MBA 742 - Module 1 and 2 - Project
Schedule Management Latest Exam
Fully Solved.
What are the 5 project management process groups? - Answer 1. Initiating
2. Planning
3. Executing
4. Monitoring & Controlling
5. Closing
What are the 10 project management knowledge areas? - Answer 1. Integration
2. Scope
3. Schedule
4. Cost
5. Quality
6. Resources
7. Communication
8. Risk
9. Procurement
10. Stakeholders
What is PMI? - Answer Project Management Institute - leading not-for-profit professional
membership association for the project management profession
What is a project? - Answer A temporary endeavor undertaken to create a unique product,
service, or result
What is project management? - Answer Application of knowledge, skills, tools & techniques
to project activities to meet project requirements
What is a program? - Answer A group of related projects that are managed in a coordinated
way to obtain benefits that are not available by managing them individually
What are 5 benefits of standardizing project management within an organization? - Answer
1. Common language
2. Common processes
, 3. Singular methodology & training
4. Benchmarking
5. Continuous improvement
PMI states that all potential project selection go through what? - Answer Governance criteria
What is the primary component of portfolio management? - Answer Project selection - the
goal is to have a structured approach to analyzing and choosing which project to work on
What are the 4 major categories of project life cycles? - Answer 1. Predictive
2. Iterative
3. Incremental
4. Adaptive (AKA: Change-Driven/Agile)
When is a predictive (plan-driven) project life cycle used? - Answer When the project needs
are clearly defined and well understood at the start
When is iterative or incremental project life cycle used? - Answer When a project can be
delivered in segments
When is an adaptive (agile) project life cycle used? - Answer When significant changes in
project is predicted and customers can be part of the team
Define: Progressive Elaboration - Answer The iterative process of increasing level of detail in
the project management plan as greater amounts of info and more accurate estimates become
available (AKA: rolling wave planning)
During the feasibility study, what is the approximate total cost estimate accuracy? - Answer
+/- 50% (order of magnitude)
During the design phase, what is the approximate total cost estimate accuracy? - Answer +/-
10% (budgetary)
What is the most important thing that a Project Manager does? - Answer Planning
What % of Project Managers time should be spent planning, monitoring & controlling, and re-
planning? - Answer 70%
Schedule Management Latest Exam
Fully Solved.
What are the 5 project management process groups? - Answer 1. Initiating
2. Planning
3. Executing
4. Monitoring & Controlling
5. Closing
What are the 10 project management knowledge areas? - Answer 1. Integration
2. Scope
3. Schedule
4. Cost
5. Quality
6. Resources
7. Communication
8. Risk
9. Procurement
10. Stakeholders
What is PMI? - Answer Project Management Institute - leading not-for-profit professional
membership association for the project management profession
What is a project? - Answer A temporary endeavor undertaken to create a unique product,
service, or result
What is project management? - Answer Application of knowledge, skills, tools & techniques
to project activities to meet project requirements
What is a program? - Answer A group of related projects that are managed in a coordinated
way to obtain benefits that are not available by managing them individually
What are 5 benefits of standardizing project management within an organization? - Answer
1. Common language
2. Common processes
, 3. Singular methodology & training
4. Benchmarking
5. Continuous improvement
PMI states that all potential project selection go through what? - Answer Governance criteria
What is the primary component of portfolio management? - Answer Project selection - the
goal is to have a structured approach to analyzing and choosing which project to work on
What are the 4 major categories of project life cycles? - Answer 1. Predictive
2. Iterative
3. Incremental
4. Adaptive (AKA: Change-Driven/Agile)
When is a predictive (plan-driven) project life cycle used? - Answer When the project needs
are clearly defined and well understood at the start
When is iterative or incremental project life cycle used? - Answer When a project can be
delivered in segments
When is an adaptive (agile) project life cycle used? - Answer When significant changes in
project is predicted and customers can be part of the team
Define: Progressive Elaboration - Answer The iterative process of increasing level of detail in
the project management plan as greater amounts of info and more accurate estimates become
available (AKA: rolling wave planning)
During the feasibility study, what is the approximate total cost estimate accuracy? - Answer
+/- 50% (order of magnitude)
During the design phase, what is the approximate total cost estimate accuracy? - Answer +/-
10% (budgetary)
What is the most important thing that a Project Manager does? - Answer Planning
What % of Project Managers time should be spent planning, monitoring & controlling, and re-
planning? - Answer 70%
