73 Free Online PMP Sample Questions On Initiating Project

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25 Free PMP Exam Questions On Initiating Project

73 Free Online PMP Sample Questions On Initiating Project - Page 1

A consensus decision is one that the entire group agrees to support, though they might not all have selected it as their first choice. It's achieved through an open communication process where all relevant issues are raised, debated, compromises made if required, and finally agreed upon.Building consensus needs solid scope background information and a clear understanding of organizational influences that will encourage the stakeholders to support the project. It is difficult to achieve consensus, but once consensus is reached, it ensures that the stakeholders will continue to support the project because each group of stakeholders is represented in the consensus decision.

What is Project Management?
What is a consensus decision?
What is a milestone?
Matrix organizations

After the sponsor decides to sponsor a particular project, it is important to formally recognize a project and authorize the project manager via a project charter. The sponsor issues the project charter to acknowledge agreement on the need and intent of the project. The project charter is a key output of the initiation phase.The image below provides a sample project charter. In a project charter, sponsors do the following:Authorize the project.Identify the project manager.Justify the project using cost-benefit analysis.Identify stakeholders.State the problem, business requirements, and product or service requirements.List deliverables.Describe the scope.Make high-level time and cost estimates.Define project phases and milestones.Identify high-level risks.List high-level assumptions and constraints.Discuss general project management approach.Determine acceptance criteria.

The Project charter
Project charter
Components of a Project Charter
Key project deliverables

Formal project initiation focuses on developing the project charter. The project charter is written and signed by an individual in the organization that has the power over the needed resources in the project; this person is the project sponsor. It's important to have the correct project sponsor because a person without the needed power over the project resources can wreck the project execution. In other words you don't want Anna the cafeteria cook signing your project charter to update the company's network. Anna may be nice, but she doesn't have the needed authority over the resources and decisions in the project.The second, and last, process in initiating is to identify the project stakeholders. A stakeholder is anyone that is affected by the project 's existence. Stakeholders are usually defined as negative, positive, or neutral. A negative stakeholder, as you may guess, doesn't want the project to exist and may be difficult to work with. A positive stakeholder wants the project to exist and is in support

The Project Charter
Types of Project Constraints
The PMO
Project charter

A feasibility study determines and documents a project's viability. It is also used to refer to a resulting document. The result of this study decides whether or not to proceed with the project. A feasibility study can be used to test a proposal for a new system. The analysis of the feasibility study identifies whether a particular business concept can be realized as a scalable design. It can be used in many ways; however, it primarily focuses on the proposed business project. A feasible business project is one which can generate an adequate amount of cash inflows and profits. It understands the objective of business and finds out the correct solution design. It also analyzes the existing business strategy and provides a space analysis between the existing business state and the expected business state.

What is a milestone?
What is a consensus decision?
What is a Project?
What is a feasibility study?

Planning is the second process group or stage of a project. After the initiation stage, the system is designed. Occasionally, a small prototype of the final product is built and tested. Testing is generally performed by a combination of testers and end users, and can occur after the prototype is built or concurrently. The results of the design stage should include a product design that:Satisfies the project sponsor, end user, and business requirements.Functions as it was intended.Can be produced within quality standards.Can be produced within time and budget constraints.Controls should be in place that ensures that the final product will meet the specifications of the project charter.

Matrix organizations
Closing
Executing
Planning

Monitoring and controlling is a process group or stage that starts when the project is in the executing stage. This process overlaps the executing stage and planning stage. Monitoring and controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project. The key benefit is that project performance is observed and measured regularly to identify variances from the project management plan. Monitoring and controlling includes: Measuring the ongoing project activities (where we are)Monitoring the project variables (cost, effort, etc.) against the project management plan and the project performance baseline (where we should be).Identify corrective actions to properly address issues and risks (How can we get on track again.).Influencing the factors that could circumvent integrated change control so only approved changes are implemented.In multi-phase

Validating a project
Initiating the Project
Matrix organizations
Monitoring and Controlling

A matrix organization is characterized by: Low to moderate authority for the project managerA mix of full time and part time project resourcesBetter inter-departmental communication

The functional organization
A matrix organization
Matrix organizations
What is a milestone?

The project charter is the document that officially recognizes and acknowledges that a project exists. It helps define requirements and expectations to all involved in the project. A project charter is issued by the project sponsor. A project charter can be as simple as a one-page form for a very small project, briefly describing the project and listing the responsibilities and authority of the project manager. Charters can be much longer, however, depending on the size of the project. In addition to formally authorizing a project, the charter provides the project manager with the authority to apply organizational resources to project activities. Project charters are important to the success of a project. It's a good idea to have a project manager assigned to the project prior to the start of planning, and preferably while the project charter is being developed. Here's an example of a project charter.

Project objectives
Project Scope Statement
The Project charter
Project charter

What is a feasibility study?
Requirements analysis
Feasibility Study & Analysis
Definitive estimates

Functional requirements describe what the system must do to be successful. Technical requirements describe the context that the system must work in, including the operating environment, client/server topology and network protocols, hardware interfaces, and so on. Questions users should ask include:1. What are the services required?2. How should the system react to specific inputs?3. How should the system behave in specific situations?4. What shouldn't the system do?

Monitoring and Controlling
High level constraints
The functional organization
Functional and technical requirements

When a project charter is defined, there is a high level goal. At this level, certain high level assumptions are made about the project in terms of the potential benefits (opportunities) and costs (risks). The project manager expects certain things - these are the assumptions. If the assumptions prove wrong, or assumed resources or budgets are unavailable, the project plan based on the assumptions may be invalid. Key decisions are made based on assumptions, so it is important to do due diligence while listing high level assumptions.

High level assumptions
High level risks
High level cost estimates
Cost Estimation

The Cost Estimating process includes developing an approximation of the costs of the resources needed to complete project activities. This process comes under the Project Cost Management Knowledge Area.

Closing
Cost Estimation
The PMO
Definitive estimates

Because of the specialized nature of functional organizations, communication and decision-making processes can become bottlenecks. Since the functional units are not accountable to each other and share decision-making power, the process is more bureaucratic and tends to take longer. While the flow of communication within a department is expedient, communication between departments and synchronization of work and project completion is more difficult to manage. And last, but not the least, too much focus leads employees to neglect the larger view of the company and its objectives. However, while the functional organizational structure may not be very efficient for project focused organizations, but they do work well for smaller companies or those organizations that focus on a single product or service. Not designed to change quickly, functional structure works well in a stable environment where your business strategies are less inclined to need frequent changes or updating.

Advantages and disadvantages of a functional organization
A matrix organization
What is an invitation to bid (ITB)?
Projectized (Project Based) organization

Product development and project management methodologies are sometimes confused with one another. Product development methodologies provide details for how work is to be performed. For example, ISO 9001 requires that a design process include such activities as requirements definition, planning, verification, and validation. Project management also includes requirements definition and planning, but project requirements and plans tend to be broader than those needed strictly for product development and are more likely to change during the course of the project.

What is the difference between project and operations?
What are project management process groups?
What is the difference between project management and product development?
What is Project Management?

During the planning phase, it is important to include all stakeholders in the planning process. Involvement of all stakeholders during this phase is necessary because each stakeholder has specific skills and knowledge that is necessary to create a valid, useful project management plan. If the project manager does not include all stakeholders during the planning phase, successful project completion is doubtful, scope creep is likely, and other problems marring the project's success may arise.

Informal project drivers
Involving stakeholders during planning
Identify stakeholders
Gaining stakeholder consensus

Initiating is a process group or stage that occurs at the beginning of the project. It determines the nature and scope of the development. If this stage is not performed well, it is unlikely that the project will be successful in meeting the business's needs. The initiation stage should include a cohesive plan that encompasses the following areas: Analyzing the business needs in measurable goalsReview of the current operationsConceptual design of the operation of the final productEquipment and contracting requirements including an assessment of 'long-lead' itemsFinancial analysis of the costs and benefits including a budgetStakeholder analysis, including users, and support personnel for the projectProject charter including costs, tasks, deliverables, and scheduleThe key project controls needed here are an understanding of the business environment and making sure that all necessary controls are incorporated into the project. Any deficiencies should be reported and a recommendation should be made to fix them.

Closing
Planning
Initiating
The PMO

The project charter isn't complete until sign-off has been received from the project sponsor, executive leadership (for business critical projects), and key stakeholders. Sign-off indicates that the document has been read by those signing it and that they agree with the contents and are on board with the project. The signature signifies the formal authorization and acceptance of the project. Acceptance of the charter is also important to formalize the assignment of the project manager and their level of authority.

The Project Charter
Initiating the Project
Steps to validating a project
Obtaining approval (signature) for the project charter

In IT project terminology, a project = Temporary Endeavor. A project is "a temporary endeavor undertaken to create a unique product, service, or result . Building a bridge is a project, for example, as it is a temporary endeavor with a definite end result.

Project charter
Temporary Endeavor
The Project Charter
Planning

Executing is a process group or stage of a project. It starts after the planning phase of a project is over. It consists of the processes used to complete the work defined in the project management plan to accomplish the project's requirements. Execution process involves coordinating people and resources, as well as integrating and performing the activities of the project in accordance with the project management plan. The deliverables are produced as outputs from the processes performed as defined in the project management plan. The executing process group utilizes the most project time and resources.

Executing
Initiating
Planning
Closing

Every project in an organization should contribute to its overall strategic plan. This means every project must be integrated within the strategic plan. This integration requires a process for prioritizing projects by their contribution to the plan. Alignment of a project to the strategic plan is included within the business case, helping describe how the project and its outcomes will align to the organization's overall strategic plan. If the reason for the project does not support the strategic plan, there is really no reason to undertake the project. The business case should clearly show how the project is aligned to the strategic plan of the organization, and its return on investment.

Types of Project Constraints
Alignment of a project to the strategic plan
What is alignment to the strategic plan?
Project Scope Statement

As stated several times already in this book, a project is a temporary effort that has a beginning and end, with a very definite end result. And that end result is the delivery of a unique product / service. It is not repeated. For example, if your organization has embarked on a project to replace your ancient helpdesk system with a state of the platform SaaS (Software As A Service) solution, then at the end of the project, the deliverable should be the new helpdesk system.

Informal project drivers
Validating a project
Monitoring and Controlling
Delivering a unique product or service

One of the most important phases of project management is validation. The process of validation generally occurs as one step or multiple steps of the process, usually in stages and is used to determine if the project is meeting agreed upon specifications. Verification is the proof of compliance made by the project manager. This proof can be in the form of certification, or can be as simple as different area supervisors signing off on the phase of the project. Verification is ensuring that the tests run during the validation process produce the expected results. A Project Manager monitors the results through the process and compares them to the stage of the project. The procedure of validation and verification helps advance the project and measures progress.

What is a Project?
Validating a project
Initiating the Project
Steps to validating a project

A definitive estimate is almost always the most reliable of all estimating types for any project. Definitive estimates are based on the WBS and account for the total costs of all elements in the WBS. These estimates are prepared from well-defined data, specifications, drawings, etc., and are used for bid proposals, bid evaluations, contract changes, legal claims, permit, and government approvals.

High level cost estimates
Identify stakeholders
Project objectives
Definitive estimates

Alignment to the strategic plan is also included within the business case and it helps to describe how the project and its outcomes will align to the organization's overall strategic plan. If the reason for the project does not support the strategic plan, there is really no reason to undertake the project.

What is alignment to the strategic plan?
What is a consensus decision?
What is an invitation to bid (ITB)?
What is a milestone?

Some examples of project management software are Microsoft Project, Oracle Primavera, and Artemis Views. These types of tools give the project manager the ability to plan and track a project's progress. To use such tools effectively, the project manager must have a sound understanding of project management processes and procedures. Choosing the appropriate tool depends on the project's complexity, the project manager's level of experience with the software, and specific organizational standards. There might be certain project management tools organization will mandate that client should use.

Project management knowledge areas
The five phases of project management
Types of Project Constraints
Examples of project management software

Types of Project Constraints
What is Project Management?
Examples of project management software
The five phases of project management

A high-level budget or cost estimate is a summary of the estimated costs to complete the high-level project milestones. It is required to give the project sponsor an estimate of the total cost of the project. Generally, there are three types of costs that can be included in a high-level budget:1. Labor costs2. Material costs3. Non-labor costs

High Level Risk Assessment (HLRA)?
High level cost estimates
High level milestones
Project objectives

Informal project drivers are reasons for the project that might not be captured in a charter. For example, the real driver of a project might be something other than a sound business justification, such as political or power factors. It is important to identify any informal project drivers in order to avoid a project that is driven by things other than sound business needs. Three common informal project drivers are:Job securityPrestigeThe need to spend budgeted dollars (to get more the following year)Client can identify any informal project drivers through careful analysis of the stakeholder requirements and business needs of the organization. When performing the analysis, make sure you look for the following:Customer needs and requirementsLong-term strategic goalsAn actual business need for the project

Temporary Endeavor
Identify stakeholders
Informal project drivers
The Project charter

In a matrix organization, team members maintain a home in their department and report to both the functional manager and the project manager. The project manager is full-time on the project, while team members are part-time. Overall, a matrix organization constitutes a complex and costly but reasonably effective project organization. A weak matrix is between functional and a balanced matrix organization. A strong matrix is between a balanced matrix and 'projectized ' organization.

Matrix organizations
Planning
The functional organization
What is a milestone?

In project management terminology, resources are required to complete project tasks. They can be people, equipment, facilities, money, or anything else required for the completion of a project activity. The lack of a resource will therefore be a constraint or risk to project activity. Resources may be storable or non-storable. Storable resources remain available unless depleted by usage, and may be replenished by project tasks which produce them. Non-storable resources must be renewed for each time period, even if not utilized in previous time periods. Resources may be required for the entire duration of the project, at specific times, or for a specific period in time. Resource scheduling, availability and optimization are key factors to successful project management.

What is Project Management?
Informal project drivers
The Project charter
What or who are Project Resources?

73 Free Online PMP Sample Questions On Initiating Project