UMBC IS438

List and briefly describe four methods for identifying risks

-Brainstorming Technique by which a group attmepts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgement -Delphi Technique Derive a consensus among a panel of experts who make predictions of future developments -Interviewing Fact-Finding technique for collecting information in face to face, phone, email, or instant messaging discussions - Root Cause Analysis Identifying the root cause of a problem or opportunity Often results in identifying even more potential risks for a project -SWOT analysis can be used during risk identification by having project team focus on the broad perspectives of potential risks for particular projects

Explain decision trees and expected monetary value

-Decision Tree Diagram analysis technique used to help select the best course of action when future outcomes are uncertain common application inolves calculating EMV -Expected Monetary Value (EMV) Product of a risk event probability and the risk even't monetary value.

Identify and describe the four processes involved in project stakeholder management

-Identifying Stakeholders Involves identifying everyone involved in the project or affect by it, and determining the best ways to manage relationships with them -Planning Stakeholder Management involves determining strategies to effectively engage stakeholders in project decisions and activities based on their needs, interests, and potential impact. -Managing Stakeholder Engagement Involves communicating and working with project stakeholders to satisfy their needs and expectations, resolving issues and fostering engagement in project decisions and activities -Controlling Stakeholder Engagement Involves monitoring stakeholder relationships and adjusting plans and strategies for engaging stakeholders as needed.

List and Briefly describe the three project management processes

= Planning and Quality Management -identifying which quality requirements and standards are relevant to the project and how to satisfy them =Performing Quality Assurance - Involves periodically evaluating overall project performance to ensure that the project will satisfy the relevant standards =Controlling Quality - Involves monitoring specific project results to ensure that they comply with the relevant quality standards while identifying ways to improve overall quality

A(n) _____ contract carries the least risk for suppliers. A: CPPC B: FFP C: CPAF D: FP-EPA

A

According to Herzberg, which of the following is a motivational factor? A: Recognition B: Salary C: Training D: Health Benefits

A

The formula to determine the number of communication channels is _____, where n is the number of people involved. A: n(n-1)/2 B: n(n+1)/2 C: n(n+1)/n(n-1) D: n(n-1)/n(n+1)

A

The process of choosing suppliers or sellers is known as _____. A: Source selection B: A bid C: WBS D: A change order

A

_____ are a complete set of organized project records that provide an accurate history of the project. A: Project archives B: Forecasts C: Project plans D: Project notes

A

_____ are the system's special characteristics that appeal to users. A: Features B: Outputs C: Yields D: Metrics

A

_____ involves numerically estimating the effects of risks on project objectives. A: Performing qualitative risk analysis B: Planning risk responses C: Identifying risks D: Performing quantitative risk analysis

A

_____ is a technique that helps identify which variables have the most influence on the overall outcome of a process. A: Design of experiments B: Backward pass C: Activity-on-arrow D: Crashing

A

_______ means that product can be USED as it was intended A: conformance to requirements B: fitness for use C: Critical Chain Scheduling D: Free Slack

A

A(n) _____ is a column chart that shows the number of resources assigned to a project over time. A: Responsibility assignment matrix B: Resource histogram C: RACI charts D: Organizational breakdown structure

B

A(n) _____ represents decision problems by displaying essential elements, including decisions, uncertainties, causality, and objectives, and how they influence each other. A: Risk breakdowns structure B: Influence Diagram C: Process flow chart D: Work breakdown structure (WBS)

B

Risk utility rises at a decreasing rate for a _____ person. A: Risk-seeking B: Risk-averse C: Risk-neutral D: Risk-indifferent

B

The _____ is a measure of quality control equal to 1 fault in 1 million opportunities problems. A: ISO 9000 B: Six 9's of quality rule C: Seven run rule D: Six Sigma Rule

B

The project team must take corrective action if stakeholders with _____ are categorized as resistant or unaware. A: High interest/ low power B: High interest and high power C: Low interest/ low power D: Low interest/ high power

B

Describe the relationship between Six Sigma and Statistics. What statistical concepts are involved in the Six Sigma Philosophy

Concept in Six Sigma: improving quality by reducing variation - Sigma means Standard Deviation Standard Deviation measures how much variation exists in a distribution of data - Small Standard Deviation - data clusters closely around the middle of a distribution and there is little variability among the data - Large Standard Deviation - data is spread around the middle of the distribution and there is relatively greater variability

According to Thamhain and Wilemon, _____ is the ability to improve a worker's position. A: Penalty B: Assignment C: Expertise D: Promotion

D

Performing quality assurance is a sub process of the _____ process of project quality management. A: Initiating B: Closing C: Monitor and Controlling D: Executing

D

The items discussed in a(n) _____ include reflections on whether project goals were met, whether the project was successful or not, the causes of variances on the project, the reasoning behind corrective actions chosen, the use of different project management tools and techniques, and personal words of wisdom based on team members' experiences. A: Final project report B: Design document C: Audit report D: Lessons-Learned Report

D

The_____ is a description of the work required for a procurement A: RFQ B: RFP C: WBS D: SOW

D

_____ involves using punishment, threats, or other negative approaches to get people to do things they do not want to do. A: Legitimate power B: Coercive power C: Reward power D: Referent power

D

_____ is a cost that relates to all errors not detected and not corrected before delivery to the customer. A: Prevention cost B: Appraisal cost C: Internal failure cost D: External failure cost

D

While trying to assess commitment of project stakeholders, a(n)____________ meeting or a Web conference might be the most appropriate medium to use

Face to face

According to Herzberg, hygiene factors such as large salaries, more supervision, or a more attractive work environment would motivate workers to do more if present

False

Grant charts cannot be used to aid project quality managment

False

In the Social Styles Profile team building activity, drivers are reactive and people oriented

False

Key stakeholders need to be invited to participate in a kick-off meeting

False

Legitimate power involves using personal knowledge and expertise to get people to change their behavior

False

Project members should either have strong technical skills or soft skills

False

Projects often do not cause any changes in an organizaiton

False

Testing as a stage is important at the end of an information technology product development

False

Unknown risks can be manged proactively

False

Validated changes and validated deliverable are the outputs of the quality assurance process

False

A(n) _______________ contract has the least amount of risk for the buyer

Firm Fixed Price (FFP)

The main output of the ________________ process is the start of a risk register

Identify risks

_______ communication happens when two or more people to exchange information via meetings, phone calls, or video conferencing

Interactive

The term _________ is used to describe risks that the project team has identified and analyzed

Known Risks

__________ Power is getting people to do things based on a position of authority

Legitimate

Herzberg called factors that cause job satisfaction ________

Motivators

__________ are normally provided as status reports or progress reports

Performance reports

___________ is a measure of quality control to 1 fault in 1 million opportunities

Six 9's of quality

A risk-seeking person prefers outcomes that are more uncertain and is often willing to pay a penalty to take risks

True

Buyers absorb lesser risk with cost-reimbursable contracts than they do with fixed-price contracts

True

Communications software like e-mail, blogs, web sites, texts, and tweets can aid in stakeholder communications

True

In TQC, product quality is more important than production rates, and workers are allowed to stop production whenever a quality problem occurs

True

Resource leveling results in fewer problems for project personnel and accounting departments

True

Reviewing performance records reduce the risk of selecting a supplier with a poor track record

True

Status reports can take various formats depending on the stakeholder's needs

True

Suppliers are the those organizations or individuals who provide procurement services

True

The closing proucurments process involves updating records to reflect final results and archiving information for future use

True

The communication management plan varies with the needs of the project

True

Many information technology professionals work on ______ projects where they never meet their project sponsors, other team members, or other project stakeholders

Virtual