31. What are the knowledge areas you must pay cognizance to as a project manager in order to efficiently handle the project and attain the anticipated outcome?
-Application of Lean Six Sigma
-Procurement and risk management
-Root cause analysis for major deviations
32. How do you estimate using three-point estimating methods?
Three-point Estimation is based on three different estimated values to improve the result. The concept is applicable for both cost and duration estimation. This helps in mitigating the estimation risk. It also takes into consideration uncertainty and associated risks while estimating values. Estimation can be carried out for an entire project, or for a WBS component or for an activity.
In a three-point estimation, the expected value of a task is determined by calculating the mean of three different values. These three different values are Optimistic Value (O), Pessimistic Value (P), and Most Likely Value (M).
33. What creative problem solving techniques can you use for unique problems?
It is important to engage the team in solving unique problems as brainstorming can often yield positive results. Additionally, the Fishbone diagram and De Bono’s thinking hats can also help one approach a problem creatively and effectively.
34. State the role of Isikawa/ Fishbone diagrams in determining root causes of risks.
This is a graphical method of determining cause and effect relationships leading to a specific risk. One could then determine mitigation actions for that risk.
35. What is the triple constraint triangle in project management?
All projects are carried out under certain constraints – traditionally, these are cost, time and scope. These three important factors are commonly called “the triple constraint”. Each constraint forms the vertices, with quality as the central theme:
-Projects must be delivered within cost
-Projects must be delivered on time
-Projects must meet the agreed scope – no more, no less
-Projects must also meet customer quality requirements
36. What is a decision support system (DSS)?
A DSS is used vastly in enterprise applications, mainly MIS & ERP based systems. It provides automation and stability in the decision making process of the organization. There are two types of DSS, structured and unstructured. DSS connects many flow charts in the organizational process. It can be formulated and built statistically or stochastically.
37. What is a fish bone diagram?
Fishbone diagrams, also called as Ishikawa diagrams (or cause-and-effect diagrams) show the reasons behind a certain event. In project management, this tool is used in quality management and risk management processes.
38.Tell me something about Expert Judgment?
It is a tool used in the Monitor and Control Project Work process.
39. What is CMMI?
CMMI stands for Capability Maturity Model Integration. It is a process improvement approach that provides organizations with the essential elements for effective process improvement.
40. What is Six Sigma and how is it important in project management?
Six Sigma is a measure of quality that strives for near perfection. It is a data-driven approach and methodology for eliminating defects. In order to achieve Six Sigma, a process must not produce more than 3.4 defects per million opportunities. If applied effectively, six sigma can approach can help finish a project on time, be reducing the risk of effects/failure.