Tuesday, January 20, 2015

Important points III

Purpose of Records Management system in procurement management is to manage contract and procurement documentation and records.

Performance Measurement baseline is the total approved plan for the project work to which the project execution is compared.  PMB integrates scope, cost, and schedule parameters.  Planned value is also called as PMB.

Before closing, review of scope baseline is done to ensure completion.

Process of developing options and actions to enhance opportunities and to reduce threats is known as Plan Risk Responses.

Risk Register updates are performed in the control risks process to close the risks that are no longer applicable and to release their associative reserves.

Monitor and control work is about tracking, reviewing and regulating the progress to meet the performance objectives defined in the project management plan.

Procurement Negotiations are performed in both the Conduct procurements and close procurements process.

Plan Procurement process outputs - Procurement documents, Source Selection criteria, Make-or-buy decisions

Risk Responses are developed during the planning phase, whereas implementing a risk response is done during the monitor and control phase.

Most extensive approval process is the contract.

Measuring performance is carried out in the Monitor and Control Project work process.

Control limits define the boundaries of common variation and tolerances specify the range of acceptable results.

Risk Register is the sole output of Identify Risks.

Risk Register updates is the output of all project risk management processes that follow the identify risks process including : Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses and Control Risks.

Minimum Payback period needs to be chosen.

Manage Communication Process inputs :- Communications Management plan, Organizational Process Assets, Work performance reports, Enterprise Environmental factors

Receiving Vendor contract proposals :- Conduct procurements - process of obtaining seller responses, selecting a seller, and awarding a contract.

The difference between Late Finish and Early start is equal to the activity's duration plus activity's float.

Perform Control scope to detect unauthorized changes.

Plan Human Resources management identifies and documents project roles, responsibilities, required skills, and relationships by creating a staffing management plan.

Statistical sampling and inspection are tools and techniques used in the Control quality process.

Parkinson's law states that work expands to fill the time available for its completion.

Control Risks :- Process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks and evaluating risk process effectiveness

Corrective Action, Preventive Action and Defect Repair requests are the outputs of Direct and manage project work.


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