Project Management The Managerial Process 5th Edition Quiz Answers PDF: Solutions and Explanations

The chances of risk events and estimated costs changing over the project life cycle arehigh. These events will impact project change control mechanisms. Moreover, suchchanges could be significant enough to require changes in scope. The project managermust ensure that these changes are recorded and kept updated. Otherwise the integrityof the project control system will quickly deteriorate and become useless as amanagement tool.

project management the managerial process 5th edition quiz answers pdf

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Budget reserves are established to cover identified risks that occur whileimplementing a project work package or activity. If the risk does not materialize, thefunds are removed from the budget reserve. The management reserve coversunforeseen risks and applies to the total project. These reserves are usually controlledby top management, the owner, and/or the project manager. Budget and managementreserves are independent of each other.

If a change control process is not used, budgets and plans will self-destruct quickly.Tracking changes facilitates control and accountability of budgets and time. Inaddition, change control allows for coordination of changes further on in the project.

Essentially the same process that is used to manage negative risks is applied topositive risks. The major differences occur in the responses. Instead of avoidingnegative risks, project managers often try to exploit positive risks by taking action toensure that the opportunity occurs. Instead of transferring risks to another party,project managers often share positive risks to increase the likelihood the opportunitycan be exploited. Instead of mitigating negative risks, project managers will takeaction to enhance the likelihood the opportunity will occur and/or increase thepositive impact of the opportunity. Finally, project managers will often choose toaccept both negative and positive risks, but be prepared to respond if either occurs.

How do you get people to talk about risk in a practical manner? How can you articulate risk? Where is the greatest opportunity to reduce project risks? How do you get management to support contingency funds? How can we improve estimating procedures for time, cost, and technical risks?

Students should discover a wide range of information with this search. Among thesites the authors found included consulting firms, advertising, training andassessments, open forums concerning specific kinds of projects, benchmarkinginformation, and risk portfolios. In addition to finding consulting firms that mayprovide valuable services, students should be aware of the variety of Internetcommunities related to project management that provide valuable information notonly about risk management, but project execution.

In general, students find this to be an interesting exercise that clearly illustrates the riskmanagement process. The clear preference is to work on the fly-fishing expedition, butnormally there are enough students who want to work on the other three cases. Studentshave no problems identifying meaningful risks. However, one risk that is often ignored isthe project being canceled before it is completed. For example, the president of BlueNote,Inc. may decide to cancel the trip due to pressing business that requires top managementattention. Similarly, the construction and LAN projects may be canceled due to a lack offunds.

Why do project stakeholders lose interest in project risk after the project is under way? What are the dangers of not keeping on top of risk management during implementation? What kind of business is Futuronics in?

Brainstorm specific actions that will encourage project stakeholders to continue toscan and track the project environment for risk events. Suggest three concreteactions or scenarios that will encourage project stakeholders to change theirbehavior and truly support risk management while projects are being implemented.The following outline headings may be helpful in developing possible actions thatwould improve/enhance stakeholder support.

PM A : I use past retrospectives (lessons learned) to show positive or negative examplesof the importance of sustaining risk management. Since the retrospectives are our pastprojects, it encourages participation. Another idea I use is to work hard at making theproject sponsor well aware of known project risks and the need for contingency funds. IfI do a good job of getting buy-in on risk and contingency from the sponsor, it is easier toget support to sustain risk management throughout the project.

PM B : We find the best way to sustain risk management during the project is to make abig point of assigning the responsibility for a known risk to one person. As the projectprogresses, if the responsible individual for a specific risk even has a hint that theprobability of their identified risk is increasing, they will want every stakeholder to beaware. This model often results in gaining support for sustaining risk management overthe lifecycle. (Be careful that the person assigned is conscientious and responsible.)When tracking risk events, ask each person responsible for a known risk event to reportstatus (e., 0-5, five being high probability it could happen). Ask if potential new riskscan impact the risk which they are responsible.

Have risk assessment an integral part of progress reports Give prizes to individuals who identify legitimate new risks Include on-going risk management as a significant criteria for evaluating project performance.

Sustaining interest in risk management is an often neglected problem. The costs of notcarefully managing project risk have been proven to be significant; hence, the problem.Addressing the problem will require an organizational support.

This case includes several topics. The embedded key concepts from the case areorganization support, risk management, training, stakeholder management, conflictresolution, and strategic management. The case is an example of the sociocultural andtechnical dimensions of project management.

In an effort to standardize project management information and practices, a team of over 80 PMI members created the text, A Guide to the Project Management Book of Knowledge (PMBOK Guide) Currently in its fifth edition, the PMBOK Guide is continually being updated by the PMI and shares the fundamental best practices that are used worldwide to achieve the best results. The PMBOK Guide includes a process standard that can be applied to many projects; however, it does recognize that each project is different. It is up to PMPs to apply the techniques and phases covered in the PMBOK Guide to the unique requirements of their project.

Ready to get more out of your project management efforts? Visit our comprehensive project management guide for tips, best practices, and free resources to manage your work more effectively.View the guide

Project management can be divided into five phases. First, stakeholders initiate the project, and then define and plan it. Next, the team executes the project and monitors its performance. Finally, once the project is completed, it must be closed out.

The goal of project initiation is to broadly define the project. This process usually begins with a business case or project charter. If research or feasibility testing is necessary, you should complete it during this phase.

The planning phase is key to successful project management and focuses on developing a roadmap for the team to follow. During the planning phase, project managers should organize their teams, set up collaborative resources, and set goals.

While the project monitoring phase has a different set of requirements, these two phases often occur simultaneously. Tip: Consider using cloud-based project management software so team members can update task status in real time.

When practicing PMP questions and answers or with a mock exam, take notes, especially on the questions that you answer incorrectly. Then, go back to the related project management knowledge area and reread the topic to strengthen your knowledge. That is the only way to absorb all the knowledge you need for the project management processes you will see in the PMP Exam.

In order to help your project management education, we will go through 40 Free PMP questions, answers, and detailed explanations in this post. We will provide the rationales for each PMP question and answer. You will see the relationship of each PMP question and answer with the project management knowledge areas of the PMBOK Guide.

During a team meeting, a team member asks about the measurements that will be used on the project to judge performance. The team member feels that some of the measures related to the activities assigned to him are not valid measurements. The project is BEST considered in what part of the project management process?

The answer is D. Ask management how the new project will affect your project. Since this is another project that your company is going to execute, you need to determine whether it will impact your project.

The answer is C. Historical information. The first thing to explore before starting a new project is the historical information about similar projects in the organizational process assets library of the organization.

You are the program-level manager with several project activities underway. In the executing process group, you begin to become concerned about the accuracy of progress reports from the projects. What would BEST support your opinion that there is a problem?

The answer is C, lack of resource-leveling. If you read the clauses again, here the problem is the activities or the tasks that need to be performed in the project are not clear. So, the reasons for these ambiguities, or these unclear points about the tasks that will be performed can be the lack of a WBS. If the project activities are not decomposed and a WBS created, then this might be causing ambiguities in your project tasks. Also, if you do not have a clear and concise responsibility assignment matrix, then the resources of your project will have unclarity about who will do what in the project. Also, if the team was not involved in project planning, then the required steps, tasks, and activities that need to be performed in the project may not have been identified. So, options A, B, and D are the possible reasons for this case mentioned in the question. However, lack of resource leveling might be the cause of the scheduling problem. Resource leveling is a technique used in the schedule management knowledge area, which enables the uniform distribution of tasks and activities in a project. 2ff7e9595c