Subtitles of the Movie

In this movie, we will review the exam practice test questions that relate to the project lifecycle. This includes questions 16 through 20 and you can find the exam practice test questions within your work files. These questions are important to help you get accustomed to the format of the questions. Our first question for review is number 16, which read the following are true of a project lifecycle except: it contains three project phases; it connects the project from beginning to end; risk is highest at the beginning of the project; it defines the life of the project. Let's start off by looking at our first potential response. It states that there are three project phases within a project. During our review of the project phases, we did discuss three general phases, which was initial, intermediate and the final phase. However, it was clear at that time that phases vary according to industry, project and even a company. So there really is no set-in-stone number of phases. Based on this information, A appears to be the correct answer since it is not true of a project lifecycle. However, it's important to go through the rest of the options just to be sure you looked at all the possibilities. B is true. The lifecycle encompasses literally the entire life of a project, from beginning to its closing. C is also true. Risk is highest at the beginning of a project where changes are likely to be made and risks have not all been identified. And we already gave away that D is correct when we touched on B; the lifecycle defines the life of a project. Therefore A is the correct choice. Let's move on to our next question. Your manager has just informed you that a new project is under consideration. In order to assist in making the decision on whether the project is a go, you have been tasked with conducting a study on the existing potential of the project. What is this type of research called? The Monte Carlo Analysis, cost perform index, feasibility study, cost plus fee. Here, just being familiar with the terms will be helpful. For instance, the study that the question refers to is something done before a project begins. The Monte Carlo Analysis is an analysis conducted on existing project costs. We don't have that information at this point, so this isn't it. The same with cost performance index, which is a measure of cost efficiency on a project. The third option, feasibility study, is a preliminary study conducted to determine a project's viability, which is a match. Cost plus fee, the last option, is related to procurement activities. The correct answer therefore is C, feasibility study. The next question is again testing your familiarity with project terms. A phase-end review is also known as all of the following except kill points, phase gates, handoff, phase exits. Phase-end reviews are known by different names. These include kill points, phase gates and phase exits, which means that A, B and C are not the answer. That leaves C, handoffs. By the way, these are technical transfers from one project phase to the next. You might recall that the start of a phase, ending and transition to the next phase are all formal processes. This must be approved and given the green light. Our next question for review is 19. Stakeholder influence is highest with a project during which phase? This is where knowing the project trends is very helpful. The options include in initial phase, intermediate phase, final phase, all phases. If you don't remember off the top of your head, you can logically think through the trends. For example, at the beginning of projects, the requirements and scope are being developed. Stakeholders have a great deal of input into this. As a project progresses and work is under way, the cost of changes increase and therefore the amount of changes that are approved will decrease. As this is the case, stakeholders are most likely to get their requests for inclusion and changes approved during the initial phase, which is A. And the final question for review is 20. Here is the question. After a phase-end review occurs, what comes next within a project lifecycle? If you got number 18 correct, you'll probably breeze through this one. The options include a feasibility study is conducted, work on the next phase begins, handoff occurs, a kickoff meeting. The answer is handoff, which we defined earlier in this movie. We also defined feasibility study. And we mentioned that the process of beginning the next phase is formal and does not just begin. So B could not have been correct. A kickoff meeting is something that occurs once the project planning has completed. And that concludes our review of the practice test questions related to the project lifecycle.