Project Management 2024 Updated Exam Questions With Complete Solutions

Project Management 2024 Updated Exam Questions With Complete Solutions WBS - ANSWER- A hierarchical that breaks down the work into manageable clods so that each level of WBS could be easily understood by the project team. Project team creates WBS by analyzing major deliverables and then dividing them into sub-deliverables. This dividing process is continued until it is assigned to a single person. Milestone - ANSWER- A scheduling process that describes the set of related deliverables. These are the significant points in time or an event that mark important moments during the project. This is a best practice for project managers to use a milestone in the project to celebrate something expressive being created. Milestone is one of the components of Gantt chart and you will be able to see them on the project schedules presented as a diamond. These are mainly used for: *Starting phase *Ending phase *Fixed dates on plan Stakeholder - ANSWER- The people engaged in and influenced by the project. Some of the stakeholders cover every section of the organization whether some have limited scope. Some of them are outsiders as government bodies. They must be informed about the necessary information. To deliver a product on the basis of customer's demand is not enough for the success of a project. Projects must meet all the expectation of stakeholder. Work Plan - ANSWER- An outline of a group of goals with the help of which project team can reach those goals. The aim of the project work plan is to promote efficiently, systematized and completion of the project according to budget, schedule, and requirements. It presents all the tasks involved in a project, who is responsible for each task and when these tasks will be completed. It includes the job scope, work product definition, task sequencing, budget, schedule etc. Baseline - ANSWER- One of the most popular project management terms among project managers. A baseline is used to measure the performance of the project. There are three baselines in project management. These are: *Schedule baseline *Cost baseline *Scope baseline The combination of these three is considered as complete performance measurement baseline. Triple Constraint - ANSWER- All the projects are brought about under some constraints. A four components group (time, scope, cost and quality of the product) represented by a triangle with time, scope and cost at corner side and quality at the central theme. There must a balance among all these components as the change in any one will impact the other components.