OMIS 352 Final Exam UPDATED
Questions and CORRECT Answers
Project Charter - CORRECT ANSWER✔✔- Starts the whole process
Scope - CORRECT ANSWER✔✔- Defines the work to be done
Resources - CORRECT ANSWER✔✔- Things we need to complete charter
Definition Phase - CORRECT ANSWER✔✔- Develops vision and approach, writes mission
statement, produces product charter
Planning Phase - CORRECT ANSWER✔✔- Develop strategy, plan implementation,
produces project management plan
Execution and Control - CORRECT ANSWER✔✔- Monitoring progress, taking corrective
action, execute change management plant, execute implementation plan
Closeout - CORRECT ANSWER✔✔- Review of Project
Project Life Cycle - CORRECT ANSWER✔✔- Conception --> Definition --> Planning -->
Execution --> Closeout
Systems Development Life Cycle - CORRECT ANSWER✔✔- Planning --> Analysis -->
Design --> Implementation --> Maintenance
Scope Management - CORRECT ANSWER✔✔- Create scope management plan, collect
requirements, defining scope, create work breakdown structure (WBS), Validating and
Controlling scope
Project Network Diagram - CORRECT ANSWER✔✔- Uses WBS as basis, requires
determining parallel activity, requires estimate of activity (PERT)
, Critical Path Analysis - CORRECT ANSWER✔✔- The longest path in project network and
the shortest time in which the project can be completed. Path with zero (float) slack. MUST
be monitored.
Stakeholder Analysis - CORRECT ANSWER✔✔- Identify: Stakeholders, Interest (+1 to -1),
Influence (0 to 5), Potential Conflicts, Role, Objective, Strategy
Communications Plan - CORRECT ANSWER✔✔- Stakeholders, Information
Requirements, Type of Report or Metric, Timings or Availabilities, Medium or Format
Project Metrics - CORRECT ANSWER✔✔- Understandable, Quantifiable, Cost effective,
Proven, Effective
Earned Value - CORRECT ANSWER✔✔- A performance measurement of how much
budget we really should have spent for work accomplished so far.
EV = Planned Value (PV) x % complete
Silence can Kill a Project - CORRECT ANSWER✔✔- No news is bad news
Project Risk - CORRECT ANSWER✔✔- An uncertain event or condition that, if it occurs,
has a positive or negative effect on one or more project objectives such as scope, schedule,
cost, and quality.
Risk appetite - CORRECT ANSWER✔✔- the degree of uncertainty an entity is willing to
take on in anticipation of a reward.
risk tolerance - CORRECT ANSWER✔✔- the degree, amount, or volume of risk that an
organization or individual will withstand.
risk threshold - CORRECT ANSWER✔✔- measures of uncertainty or level of impact at
which a stakeholder may have a specific interest.
Questions and CORRECT Answers
Project Charter - CORRECT ANSWER✔✔- Starts the whole process
Scope - CORRECT ANSWER✔✔- Defines the work to be done
Resources - CORRECT ANSWER✔✔- Things we need to complete charter
Definition Phase - CORRECT ANSWER✔✔- Develops vision and approach, writes mission
statement, produces product charter
Planning Phase - CORRECT ANSWER✔✔- Develop strategy, plan implementation,
produces project management plan
Execution and Control - CORRECT ANSWER✔✔- Monitoring progress, taking corrective
action, execute change management plant, execute implementation plan
Closeout - CORRECT ANSWER✔✔- Review of Project
Project Life Cycle - CORRECT ANSWER✔✔- Conception --> Definition --> Planning -->
Execution --> Closeout
Systems Development Life Cycle - CORRECT ANSWER✔✔- Planning --> Analysis -->
Design --> Implementation --> Maintenance
Scope Management - CORRECT ANSWER✔✔- Create scope management plan, collect
requirements, defining scope, create work breakdown structure (WBS), Validating and
Controlling scope
Project Network Diagram - CORRECT ANSWER✔✔- Uses WBS as basis, requires
determining parallel activity, requires estimate of activity (PERT)
, Critical Path Analysis - CORRECT ANSWER✔✔- The longest path in project network and
the shortest time in which the project can be completed. Path with zero (float) slack. MUST
be monitored.
Stakeholder Analysis - CORRECT ANSWER✔✔- Identify: Stakeholders, Interest (+1 to -1),
Influence (0 to 5), Potential Conflicts, Role, Objective, Strategy
Communications Plan - CORRECT ANSWER✔✔- Stakeholders, Information
Requirements, Type of Report or Metric, Timings or Availabilities, Medium or Format
Project Metrics - CORRECT ANSWER✔✔- Understandable, Quantifiable, Cost effective,
Proven, Effective
Earned Value - CORRECT ANSWER✔✔- A performance measurement of how much
budget we really should have spent for work accomplished so far.
EV = Planned Value (PV) x % complete
Silence can Kill a Project - CORRECT ANSWER✔✔- No news is bad news
Project Risk - CORRECT ANSWER✔✔- An uncertain event or condition that, if it occurs,
has a positive or negative effect on one or more project objectives such as scope, schedule,
cost, and quality.
Risk appetite - CORRECT ANSWER✔✔- the degree of uncertainty an entity is willing to
take on in anticipation of a reward.
risk tolerance - CORRECT ANSWER✔✔- the degree, amount, or volume of risk that an
organization or individual will withstand.
risk threshold - CORRECT ANSWER✔✔- measures of uncertainty or level of impact at
which a stakeholder may have a specific interest.
