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PMP Revised > Key Definitions > Flashcards

Key Definitions Flashcards

1
Q
A
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2
Q

Grade

A
  • Categorization
  • Example: low grade might be fewer features
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3
Q

Precision

A
  • Measure of Exactness
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4
Q

Accuracy

A
  • Assessment of Correctness
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5
Q

Design of Experiments

(DOE)

A
  • Statisical method for identifying which factors may influence specific variable or a product or pprocess under development or in production
  • May be used to determine the number and type of tests required for Quality Management Plan
  • Plays a role in optimzing products or processes
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6
Q

Statistical Sampling

A
  • choosing part of a population of interest for inspection
  • Sample frequency and size should be determined in the Quality Management Plan
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7
Q

Process Decision Program Charts

(PDPC)

A
  • used to understand goal in relation to the steps for getting to the goal
  • Useful as a method of contingency planning
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8
Q

Prevention

A
  • Keeping errors out of the process
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9
Q

Inspection

A
  • Keeping errors out of the hands of the customer
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10
Q

Firm Fixed Price Contracts

(FFP)

A
  • Most commonly used contract type
  • Price for goods is set at the beginning of the engagement and not subject ot change unless scope changes
  • Adverse performance impacts is the respomnsibility of the seller
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11
Q

Fixed Price Incentive Fee Contracts

(FPIF)

A
  • Allows for deviation from performance
  • Gives flexibility for buyer and seller to have incentives tied to acheiving objectives early
  • Performance targets set at the beginning
  • Price ceiling is set, and all costs above it are the responsibility of the seller
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12
Q

Cost Plus Fixed Fee Contracts

(CPFF)

A
  • Seller is reimbursed for all incurred costs, as well as a fixed fee payment calucalted as a percentage of the initial estimated project costs
  • Fee is paid only for completed work
  • Fee does not change unless the scope changes
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13
Q

Cost Plus Incentive Fee

(CPIF)

A
  • Reimbursed for all allowable costs, receives a pre-determined incentive fee based on acheiving certain performance objectives
  • If there is a difference in final costs, both the buyer and seller share the overages or under nby a negotiated percentage according to a cost sharing forumla
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14
Q

Cost Plus Award Fee Contracts

(CPAF)

A
  • Seller is reimbursed for all ligitimate costs, but the majority of the fee is earned only based on satisfaction certain broad subjective performance criteria defined and incorporated into the contract
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15
Q

Procurement Statement of Work

(SOW)

A
  • Developed form the project scope baseline
  • written to be clear, complete, and concise
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16
Q

Procurement Documents

A
  • Request for Information (RFI)
  • Invitation for Bid (IFB)
  • Request for Proposal (RFP)
  • Request for Quotation (RFQ)
17
Q

Possible Source Selection Criteria

A
  • Understanding of need
  • Overall or life-cycle cost
  • Technical capability
  • Risk
  • Management Approach
  • Technical Approach
  • Warranty
  • Financial Capacity
  • Production Capacity and interest
  • Business size and type
  • Past performance of sellers
  • Intecllectual Propeerty Rights
  • Proprietary Rights
18
Q

Bidder Conferences

A
  • Used before submittal of a bid or proposal
  • Meetings with tbe buyer and all potential sellers to ensure common understanding
  • Example: Supplier summit meeting from AGS
19
Q

Risk Appetite

A
  • degree of uncertainty an entity is willing to take on in anticiaption of a reward
20
Q

Risk Tolerance

A
  • Degree, amount, or volume of risk that an organization or individual will withstand
    *
21
Q

Risk Threshold

A
  • measures along the level of uncertainty ir the level of impact at which a stakeholdr may have a specific interest
  • Below the threshold, they will accept the risk
  • Above the threshold, they will not tolerate the risk
22
Q

Delphi Technique

A
  • Way to reach a concensus of experts
  • Participate anonymously
  • Use a quesitionairre to solicit ideasabout important risks
  • ideas are consolidated then recirculated to the experts
  • Helps to redues bias in the data
23
Q

Root-Cause Analysis

A
  • USed to identify a problem or to discover the underlying cause that lead to it, and develop preventative action
24
Q

Risk Diagramming Techniques

A
  • Cause and Effect Diagrams
  • System or process flow charts
  • influence diagrams
25
Q

Checklist Analsysis

A
  • Use of a checklist for risks from historical information
  • Should not be used in place or proper risk management
  • Would likely be used for very repeatable projects and processes
26
Q

Risk Cause and Effect Diagrams

A
  • Also known as fishbone diagrams
27
Q

Risk System or process flow charts

A
  • how various elements of a system interrelate and the mechanism of causation
28
Q

Qualitative Risk Assessment Tools and Techniques

A
  • Risk proabability and Impact Assessment
  • Probability and Impact Matrix
  • Risk Data Quality Assessment
  • Risk Categorization
  • Risk Urgency Assessment
29
Q

Risk probability and impact assessment

A
  • looking at the prbability and impact on each risk
  • Think of the traditional risk log
30
Q

Probability and impact matrix

A
  • Risk rating rules usually pre-defined
  • matrix to score each risk based on probability and impact
  • Color scales may be used to identify high, medium, low risk based on organizational rules
  • Risk Scores help to determine priority of action and response
31
Q

Qualitative Risk Analysis Techniques

A
  • Data Gathering and Representation Techniques
    • Interviewing
    • Probability Distributions
  • Modeling Techniques
    • Sensitivity Analysis
    • Expected Monetary Value (EMV) Analysis
    • Modeling and Simulation
32
Q

Data Gathering: Interviwewing

A
  • drawing on historical data
  • Estimasting risk based on low, most likely, and high estaimtes
33
Q

Modelling and Simulation

A
  • translates the specificed uncertainties into their potential impact on project objectives
  • Typically performed using the Monte Carlo technique
34
Q

Mitigate

A
  • Negative risk response sterategy in which the project team acts to minimize the probability of occurance or impact of a risk
  • Examples include:
    • adopting less complex processes
    • conducting more tests
    • choosing a more stable supplier
    • designing redundancy into a system
35
Q

Contingent Response Plan

A
  • Risk response plan that will only be executed if certain conditions occur
36
Q

Rolling Wave Planning

A
  • An iterative planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level
  • Example: CSX Phase 1A vs. Phase 1B

PMP Revised (14 decks)

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