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Project Time and Risk Management
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Project Time and Risk Management
PCM 2 - Group 7
Study
1
Question
What is Project Time Management?
Answer
The process of planning, scheduling, monitoring, and controlling the time spent on various tasks to ensure project completion within the defined scope, schedule, and budget.
2
Question
What are timesheets used for?
Answer
To track the amount of time spent on different project tasks for payroll, billing, and productivity analysis.
3
Question
Define Project Deadlines.
Answer
The specific dates by which tasks or the entire project must be completed.
4
Question
What is Resource Optimization?
Answer
The efficient allocation and utilization of resources such as manpower, materials, and tools to maximize productivity while minimizing waste.
5
Question
What is Risk?
Answer
The possibility of loss, harm, or any negative outcome resulting from an action, decision, or event.
6
Question
Define Risk Assessment.
Answer
The process of identifying, analyzing, and prioritizing risks.
7
Question
What does Severity refer to in Risk Management?
Answer
How bad is the outcome likely to be.
8
Question
What does Likelihood refer to in Risk Management?
Answer
The probability of an event happening.
9
Question
What is Risk Mitigation?
Answer
Actions taken to reduce the likelihood or impact of a risk.
10
Question
Define Risk Tolerance.
Answer
The acceptable variation in outcomes related to a specific risk.
11
Question
What is a Threat in the context of Risk Management?
Answer
A negative risk event that could impact project objectives.
12
Question
What is Monitoring in Risk Management?
Answer
The ongoing observation and measurement of risk indicators and mitigation actions.
13
Question
What is Time Management in project context?
Answer
The skill of analyzing the timeline of the project and ensuring that the project is completed within the time, scope, and budget. It involves strategically planning, monitoring, and controlling the overall direction of the project.
14
Question
List at least five benefits of Time Management in Project Management.
Answer
Meeting deadlines, Resource Optimization, Improve efficiency, Cost Control, Risk Management, Improved Productivity, Reducing stress, Better decision making, Stakeholder satisfaction, Enhancing accountability
15
Question
What are the six main Project Time Management Processes?
Answer
Activity Definition, Activity Sequencing, Activity Resource Estimating, Activity Duration Estimating, Schedule Development, and Controlling and Monitoring.
16
Question
What are schedule barriers?
Answer
Factors that prevent the timely completion of a project schedule.
17
Question
Why is an accurate product schedule important?
Answer
To ensure timely delivery of deliverables.
18
Question
What is ProofHub?
Answer
A project collaboration and time management system with built-in time-tracking software.
19
Question
What is Toggl?
Answer
A simple time-tracking software that can be added to existing tools for increased productivity.
20
Question
What is Hubstaff?
Answer
A time management app that tracks time spent on work and leisure, providing activity reports.
21
Question
Why is it important to track how you spend your time?
Answer
To identify time-consuming activities, improve productivity, and manage time effectively.
22
Question
How can you prioritize tasks effectively?
Answer
By using the Eisenhower Matrix to distinguish between important and urgent tasks.
23
Question
What is risk management?
Answer
A strategy to identify, analyze, and reduce the impact of potential threats to an organization.
24
Question
Define 'risk'.
Answer
The chance of loss or an unfavorable outcome due to uncertainty.
25
Question
What is risk tolerance?
Answer
The amount of risk an individual or organization is willing to take to achieve a goal.
26
Question
What is risk tolerance?
Answer
The level of potential losses an investor is willing to accept to achieve their financial goals.
27
Question
What does high risk tolerance mean?
Answer
Comfortable with accepting greater uncertainties, potential losses, or lower success probabilities.
28
Question
What does low risk tolerance mean?
Answer
A preference for cautious decisions and a focus on mitigating or avoiding risks.
29
Question
What were the risks involved in the Burj Khalifa project?
Answer
Engineering challenges, financial risk during the 2008 crisis, and safety logistics at extreme heights.
30
Question
Why was the Tokyo Skytree a low-risk tolerance project?
Answer
Clear purpose and design based on proven construction methods, and minimal financial uncertainty due to public sector backing.