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Question

1) Project cost management (PCM)

Group of answer choices

a) An aspect of a project that is crucial to the success of the project.

b) A milestone schedule details the time relationships associated with project milestones.

c) The use of an information system to estimate, measure, and control budget related activities through the life cycle of the endeavor.

d) This documents all the activities necessary to complete a project. Each activity is accompanied by its activity identifier and a description of the work it entails.

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Question 8

2) PEST analysis

Group of answer choices

a) This term is used to define the sum of unique skills that team members bring to a project. These skills can be harnessed for collective benefit.

b) A type of evaluation that examines how a variety of environmental factors such as economic or technological might affect a project.

c) Assesses organizational performance in portfolio, program, and project management via a set of key process areas (KPAs). This term allows organizations to measure their performance against external benchmarks and provides a roadmap for project performance and delivery improvement.

d) The amount by which actual project performance is worse than planned project performance. Negative variances in time and budget show the project is taking longer and is more expensive than planned, respectively.

3) Drawdown

Group of answer choices

a) In project management, this term is the (usually physical) end product of a process.

b) This comprises a number of smaller projects, called subprojects, arranged hierarchically.

c) A method used to exercise control on the release of project funds. Instead of making entire project budgets available from the outset, management may choose to release funds at specific times. These may coincide with phase gates so that funds are released at the beginning of each phase.

d) A technique that involves amending the project schedule to keep resource use below a set limit. It is used when it is important to impose limits on resource use. This can affect a project's critical path.

4) Quality

Group of answer choices

a) In project management, this term is a measure of a deliverable's degree of excellence. This may also refer to a clearly defined set of stakeholder requirements by which results are assessed.

b) A method used to estimate the shortest length of time needed to complete a project and to determine the amount of float for activities that are not part of the critical path.

c) An appointed group of stakeholders who evaluate proposed changes and decide when and whether to make them.

d) Produced from an integrated master plan. It is a list of all project tasks represented as a networked schedule.

5) Business operations

Group of answer choices

a) Involves increasing the probability of an opportunity, or positive risk, occurring.

b) The entire ensemble of activities or processes through which a company uses its assets to create value for its customers.

c) Explains how project requirements will be defined, managed, and delivered. It is part of a project management plan and is used to guide project execution and control to adequately deliver requirements.

d) Any party which may be affected by a project. The term usually refers to parties with an interest in the successful completion of a project.

6) Handover

Group of answer choices

a) The practice of identifying and solving business problems. It focuses on creating and implementing solutions to business needs via organizational development, process reengineering, or any number of other methods.

b) The smallest unit of work necessary to complete a project work package (which includes multiple activities). Time, resources, and finances are required to complete each activity.

c) In the project life cycle, this is the point at which deliverables are given to users.

d) The process by which a team builds infrastructure. These are complex. Engineers and architects supervise them, while a project manager manages the project work.

Question 7

Budget

Group of answer choices

a) The sum of money allocated for a project. The term may also refer to a comprehensive list of revenues and expenses.

b) The cost associated with ensuring project quality. This cost may mean the difference between unacceptable and acceptable project results.

c) A life cycle in which certain phases are conducted in parallel (they overlap).

d) Identifies stakeholders' quality expectations and details quality assurance and quality control policies to monitor results and meet these expectations. It is part of a project management plan.