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Chapter 3_Project management professional

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C ost management is the completion of the project management triple constraint of cost, schedule, and scope. Each of these must be com- pleted in order to complete the project on time and on budget and to meet all of the customer’s expectations. In order to meet the cost goals of the project, the project must be completed within the...

Project Management Professional-Chapter 4

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H uman resources management is required to make the most efficient use of the project human resources. This includes all of the people involved in the project—the stakeholders, sponsors, customers, other departments, the project team, subcontractors, and all others.. Organizational planning involves the organizing of the human re- sources. These are the roles, responsibilities, and relationships of the people that...

Project Management Professional-Chapter 5

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R isk management is one of the most important areas of project man- agement that must be considered. Recall that one of the principles involved in good project management is establishing three baselines. The cost baseline of the project must represent all of the cost that will be incurred in the project. The scope baseline must represent all of the...

Project Management Professional-Chapter 6

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O ne of the goals of project management is to meet the expectations of the stakeholders of the project. Managing the quality of the proj- ect is the function that will allow this to happen. Quality manage- ment will include all the work that is necessary to ensure that each of the objectives of the project is met. In the...

Project Management Professional-Chapter 7

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M any times it is the project manager that is on the buying end of the project. Most of the time we think of projects as work that we are doing to produce a set of deliverables that will be delivered to some organizations. When this is done, the roles and responsibilities of the project managers change somewhat. After considering...

Project Management Professional-Chapter 8

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It is said that if good communications exist in a project, the team will be motivated and the project will succeed in spite of problems that might kill another project. It is often said that if a project manager has good communications skills and no other skills at all, the project team will get the project completed successfully in spite...

Project Management Professional-Chapter 9

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Professional Responsibility. T he Project Management Institute engaged the Columbia Assessment Service (CAS) to study the PMP examination process. This resulted in changes to the PMP examination. In fact, the exam was revised considerably as a result of the work that was done.. CAS began by analyzing the responsibilities of project management professionals (PMPs). The Project Management Professional (PMP) Role...

Project Management Professional-Chapter 10

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T he Project Management Institute (PMI) has constantly improved the PMP examination since it was first given and will continue to improve the exam as time goes on. April 2002 was significant because of the culmination of several factors that have had an influence on the PMP exami- nation. The Project Management Professional (PMP) Role Delineation Study was begun in...

Project Management Professional-Chapter 11a (Question)

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Work breakdown structure.. A person who is involved in or may be affected by the activities or anyone who has something to gain or lose by the activity of the project is called a:. A project manager is assigned to a project early in the project life cycle. One of the things that must be done is to do a...

Project Management Professional-Chapter 11b (Answer key)

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The chart of accounts is the system used to monitor project costs as defined by PMI.. It is the point where the net or cumulative cash flows equal zero. The net cash flow is the total of all the cash flows in and out of the company caused by the project. Calculating the net present value of the cash flows...

Project Management Professional-Chapter 12a (Question)

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The project is a rush job, and the contractor has agreed to schedule the work on a single shift basis but will work seven days per week until the job is done. The project is to begin on May 1.. What is the free float for activity F?. What is the free float for activity D?. What is the critical...

Project Management Professional-Chapter 12b (Answer key)

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Answers to the following questions can be found in chapter 2, ‘‘Time Manage- ment. Note that activities in a calendar schedule start on the beginning of the time period that they start on and end at the end of the time period that they finish on. The free float or slack is the amount of time that an activity can...

Project Management Professional-Chapter 13a (Question)

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A project manager wants to make a trip to California by car. The project manager knows how many miles it will be to drive to California, the current price of gasoline, and how many miles the car will go on a gallon of gasoline. From this information he or she can calculate the estimated cost of the gasoline for the...

Project Management Professional-Chapter 13b (Answer key)

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Both the cost and accuracy of parametric models vary widely. They are most likely to be reliable when the historical information used to develop the model was accurate, the parameters used in the model are readily quantifiable, and the model is scalable (i.e., it works as well for a very large project as for a very small one).. An analogous...

Project Management Professional-Chapter 14a (Question)

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What are the major advantages of the functional type of organization?. The project manager’s leadership style should be matched to the corre- sponding developmental level of the project team and should move through successive steps in the following order:. It is important that they be able to bring the correct shared resources together to work on different parts of the...

Project Management Professional-Chapter 14b (Answer key)

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The major advantage of the functional organization over those listed is that the organization is quite stable. Establishing direction—developing both a vision of the future and strategies for producing the changes needed to achieve that vision.. The pure project organization is best used in cases where the project is very large and some distance from the home office. The project...

Project Management Professional-Chapter 15a (Question)

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A project manager discovers that there is a part of the project that con- tains some risk. Which of the following must the project manager do?. The project manager should make certain that the project team does not reveal the risk to the supplier until the contract is signed.. The project manager should make every effort to make sure that...

Project Management Professional-Chapter 15b (Answer key)

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The supplier is aware of the risk and will put an allowance for the risk in the contracted price. This often means that the project team will pay the supplier for the cost of the risk regardless of whether the risk occurs.. Risk avoidance is eliminating the risk from consideration by doing something that will eliminate it as a possibility....

Project Management Professional-Chapter 16a (Question)

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The processes required to ensure that the project will satisfy the needs for which it was undertaken include all activities of the overall manage- ment function that determines the quality policy, objectives, and re- sponsibilities and implements them by means such as quality planning, quality control, quality assurance, and quality improvement, within the quality system. This is called:. Quality management.....

Project Management Professional-Chapter 16b (Answer key)

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Project quality management includes the processes required to ensure that the project will satisfy the needs for which it was undertaken. It includes ‘‘all activi- ties of the overall management function that determine the quality policy, ob- jectives, and responsibilities and implements them by means such as quality planning, quality control, quality assurance, and quality improvement, within the quality system.’’....