APM PMQ Exam Revision Bok7 2023 Revised Questions With Correct Answers

What are the five criteria for a successful project? - Answer Time, cost, quality, risk & benefits Project Management - Answer The application of processes, methods, knowledge, skills and experience to achieve the project objectives Programme Management - Answer The coordinated management of projects and change manage activities to achieve beneficial change Benefits Management - Answer The identification, definition, planning, tracking and realisation of business benefits Project Context - Answer Refers to the environment within which the project is undertaken Stakeholder Management - Answer The systematic identification, analysis, planning and implementation of actions designed to engage with stakeholders Project Life Cycle - Answer The inter-related phases of a project, programme or portfolio, it provides a structure for governing the progression of work Project Reviews - Answer Reviews take place throughout the project life cycle to check the likelihood of achieving the objectives specified in the PMP and the benefits detailed in the business case The Business Case - Answer Provides justification for undertaking a project or programme. It evaluates the benefits, cost and risk of alternative options and provides reasoning behind the preferred solution Organisational Roles - Answer Are the roles performed by individuals or groups in a project. Both roles and responsibilities within projects must be defined to address the transient and unique nature of projects and to ensure clear accountabilities can be assigned Project Sponsor - Answer is an important senior management role. The sponsor is accountable for ensuring that the work is governed effectively and delivers the objectives that meet the identify needs. The Project Management Plan - Answer A document used to coordinate all project planning documents, it is the reference document for managing the project. It is an output of the definition phase Scope Management - Answer A process whereby outputs, outcomes and benefits of the project are identified, defined and controlled. Requirements management GAJB Scope development PBS-WBS Configuration management PICSAVA Change Control RRADI 0 Scheduling - Answer The process used to determine the overall project duration and when activities and events are planned to happen. Schedule Management: ICECAP Resource Management - Answer The acquisition and deployment of the internal resources required to deliver the project Project Risk Management - Answer Is a process that allows individual risk events and overall project risk to be understood and managed proactively, optimising success by minimising threats and maximising opportunities Project Quality Management - Answer Is a discipline for ensuring the outputs, benefits and the processes by which they are delivered, meet stakeholder requirements and are fit for purpose. PACCIFY Change Control - Answer Is the process through which all requests to change the baseline scope of a project are captured, evaluated and then approved, rejected or differed Issue - Answer Occurs when the tolerance of delegated work are predicted to be exceeded or have been exceeded. This triggers and escalation of the issue from one level of management to the next in order to seek a solution Configuration Management - Answer Comprises the administrative activities concerned with the creation, maintenance, controlled change and quality control of the scope of work. PICSAVA Information Management - Answer Is the collection, storage, dissemination, archiving and destruction of information. It enables teams and stakeholders to use their time, resource and expertise effectively to make decisions and to fulfil their roles Procurement - Answer Is the process by which products and services are acquired from an external provider for incorporation into the project Communication - Answer The means by which information or instructions are exchanged Teamwork - Answer A group of people working together towards a common goal Leadership - Answer The ability to establish vision and direction, to influence and align others towards a common purpose and to empower and inspire people to achieve project success Handover and Closure - Answer During this phase, deliverables are handed over to the sponsor and users. Closure is the process of finalising all project matters, carrying out final project reviews, archiving project information and redeploying the project team Project variables/constraints - Answer Time Cost Quality Risk Benefit Scope Benefits of project management - Answer Improved project communication Effective resource management Better delivery of results Facilitates risk-taking Lessons learned Improved governance Challenges of project management - Answer Bureaucracy Limits creativity Threatens existing organisation structure Complex interrelationships Project management capability Project management methods ?? - Answer Documentation templates Governance guidelines Role definitions Project management procedures Guidelines on application Project management procedures Core processes of programme management - Answer Project co-ordination Holistic Risk Prioritising projects Speed up/slow down projects Benefits focused Stakeholder management/communication Supports strategic change Roles and responsibilities of programme management ? - Answer Initiate, prioritise and terminate projects Manage project and BAU interdependencies Manage resources and conflicts Manage risks, issues and changes Define and realise the strategic benefits Benefits of programme management - Answer Prioritisation of individual projects Resource management View of interdependencies Ability to manage risks issues and changes Effective communication/consistent reporting Alignment with programme objectives Challenges of programme management - Answer Unclear organisation/scope High number of stakeholders Lack of clear requirements Key activities in portfolio management - Answer Segmentation Select and prioritise Assess progress Review and reporting Benefits management Benefits of portfolio management - Answer Maintaining a balances and aligned portfolio Holistic overview of risks, dependencies, and scheduling Cost reduction Efficient utilisation of resources Better coordination and control Organisational structure levels - Answer External Sponsorship Management Delivery (Administrative support and assurance sit alongside) Benefits of matrix organisation structure - Answer Increased share learning Global resources pool available Facilitates resources sharing Consistent methodology in organisation Flexible for differen projects. Good for organisations with lots of projects and routine operations Good for staff welfare as they have dedicated resource Project requirements fit business needs Better allocation of resources fit to skills - efficient Improved project management expertise Disadvantages of matrix organisation structure - Answer Resource and loyalty conflict between projects and functions. May overload team with work. Duplication of reports Less functional training Clash between functional and project managers Lack of alignment to organisation priorities (BAU vs project) Unclear escalation route for staff Organisational roles, key project roles - Answer Project steering group Project sponsor Project manager Team Members Users Project Office Sponsor role and responsibilities - Answer Represent the host or client Owns the Business case-ownership Governance link to the business Champion of the project Provides or secure funding Approve the PMP Stakeholder arbitration Approves through review gates. Stage-gate approval Receive escalated risks, issues and change requests Accept deliverables Review benefits Maybe the programme manager and chair project board. Process used to examine internal and external enviroment - Answer Strengths Weaknesses Opportunities Threats Process used to examine external environment - Answer Political Economic Sociological Technological Legislative Environmental Areas of law to consider - Answer Health and Safety Employment Contract Data protection Freedom of information Four components of governance - Answer Portfolio direction Sponsorship Project management Disclosure and reporting Principles of good governance - Answer Policies and regulations Defined roles: Sponsor, senior management... Change control process Structured gated project life cycle Gate reviews. Go or no go. Clearly defined roles and responsibilities Independent scrutiny Stakeholder engagement Recording and communicating key decisions Benefits of governance - Answer Clear reporting and escalation criteria Independent audits and reviews Empowerment to make appropiate decisions Culture of improvement and disclosure Engaged and more trusting stakeholders Assures stakeholders Achieve return on investment. Optimisation of investment. Resource usage justified. No unacceptable risks. Avoidance of common failures Better communication Delivery credibility Minimising risk Regulatory compliance Phases of project life cycle - Answer Concept Definition Development Handover and closure Project reviews - Answer Stage review Gate review Project evaluation review Post-project review Benefits review Audit Benefits of a project lifecycle - Answer Consistency High Level Planning.More effective planning Go/no go decisions.Improved decision-making Phase end reviews.Improved governance Manage funding Lesson Learned. Improved communication Management focus on the early phases Stakeholder management process - Answer IAPE Identify Assess Plan communications Engage and influence Benefits of stakeholder management - Answer Increase support for the project Increase likelihood of acquiring resource Minimising resistance allows you to focus on project Better chance of deliverable acceptance Enhanced decision making and communication Success factors - Answer Success factors are management practices that when implemented, will increase the likelihood of success of a project, programme or portfolio. The degree to which these practices are established and embedded within an organisation indicates its level of maturity. Senior management commitment Clear project goals and objectives Focus on Business Value Proper project governance Clear and timely communication Capable and motivated team Negotiation process - Answer PDPBAR Planning Discussing Bargaining Agreement Review Preparing/planning for a negotiation - Answer Consult with others & define objectives Identify interests on both sides Identify BATNA (Best Alternative To a Negotiated Agreement) Consider MFP (most favourable position) Define ZOPE (zone of possible agreement) Understand concessions Collaborate Follow up and Communicate Problems with Estimating - Answer Optimism/pessimism Social/political pressure Lack of experience Unclear scope Inaccurate source data Types of estimate - Answer Analogous Parametric Analytical Delphi Time scheduling activities - Answer ICECAP-B Identify all activities Create a detaled logical model Estimate duration activities Calculate the critical path, overall duration and float Apply and identify the milestones Present findings BASELINE Total float definition - Answer The amount of time an activity can be delayed or extended without affecting the project duration Free float duration - Answer The amount of time an activity can be delayed without delaying the next activity Resource scheduling process - Answer AAS Allocation (identify resources) Aggregation (totalling resource per time to generate histogram and S curve) Scheduling Options for resource optimisation - Answer Levelling: to do with a resource constraint Smoothing: to do with a time constraint Disadvantages of project management software - Answer Makes illogical decisions Decreases interpersonal interaction Not ideal for all methods (e.g. Agile) Relies on good data Advantages of project management software - Answer Excellent reporting tool What-if analysis Progress tracking Quick calculations Earned value calculation - Answer is the value of completed work expressed in terms of the budget assigned to that work. A measure of progress which may be expressed in cost or labour hours % complete x budget Cost variance calculation - Answer BCWP (budgeted cost of work performed) - ACWP (actual cost of work performed) i.e. (EV - AC) Schedule variance calculation - Answer BCWP (budget cost of work performed) - BCWS (budget cost of work scheduled) i.e. (EV - PC) Cost Performance Index calculation - Answer BCWP (budget cost of work performed) / ACWP (actual cost of work performed) i.e. (EV / AC) Schedule Performance Index calculation - Answer BCWP (budget cost of work performed) / BCWS (budget cost of work scheduled) i.e. (EV / PC) Estimate at completion calculation (not in book) - Answer Budget at completion / CPI Final duration calculation (not in book) - Answer Projected duration / SPI Benefits of EVM - Answer Useful for monitoring, tracking and reforecasting cost and schedule, and for paying suppliers on the basis of work done. Simpler project reporting (KPIs) Highlight estimating errors Facilitate forecasting of cost and time Facilitates tighter controls of direct costs Help justify corrective action Identifies where early termination of project is required Information management components - Answer CS DAD Collect Store Disseminate Archive Destroy Arguments against the use of EVM - Answer Requires frequent information on costs Forecasts are based on no corrective action Can lead to a lack of focus on quality Oversimplified Doesn't work for some project methods (agile) Risk management stages - Answer IIAPI - Update risk log Initiate Identify Assess Respond Closure Risk identification methods - Answer Brainstorm Interviews SWOT Prompt lists Check lists Risk responses (threats) - Answer Avoid Transfer Reduce Accept Risk responses (opportunities) - Answer Exploit Share Enhance Reject Benefits of risk management - Answer Discourages acceptance of financially unsound projects Increases credibility Gains team 'buy in' Improves communication Effective governance Disadvantages of risk management - Answer Bureaucratic/time consuming Information is out of date quickly Creates risk-averse culture Limits creativity Bad data in bad data out Communication media - Answer Oral Visual Electronic Written Formal vs informal communication - Answer Audit trail vs no audit trail Communications management plan should include - Answer Content (what) Sender (who) Receiver (who) Reason (why) Frequency (when) Method (how) Location (where) Barriers affecting communication - Answer Clarity of ideas Purpose Environment Background Delivery Body Language Benefits of a formal communications plan - Answer Understanding of roles and responsibilities Reduced potential for conflict due to misunderstanding Enhanced confidence within project team and stakeholders Consistent transfer of project information Higher sense of ownership and commitment within the team Conflict resolution strategies - Answer Compete Collaborate Compromise Avoid Accommodate Situations where conflict may arise in project lifecycle - Answer Concept - idea Definition - requirements Development - resources Handover - acceptance Benefits realisation - resistance to change Leadership qualities - Answer Can-do attitude Fairness Persuasive Common sense Vision Empathy Hierarchy of needs (Maslow) - Answer Self-actualisation-Project success Esteem_ Project recognition Social- Project teamwork Safety- Process and procedures Physiological- facilities, welfare, infrastructure Hygiene factors and motivators (Herzberg) - Answer Hygiene factors - do not inherently motivate but a lack of them demotivates Motivators - motivate people Theory X and Theory Y (McGregor) - Answer Theory X - team are lazy and avoid responsibility; directive management style Theory Y - team are self-motivated and engaged; supportive management style Team development (Tuckman) - Answer Form Storm Norm Perform Adjourn Situational Leadership (Hersey and Blanchard) - Answer Balance between Directive and supportive behaviours Telling and directing Selling and Coaching Participating and supporting Delegating Characteristics of an effective team - Answer Shared aims Trust Communication Shared skills Effective leadership Project handover activities - Answer User acceptance of deliverables Transfer of deliverable ownership Documentation acceptance Project closure activities - Answer Post-project review Archiving of project documentation Contractual closure Project review focus areas - Answer Business case management process Deliverables Benefits of project reviews - Answer Confidence Reflection Improvement Good governance Recognition Sucess Informed decision-making Objective review of project health More rigorous governance Sharing of lessons learned Implementation of corrective action Increased stakeholder confidence Gate Reviews - Answer • A formal decision point; go or no go • Marks the end of the first phase