Project Planning & Execution Flashcards

A project manager notices that the critical path has shifted after a key deliverable slipped by three days. What is the FIRST action they should take?

Answer: Analyze the impact on the project end date

Analyzing the impact on the project end date allows the PM to understand the full scope of the schedule shift before taking corrective action.

During project planning, a team identifies a risk with a 40% probability and a $50,000 impact. What is the risk's Expected Monetary Value (EMV)?

Answer: $20,000

EMV is calculated as probability × impact: 0.40 × $50,000 = $20,000.

Which planning document defines the rules for how changes will be identified, documented, approved, and controlled throughout the project?

Answer: Change management plan

The change management plan establishes the processes and authorities for evaluating and approving project changes.

A project has a Schedule Performance Index (SPI) of 0.85. What does this indicate?

Answer: The project is behind schedule

An SPI below 1.0 means the project is accomplishing less work than planned, indicating it is behind schedule.

When decomposing a project into a Work Breakdown Structure (WBS), what is the lowest level of the WBS called?

Answer: Work package

The work package is the lowest level of the WBS and represents deliverables that can be scheduled, cost-estimated, and assigned.

A sponsor asks a project manager to compress the schedule without increasing costs. Which technique should the PM consider FIRST?

Answer: Fast tracking

Fast tracking overlaps sequential activities in parallel and typically does not add direct cost, making it the preferred first option.

Which process group is responsible for coordinating people and resources to carry out the project management plan?

Answer: Executing

The Executing process group involves directing and managing project work to meet the project objectives defined in the plan.