Project Management Fundamentals: Key Concepts and Practices

Project Management Fundamentals

Key Concepts and Definitions

1. A project is: An undertaking with a specific time frame and well-defined objectives that utilizes various resources.
2. Project Management System definition: Procedures, tools, techniques, and methodologies used in managing a project.
3. Project Definition: An initiative that has a specific purpose, specific results, a start and end date, and is temporary.
4. Do-Check-Act cycle is similar to: The Project Management life cycle.

Organizational Structures and Roles

5. Last year there was another similar project: Obtain historical records and guidance from the Project Management Office (PMO).
6. Company is a strong Matrix, PM concern: Experiencing delays in career advancement due to absence in the department.
7. Functional organization benefit to the analyst: Upon completion of the project, the analyst will return to her department.
8. Projectized organization, project team: Will not always have a “home”.
9. Matrix organization, communication: Complex.
10. Most power in a projectized organization: Project Manager.
11. Engineer discusses a change, and the Manager contacts you to make the change: This indicates a project expediter position.

Stakeholder Management and Communication

12. Stakeholders are afraid of “corrective action”: The PM should notify the PMO.
13. Project life cycle differs from product life cycle: It is different for each industry.
14. Management by objectives works only if: It is supported by management.

Project Planning and Control

15. PM implements a work authorization system to take advantage of its main benefit: To control gold plating.
16. Senior management complained of receiving too much information: She wanted a schedule, not a project management plan.
17. Change with the most impact on a project: A change in the market for which the work of the project is intended.
18. Should a PM place reliance on expert judgment? Yes, it can be more significant and accurate than modeling tools.
19. Sponsor has serious concerns about the project: Meet with the sponsor to discuss her concerns.
20. Source to make assumptions for scheduling and budgeting: Lessons learned from prior projects.

Work Breakdown Structure (WBS)

21. Not included in a WBS review: Activity sequencing. WBS components do not require parallel or concurrent dependencies.
22. WBS represents: A decomposition of the work of the project.
23. What should the PM do first in the Define Scope Process: Verify that all key stakeholders have provided their input.
24. What should the PM do if feedback is not received from the customer: Ask the sponsor for assistance.
25. Valid WBS and accurate description: An Organizational Breakdown Structure (OBS) graphically illustrates how the project organization is structured to accomplish project activities.
26. Documents containing a detailed description of work packages: WBS dictionary.
27. As part of the PM Process, when is the Project Scope Statement created? During the Planning phase.

Scheduling and Time Management

28. Difference between CPM and PERT: CPM emphasizes resource flexibility and leveling, while PERT emphasizes task order and rigid scheduling.
29. Network diagram: Precedence diagram, dependency determination, schedule network template, leads, and lags.
30. Resource leveling and schedule compression techniques: Are used together in several iterations.
31. Determine float: (LF-EF) or (LS-ES).
32. Optimistic: 12, pessimistic: 18, standard deviation = 1.
33. Correct: The critical path helps determine how long the project will take.

Cost Management

34. Experts are used to determine the approximate cost of completing project activities, Process: Estimate Costs.
35. EAC = BAC divided by CPI.
36. Analogous Estimating: Uses Top-Down estimating techniques.
37. Main focus of life cycle costing: To consider operations and maintenance costs when making project decisions.
38. A schedule performance index (SPI) of 0.76 means: You are only progressing at 76 percent of the planned rate.
39. Pessimistic: 22, optimistic: 10, standard deviation = 2 days.

Quality Management

40. Rank ordering of defects is done through: Pareto charts.
41. Statistical sampling is conducted for all except: Attribute sampling measures the degree of conformance.
42. Set priorities based on results: Pareto Diagram.
43. Kaizen: Continuous improvement.
44. Zero inventory: Just in time.