Basic Interview Questions: Project Management Part -2
Q4. Who is a stakeholder?
Ans. A stakeholder is anyone who has something to gain or lose as a result of the completion or failure of this project or phase. Please note that apart from end customer Project managers, Project Lead, even
programmers, testing department etc. are stakeholders of project.
Q5. Explain Project Life Cycle?
Ans. The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life.
There are five stages of any project initiating, planning, executing, controlling, and closure
In this first stage, the scope of the project is defined along with the approach to be taken to deliver the desired outputs. The project manager is appointed and in turn, he selects the team members based on their skills and experience. The most common tools or methodologies used in the initiation stage are Project Charter, Business Plan, Project Framework (or Overview), Business Case Justification, and Milestones Reviews.
The second phase should include a detailed identification and assignment of each task until the end of the project. It should also include a risk analysis and a definition of a criteria for the successful completion of each deliverable. The governance process is defined, stake holders identified and reporting frequency and channels agreed. The most common tools or methodologies used in the planning stage are Business Plan and Milestones Reviews.
Execution and controlling
The most important issue in this phase is to ensure project activities are properly executed and controlled. During the execution phase, the planned solution is implemented to solve the problem specified in the project’s requirements. In product and system development, a design resulting in a specific set of product requirements is created. This convergence is measured by prototypes, testing, and reviews. As the execution phase progresses, groups across the organization become more deeply involved in planning for the final testing, production, and support. The most common tools or methodologies used in the execution phase are an update of Risk Analysis and Score Cards, in addition to Business Plan and Milestones Reviews.
In this last stage, the project manager must ensure that the project is brought to its proper completion. The closure phase is characterized by a written formal project review report containing the following components: a formal acceptance of the final product by the client, Weighted Critical Measurements (matching the initial requirements specified by the client with the final delivered product), rewarding the team, a list of lessons learned, releasing project resources, and a formal project closure notification to higher management. No special tool or methodology is needed during the closure phase.
Q6. Discuss about ‘Risk’ constant in the project ?
Ans. Risk is high at the start of projects, but by proper POC (Proof of concept) risk is brought
in control.Good project managers always have proper risk mitigation plan at the start of
project. As the project continues one by one risk is eliminated thus bringing down the