Products
This is a document that formally authorizes a project and outlines the project's objectives, scope, stakeholders, and key roles and responsibilities.
What is a Project Charter?
A hierarchical decomposition of the total project scope into smaller, more manageable parts.
What is the Work Breakdown Structure (WBS)?
This is the longest sequence of activities in a project, which determines the shortest possible project duration. Delays in this sequence will delay the project.
What is the Critical Path?
This is a project management technique used to assess project performance by comparing the planned progress to actual progress.
What is Earned Value Management (EVM)?
This is a document that contains the identified risks, their analysis, and the responses to those risks. It is used to track risk status and actions.
What is a Risk Register?
This plan defines the project's objectives and how it will be executed, monitored, controlled, and closed. It integrates and coordinates all aspects of the project.
What is the purpose of the project management plan?
This aspect refers to the work required to deliver a project's product, while the other aspect defines the specific needs or conditions that must be met for the project's deliverables.
What is the difference between scope and requirements?
This is a visual tool used to display the project schedule, showing the start and finish dates of project activities along with their dependencies.
What is a Gantt chart?
This is the approved version of the project's budget, which includes all planned costs and is used to measure and control project performance.
What is a Cost Baseline?
This aspect assesses the impact and likelihood of risks based on subjective criteria, while the other aspect uses numerical data and models to assess risks and their potential impacts on the project.
What is the difference between qualitative and quantitative risk analysis?
This is the final phase of a project where the project is formally completed, deliverables are handed over, performance is reviewed, and lessons learned are documented.
What is project closure?
This refers to the uncontrolled or gradual expansion of a project's scope without adjustments to time, cost, and resources.
What is scope creep?
This is a timetable that outlines the planned start and finish dates for project activities and milestones.
What is the definition of project schedule?
The formula is EV / AC, where EV=Earned Value and AC=Actual Cost
What is the formula for Cost Performance Index (CPI)?
This is a plan to reduce or eliminate the probability or impact of a negative risk by implementing actions to address the risk.
What is a Risk Mitigation Strategy?
This is the process of managing changes to the project scope, schedule, and costs in a controlled and structured manner to ensure that only approved changes are implemented.
What is change control?
This is the process of formalizing acceptance of the completed project deliverables by customer or sponsor.
What is scope validation?
This is a significant event or achievement in the project timeline that marks the completion of a major phase or deliverable.
What is a milestone?
This can be calculated using several formulas depending on the scenario, but one common formula is: EAC = BAC/CPI, where BAC=Budget at Completion, and CPI=Cost Performance Index
How do you calculate the Estimate at Completion?
This is an event or condition that indicates that a risk is about to occur or has already occurred, signaling the need for a response.
What is a risk trigger?
The 5 project management process groups.
What are initiating, planning, executing, monitoring and controlling, and closing?
This consists of the approved version of the scope statement, Work Breakdown Structure (WBS), and WBS dictionary.
What is the scope baseline?
This is the amount of time that a project activity can be delayed without affecting the overall project completion date.
What is float/slack in a project schedule?
This is calculated as TCPI = (BAC - EV) / (BAC - AC); BAC = Budget at Completion; EV = Earned Value; AC = Actual Cost
How do you calculate the to-complete performance index?
This is a simulation technique used to understand the impact of uncertainty by running multiple simulations to predict a range of possible project outcomes based on risk factors.
What is Monte Carlo analysis in risk management?