Which process involves documenting the actions necessary to define, prepare, integrate, and coordinate all subsidiary plans?
Answer(s): D
Process: 4.2. Develop Project Management PlanDefinition: The process of defining, preparing, and coordinating all subsidiary plans and integrating them into a comprehensive project management plan. The project’s integrated baselines and subsidiary plans may be included within the project management plan.Key Benefit: The key benefit of this process is a central document that defines the basis of all project work.Inputs1. Project charter2. Outputs from other processes3. Enterprise environmental factors4. Organizational process assetsTools & Techniques1. Expert judgment 2. Facilitation techniquesOutputs1. Project management plan4.2.3.1 Project Management PlanThe project management plan is the document that describes how the project will be executed, monitored, and controlled. It integrates and consolidates all of the subsidiary plans and baselines from the planning processes. Project baselines include, but are not limited to:Scope baseline (Section 5.4.3.1), Schedule baseline (Section 6.6.3.1), and Cost baseline (Section 7.3.3.1).Subsidiary plans include, but are not limited to:Scope management plan (Section 5.1.3.1), Requirements management plan (Section 5.1.3.2), Schedule management plan (Section 6.1.3.1), Cost management plan (Section 7.1.3.1),Quality management plan (Section 8.1.3.1), Process improvement plan (Section 8.1.3.2),Human resource management plan (Section 9.1.3.1), Communications management plan (Section 10.1.3.1), Risk management plan (Section 11.1.3.1), Procurement management plan (Section 12.1.3.1), and Stakeholder management plan (Section 13.2.3.1).Among other things, the project management plan may also include the following:Life cycle selected for the project and the processes that will be applied to each phase; Details of the tailoring decisions specified by the project management team as follows:○ Project management processes selected by the project management team,○ Level of implementation for each selected process,○ Descriptions of the tools and techniques to be used for accomplishing those processes, and○ Description of how the selected processes will be used to manage the specific project, including the dependencies and interactions among those processes and the essential inputs and outputs.Description of how work will be executed to accomplish the project objectives;Change management plan that documents how changes will be monitored and controlled; Configuration management plan that documents how Configuration management will be performed; Description of how the integrity of the project baselines will be maintained;Requirements and techniques for communication among stakeholders; andKey management reviews for content, the extent of, and timing to address, open issues and pending decisions.The project management plan may be either summary level or detailed, and may be composed of one or more subsidiary plans. Each of the subsidiary plans is detailed to the extent required by the specific project. Once the project management plan is baselined, it may only be changed when a change request is generated and approved through the Perform Integrated Change Control process.
Which Project Management Process Group includes Collect Requirements, Define Activities, Sequence Activities, Perform Qualitative Risk Analysis, and Perform Quantitative Risk Analysis?
Answer(s): C
Planning Process Group4.2 Develop Project Management Plan5.1 Plan Scope Management5.2 Collect Requirements5.3 Define Scope5.4 Create WBS6.1 Plan Schedule Management6.2 Define Activities6.3 Sequence Activities6.4 Estimate Activity Resources6.5 Estimate Activity Durations6.6 Develop Schedule7.1 Plan Cost Management7.2 Estimate Costs7.3 Determine Budget8.1 Plan Quality Management9.1 Plan Human Resource Management10.1 Plan Communications Management11.1 Plan Risk Management11.2 Identify Risks11.3 Perform Qualitative Risk Analysis11.4 Perform Quantitative Risk Analysis11.5 Plan Risk Responses12.1 Plan Procurement Management13.2 Plan Stakeholder Management
A work package has been scheduled to cost $1,000 to complete and was to be finished today. As of today, the actual expenditure is $1,200 and approximately half of the work has been completed. What is the cost variance?
Answer(s): A
Which type of managers do composite organizations involve?
Assigned risk ratings are based upon:
Answer(s): B
11.3.2.2 Probability and Impact MatrixDefinition: can be prioritized for further quantitative analysis and planning risk responses based on their risk rating.Ratings are assigned to risks based on their assessed probability and impact. Evaluation of each risk’s importance and priority for attention is typically conducted using a look-up table or a probability and impact matrix. Such a matrix specifies combinations of probability and impact that lead to rating the risks as low, moderate, or high priority. Descriptive terms or numeric values can be used depending on organizational preference.Probability and impact matrix. A probability and impact matrix is a grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs. Risks are prioritized according to their potential implications for having an effect on the project’s objectives. A typical approach to prioritizing risks is to use a look-up table or a probability and impact matrix. The specific combinations of probability and impact that lead to a risk being rated as “high,” “moderate,” or “low” importance are usually set by the organization.
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