Professional Study Notes

Key Concepts 1.        The primary aim of scope management to define the exact scope of work and to prevent scope creep ( additional requirements added without any proper control ) or gold-plating ( added by the project team with a view to impressing stakeholders ). 2.        Product Scope: a.         Features & functions that characterize a product, service or result b.        Assessed against the product requirements and WBS 3.        Project Scope a.         Work to be completed or Work performed to deliver product, service or result with specified features & functions 4.        Scope Baseline: scope statement + WBS + WBS dictionary 5.        WBS includes only the deliverables/outcomes/results (not actions) ...

Project Risk Management includes all the processes involved in risk identification, regulation, and mitigation on a project. The objective is to increase the likelihood of positive risks (opportunities) and decrease the likelihood of negative risks (threats).  Here are some key concepts for this Knowledge Area: §   Uncertainty  – Uncertainty is a lack of knowledge about an event that reduces confidence in conclusions drawn from the data §   Risk factors  – When looking at risks, one should determine o     The probability that it will occur (what) o     The range of possible outcomes (impact and amount at stake) o     Expected time (when) in the project life cycle o     The anticipated frequency of risk events from the source (how often) §   Risk adverse  – Someone who does not want to take risks §   Risk tolerance  – How much risk someone can tolerate/withstand §   Risk thresh...