Analogous cost estimating relies on which of the following techniques?
Answer(s): A
4.1.2.1 Expert JudgmentDefinition: Expert judgment is often used to assess the inputs used to develop the project charter. Expert judgment is applied to all technical and management details during this process. Such expertise is provided by any group or individual with specialized knowledge or training and is available from many sources, including:Other units within the organization, Consultants,Stakeholders, including customers or sponsors, Professional and technical associations, Industry groups,Subject matter experts (SME), and Project management office (PMO).
A method to manage stakeholder expectations in the scope statement is to clearly:
Answer(s): C
Which type of management focuses on ensuring that projects and programs are reviewed to prioritize resource allocation?
Answer(s): D
1.4.2 Portfolio ManagementA portfolio refers to projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. For example, an infrastructure firm that has the strategic objective of “maximizing the return on its investments” may put together a portfolio that includes a mix of projects in oil and gas, power, water, roads, rail, and airports. From this mix, the firm may choose to manage related projects as one program. All of the power projects may be grouped together as a power program. Similarly, all of the water projects may be grouped together as a water program.Thus, the power program and the water program become integral components of the enterprise portfolio of the infrastructure firm.
One of the tools and techniques of the Manage Project Team process is:
9.4.2.3 Conflict ManagementConflict is inevitable in a project environment. Sources of conflict include scarce resources, scheduling priorities, and personal work styles. Team ground rules, group norms, and solid project management practices, like communication planning and role definition, reduce the amount of conflict.Successful conflict management results in greater productivity and positive working relationships. When managed properly, differences of opinion can lead to increased creativity and better decision making. If the differences become a negative factor, project team members are initially responsible for their resolution. If conflict escalates, the project manager should help facilitate a satisfactory resolution. Conflict should be addressed early and usually in private, using a direct, collaborative approach. If disruptive conflict continues, formal procedures may be used, including disciplinary actions.The success of project managers in managing their project teams often depends a great deal on their ability to resolve conflict. Different project managers may utilize different conflict resolution methods. Factors that influence conflict resolution methods include:• Relative importance and intensity of the conflict,• Time pressure for resolving the conflict,• Position taken by persons involved, and• Motivation to resolve conflict on a long-term or a short-term basis.There are five general techniques for resolving conflict. As each one has its place and use, these are not given in any particular order:Withdraw/Avoid. Retreating from an actual or potential conflict situation; postponing the issue to be better prepared or to be resolved by others.Smooth/Accommodate. Emphasizing areas of agreement rather than areas of difference; conceding one’s position to the needs of others to maintain harmony and relationships.Compromise/Reconcile. Searching for solutions that bring some degree of satisfaction to all parties in order to temporarily or partially resolve the conflict.Force/Direct. Pushing one’s viewpoint at the expense of others; offering only win-lose solutions, usually enforced through a power position to resolve an emergency.Collaborate/Problem Solve. Incorporating multiple viewpoints and insights from differing perspectives; requires a cooperative attitude and open dialogue that typically leads to consensus and commitment.Process: 9.4 Manage Project TeamDefinition: The process of tracking team member performance, providing feedback, resolving issues, and managing changes to optimize project performance.Key Benefit: The key benefit of this process is that it influences team behavior, manages conflict, resolves issues, and appraises team member performance.Inputs1. Human resource management plan2. Project staff assignments3. Team performance assessments4. Issue log 5. Work performance reports6. Organizational process assetsTools & Techniques1. Observation and conversation2. Project performance appraisals3. Conflict management4. Interpersonal skillsOutputs1. Change requests2. Project management plan updates3. Project documents updates4. Enterprise environmental factors updates5. Organizational process assets updates
The process of monitoring the status of the project to update project progress and manage changes to the schedule baseline is:
6.6.3.1 Schedule BaselineA schedule baseline is the approved version of a schedule model that can be changed only through formal change control procedures and is used as a basis for comparison to actual results. It is accepted and approved by the appropriate stakeholders as the schedule baseline with baseline start dates and baseline finish dates.During monitoring and controlling, the approved baseline dates are compared to the actual start and finish dates to determine whether variances have occurred. The schedule baseline is a component of the project management plan.Process: 6.7 Control ScheduleDefinition: Control Schedule is the process of monitoring the status of project activities to update project progress and manage changes to the schedule baseline to achieve the plan.Key Benefit: The key benefit of this process is that it provides the means to recognize deviation from the plan and take corrective and preventive actions and thus minimize risk.Inputs1. Project management plan2. Project schedule3. Work performance data4. Project calendars5. Schedule data6. Organizational process assetsTools & Techniques1. Performance reviews2. Project management software3. Resource optimization techniques4. Modeling techniques 5. Leads and lags6. Schedule compression7. Scheduling toolOutputs1. Work performance information2. Schedule forecasts3. Change requests4. Project management plan updates5. Project documents updates6. Organizational process assets updates
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