PM QB
PM QB
1. Define Project
A project is a temporary endeavor with a defined beginning and end, undertaken to produce
a unique product, service, or result. It has specific objectives, limited resources, and a clear
scope.
3. Define Operations
Operations refer to the ongoing, repetitive activities within an organization that produce
goods or deliver services continuously, focused on sustaining the business.
5. Explain Project Management Life Cycle. Describe the Typical Life Cycle Phases.
The project management life cycle is the series of phases that a project goes through from
initiation to closure. The typical phases include:
o Monitoring & Controlling: Track progress, manage changes, and ensure the project
stays on track.
o Closure: Finalize all activities, complete deliverables, and formally close the project.
o Evaluation: Regular feedback and adjustments throughout the project life cycle.
This approach is flexible and adapts to changes rapidly, emphasizing customer
feedback and incremental improvement.
11. Describe Conflicts and Its Causes. Explain Ways to Handle Conflict.
Conflict in projects arises from differences in opinions, interests, or priorities among team
members or stakeholders. Common causes include resource scarcity, miscommunication,
unclear roles, and differing objectives. Effective conflict management involves active
listening, clear communication, negotiation, and sometimes mediation. Establishing conflict
resolution protocols early in the project and fostering a collaborative team environment can
also help mitigate conflicts.
2. Explain NPV
Net Present Value (NPV) is a financial metric that calculates the difference between the
present value of cash inflows and outflows over a project’s life, helping to assess its
profitability.
o Developing a project charter that outlines the objectives, scope, and key roles.
o Decision Matrix: Ranks projects based on qualitative criteria and expert judgment.
o Strategic Alignment Model: Determines how well a project aligns with the
organization’s vision and strategy.
These models help decision-makers assess projects based on strategic fit rather than
solely on financial metrics.
13. State the Key Members of a Project Team and Their Roles.
Key members typically include:
o Project Manager: Oversees project execution and ensures objectives are met.
o Norming: The team establishes norms and develops effective working relationships.
1. Define Float
Float is the amount of time an activity can be delayed without affecting the overall project
completion date.
2. Define CPM
The Critical Path Method (CPM) is a scheduling technique that identifies the longest
sequence of dependent activities, determining the minimum project duration.
3. Define PERT
The Program Evaluation and Review Technique (PERT) is a statistical tool used to manage
uncertain activity durations by estimating optimistic, most likely, and pessimistic times.
5. Define A-O-A
Activity-on-Arrow (A-O-A) is a network diagram method where activities are depicted as
arrows and nodes represent events marking the start and finish of activities.
6. Define A-O-N
Activity-on-Node (A-O-N) is a network diagram technique where nodes represent activities
and arrows indicate the sequence and dependencies between them.
o Direct Costs: Expenses directly tied to project activities (e.g., labor, materials).
o Activity-on-Node (A-O-N): Activities are shown as nodes, and arrows depict the
relationships between them.
o Optimistic Time (to): The minimum time required if everything goes better than
expected.
o Most Likely Time (tm): The best estimate of the time required under normal
conditions.
o Pessimistic Time (tp): The maximum time required if things do not go as planned.
These estimates are used to calculate the expected duration of an activity using the
formula: (to + 4tm + tp) / 6.
18. Determine the Duration and Expected Mean Time of the PERT Project.
Given the activity data with optimistic (to), most likely (tm), and pessimistic (tp) times, we
calculate the expected time for each activity using:
Expected Time = (to + 4tm + tp) / 6.
19. Draw A-O-A Network, Identify the Critical Path and the Project Duration.
For the given activity table:
o Path 1: A → C → D → F = 2 + 9 + 4 + 7 = 22 days
o Path 2: B → D → F = 5 + 4 + 7 = 16 days
o Path 3: A → E → F = 2 + 5 + 7 = 14 days
The critical path is the longest path, which is A → C → D → F, and the overall project
duration is 22 days.