Project Management Trainee

Project Management Trainee Interview Questions and Answers

Updated 18 Mar 2024

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Q1. Difference between planning and scheduling

Ans.

Planning is deciding what to do and scheduling is deciding when to do it.

Planning involves setting goals, defining objectives, and determining the resources needed to achieve them.
Scheduling involves breaking down the plan into smaller tasks, assigning resources, and setting deadlines.
Planning is more strategic and long-term, while scheduling is more tactical and short-term.
Planning is about creating a roadmap, while scheduling is about creating a timeline.
Example: Planning a...read more

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There are several types of contracts in project management.

There are 3 main types of contracts: Fixed Price, Cost Reimbursable, and Time and Material.
Fixed Price contracts have a set price for the project, regardless of actual costs.
Cost Reimbursable contracts reimburse the contractor for actual costs incurred, plus a fee.
Time and Material contracts pay the contractor for time and materials used, plus a fee.
Other types of contracts include Incentive, Award, and Indefinite Del...read more

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Agile methodologies are essential for project success as they promote flexibility, collaboration, and continuous improvement.

Agile methodologies allow for frequent feedback and adaptation to changes in project requirements.
They promote collaboration among team members, stakeholders, and customers.
Agile encourages iterative development, allowing for continuous improvement and delivery of value to the customer.
Examples of agile methodologies include Scrum, Kanban, and Extreme P...read more

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I am familiar with SAP and Oracle ERP software.

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Ans.

Estimation of a building involves calculating the cost and time required for construction.

Estimation includes calculating the cost of materials, labor, and equipment.
The time required for construction is estimated based on the size and complexity of the building.
Factors such as location, permits, and regulations also impact the estimation process.
Estimation is important for budgeting and scheduling purposes.
Software tools such as Building Information Modeling (BIM) can aid in...read more

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Types of contracts include fixed-price, cost-reimbursable, time and material, and incentive contracts.

Fixed-price contracts have a set price for the project or deliverables.
Cost-reimbursable contracts reimburse the contractor for all costs incurred plus a fee.
Time and material contracts pay for the contractor's time and materials used.
Incentive contracts offer rewards for meeting or exceeding performance targets.
Other types of contracts include unit price, cost-plus, and awar...read more

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Ans.

Time value of money refers to the concept that money available at the present time is worth more than the same amount in the future.

The value of money decreases over time due to inflation
Investing money can increase its value over time
Discounted cash flow analysis is used to calculate the present value of future cash flows
Time value of money is important in project management for budgeting and financial planning