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PMP > Project Integration Management (Section 9) > Flashcards

Project Integration Management (Section 9) Flashcards

1
Q

What is the main idea of project integration management? & How does project integration management start?

A

Make various processes work together - Requires choices about resource allocation and trade-offs, to coordinate all aspects of the project.

This also includes measuring repercussions of these changes.

This starts with creating the project charter.

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2
Q

What does it mean by “tailoring” project integration management?

A

Being able to make a judgement call on how in-depth you need to go on each process, depending on the depth of the project

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3
Q

What is the timeline where project integration management is important?

A

Alignment of what you’re doing during the project, and the effect it has on the post-project success

Documentation of what we’ve created, lessons learned, etc. in context of

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4
Q

What are examples of project integration management trends?

A

Automated - PMIS (when people enter hours in a software rather than a document or email)

Visual document tools - i.e. Kanban board, Dashboard

Business case development

Hybrid methodologies

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5
Q

What is an adaptive project methodology?

A

Approach to projects with the understanding that key components are constantly in flux.

Teams need to adopt a flexible mindset to continually learn by re-evaluating results and decisions through a project.

Collaboration with stakeholders is crucial at every level to determine if the project is successful as it evolves

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6
Q

In what context are conditions of satisfaction (CoS) important?

A

In adaptive project methodology, CoS are approved by the stakeholders prior to the Work Breakdown Structure. They are the “rudder” to steer the ship

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7
Q

What is the key difference between traditional project management and adaptive development methodology?

A

In adaptive development methodology, the timeline set during the scoping and planning cycles is fixed (because the others are in flux)

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8
Q

What is the scope triangle?

A

Cost, schedule, scope

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9
Q

What deliverable is a key output in addition to the project charter?

A

Assumption Log

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10
Q

What does the project charter ultimately do?

A

Authorizes the PM to act on behalf of the sponsor

to achieve the vision, required to be authorized by executive sponsorship

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11
Q

How often does the project charter happen?

A

Typically once, but it is possible to have it happen multiple times, for each phase, i.e. in an adaptive environment

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12
Q

In what case would a project charter happen more than once?

A

In an adaptive environment, when it happens once per phase

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13
Q

What is a stakeholder expectation/risk threshold?

A

This is an example of an enterprise environment factor. It discusses the tolerance for risk.

High priority projects have a low risk tolerance. Low priority projects have a higher risk tolerance

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14
Q

What is expert judgment?

A

Consultants, industry groups, PMO, etc. anyone else besides the PM who contributes to a project

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15
Q

What is a scoring model?

A

A tool for benefits measurement that assigns weights

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16
Q

What is the future value of money?

A

This is a project selection method.

Make sure to multiply 1.0X by n years the project will last, then multiply it by the dollar amount. If your project isn’t worth at least this is N years, most likely not a good investment

FV=PV(1+i)^n

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17
Q

What is the i & n in the future value of money calculation?

A 
I = interest rate 
n= number of years
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18
Q

What is net present value? What’s a reasonable NPV?

A

Helps analyze the future profitability of a present project (When making an investment, you want the return to exceed not only the amount invested but also make up for potential losses incurred due to the time value of money. NPV lets you convert future investment growth to today’s dollars, giving you a more accurate picture of the true value of the investment).

NPV greater than zero, is good - A broad way of saying “Does this investment make sense?)

NPV is the difference between the present value of cash inflows and the present value of cash outflows over a period of time. When comparing similar investments, a higher NPV is better than a lower one

https://www.businessinsider.com/personal-finance/npv

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19
Q

How is NPV different than DCF?

A

NPV = Present value, of future investments and returns (in “today’s dollars”)

DCF = Amount of investment needed now to achieve the expected value in the future

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20
Q

What is internal rate of return?

A

Interest rate (discount rate) that will bring a series of cash flows (positive and negative) to a NPV of zero

NPV of zero means the NPV will be equal to the current value of cash invested

All things being equal (including risk), IRR is a helpful tool in project selection

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21
Q

When is IRR useful at comparing projects? What needs to be static?

When is IRR not useful at comparing projects?

A

IRR can be useful when comparing projects of equal risk, rather than as a fixed return projection.

Cash flows are not always reinvested at the same discount rate. If a project is longer term, discount rate (interest rate) is more likely to fluctuate, thereby making IRR not the best tool to compare potential investments

22
Q

What are some examples of assumptions in an assumption log?

A
  1. Project team will stay together
  2. Vendor will deliver on time
  3. Project won’t be cancelled
23
Q

What are examples of project constraints? Where are they logged?

A

Required to be using a particular resource, software package, individual, etc.

In the Assumption Log

24
Q

What does the project management plan provide? What happens if it changes?

A

Provides a baseline so that any changes must go through change control/a change request

25
Q

At what point in the process, does the kickoff meeting happen?

A

After the project plan is approved, NOT after the project charter is approved

26
Q

What 8 components does the project management plan include?

A
  1. Scope Management Plan
  2. Requirements Management Plan
  3. Schedule MP
  4. Cost MP
  5. Quality MP
  6. Resource MP
  7. Communications MP
  8. Risk MP
27
Q

What are the 3 most important baselines in a project management plan?

A

Scope
Schedule
Cost

28
Q

What is goal-plating?

A

Trying to run out the budget by adding bells and whistles

29
Q

What is defect repair?

A

Modifies non conformance to project requirements - i.e. We’ve installed 500 doors, but we noticed 30 of them are installed incorrectly. This requires a change request

30
Q

If during the project, we take a critical look at the project and make adjustments (i.e. to scope creep), what is this called?

A

Corrective actions

31
Q

Do deliverables have to be external?

If not, what’s an example of an internal deliverable?

A

No, deliverables can be external

Quality Management Plan

32
Q

What’s the control of multiple versions of a deliverable (i.e. v1.1, 1.2, 1.3) called?

A

Configuration management

33
Q

What is the difference between Work Performance Data & Work Performance Information?

Can you give an example of the difference between WPD for Scope?

A

Work performance information, is work performance data analyzed in context and integrated based on relationships across areas

SCOPE
WPD: Scope – ‘D’ Deliverables have been completed
WPI: Scope – ‘D’ Deliverables have been accepted, R Deliverables have been rejected

COST
WPD: Cost – ‘M’ units of money have been spent
WPI: Cost – A Control Account is over-budget by ‘M’ units of money

34
Q

Between Work Performance Data and Work Performance Integration, which is observed facts, and which is processed so that it helps in decision making?

A 
WPD = Raw facts
WPI = Processed, organized, and structured through project context
35
Q

What is the difference between an issue and a risk? Give an example.

A

An issue is a realized risk, and requires urgent and tactical attention. Example - For example, being unable to find skilled resources for a particular technology is a risk to the project. However, if a skilled team member suddenly meets with an accident and is hospitalized for 2 weeks, it is an issue.

36
Q

What does ITTO stand for?

A

Inputs, Tools & Techniques, Outputs

37
Q

What is source selection criteria?

A

Attributes desired by the buyer, which a seller is required to meet or exceed to be selected for a contract. Included as part of the procurement documents.

38
Q

Which is more difficult to express - Tacit or Explicit knowledge?

A

Tacit knowledge as it’s gained through experience vs. easy to explain

39
Q

How do you translate Explicit Knowledge into Tacit Knowledge?

A

“Learning by doing” - Taking the explicit knowledge system, and applying it in practice

40
Q

What is a sample activity in Monitoring and Controlling?

A

Comparing project performance against plan; Checking status of individual risks

41
Q

What is earned value analysis?

A

Part of data analysis in monitoring and controlling. Using the progress measured, PM can forecast a project’s total cost and date of completion, based on trend analysis or application of the project’s “burn rate”

42
Q

What does it mean that earned value (EV) can be present in a Cumulative and Current fashion?

A 
Cumulative = sum of budget for activities accomplished to date
Current = sum of budget for activities accomplished in a given period
43
Q

What’s another name for Earned Value?

A

Budgeted Cost of Work Performed

44
Q

What is configuration management/a configuration management system? What happens with a configuration management system when the scope changes?

A

A configuration management system provides documenting, labeling and baseline of the product. Controls the features and functions of the product being created.

This is one of the areas where the scope is updated if a scope change is approved

45
Q

What is the term for a person’s willingness to tolerate risk?

A

Utility function

46
Q

What are 5 components of administrative closure?

A
  1. Closing project accounts
  2. Reassigning people
  3. Dealing w/excess project material
  4. Reallocating facilities, equipment, and other resources
  5. Creating final project reports
47
Q

What components of closure are present throughout a project?

A

Closing out contracts (e.g. with vendors) as their time is up

48
Q

Which is least beneficial to the project manager during the project plan development process?
A. Gantt charts
B. PMIs
C. The project management methodology
D. Stakeholder knowledge

A

A. Gantt charts - they are tools to measure and predict project progress, but aren’t needed during the plan development process

49
Q

What document serves as a guide to all future project decisions?

A

Project plan

50
Q

What document formally manages and controls project execution?

A

Project management plan

PMP (7 decks)

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