, such as workspace rental or IT support.
What are project-induced overhead costs?
This type of contract pays the seller a set price, regardless of actual costs incurred.
What is a fixed-price contract?
Name the three constraints in the “iron triangle.”
What are scope, schedule, and budget (cost)?
documented economic feasibility study to justify a project is called a ________.
What is a business case?
Who usually approves the project charter?
What is the project sponsor?
Communication can be synchronous or asynchronous. Give one example of each.
What is synchronous: video conference; asynchronous: email?
This estimation method uses equations and measurable parameters (e.g., cost per square foot) to calculate costs.
What is parametric estimating?
In this contract type, the buyer reimburses the seller’s costs and also pays an additional amount for profit.
What is a cost-reimbursable contract?
A project that meets all deadlines and budgets but fails to satisfy customers has achieved ______ success but not ______ success.
What is project management success but not project success?
This financial model calculates the number of years it takes to recover the initial project investment.
What is the payback period?
Constraints limit a project team’s options. Give one example.
What is limited technology, supplier contracts, time zones, or customer resistance?
Name one interpersonal skill critical for project managers (according to PMBOK).
What are leadership, motivation, conflict management, negotiation, empathy, etc.?
A three-point estimate uses three values: optimistic, pessimistic, and ________.
What is most likely?
A time and materials contract (T&M) is best suited for this kind of situation.
What is when the project scope is not well defined or when staff augmentation is needed?
Name one condition under which a project may be terminated early.
What is exhausted funding, unavailable resources, changed organizational strategy, or new legal requirements?
Name two non-financial project selection models.
What are weighted scoring model or strategic alignment approaches?
List three items commonly included in a project charter.
What are project purpose, measurable objectives, key stakeholders, assumptions/constraints, or summary milestone schedule?
In a communications management plan, this tool helps identify the right communication method and frequency by mapping stakeholders’ power against their level of concern.
What is the power/interest grid?
In procurement management, after awarding and signing contracts, this step ensures vendors are delivering on terms.
What is administering/monitoring the contract?
This process ensures that contractors deliver on their contractual obligations, often requiring monitoring of performance metrics.
What is contract administration (or contract management)?
According to PMI’s Pulse of the Profession (2020), what percentage of investments is wasted due to poor project performance?
What is 11.4%?
A business case usually includes these four requirement types: business, stakeholder, solution, and ________.
What are transition requirements?
This section of the project charter lists beliefs taken as true for planning, such as expecting vendors to deliver on time or team members to remain available.
What are assumptions?
Servant leadership emphasizes serving whom first?
What is the team/stakeholders before self?
In the Boston “Big Dig” case, this type of risk — unexpected, outside the project’s control — also contributed to cost overruns.
What are force majeure/political and legal risks?
If a project requires maximum clarity and minimal financial risk to the buyer, this is the preferred contract type.
What is a firm-fixed-price (FFP) contract?