CBP Project Management and Operations Flashcards

What is the purpose of a Risk Register in project management?

Answer: To record identified risks, their likelihood, impact, and response strategies

A risk register is a project management document that records all identified risks, their probability and impact ratings, assigned owners, and planned response strategies.

In operations management, what does 'Just-In-Time (JIT)' inventory mean?

Answer: Receiving goods only as they are needed in the production process

JIT is an inventory strategy where materials are ordered and received just as they are needed, reducing storage costs and minimizing waste.

What does a RACI matrix define in project management?

Answer: Roles and responsibilities: Responsible, Accountable, Consulted, Informed

A RACI matrix clarifies roles by assigning each task a designation: Responsible (does the work), Accountable (owns the outcome), Consulted (provides input), and Informed (kept updated).

What is the 'triple constraint' in project management?

Answer: Scope, Time, and Cost

The triple constraint (also called the iron triangle) represents the three competing demands in every project: scope, time, and cost — changing one affects the others.

What is the key difference between a project and an ongoing operation?

Answer: Projects are temporary with a defined start and end, while operations are continuous

A project is a temporary endeavor with specific objectives, defined start and end dates, and a unique deliverable, while operations are repetitive, ongoing business activities.

What is 'Earned Value Management (EVM)' used for in project management?

Answer: Measuring project performance and progress against the baseline plan

EVM integrates scope, schedule, and cost data to measure project performance and forecast future performance against the original project plan.