FREE Best PMBOK Guide Question and Answers
You are in charge of your company's software upgrading project. Your project sponsor has a great deal of authority over project decisions, but you recently learned that he doesn't have much interest in your project. You require the ongoing assistance of your project sponsor to successfully execute the project.
Which approach to stakeholder management ought your project sponsor to take?
A grid of power/interest classifies stakeholders according to their level of influence (power) and interest (interest) in the project's results. This grid is used for stakeholder analysis and management. Following are the categories and suggested management techniques:
Low-power and low-interest: only monitor
High interest/low power: stay informed
High-power/low-interest: maintain composure
High-power/high-interest: carefully handle
Maintaining the sponsor's satisfaction is the ideal course of action under the circumstances as mentioned in the scenario since the sponsor may be categorized as high-power and low-interest based on this scenario.
You notice that project expenses are greater than anticipated at this stage of the project as you keep an eye on the cost baseline for your project.
What is the most probable reason for the difference?
Allocating and utilizing physical resources, such as materials, equipment, and supplies, effectively is the main focus of physical resource management. As the project develops, organizations should have information on how much inventory to maintain on hand. Increased project costs may be caused by ineffective resource management and control. You've concluded that expenses in the aforementioned situation are more than anticipated. Failure to maintain proper inventory levels is one of the factors that contribute to rising prices. If compared to the cost baseline, having too much stock on hand could mean that the costs for those goods were discovered earlier than anticipated.
You are having trouble breaking down the testing work package into the last few tasks necessary to finish the work package. Prior to the system being at least 50% created and more information becoming available, specific testing strategies and activities cannot be specified. The work package for system development will be finished in at least three months.
What is the best approach to fixing this issue?
An example of rolling wave planning is deferring the breakdown of the system testing work package until later in the project. With rolling wave planning, which is an iterative planning method, the work that has to be done right away is planned in great detail while the work that needs to be done later is planned at a higher level. A deliverable or subcomponent that won't be completed for a long time may not be able to be broken down. The work breakdown structure (WBS) details are typically produced by the project management team after the deliverable or subcomponent has been decided upon. Therefore, the ideal course of action is to employ rolling wave planning, decompose the work package for system development right away, and then decompose the work package for system testing later, as additional project data becomes available.
The project's goal is to look into the technical, economic, and social viability of building a hydroelectric dam. The project sponsor has now approved the project charter that the project manager drafted on their behalf.
Which procedure from the list below has to be done next?
The Identify Stakeholders method involves locating all individuals or groups who will be impacted by the project and collecting pertinent data about their goals, level of participation, and influence over the project's outcome. The Identify Stakeholders process and the Develop Project Charter process are both parts of the Initiating Process Group, which must be finished before moving on to the Planning Process Group activities. Since the project charter has been created and authorized in this situation, the Identify Stakeholders step should be carried out next.
A business is thinking about the projects Alpha and Beta. Project Beta is anticipated to generate a net profit of $45 million, while Project Alpha is anticipated to generate a $50 million profit. Both initiatives may be highly profitable and rewarding. The corporation may only invest in one of these initiatives, according to the financial controller, who made this statement.
What will the opportunity cost be if project Alpha is chosen?
The value of the alternative that is not selected is referred to as opportunity cost. The opportunity cost of choosing project Alpha over project Beta, or forgoing the potential profit of $45 million from project Beta, is $45 million, which is project Beta's market value.
The document including the description, owner, source, priority, and status of product requirements is requested by the project sponsor.
The project sponsor is asking for which project document.
In this case, the project sponsor asked for a document that details the precise specifications for the products needed for your ongoing project. The requirements traceability matrix is a grid that connects the origin of product requirements to the deliverables that meet those criteria. A unique identity, a written explanation of the need, the justification for inclusion, owner, source, priority, version, current status, and status date are examples of typical properties used in the requirements traceability matrix. Stability, complexity, and acceptance criteria are possible additional features to make sure that the need has satisfied stakeholders.
You're going to begin making plans for a significant and complicated project. The creation of a thorough project management strategy will be essential due to the project's magnitude, as well as regulatory and environmental constraints.
What should you do first as a starting point for basic project planning?
The statement in the question that project planning will soon start suggests that project initiation has already been accomplished. As part of project initiation, the project charter is developed during the Develop Project Charter phase. The project charter serves as the basis for the project team's initial planning. Depending on the complexity of the project and the information available at the time of its preparation, the type and quantity of material in the project charter vary. The project charter should, at the very least, outline the broad project details that will be expanded upon in the other parts of the project management plan.