Project planning: putting it all together
Week 4 quiz answer
Weekly Challenge 4
Fill in the blank: The process of identifying and assessing potential risks and issues that may affect a project is known as _____.
- risk identification
- risk mitigation
- risk analysis
- risk management
When should project managers get involved in risk management?
- Regularly throughout the project
- At the beginning of the project
- at the end of the project
- Right after the start of the project.
As a project manager, you are practicing risk management. You've already defined potential risks, determined their likelihood, and prioritized them. You are now developing a plan to address and manage each risk. This represents which stage of risk management?
- analyze risks
- treat risks
- Identify risks
- Monitor and control risks
Which of the following are necessary steps to create a fishbone (or cause and effect) diagram? Select all that apply.
- Mitigate the causes
- identify categories
- define the problem
- Analyze the causes
Which of the following is a tool used to assess and prioritize project risks?
- fishbone diagram
- electrical network
- Probability and impact matrix
- Cause and Effect Diagram
Which of the following types of risk most commonly affects projects? Select all that apply.
- time risks
- scope risks
- inherent risks
- budget risks
What typically contains a risk management plan? Select all that apply.
- Probability estimates for each risk
- A mitigation plan for each risk
- an executive summary
- A competitive analysis for each risk
Why do project managers need to clearly communicate risks to key stakeholders? Select all that apply.
- So that they provide additional teammates if needed.
- Deflect blame for project issues, if necessary
- To increase trust in the relationship.
- To convince them to provide a budget increase if needed
As a project manager, you are identifying task dependencies. Task B cannot start until Task A starts. What kind of dependency does this situation represent?
- Finish to Start (FS)
- Fin a Fin (FF)
- Start to start (SS)
- From start to finish (SF)
What steps should be taken when updating a risk management plan? Select all that apply.
- Eliminate risks that are no longer relevant.
- Include any changes to the mitigation plans.
- Move the plan to a confidential folder.
- Add newly identified risks.
Question 11) Failing to participate in risk management for your project could have two of the following consequences? Question 12) When working through the risk management lifecycle, what is the primary objective when assessing a risk? Question 13) Which of the following tools can project managers use to generate ideas about possible causes of risks? Question 14) Fill in the blank: Once an organization has explored the inherent risks of a project, its willingness to accept the possible outcomes of those risks is known as _____. Question 15) Imagine that your company is considering using a provider. The supplier makes quality products, but has noticed that it has a reputation for delaying shipments. Ultimately, you decide to use a different provider. What risk mitigation strategy did you use?
Failing to participate in risk management for your project could have two of the following consequences?
When working through the risk management lifecycle, what is the primary objective when assessing a risk?
Which of the following tools can project managers use to generate ideas about possible causes of risks?
Fill in the blank: Once an organization has explored the inherent risks of a project, its willingness to accept the possible outcomes of those risks is known as _____.
Imagine that your company is considering using a provider. The supplier makes quality products, but has noticed that it has a reputation for delaying shipments. Ultimately, you decide to use a different provider. What risk mitigation strategy did you use?
Question 16) Which of the following is the best way to communicate a high-level risk to stakeholders? Question 17) As a project manager, you are identifying task dependencies. Task B cannot start until task A is completed. What kind of dependency does this situation represent? Question 18) Which of the following best describes the executive summary of the risk management plan?
Which of the following is the best way to communicate a high-level risk to stakeholders?
As a project manager, you are identifying task dependencies. Task B cannot start until task A is completed. What kind of dependency does this situation represent?
Which of the following best describes the executive summary of the risk management plan?
Question 19) Fill in the blank: A(n) _____ is a known and real issue that could affect a team's ability to complete a task.
Fill in the blank: A(n) _____ is a known and real issue that could affect a team's ability to complete a task.
Choose the best definition of inherent risk in relation to project management.
- The measure of a risk, calculated by its difficulty and frequency
- The measure of a risk, calculated by its causes and circumstances
- The measure of a risk, calculated by its probability and impact
- The measure of a risk, calculated by its time and dependencies.
What are the most common types of risk that can affect projects?
- Budget risks, scope risks and internal risks
- Time risks, budget risks and scope risks
- Budgetary risks, internal risks and external risks
- Time risks, budget risks and external risks
Fill in the blank: Four common ways to mitigate risk include _____.
- avoid it, accept it, reduce or control it and transfer it
- avoid it, accept it, ignore it and transfer it
- accept it, ignore it, reduce or control it and transfer it
- accept it, ignore it, reduce or control it and transfer it
As a project manager, you are identifying task dependencies. Task B cannot finish until Task A is completed: the tasks work at the same time. What kind of dependency does this situation represent?
- Start to start (SS)
- From start to finish (SF)
- Finish to Start (FS)
- Fin a Fin (FF)
Which of the following best describes the risk register in the risk management plan?
- A risk assessment technique such as the probability and impact matrix
- An introduction to project conditions and a summary of potential risks.
- A description of each risk, its risk rating and a mitigation plan
- A list of general information such as plan status, creation date, and upload date
Which of the following are examples of external risk? Select all that apply.
- A change in regulatory requirements
- A project provider closes
- A breakdown in communication between team members.
- A delivery takes longer than expected to complete
Question 29) Identify the steps required to create and use a fishbone (or cause and effect) diagram. Question 30) What information can the risk management process provide project managers with a better understanding of? Select all that apply. Question 31) Fill in the blank: A potential event that could affect your project if it occurs is called a _____. Question 32) Which of the following is a recommended method for communicating a medium-level risk to stakeholders?
Identify the steps required to create and use a fishbone (or cause and effect) diagram.
What information can the risk management process provide project managers with a better understanding of? Select all that apply.
Fill in the blank: A potential event that could affect your project if it occurs is called a _____.
Which of the following is a recommended method for communicating a medium-level risk to stakeholders?
What are the 4 questions needed in making the project plan? ›
- Core question #1: What are the major deliverables? ...
- Core question #2: How will we get to those deliverables before or by the deadline? ...
- Core question #3: Who is on the project team, and what role will they play?
- What do you want to do?
- Why are you doing it? ...
- Structure. ...
- How and When? ...
- How much is it going to cost? ...
- What is likely to go wrong? ...
- How will you know your project met its goals? ...
- What makes this project special?
- Step 1: Risk Identification.
- Step 2: Risk Assessment.
- Step 3: Risk Treatment.
- Step 4: Risk Monitoring and Reporting.
Good planning, diligent execution, timely and appropriate communication, and management of stakeholder expectations are all essential elements in delivering a project to completion. This simple statement belies the complexities involved in any project implementation.What are the four 4 major parts of a project life cycle? ›
The project management lifecycle consists of four steps: initiating, planning, executing, and closing.What are the 4 steps in planning? ›
- 2.1 1] Recognizing Need for Action.
- 2.2 2] Setting Objectives.
- 2.3 3] Developing Premises.
- 2.4 4] Identifying Alternatives.
- 2.5 5] Examining Alternate Course of Action.
- 2.6 6] Selecting the Alternative.
- 2.7 7] Formulating Supporting Plan.
- 2.8 8] Implementation of the Plan.
They involve the following aspects:
- Scope. The scope determines what a project team will and will not do. ...
- Budget. ...
One of the most obvious–and most important– steps of a project plan is defining your project goals. When you set your goals before work begins, you, your client, and your team are all on the same page and future misunderstandings can be avoided. Good goals are realistic, clear, and measurable.What are the five 5 important parts of a project plan? ›
- Executive Summary – describes the nature of the project deliverables created to satisfy the project requirements and organisation needs.
- Policy and Procedures.
- Timeline plans.
While risk professionals are well familiar with the core principles of risk management — risk identification, risk analysis, risk control, risk financing and claims management — they are certainly not the only ones to rely on them in their daily thinking and decision-making.
What are the 3 types of project risk? ›
Project risk is the potential of a project to fail. There are three main types of project risks: cost, schedule, and performance.What are the 4 phases of project management quizlet? ›
- Develop Human Resource Plan (Planning)
- Acquire Project Team (Executing)
- Develop Project Team (Executing)
- Manage Project Team (Executing)
- 3 key factors to have a project success. Recent studies have been investigating the project successes factors. ...
- Synergic Teamwork. A successful project is made by teamwork that knows their importance on it. ...
- Leaders with vision and imagination. A successful project is led by project managers prepared for future events.
- Benefit Measurement Methods. ...
- Benefit/Cost Ratio. ...
- Economic Model. ...
- Scoring Model in Project Management. ...
- Payback Period. ...
- Net Present Value. ...
- Discounted Cash Flow. ...
- Internal Rate Of Return.
- Experienced Project Managers & Professional Project Team Leaders. ...
- Methodic Approach. ...
- Proper Planning. ...
- Adhere to the Best Practices. ...
- Monitoring & Control. ...
- Use a Professional Software. ...
- Effective Communication. ...
- Work with Commited People.
The closure stage: The last stage of the 4 Phases of the Project Management Life Cycle Is the closure stage which has an importance of its own. It is also the analyzing stage of the project in which all the steps that have been done are analyzed by the entire team to check the performance within the project.What are the 4 life cycle models? ›
The life cycle refers to the process that a project goes through from start to finish. There are four main life cycles in project management: predictive, iterative, incremental, and agile.What are the 4 common stages of life cycles? ›
As mentioned above, there are four stages in a product's life cycle - introduction, growth, maturity, and decline – but before this a product needs to go through design, research and development.What are the four 4 important phases that planners must accomplish under program implementation? ›
The program evaluation process goes through four phases — planning, implementation, completion, and dissemination and reporting — that complement the phases of program development and implementation. Each phase has unique issues, methods, and procedures.What makes a good project plan? ›
Project planning is the process of defining your objectives and scope, your goals and milestones (deliverables), and assigning tasks and budgetary resources for each step. A good plan is easily shareable with everyone involved, and it's most useful when it's revisited regularly.
What are the three C's of project management? ›
The 3 C's of Project Management: Clarity, Culture, Course Correction.What are the 7 steps of project planning? ›
- Preventing scope creep, which means keeping the scope of the project from growing.
- Staying within a given budget.
- Completing all aspects of the project.
- Providing quality work.
- Completing work on time.
- Securing the right resources in advance.
The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among project stakeholders, and document approved scope, cost, and schedule baselines.What is the most important step in planning? ›
The most critical step in the process of planning is selecting the best possible course of action.What is the most important phase of a project? ›
The planning phase is the most important; time and effort invested in this phase lays a solid foundation for the project. This phase identifies and defines the project's costs, scope, risks, opportunities and constraints. Appropriate stakeholders should be involved in the planning phase to provide feedback.What is project plan checklist? ›
A project checklist is a list of the steps required to successfully complete a project. These steps focus on the planning and setup phases. Using a checklist helps teams prepare sufficiently for future project work.What is the 5 step planning process? ›
Strategic planning process steps
Determine your strategic position. Prioritize your objectives. Develop a strategic plan. Execute and manage your plan.
- Identify the Risk.
- Analyze the Risk.
- Evaluate or Rank the Risk.
- Treat the Risk.
- Monitor and Review the Risk.
- strategic risk - eg a competitor coming on to the market.
- compliance and regulatory risk - eg introduction of new rules or legislation.
- financial risk - eg interest rate rise on your business loan or a non-paying customer.
- operational risk - eg the breakdown or theft of key equipment.
- Brainstorming. Brainstorming is the act of gathering team members to think about and discuss a subject and to form solutions to any identified problems. ...
- Stakeholder interviews. ...
- NGT technique. ...
- Affinity diagram. ...
- Requirements review. ...
- Project plans. ...
- Root cause analysis. ...
- SWOT analysis.
What are the two most types of risk? ›
Types of Risk
Broadly speaking, there are two main categories of risk: systematic and unsystematic.
While all risks can impact a project's performance, some can stall or halt a project entirely. The most potentially impactful project risks include major budget overages, workforce volatility, production and procurement problems, scheduling and resource mismanagement, and organizational changes.What are the two types of risks usually? ›
The 2 broad types of risk are systematic and unsystematic. Systematic risk is risk within the entire system. This is the kind of risk that applies to an entire market, or market segment.What are the different stages of project planning? ›
- Create a scope statement. A scope statement documents what the project will produce and what it will not. ...
- Create a statement of work. ...
- Conduct research. ...
- Identify risks. ...
- Create a project plan. ...
- Create a project schedule. ...
- Review and approve the plan.
Here we are talking about Project Life Cycle phase which is obviously over as Project is done. After that there comes a Product so, Growth is not something related to Project Life cycle.What are the various phases of project management explain 4 characteristics of each phase? ›
The four phases that mark the life of the project are: conception / start, planning, execution / implementation and closure. Each project therefore has a beginning, a central period, a completion and a final phase (successful or not).What are the 3 keys to make a successful project business? ›
3 keys to project success: time, communication - risk management.What are the four 4 pillars of project management? ›
Many of the sessions I attended at the conference re-enforced what I believe to be four pillars upheld by the project manager: trust, respect, accountability and change management.How do you make a project successful? ›
- Foster clear and effective communication.
- Set clear goals for your project.
- Choose & use the right tools to monitor progress.
- Work with a flexible team whose skills combine well.
- Keep your project team members motivated as best you can.
Below are four popular scheduling techniques used by project managers: Critical Path Method, Program Evaluation and Review Technique, Fast-tracking and crashing, and Gantt charts.
What are four most common project evaluation techniques? ›
- Return on Investment (ROI) The most popular and common way to evaluate a project is through its return on investment (ROI). ...
- Cost-Benefit Analysis (CBA) ...
- Net Present Value (NPV) ...
- Internal Rate of Return (IRR) ...
- The Payback Period. ...
- Benefit-Cost Ratio (BCR) ...
- Risk-Adjusted Discount Rate (RADR)
In project management, methodologies are specific, strict, and usually contain a series of steps and activities for each phase of the project's life cycle. They are defined approaches showing us exactly what steps to take next, the motivation behind each step, and how a project stage should be performed.What makes a project fail? ›
The most prevalent reasons for project failures, according to Project Management Institute research, include changes in organizational priorities, improper requirements collection, and changes in project goals.What are the main reasons for project failure? ›
- Poor planning. Although sometimes overlooked in importance, lack of planning can make a project fail. ...
- Inconsistently defined resources. ...
- Unclear objectives. ...
- Lack of detail control. ...
- Lack of transparency. ...
- Lack of communication. ...
- Change of direction. ...
- Unrealistic expectations.
- A. Uncertainty about the scope of the project – ...
- B. Significant change in the scope of the project in the course of its implementation – ...
- C. High number of stakeholders with influence on the project – ...
- D. Novelty of the project / technology – ...
- E. ...
- Why do we exist?
- How will we behave?
- Where are we going?
- How will we succeed?
- What is most important right “now”?
- What isn't important?
- What's the overall approach to the project? ...
- What tasks will need to be completed? ...
- What roles or people will work on the project? ...
- How much time do you and your team need to execute work? ...
- What other project work will you have going at the same time?
Project planning involves comprehensive mapping and organizing of project goals, tasks, schedules, and resources before anyone assigns roles for the project and the team begins to execute the plan. You can avoid almost all of the problems that lead to project failure with proper project planning.What are the 7 questions of planning? ›
- What is the situation and how does it affect me?
- What have I been told to do and why?
- What effects do I need to achieve and what direction must I give to develop my plan?
- Where can I best accomplish each action or effect?
- What resources do I need to accomplish each action or effect?
It needs a really strong foundation. One of the best ways that teams can ensure they have a solid foundation is by answering the six basic questions of who, what, why, where, when, and how.
What are the 3 strategic questions? ›
- First, are we clear on our purpose and our bigger “why? ...
- Second, how do you define what you do – the “businesses within your business?” Why do you define them that way? ...
- Third, what do you know about the sustainability of each of those businesses?