In the previous movie we began a review of the Workbook Exercises, which you'll find in a document within your Work Files. We'll continue on with this review in this movie covering questions 6 through 10. Question 6 says: Projects contain both internal and external factors that influence and make up the project environment. Name at least two internal and two external factors that we reviewed in this course. For the Internal Project Environment we reviewed the following: Organizational Structure and Culture; Project Stakeholders; Competition; Consumers; and, Technology Used. And as I mentioned during our review, different sources and organizations will classify internal and external factors differently, so keep that in mind. And, then for the External Project Environment we reviewed the following: Natural Environment; Financial and Economic Situation; Industry; Human and Health Safety; Political; and, Legal. If you'd like a review, see the three movies on the Project Environment. Question 7 says: Name the different types of organizational structures. And the answer is: Functional, Projectized, Strong Matrix, Balanced Matrix, and Weak Matrix. For a review on the organizational structures you can go back to the Project Environment Part 2 movie. And the next question's very lengthy and you often come across these in the PMI exams. It says: Ernesto is the project manager for a major retail store that will be opening a new location for the first time in the West Coast. The project is in the latter stages of planning and it has recently become evident that resources will be an issue. Sally, who is an Architect on the project and one of Ernesto's reports, has submitted a request to add another architect to the project. After careful consideration, Ernesto agrees and approaches Mary, the functional manager, for approval. What type of organizational structure is this? And the choices include, if you might recall from the previous question, Functional, Projectized, Strong Matrix, Balanced Matrix, or Weak Matrix. The correct answer is a Weak Matrix. The fact that Sally reports to Ernesto already ruled out Functional Organization. It doesn't say whether she has another manager. Within a Projectized organization, the project manager has ultimate to high authority so we can rule that organizational type out, since Ernesto had to get the approval from the functional manager. And we can also deduce that because Ernesto had to get the approval it is the functional manager that has higher level of authority making a Weak Matrix the best choice. Question 9 says: Name and define the two basic types of risk, and that would be a Pure Risk, and Business Risk. Pure Risk contains only the possibility of loss, which are normally the insurable risks. Just for refresher sake, the different types of pure risk include: direct property damage; indirect property, or consequential loss; legal liability; and, personnel-related risks. Business risks contains the possibility of gain or loss where the risk may either be a threat or an opportunity. And, moving on to the last question for review in this movie, Define known risks, known-unknown risks, and unknown-unknown risks. Known risks are risks that are clear with no uncertainty that exists. Known-unknown risks are those risks you are aware of but don't know how they'll affect or influence the project. And unknown-unknown risks are those risks that we can't imagine and therefore have no awareness of. For a review of questions 9 and 10 you can go back to the movie titled Types of Risk. And we'll close out this movie here and in the next movie wrap up the Workbook Exercises of this Section.
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