Project Management Practitioner

NPV compares the value of the future cash flows of the project to today’s dollars using time value of money techniques.

It evaluates the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. The total present value of the cash flows is deducted from the initial investment to determine NPV.

NPV assumes that cash inflows are reinvested at the cost of capital.

NPV is similar to discounted cash flow.

-Posted by Sundar

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Mitigate is part of the strategies for negative risks or threats which is one of the tools and techniques of Risk Response Planning.

Mitigation is to reduce the probability of risk or threat and reduce the impact to an acceptable level if the risk or threat occurs. Its easier to proactive measures instead of firefighting after the risk occurs.

-Posted by Dhana

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Milestones are typically major accomplishments of the project and mark the completion of major deliverables or some other key event in the project.

-Posted by Dhana

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Matrix organizations are to minimize the differences, take advantage of, the strengths and weaknesses of functional and projectized organizations. The project objectives are fulfilled and good project management techniques are utilized while still maintaining a hierarchical structure in the organization.

Employees in a matrix organization report to one functional manager and to one or more project manager depending on the no of projects he/she involved. Functional managers are responsible for the administrative part and resource assignment for the projects. Where as Project managers are responsible for executing the project. Both Project managers and functional managers share the responsibility of performance reviews for the employee.

-Posted by Dhana

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This is one of the tools and techniques of the Additional Quality Planning Tools. Just memorize the names of all the tools and techniques of the Additional Quality Planning Tools and it wil be helpful for the exam purpose.

-Posted by Dhana

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Mathematical models, also known as Constrained Optimization Methods, are a category of project selection methods, which is a tool and technique of the Develop Project Charter process.

They are complex mathematical models that use linear, dynamic, integer, nonlinear, and/or multi-objective programming in the form of algorithms, or in other words, a specific set of steps to solve a particular problem.

-Posted by Dhana

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Abraham Maslow hypothesized that human beings have five basic needs arranged in hierarchical order. Usually the lower level needs must be met before the person can move to the next level of needs in the hierarchy.

Maslow’s Hierarchy of Needs stats that once a lower level needs are met, it will not serve as motivator for a person and the next level needs become the driving factor for his/her motivation. Maslow emphasises that human beings are always in need for one or another state needs. The five basic needs are

1. Self-actualization - Performing at peak potential
2. Self-esteem needs  - Accomplishment, respect for self, capability
3. Social needs       - A sense of belonging, love, acceptance, friendship
4. Safety and security needs - physical welfare and security
5. Basic physical needs      - Food, clothing, shelter

-Posted by Dhana

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This is one of the tools and techniques of the Plan Purchases and Acquisitions process.

This analysis helps the PM to decide whether it is cost efficient to produce the products/services or buy them from the vendors. Sometimes the PM explore the options of leasing them instead of buying.

-Posted by Dhana

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Dependencies or relationship between two project activities, which describes their start/finish are known as logical relationships in project management. Logical relationships can also exist between an activity and a milestone. Four types of logical relationships used in project management are

1. Finish-to-Start
2. Finish-to-Finish
3. Start-to-Start
4. Start-to-Finish.

-Posted by Dhana

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Lessons Learned is part of Work Performance Information which is one of the Outputs of Direct and Manage Project Execution.

Lessons learned are the archived information used on the future projects. This includes challenges, issues, mitigation’s, solutions and others which are useful for the future references.

-Posted by Dhana

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