Vocab

Question 1

Project Scope

Answer 1

Work required to output a project’s deliverable. Highly dependent on time, cost, and quality.

Often defined by a Work Breakdown Structure, and changes should take place only through formal change control procedures.

Question 2

Work Breakdown Structure (WBS)

Answer 2

Hierarchical deconstruction of the total scope of work; contains work packages; contains Initiation, Planning, Execution, Control, and Closeout

Question 3

Waterfall

Answer 3

Activities completed in linear fashion; new phase begins only when previous phase completed (predictive)

Question 4

Backlog

Answer 4

Prioritized list of tasks/activities belonging to stories (to-do list)

Question 5

Fishbowl Window

Answer 5

Tool that facilitates transparency and communication allowing all members to spontaneously interact (virtual or physical space; like office hours)

Question 6

Scrum of Scrums

Answer 6

Technique for agile (Scrum) approach with several teams working on the same project; coordinates in areas that overlap to facilitate integration

Question 7

MoSCoW

Answer 7

Prioritization technique to reach common understanding with stakeholders on importance placed on delivery of each requirement; Must have, Should have, Could have, Won’t have

Question 8

Pairing
Swarming
Mobbing

Answer 8

Pairing: 2 people, 1 keyboard, 1 story
Swarming: Team works on 1 story together, checking in after short intervals
Mobbing: Many people, 1 keyboard, 1 story (screen often projected for all to see)

Question 9

Timeboxing

Answer 9

Fixed maximum time period defined for a process within a project that has its own tasks, a goal, and deliverables. Mini projects.

Allows for Quick Feedback, Focus of Team, Reliable Cadence of Delivery, and Clarity

(Type of Iterations or Sprints)

Question 10

Spike

Answer 10

Timeboxed work used to answer question, gather information, or solve a problem rather than a viable product

Question 11

Avoid v. Mitigate v. Transfer v. Accept

Answer 11

Avoid: Completely eliminate or forego risk
Mitigate: Reduce likelihood or impact of risk
Transfer: Assign or move the risk to a third-party
Accept: Acknowledge the risk and choose not to resolve, transfer or mitigate

Question 12

Control Chart

Answer 12

Detects variations within the project over time; has an upper and lower limit

Question 13

Stakeholder Register

Answer 13

Document includes identity, assessment, and classification of project stakeholders

Question 14

Stakeholder Engagement Plan

Answer 14

Document outlining strategies to promote productive stakeholder involvement; includes stakeholder communication requirements, level of engagement, and participation.

Question 15

Resource Management Plan

Answer 15

Guides how project resources should be categorized, allocated, managed, and released

Question 16

Issue Log/Issue Register

Answer 16

Document where all issues are recorded and tracked

Question 17

Crystal Method

Answer 17

Agile method that focuses on the individual and communication/skill rather than processes/tools. Teams find own ways to improve/optimize. Every project is unique and always changing, which is why that project’s team is best suited to determine how it will tackle the work

Question 18

XP Method (Extreme Programming)

Answer 18

Agile method that focuses on speed and simplicity with short development cycles

Question 19

Firm Fixed Price Contract (FFP)

Answer 19

Client pays single, pre-agreed amount regardless of costs incurred during project implementation. Only changes when the scope of the project changes, to reflect the cost of the additional work carried out

Question 20

Cost Plus Incentive Fee Contract (CPIF)

Answer 20

A performance-based incentive fee will be paid to the seller over and above the actual cost they have incurred on the projects. With this type of contract, the incentive is a motivating factor for the seller to meet or exceed the project’s performance metrics.

Question 21

Cost Performance Index (CPI)

Answer 21

Calculates the cost efficiency and financial effectiveness of a specific project: CPI = earned value (EV) / actual cost (AC). CPI higher than 1 indicates that a project is performing well budget-wise

Question 22

Enterprise Environmental Factors (EEFs)

Answer 22

Outside control of project team but impact its work: culture, technology, governmental standards

Question 23

Organizational Process Assets (OPAs)

Answer 23

Organization’s processes, procedures, and policies, its knowledge repositories: things that facilitate work of project

Question 24

Functional Organization

Answer 24

“Silo”. Projects occur within single dept. Communication/project transference is from one “silo” to another “silo”

Question 25

Project Oriented Organization

Answer 25

“No Home”. When team finishes project, they don’t have dept. to go back to; they require a new project to work on or find a new job

Question 26

Matrix Organization

Answer 26

“Two Managers”. Team reports to project manager and functional manager; power shifts depending on situation. Team does project and operational work. **THIS IS MOST COMMON ON EXAM

Question 27

Present Value (PV) & Future Value (FV) Equation
*Don’t confuse with Planned Value (for Cost)

Answer 27

PV=FV/(1+r)^n

r=interest rate; n=number of time periods

Question 28

Net Present Value (NPV)

Answer 28

Present value of total benefits (income or revenue) minus cost over many time periods *Don’t have to calculate

**If NVP is positive, investment is good; greatest NVP is selected

Question 29

Internal Rate of Return (IRR)

Answer 29

Value returned from project completion; want to break even or be positive – higher IRR the better *Don’t have to calculate

Question 30

Payback Period

Answer 30

Time it takes for organization to recover investment in project; shorter the better

Question 31

Cost Benefit Analysis

Answer 31

> 1 means benefit outweighs cost
=1 means cost equals benefit
<1 means cost outweighs benefit

i.e. 1.7 means REVENUE is 1.7 times the cost

Think: Cost Benefit Analysis (C B A) -> backwards alpha, so R (Revenue) comes before P (Profit) backwards so Cost Benefit Analysis has to do with Revenue

Question 32

Opportunity Costs

Answer 32

Opportunity given up by selecting another option. It equals the opportunity of what was given up, NOT the difference between the projects being compared. (i.e. Project A NVP of $45k and Project B NVP of $60k. What’s the opportunity cost of picking Project B? – $45k, because you’re giving up Project A)