PMI-ACP (verified answers) latest 2023

PMI-ACP (verified answers) latest 2023Internal Rate of Return (IRR) The discount rate at which the project inflows (revenues) and project outflows (costs) are equal. Internal rate of return (IRR) shows the earning potential for a project. A higher rate of return, or discount rate, means a better investment proposition. So to use IRR to evaluate projects, we calculate the IRR for each project and then select the project with the highest IRR. Costs and revenue are rolled into the calculation of the rate of return, rather than being considered separately. earned value management metrics are looking good The project is still on track to meet its spending, scope, and schedule targets Kaizen continuous improvement. The agile practice that best reflects kaizen is holding regular team retrospectives. Kaizen is an approach to continuous improvement that focuses on small, incremental changes initiated by the team members. team space The place where the team members are physically located minimal viable product Releasing a minimal viable product can bring early return on investment while the remainder of the project is still underway. How to weigh value of two project To weigh the value of two projects, we would calculate the NPV of both projects (to determine their value in today's terms), and select the one that has the higher value. How would you describe your Scrum team? We are empowered to manage our own work. Self Organizing Team Each Team Member is responsible for managing their own work and the team is collectively responsible for deciding who will work on which tasks. They also are responsible for dealing with conflict, setting team norms, and committing to the scope of work each sprint. A self-organizing team is empowered to determine how to reach the sprint goal that has been jointly agreed-upon with the product owner Prune the Product Tree aims to get the team brainstorming and evaluating the product's functionality and feature help stakeholders gather and shape requirements Remember the Future Vision setting The collaborative game Remember the Future involves imagining that the project (or a part of the project, such as a release) has been completed successfully. The stakeholders come up with a list of everything was completed and delivered to yield this successful outcome; this helps the team better understand the stakeholders' definition of success and how to achieve that outcome. Sailboat/Speedboat identify threats and opportunities for projects buy a feature Prioritization exercise bang for the buck value vs cost rankings value stream analysis Value stream 1) Series of activities that create value in a product or service from the perspective of the customer rather than from the perspective of employees or management within the company. 2) During process mapping, the Six Sigma team will divide the activities into three categories: value-added activities, business-value-added activities, and non-value-added activities. Forming the first stage of team development, in which team members meet each other, form initial impressions, and begin to establish team norms storming the second stage of development, characterized by conflict and disagreement, in which team members disagree over what the team should do and how it should do it norming the third stage of team development, in which team members begin to settle into their roles, group cohesion grows, and positive team norms develop performing the fourth and final stage of team development, in which performance improves because the team has matured into an effective, fully functioning team Daily Stand-up Meeting The questions answered in the daily stand-up meeting are: What have you worked on since the last meeting? What do you plan to finish today? Are there any problems or impediments to your progress? Earned Value Management (EVM) One important reason why an agile team might want to use EVM metrics is that they are leading indicators that can be used to predict completion dates and final costs, and allow us to adjust our approach, if necessary Technique that combines measures of scope, schedule, and cost for evaluating project progress. Leading Metrics Leading metrics help us adapt and replan based on emerging issues predictive and outcome based *used to avoid future issues User Story As a <type of user>, I want <some goal> so that <some reason> Given, When, Then Shu Ha Ri a progression through the various levels; Shu = obey or protect, Ha = detach or digress, Ri = leave or separate Assess growing proficiency Wireframe Wireframes are used to create a model of the proposed product and get feedback about whether everyone has the same understanding of the product and clarify what "done" will look like. MoSCoW MoSCoW is a prioritization scheme in which product features can be assigned to the categories "Must have," "Should have," "Could have," and "Would like to have, but not this time.