Project Management - nikhildesh.com Forum

PMP_Q - The risk could affect the project success and on time completion. What should your next action be?

Nikhildesh — Wed, 01 May 2024 11:42:05 +0000

According to the PMBOK^® Guide (6th Edition), After identifying a risk, it is always to perform qualitative risk analysis.

Hence next action should be to Qualify the risk

PMP_Q - As the project manager at the buyer organization, you extend a formal invitation that contains a scope of work that seeks a response that will describe the methodology and results that will be provided to your organization. This is called:

Nikhildesh — Wed, 01 May 2024 11:37:35 +0000

Request for proposal
Request for bid
Request for information
Invitation to bid

Answer - 01 - Request for proposal

Prince2 - which activities occur in Controlling stage?

Nikhildesh — Thu, 21 Mar 2024 18:31:23 +0000

Authorize a Work Package – Assign and agree with the Team Manager.
Review Work Package Status – Check on Work Package progress.
Receive completed Work Package – Check quality and Configuration Management.
Review the stage status – Continually compare status to Stage Plan.
Report Highlights – Regular reports to the Project Board.
Capture and examine issues & risks – Categorizing and assess impact.
Escalate issues and risks – Create Exception Report and send to the Project Board.
Take corrective action – Solve issues while keeping stage within tolerance.

Prince2 - Where can i find sample questions papers for Prince 2 Foundation?

Nikhildesh — Thu, 21 Mar 2024 18:28:14 +0000

Here are the websites which provides free mock tests &/or sample papers

https://www.axelos.com/resource-hub/training-and-exam-resources/prince2-sample-exam-papers
https://prince2.wiki/extras/prince2-foundation-sample-questions/
https://www.itexams.com/vendor/PRINCE2
https://www.knowledgehut.com/practice-tests/prince2-foundation-exam

Prince2 - Which is a minimum requirement for applying the organization theme

Nikhildesh — Wed, 20 Mar 2024 15:45:33 +0000

To define the approach to engaging with stakeholders - To be following PRINCE2, a project must, as a minimum, define its approach to communicating and engaging with stakeholders.

Prince2 - What is the first step in the recommended risk management procedure?

Nikhildesh — Wed, 20 Mar 2024 15:43:05 +0000

Risk Identify - The risk must first be identified before it can be assessed, and
responses planned and then implemented.

PMP_Q - Which are the most common sources of conflicts in the projects?

Nikhildesh — Wed, 07 Feb 2024 14:38:29 +0000

Conflict can come from seven main sources, of which the first three account for 50%:

Schedules
Project priorities
Manpower/human resource availability
Technical opinions
Procedural or project administration
Costs
Personalities

What are the inputs require to develop project charter?

Nikhildesh — Thu, 01 Feb 2024 16:10:46 +0000

Inputs of the Develop Project Charter process are:
- Business Case
- Agreements
- Enterprise Environmental Factors
- Organizational Process Assets

What is lead and lag in project management?

Nikhildesh — Thu, 01 Feb 2024 15:23:50 +0000

Lead and lag are project management terms that describe the potential advance or delay of activities within a project schedule. Project managers use lead and lag time when creating project schedules to ensure that activities are completed efficiently and effectively.

Key Takeaways. Leads and lags refer to the timing of payments (delaying or advancing) on international business agreements to take advantage of a more favorable or anticipated exchange rate changes. Businesses can use currency forward contracts and points to adjust a future exchange rate up or down.

Read more at - https://monday.com/blog/project-management/leads-vs-lags/#:~:text=Lead%20and%20lag%20are%20project,are%20completed%20efficiently%20and%20effectively.

What Are Story Points in Agile?

Nikhildesh — Sat, 16 Dec 2023 05:32:08 +0000

Story points are units of measurement used to determine how much effort is required to complete a product backlog item or any other piece of work. The team assigns story points based on the work's complexity, amount, and uncertainty.

The story point is a unit of measurement used to express an estimation of the effort required to implement an item on the product backlog or any other piece of work. Story points are assigned based on the complexity of the work, the amount of work, and the risk of failure.

Building off the definition of an Agile story, story points are metrics used in Agile product development and management to guess how difficult it will be to implement a user story. Put another way, it’s a numeric value that helps the development team understand how challenging the story is.

Story points in Agile are abstract measurements that developers use instead of hours. Points are relative values, so a story with a value of four is twice as hard as a story with a value of two. The actual numbers don’t matter — you could assign values between 1,000,000 and 5,000,000 if you want. Instead, you want to give the team an idea of the story’s relative difficulty. Story points tell you how much effort a given story will take to resolve.