Bachelor of Science in Engineering Management: Project Management Fundamentals Flashcards

Which project management process group is responsible for defining and authorizing a project or phase?

Answer: Initiating

The Initiating process group formally authorizes the project and defines its initial scope and resources.

A project manager notices that the Earned Value (EV) is $50,000 and the Actual Cost (AC) is $65,000. What does this indicate?

Answer: The project is over budget

A negative cost variance (EV - AC = -$15,000) means the project has spent more than the budgeted value of work completed.

What is the primary purpose of a project charter?

Answer: To formally authorize the project and grant the PM authority

The project charter formally authorizes the project and grants the project manager the authority to apply organizational resources.

In the context of the Critical Path Method (CPM), what is 'float' (also called slack)?

Answer: The amount of time an activity can be delayed without delaying the project end date

Float or slack is the amount of time a non-critical activity can be delayed without affecting the project's overall completion date.

Which conflict resolution technique involves finding a solution that satisfies all parties to some degree?

Answer: Compromising

Compromising seeks a solution where each party gives something up, resulting in a mutually acceptable outcome.

A project's Planned Value (PV) is $80,000 and Earned Value (EV) is $60,000. What is the Schedule Variance (SV)?

Answer: -$20,000

Schedule Variance = EV - PV = $60,000 - $80,000 = -$20,000, indicating the project is behind schedule.

Which tool is most useful for identifying the root cause of a project quality problem?

Answer: Fishbone (Ishikawa) diagram

The fishbone (Ishikawa) diagram visually maps potential causes of a problem to identify its root cause.