Differentiate between the Functional, Pure Project, and

Matrix organizations.
What are the knowledge areas and process groups in Project
Management as per PMI?
Knowledge Areas
The overarching piece of our matrix are the Knowledge Areas. Each
Knowledge Area is made up of a set of processes, each with inputs,
tools and techniques, and outputs. These processes, together,
accomplish proven project management functions and drive project
success. Knowledge Areas also assume specific skills and
experience in order to accomplish project goals.
Process Group
Every project needs the 5 Process Groups - Initiating, Planning,
Executing, Monitoring & Controlling and Closing. Process Groups
bundle together processes that often operate around the same time
on a project or with similar input and outputs. Once you've got
comfortable with them they are actually a very logical way of
grouping together the things you have to do.

What are the numeric and non numeric models of project

selection.?
Non-Numeric Project Selection Models: Non-Numeric project
selection models use discussions and suggestions as input for
selecting a project. Non-numeric selection methods include
techniques that are not based on quantitative techniques. These
models are constructed on the basis of subjective evaluation of the
ideas and opinions of the project manager and the project team.
Numeric Project Selection Models: Organizations depend on
numeric models heavily while selecting a project Most firms
consider the numeric models more useful tha the non-numeric
models.
What are the contents of a Project Charter? Who prepares
and authorizes the Project Charter?
A document issued by the project initiator or sponsor that formally
authorizes the existence of a project, and provides the project
manager with the authority to apply organizational resources to
project activities. The keyword in this definition is “authority.” It
authorizes both the project and the project manager.
The project charter typically documents:
Reasons for the project
Objectives and constraints of the project
The main stakeholders
Risks identified
Benefits of the project
General overview of the budget

Explain Probability and impact matrix. What are the risk

response strategies for negative risks(threats) and positive
risks(opportunities)?
The Probability and Impact Matrix is one the most commonly used
qualitative assessment method. It is based
on the two components of risk, probability of occurrence and the
impact on objective(s) if it occurs. The matrix
is a two-dimensional grid that maps the likelihood of the risks
occurrence and their effect on the project
objectives. The risk score, often referred to as risk level or the
degree of risk, is calculated by multiplying the
two axes of the matrix.
Risk = Impact x Probability
As the impact and probability can be described in both a relative
and numerical manner so can the risk score.
The higher the combined ratings are, the higher the score and thus
the risk level. These ratings are generally defined from low to high
or from very low to very high. The ratings for likelihood and impact
are made using gathered opinions from interviews. These ratings
must be classified by each organization, specific for each activity.
The organizations must define their risk tolerance. Creating these
definitions of impact and probability levels can help reducing the
influence of bias. The result from these risk matrices are used to
prioritize the risks, plan the risk response, identify risks for
quantitative assessment and guide resource allocations.
However, the objective effected by the risk must also be
considered. E.g., a risk events which has high safety or health risk
would be prioritized over a risk event which would have very high
financial risk.
What is a contract? What does it include? What are
centralized and decentralized contracts? Explain their
advantages and disadvantages.
List and briefly describe the ways projects may be
terminated. What are some non technical reasons for project
termination?
Compare the top down budgeting and bottoms up budgeting.
What are the functions of risk register?
Differentiate between projects and operations.
Describe different types of project terminations.
What is critical path method?
Explain the concept of triple constraints.
Explain the role of project sponsor.
Describe the use of Gantt chart with the help of example.
Explain various types of non-numeric models.
Write short note on
a) Project Auditing.
A project audit is a formal review of a project, often intended to
assess the extent to which project management standards are
being upheld.

Audits are generally carried out by a specially designated audit

department, the Project Management Office, an approved
management committee or an external auditor.

Whoever is responsible for performing the audit must be in charge

of the designated authority and issue related recommendations.

The final objective of a project audit is to ensure that the project

meets the standards of project management through investigation
and evaluation.

Below are the five main objectives of a project audit:

1. Ensure the quality of products and services
A project audit acts as a quality assurance tool. It reviews the
project life cycle evaluating the results yielded during the different
stages, from the design phase to implementation.
When reviewing the design phase, a project audit evaluates the
thoroughness of the design concepts, including the analysis of
alternative designs.
Furthermore, it is assessed whether the solution is ready for the
pilot test and finally, during the implementation review, the project
audit assesses and confirms the implementation at each site where
the product is adopted.
The identification of the errors during the process contributes to the
resolution of the problems and to understand if the project should
continue through a go/no-go decision at each stage.

2. Ensure the quality of project management

A project audit ascertains that the project management satisfies the
standards by assessing whether it complies with the organisation’s
policies, processes and procedures. It evaluates the methodology
used to help identify gaps in order to introduce the required
improvements.

3. Identify the business risk

Project audits support the identification of business factors where
risks may reside, which could affect budget, time, environment and
quality.
After all, the organization itself is keen to achieve a positive
outcome to the project.
The project audit assesses the feasibility of the project in terms of
affordability and performance by providing transparency and
assessing costs, time and resources.
Apply a review and equalization approach when it comes to
controlling the budget, examining data that includes estimated and
actual costs, as well as costs of meeting goals.

4. Improve project performance

The monitoring of the various phases of the project life cycle can
contribute to the improvement of the project team’s performance.
The audit also helps to improve the budget and resource allocation.
Identifying priorities, corrective measures and preventive actions
can lead to a positive project outcome.
The troubleshooting process allows the project team to provide
solutions and helps prevent similar problems from recurring in the
future.

5. Learn
A project audit can deliver learning opportunities through
assessments of project management expertise.
Providing reviews and feedback allows individuals and project
teams to ponder their own performance.
b) Phases of project life cycle.
Explain Goldratt’s Critical Chain Method.
Write a role on project procurement management; explain the
purpose and steps involved for the same.
Define Probability and Impact Matrix. Explain briefly