Top 30 Project Based Questions and Answers

1. What is a project charter?

The project charter is a document that describes the work you need to do as part of your project. It's a contract between you and your customer, designed to help both parties understand what they're getting into.

A good project charter has these key features:

• It clearly states what needs to be done and why. In other words, it explains the goals of your project and indicates how the team plans to accomplish them.
• It lists all necessary resources, including people and equipment.
• It describes the process that will be used to complete each task on time and within budget.
• It includes milestones or deadlines for the completion of each task.

2. What do you know about fast-tracking and crashing techniques?

Fast-tracking and crashing techniques are used to accelerate the process of getting new features into the code base without waiting for the necessary approval from management.

The fast-tracking technique involves a group of developers working together on a project, each with a task list. The team leader then creates a separate task list for each developer, with the time they will need to complete their tasks. The developers then proceed to work on their tasks as quickly as possible.

The crashing technique is similar to fast-tracking, except that no separate task list is created for each team member. Instead, one person does all of the work, and then when they are finished with their work, they crash the project server so that nobody else can see it or use it until another developer has fixed it.

3. Define Planned Value, Actual Cost, and Earned Value.

Planned value, actual cost, and earned value are three terms used in conjunction with the project management process.

Planned Value: This is a devised performance level for a project or program based on specific assumptions about the work to be done. This can be expressed as a schedule (time) or budget (costs).

Actual Cost: The amount spent so far on completing a particular phase of the project or program. The term actual cost does not include expenses such as salaries, benefits, and overhead costs incurred but not paid out to workshop participants.

Earned Value: An estimate of how much money will be made after completion compared to how much has been spent on the project or program. Earned value does not include expenses such as salaries, benefits, and overhead costs incurred but not paid out to work participants; these expenses are recorded under the actual price.

4. What is stakeholder analysis and Power-Interest Grid used for?

Stakeholder analysis identifies and understands the interests and values of those impacted by a proposed decision, policy, or action. This allows you to understand who is affected by your choices and how they will be impacted.

The Power-Interest Grid is a tool that helps you identify the key stakeholders in your decision, policy, or action. It also enables you to understand their relationship and where they stand on different issues. The grid can help you know which groups have more power than others over a particular issue.

5. Name the ten key knowledge areas as mentioned in the PMBOK Guide.

The ten key knowledge areas are:

Project management process, Information and Communications Technology (ICT) management skills, Project risk management, Organizational culture and leadership, Human resources management, Procurement processes and policies, Financial accounting, financial reporting and budgeting skills, Risk management principles, tools and methods, Quality assurance/quality control processes and procedures, Program management.

6. What is Project Scope Management?

Project Scope Management (PSM) is a process that ensures that the project scope and requirements are clear, realistic, achievable, and consistent with the project's overall objectives. In addition, the PSM process helps to ensure that the appropriate resources are allocated to the project, that risks are identified and managed, and that resources are aligned to deliver the required results.

7. How will you explain the project life cycle?

The project life cycle is a construct of the project management profession. It identifies the stages through which projects evolve from inception to completion, and delineates the roles and responsibilities of stakeholders as they move through these stages. The project life cycle is not a static process; instead, it evolves along with the project as it moves through its lifecycle.

8. What are the main qualities required for a successful project manager?

A successful project manager is a vital part of any team. They have to be able to handle all the details, problems, and challenges that come with managing a project. The main qualities required for a successful project manager are:

Good communication skills, Patience, Organizational skills, High level of initiative and initiative towards their team members, Ability to follow instructions and listen carefully.

9. What are some techniques used for defining scope?

The techniques used for defining the scope of a project are:

• Stakeholder analysis
• Project charter
• Project Plan
• Business case
• Organizational chart

10. Define the Triple Constraint Triangle in project management.

The Triple Constraint Triangle is a three-sided structure with the diagonal across the top of the triangle being one constraint and the two horizontal lines being two other constraints. The triple constraint triangle is often used in project management to help define projects driven by multiple stakeholders with very different goals and needs.

11. What is a project goal?

A project goal is an objective you want to achieve by the end of a project. It is a statement of what you want to accomplish. The project goal should be measurable, specific, challenging, and aligned with your business's strategic goals and objectives.

12. What is project delivery?

Project delivery is the process you get from your project plan to the point where all deliverables are ready for use or consumption in the customer's environment. A good project manager will ensure that all documents required for the successful completion of their projects are created in accordance with the requirements documented in their plans.

13. Name the four P's of Project Management?

The four P's of project management are Plan, Process, People, and Power.

 14. What do you mean by Work Breakdown structure?

Work breakdown structure comprises different tasks, milestones, and deliverables that need to be completed for a given project. It helps in understanding what needs to be done according to which phase of the project to minimize extra efforts required by different stakeholders.

15. What are "Severity Levels" in a project?

Severity levels categorize the type of disruption an issue might cause in a project plan. The severity level of a problem is usually based on its impact on other parts of the project plan, including schedule, release date, and scope.

16. What are Project Baselines?

Project baselines are a set of data and information that represents the current state of a project. They measure progress, review status, measure costs, and establish baselines for future planning. This information can be collected in real-time or at fixed intervals throughout the project cycle. The data is then used to manage the project more effectively and reduce risk by providing an objective view of how things are going.

17. What are the objectives of monitoring and controlling in project management?

The objectives of monitoring and controlling in project management include measuring progress towards completion

• Verifying that tasks were completed on time
• Determining whether tasks were completed as planned
• Determining whether tasks were completed within budget
• Ensuring that resources are allocated appropriately
• Ensuring that resources are used efficiently
• Ensuring that risks have been identified and adequately managed
• Ensuring that risks have been mitigated through proper contingency plans
• Tracking financial resources such as cost estimates, budgeted costs, actual costs, etc.
• Monitoring personnel resources such as hours worked, overtime rate, absence rates.

18. What are bug management and its significance?

Bug management is a process that involves tracking down software bugs, fixing them, and reporting the results to the appropriate people. Individuals or groups in companies can perform bug management. The main goal of bug management is to ensure the product is bug-free before it is shipped out to customers. Bug management can also be used to test new features and functionality before they are released into production environments.

19. Explain a project's life cycle.

A project's life cycle is a series of phases describing a project's life from inception to completion. The life cycle of a project starts with planning, continues through implementation, and ends with evaluation and closure. The phases within the life cycle provide opportunities for managers to influence the success of their projects and ensure they are completed on time, within budget, and meet expectations.

20. Difference between trend analysis and Variance analysis.

Trend analysis analyzes historical data, identifies trends in several variables, and draws conclusions about future events based on those trends.

Variance analysis analyzes historical data, identifies variances in several variables, and draws conclusions about future events based on those variances.

21. Difference between corrective and preventive actions?

In project management, there are two types of actions: corrective and preventive.

Corrective actions are taken when something goes wrong in the project. They are used to fix the problem and make the project successful. For example, if a customer has issues with the product that was delivered to them, we need to take corrective actions by responding quickly to solve the problem.

Preventive actions are taken before a problem arises. These actions help us prevent problems from happening in the first place. The best example of a preventative measure is testing a new software before releasing it to customers so that we can identify any bugs or problems early on can fix them before releasing it to customers.

22. What is EVM and its use?

Earned value management (EVM) is a project management approach that leverages the concept of earned value. EVM is used to assess a project's progress by comparing each activity's results against planned results. For example, if a project has been completed one-third of the way through and is within budget, it has met its EVM.

EVM ensures that the project is managed by its outcome, as defined in plans and schedules. In addition, the EVM provides visibility into changes in cost or program that may compromise these objectives. It also helps managers make informed decisions about how to continue or terminate projects based on their results.

23. Difference between Risk Impact and Risk Probability in project management?

Risk Impact: Risk impact is the potential adverse effect of a risk on the organization's objectives, strategies, and plans.

Risk Probability: Risk probability is the likelihood that an event will occur at some point in the future based on experience or knowledge of how things work.

24. What is the difference between Project, Program, and Portfolio?

A project is a great, discrete effort with a specific start and end date. Projects are usually organized into phases (e.g., requirements analysis, design, and development), with each step being a collection of activities contributing to the project's completion.

A program is a series of related functions or tasks that have been prepared for execution and will be completed within a time frame or budget. A program may include one or more projects in its scope.

A portfolio is a group of programs or projects that share common characteristics such as size, scope, risk level, etc., but also differ in other ways.

25. What are the processes and process groups in project management?

Processes are workflows that need to be performed for a project to be delivered successfully. These workflows are often broken down into smaller tasks that must be completed before the entire process can be achieved.

Process groups include those processes necessary for an organization to deliver projects successfully. They are often grouped into process groups based on commonalities within each process group.

26. Explain Fishbone diagrams in project management?

A fishbone diagram is a tool for understanding the relationships between the components of a business problem. This model aims to help you identify the true causes of your project problems rather than blaming your stakeholders, who are sometimes affected by factors outside their control. The fishbone diagram is a visual model that helps you understand how your project's components interact with other projects. It also lets you see where the problem l and can be fixed quickly.

27. What is the three-point estimating method?

Three-point estimating is a method of estimating the total cost of a project from its beginning to completion. This process is based on the idea that it is better to estimate the total cost of a project by determining how much money will be spent and what the expected return on investment will be than to guess at the final price.

28. What is a requirement traceability matrix? What is its importance?

A requirement traceability matrix is a tool that helps you identify and prioritize the risks that your product or service will encounter during the product development process requirement traceability matrix aims to help you understand where each requirement in your project comes from. It's also helpful in helping you resolve potential conflicts between requirements and identifying areas where new requirements may be needed. A requirement traceability matrix can be used for any software project, including web applications, mobile applications, and desktop applications.

29. What is the Critical Path in Schedule Network Diagram?

A critical path is a sequence of activities that has the most significant effect on the completion of a project. The critical path is the longest chain of activities in a project schedule. The essential way is determined by considering all activities that affect the completion of the project and by choosing those with the highest relationship between their start and finish times. The critical path is the most extended sequence of work packages that can be done without waiting for another to be completed. Critical approaches are affected by resource constraints, such as personnel availability and equipment availability, as well as other factors, such as communication delays and travel time requirements.

30. Explain Quality Control?

Quality control is an essential part of project management. It involves monitoring and evaluating the quality of a product or service to ensure that it meets the customer's needs and expectations. Quality control may be carried out by the company, such as when it produces a product, but it can also be done by an external party, such as a consultant or auditor. The primary purpose of quality control is to ensure that products are delivered on time, at the right price, and in good condition.