Project Management

Question 1

project management

Answer 1

what and why’ of any project to set goals and objectives.

A project is defined
as a planned activit

Question 2

Project Management

Answer 2

Planning:
What must be
done, how,
who, with
what and
during which
time?
Organising:
Make
preparations
for the actual
project –
gathering
people,
resources and
schedules
Instructing:
Distributing
tasks to people
involved –
instructing
them what
needs to be
done
Monitoring:
Follow up what
is happening
and the
progress of
things
Check:
Implement
adjustments to
avoid delays
Represent:
Be the link
between the
stakeholders

Question 3

project

Answer 3

A project is temporary
It has a start date and a finish date
It has a defined scope and resources
It is unique
A set of specific operations with a singular goa

Question 4

Critical Path

Answer 4

determine the shortest time it will take to complete the project’s tasks.

Question 5

Risk management

Answer 5

• Risk management is the process of identifying, analysing and responding to project risks
• There is risks in everything we do – and risk management helps us make better decisions
• Plans are often made based on ideal situations where everything runs according to pla

Question 6

Risk analysis

Answer 6

process that figures out how likely risk will arise in a project.

Question 7

Risk planning

Answer 7

identifying, prioritizing, and managing risk.

• We accept the risk. We sit on our hands and do nothing. We decide the risk is improbable or that the events’ costs are lower than the expenses necessary to prevent the event from taking place.
• We avoid the risk. We take action to ensure we prevent a certain event or condition. We might create backups of all the code and store it in two separate locations, thereby avoiding the risk of losing anything.
• We minimise the risk. We take steps to ensure the likelihood of something happening is lower. We can create a bonus structure to make sure employees don’t leave the company, for example.
• We transfer the risk. This means we transfer the risk to someone else. We might send part of our work to another company, for example. This other company then has to assume some of the risk.

Question 8

Project management plan

Answer 8

document that contains a project scope and objective

Question 9

• Risk deferral → Plan for a time where the risk is less likely to occur,
• Risk avoidance → To prevent the identified risk from happening,
• Risk mitigation → Reduce the risk,
• Risk transference → Move the impact of the risk to someone else,
• Risk acceptance → Accept the risk and deal with it when/if it happens