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Business and Internal Analysis Questions

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1. What is the definition of a project?
2. List and define the components of the Project Life Cycle.
3. What is earned value? How is it integrated in a project?
4. What is the difference between Maintenance and Quality?
5. What is a Communications Plan? How does it contribute to the project?
6. Define Risk. What is a Risk Management Plan and how does it impact a project?
7. Identify and define the components of a project schedule?
8. Define project closure and associated components?
9. Why does a project manager need to understand how to apply various strategies when managing conflict?
10. What is Management Reserve and how is it applied?
11. What is the Work Breakdown Structure (WBS) and how dos it impact the project?
12. What reason or reasons cause a project to fail? Why is a project audit of value?

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Solution Preview

Answer:
1. What is the definition of a project?

A project can be defined as a set of coordinated and complex activities having a clearly defined objective that can be achieved through coordinated and synergetic efforts within a given time and with the use of predetermined amount of financial and human resources.

2. List and define the components of the Project Life Cycle.

The components of project life cycle include:
(i) Project initiation
(ii) Project planning
(iii) Project execution
(iv) Project closure

(i) Project initiation: This is the first phase of the project life cycle. Under this phase the business problems and opportunities are identified and a feasibility study is done to investigate that there is solution for each business problems identified after this a final recommended solution is put forward. Now after recommendation of the business solution the project is set for approval under this stage and once the approval is given it is initiated to deliver the approved solution. Also the objective, scope and structure of the project is laid down and a qualified and skilled project manager with appropriate team is recruited.
(ii) Project planning: Under this stage the planning of the project is done. The project activities, tasks, timeframe and dependencies are outlined. This stage also includes, resource planning, financial planning, quality planning, risk planning, acceptance planning, communications planning and procurement planning.
(iii) Project execution: Under this stage the implementation of the plans created during planning phase is done. Along with this while the plans are being executed, series of management process are undertaken to monitor and control the deliverable coming out of the project.
(iv) Project closure: This stage involves providing the final deliverables to ...

Solution Summary

This solution helps define and explain various business definitions. Concept discussed include earned values, risk, project closures and conflict management.

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