Bembong 2025 Flashcard

Front

What plan must align with how the organization normally handles costs and is created by project managers?

Back

projects cost management plan

Front

is “a technique for estimating the duration or cost of an activity or project using historical data from a similar activity or project.” Analogous estimating was the technique used in Denver in this chapter’s opening vignette.

Back

Analogous estimating

Front

Supporting detail for project cost estimates includes: Issue log, change requests, communications plan, project timeline, and performance metrics; describing the scope, method used to create the estimate, assumptions, constraints, and range of possible outcomes; Work breakdown structure, earned value reports, stakeholder input, resource calendar, and risk triggers; Budget forecast, lessons learned, team structure, vendor quotes, and quality requirements.

Back

describing the scope, method used to create the estimate, assumptions, constraints, and range of possible outcomes

Front

MS Project allows: Bottom-up and summary level cost modeling.

Back

Bottom-up and summary level cost modeling.

Front

Anything that may impact the project team’s ability to achieve the general project success measures and the specific project stakeholders’ priorities.

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Project Risk

Front

How can risks be categorized in project management?

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Risks can be categorized by what they impact (cost, schedule, scope, quality) or where they come from (internal/external, operational/strategic), and organizations often tailor lists to specific project types.

Front

What are common techniques and tools used to identify project risks once risk management planning is in place? Options: Organizational chart, team charter, responsibility assignment matrix, and lessons learned; Information gathering, reviews, understanding relationships, and the risk register; Performance evaluations, resource calendars, cost baseline, and issue log; Team-building activities, stakeholder interviews, project milestones, and status reports

Back

Information gathering, reviews, understanding relationships, and the risk register

Front

What should a project team do after identifying potential risks?

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Analyze and determine which risks are major, assess how well each is understood, check data reliability, and report key risks to decision-makers.

Front

What is the purpose of performing qualitative risk analysis in project management?

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To evaluate and categorize risks, prioritize them, and develop actions for major risks.

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What is the purpose of identifying cause-and-effect relationships in qualitative risk analysis?

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To understand the root causes of problems, which can help in proactively managing risks and developing appropriate responses.