Project Management

nguyp035's version from 2016-12-16 04:00

Section 1

Question Answer
How was risks planned for?conducting assumptions analysis, documentation analysis, checking consistencies, categorising risks and creating risk register, developing contingencies or response plans
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. - In other words, The critical path is simply all the tasks that determine the end date in your project schedule.
What is assumptions analysis?Technique used to explore accuracy of assumptions and identifies risks in the project due to inaccurate or incomplete assumptions
Why do we check consistency of plans?We need to check for consistency in the plans otherwise it may indicate risk on the project.
How can you identify risks in the implementation process?If we go overtime, over budget.
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 a positive or negative impact on the project. (quantified uncertainty)
What is the difference between mitigation and avoidance?MITIGATION means taking action within current plan to reduce probability of risk - AVOIDANCE is about finding another solution to getting job done
What are different risk strategies?Negative: AVOIDANCE, TRANSFER, MITIGATION, ACCEPTANCE Positive: EXPLOIT, ENHANCE, SHARE
What is a risk register?a document in which the results of risk analysis and risk response planning are recorded
What is re-active risk management?Using contingent reserves and Plan B and C
What is pro-active risk management?Changing the scope, time and cost.

Section 2

Question Answer
What is the Delphi method in estimation?information gathering technique used to reach a consensus of experts on a subject.
What is the co-location? Advantages and disadvantages
What is BAC?budget at completion - sum of all budgets established for the work performed.
What is Earned Value?measure of work performed expressed in terms of the budget authorised for that work
What is variance?An actual condition that is different from the expected condition, contained in baseline plan
What is a work package?The lowest level of the WBS, where cost and duration can be estimated and managed
ETC Estimate to complete - expected cost to finish all remaining project work
Contingent reservebudget within cost baseline that is allocated for identified risks that are accepted

Section 3

Question Answer
Cause and Effect Diagramidentifies causes of risk
Risk categorisationused to determine project areas most exposed. categories may be by sources of risk using (RBS)
Qualitative risk analysisPI Matrix method, Probability impact matrix
Risk urgency assessmentreview and determination of 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