A project is often initiated based on business needs and what adds the most value. In order to decide which project to initiate, the initiating organization or team needs to evaluate all potential projects based on a set of criteria: For example, a financial criteria like return on investment.
The goal here is to understand the business needs and organizational strategy and evaluate the solutions proposed to meet those needs. Then you can create a business case for the project that adds the most value and select a project to initiate based on the business case. This is usually done by collaborating with relevant stakeholders. A deliverable is any unique and verifiable product, result or capability to perform a service that is required to be produced to complete a process, phase or project.
Once a project has been chosen, its initial scope and deliverables need to be identified and agreed on to ensure they meet the project objectives. For example, in delivering a software application, the key features have to be agreed upon based on the business needs of that application. A stakeholder is anybody who can be impacted positively or negatively by the project.
Some of them may also be able to influence the direction of the project. Understanding the stakeholders, their interest and level of influence helps engage and manage them better and has potential impact on the success of the project. The result of stakeholder analysis is a list of all stakeholders and their interests, rights, knowledge and contribution.
A risk is anything uncertain that may occur and affect the outcome of the project. An assumption is something you are unsure about but is considered true at this stage of the project. A constraint is anything that limits the possibilities.
It is important to identify the high-level risks, assumptions and constraints that affect the project early in order to determine feasibility, create an effective project plan and put contingencies in place where needed. An example would be a potential problem with the schedule as a result of organizational change.
The project charter is a document that formally authorizes the project manager to start the project. It shows that the project aligns with the strategy of the initiating organization, and it has all the high-level information about the project: project purpose, objectives, high-level requirement, risks, stakeholders, assigned project manager, and the name and authority of the sponsor. It ensures that everyone involved has the same understanding of the project, justification and scope. The project charter has to be approved by the sponsor in order for the project to start.
The project cost is often compared with the potential benefits. This is to clarify the value that will be gained from doing a project.
The value of a project does not necessarily have to be financial; it can also be strategic, showing how it strategically aligns with the organization. The analysis will also highlight methods that will be used to show the benefits that have been realized and the timeframe for realizing those benefits.
The project charter approval signifies the beginning of the project. It is important to note that the project management exam is based on tasks explained above and outlined in the examination content outline, not the PMBOK. You should focus on the following:. Analytical skills: This is the ability to break down, visualize and solve complex problems or consider various factors in a decision-making process.
Examples are root cause analysis used to determine the basic underlying reason that causes a variance, defect or risk and multicriteria decision often used to prioritize. Benefit analysis techniques: This is the ability to show what the benefit of the project is. For example: Calculating the net present value or return on investment is often needed to justify the business case and make a decision. All of the following represent reasons why you would create a lessons learned document with the exception of: a.
Creates an archive to advise future project teams about types of projects and resources they should avoid when initiating similar projects b. Serves as a historical record for what worked and what did not work in your project so that future project teams can make use of the information c.
Used as a phase-end review tool so the team can implement incremental process improvement activities for the subsequent phases d. Gives all project stakeholders a chance to input what issue resolution approaches were most effective for them on the project You are a project manager in an organization with a strong PMO.
What do you do? Call law enforcement and report the individual b. Report the individual to PMI c. Report the individual to his senior manager d. Work performance information b. Work performance data c. Work performance report d. Initiating c. Executing d. Cyclical planning b. Quantified elaboration c.
PERT estimates d. Rolling wave planning All the following happen in the Initiating process with the exception of: a. Choose the project team b. Determine stakeholders c. Identify processes and standards d. Create the project charter The team has completed all design work and is ready to start creating a product of the project. There are construction and IT elements in this project, and the project manager has leaned heavily on the subject matter experts in the organization for their technical expertise and know-how. You have determined that some of the work needs to be contracted to an external vendor who has the necessary expertise to deliver what is needed for the project.
You are in the process of selecting a vendor. What process group are you in? Monitoring and Controlling d. Executing In the Monitoring and Controlling process group, one of the primary goals of that group is to monitor and control the project work. What is the second equally important, major goal of the monitoring and control process?
Quality control b.