Project Management Update

nguyp035's version from 2016-12-16 10:39

Section 1

Question Answer
What is pro-active risk management?Changing the scope, time and cost
What is re-active risk management?Using contingent reserves (Plan B and Plan C)
What are different risk strategies?Negative: AVOIDANCE, TRANSFER, MITIGATION, ACCEPTANCE Positive: EXPLOIT, ENHANCE, SHARE
What is the difference between mitigation and avoidance?MITIGATION means taking action within current plan to reduce probability of risk/impact - AVOIDANCE is about finding another solution to getting job done
What is the difference between risk and uncertainty?Uncertainty is an event that may happen (probability unknown) - RISK is an uncertain event or condition that may have positive or negative impact on project (quantified uncertainty)
Why do we check consistency of plans?We need to check for consistency in the plans otherwise it may indicate risk on the project.
What is assumptions analysis?Technique used to explore accuracy of assumptions and identifies risk in the project due to inaccurate/incomplete assumptions

Section 2

Question Answer
What is the purpose of a risk register?A document in which the results of risk analysis and response planning are recorded
How can you identify risks in the implementation process?If we go overtime on deliverables
What is critical path? How was it used in the risk plan?The sequence of activities that represents the longest path through the project, which determines the shortest possible duration - Reduces the risk and cost of complex tasks, helps risk manager to see which activity has slack (float)
How was risks planned for?Assumptions analysis, documentation analysis, consistency check, categorizing risk, risk register, developing contingencies or response plan
Contingent reservebudget within the cost baseline that is allocated for identified risks that are accepted

Section 3

Question Answer
Cause and effect diagramIdentifies causes of risk
Risk categorisationDetermines project areas most exposed. Categories may be by sources of risk using RBS
Qualitative risk analysisPI matrix method, probability impact matrix
Risk urgency assessmentDetermines the timing of actions that may need to occur sooner than other risk items
EMVExpected monetary value (Probability X Impact) to understand impact of high priority risk

Section 4

Question Answer
What is the Delphi method in estimationInformation gathering technique used to reach a consensus of expects on a subject
BACBudget at completion - sum of all budgets established for the work performed
Earned ValueMeasure of work performed expressed in terms of the budget authorized for that work
What is varianceAn actual condition that is different from the expected condition (baseline plan)
What is a work packageLowest level in WBS. Cost and duration can be estimated
ETCEstimate to complete - expected cost to finish all remaining project work

Section 5