The project team must select appropriate processes required to meet the project requirements.
The three elements of triple constraint are Time, Cost and scope. It is also called as Project management triangle. One element imposes a limitation on others like change is project scope impacts project schedule and budget
Pareto Charts plot out helps you figure out which root cause is responsible for the largest number of defects. It is also called as 80/20 rule which means that that 80% of defects are caused by 20% of the root causes you can identify. So if you do something about that small number of causes, you can have a big impact on your project.
Risk is nothing but an uncertain event or condition which, if it occurs, has a positive or a negative effect on a project objective such as time, cost, scope or quality. (PMBOK). It is a FUTURE event Issue – realized risk is nothing but issue; it is either a past or present event (i.e., occurred or occurring one)
To create WBS and Define Activities are the processes where Decomposition is used predominantly
The two types of reserve are: Management and Contingency Reserve Management Reserve – Is an estimated amount (5% total budget) added to the cost baseline and used for the unknown unknowns, it requires management approval to be used. Contingency Reserve – The amount of funds, budget, or time needed above the estimate to reduce the risk of overruns of project objectives to a level acceptable to the organization. PM can approve.
The person who is responsible for the response plan for the risk.
Quality is the degree to which a set of inherent characteristics fulfil requirements (as per PMBoK v6) Grade is a category assigned to products or services having the same functional use but different technical characteristics. Important: while a quality level that fails to meet quality requirements is always a problem, low grade may not be.
It is a duty to show a high regard for oneself, others, and the resources entrusted
Manage Quality is concerned with the managing the quality processes throughout the project whereas Control quality is concerned with comparing the results with the quality requirements to ensure the result is acceptable
The best and appropriate way to share your knowledge with your colleagues and the professional community is in the form of lessons learnt documentation, books, articles, lectures, seminars etc
Schedule Project priorities, resources and cost has the lesser order of frequency than schedule.
People has a tendency to think someone is good at anything, because he is good at one thing is called as Halo effect. As per PMI, this is not an acceptable practice hence should be avoided. You are managing a project with: AC = $25,350; ETC = $54,560; VAC= -$2,500; BAC= $92,000 & EAC= $95,100
$54, 560 The question asked you which number to use for a forecast of how much money you expect to spend on the rest of the project. Well, isn’t that the definition of ETC? Since you were given the value of ETC, you could just use that number! You are managing a project with a total budget of $550,000. According to the schedule, your team should have completed 45% of the work by now. But at the latest status meeting, the team only reported that 40% of the work has actually been completed. The team has spent $175,000 so far on the project.
Project is running with behind schedule and within Budget If you want to evaluate how the project is doing with respect to the schedule and budget, you need to calculate CPI and SPI. The first step is to write down the information you have so far: BAC = $550,000, Planned %complete = 45%, actual % complete = 40%, and AC = $175,000. Now you can calculate PV = BAC x planned% complete = $550,000 x 45% = $247,500. And you can calculate EV = BAC x actual % complete = $550,000 x 40% = $220,000. Now you have the information you need to calculate CPI and SPI. CPI = EV / AC = $220,000 / $175,000 = 1.25, which is above 1.0—so your project is within its budget. And you can calculate SPI = EV / PV = $220,000 / $247,500 = .89, which is below 1.0 – so your project is behind schedule.