(58) In which of the following organizations is the project manager role likely to be that of staff assistant? Hint: In a weak matrix organization, PM is at times restricted to the role of expediter. (56) A type of organization in which the project manager has little formal authority and basically acts as a staff assistant to an executive who is ultimately responsible for the project is called: Hint: Participative style aims for team consensus (55) A leadership style in which the project manager shares problems with team members and formulates solutions as a group is called: Hint: A project success also contributes to organization's growth. (54) In negotiations between the functional department managers and the project managers, which conflict management approach must be aimed at? Communicating, Transmitting, Receiving, Comprehending.Communicator, Message, Receiver, Decoder.Sending, Receiving, Decoding, and Comprehending. (53) What are the four parts of the communications model? (52) Communication is the PRIME responsibility of a Project: (51) All of the following are communication methods EXCEPT: In examination you will get each question one by one on computer screen Even we have taken full care to give correct answers for all the questions but it is recommended to verify these answers. This exam is just to give you an idea of type of questions which may be asked in PMP Certification Exams. To read about other techniques, read the Techniques for Determining a Project Cost Budget article.Here are 200 objective type sample questions and their answers are given just below to them. Reserve Analysis is not done in isolation to determine the project budget. Alternatively, you may want to pad all activities by 10 percent and the high-risk activities by 20 percent. If the contract specifies a fixed time, then you may want to utilize an extra cost buffer to ensure schedule crashing, if required, is possible. For example, you might be developing a non-critical component for a client. Therefore, it’s safer to pad high risk activities for cost over-run, regardless of whether they are on the critical path or not. It is common for the critical path of a project to change during the course of a project. In this case, you would provide a higherĬost buffer to these activities than other activities that are not on the critical path. Now, suppose you have identified activities on the critical path and need to give them extra protection. Many organizations have a set policy that will determine the degree of buffering. In such a case, you might decide to pad each activity cost estimate by 10 percent across the board. The risks associated with the project are low and there are no critical pieces that need extra cost buffering. Example 1 – Pad Each Activity Cost EstimateĪfter you’ve created the Precedence Diagram (Network Diagram) for the project and estimated the activity duration and resources, you might realize that the project is very similar to some previous projects that you successfully completed. In this article, we’ll use this guiding principle for Reserve Analysis. However, the guiding principle is that you should buffer or pad according to the risk levels identified for the project or individual activities. There is no prescribed method to perform Reserve Analysis. The norms within an organization may also dictate the level of buffering applicable. Regardless of the type of reserve, the amount of buffer is proportional to the cost risk foreseen in the project or individual activities. The Management Reserve protects the project from these critters. Every project is hit by unidentified risks. Management Reserves are for risks that have not been identified. By looking at the Risk Breakdown Structure, you’ll be able to get more categories that require a contingency reserve. For example, you may have a Contingency Reserve for lack of the skilled human resources in a certain technology. Contingency and Management ReservesĬontingency Reserves are buffers to account for risks that you know will occur. These buffers are called Contingency and Management Reserves. During Reserve Analysis, a project is analyzed from a cost overruns point of view and buffers are placed in appropriate place. Reserve Analysis is one of the techniques used to determine a project budget.
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