Exam Topics Flashcards
(102 cards)
1
Q
Initiating Process Group:
Inputs
A
- Project statement of work
- Agreements
- Business case
- Enterprise Environmental Factors
- Organizational process assets
- Procurement documents
2
Q
ITTO’s
A
Inputs, Tools, Techniques, Outputs
3
Q
Initiating Process Group:
Activities/Actions taken
A
- Perform project assessment
- Identify key deliverables
- Perform stakeholder analysis
- Identify high-level risks
- Participate in project charter development
- Obtain project charter approval
- Perform benefit analysis
- Facilitate stakeholder communication regarding the project charter.
See training slides pg 117
4
Q
Project Integration Management:
Project Selection Methods:
Benefit Measurement Methods
A
Ascertain costs and benefits of undertaking a project
- Murder board
- Peer review
- Scoring models
- Economic models
- Benefit compared to cost
5
Q
Project Integration Management:
Project Selection Methods:
Constrained Optimization Methods
A
Rely on mathematics modeling to select the best project
- Linear programming
- Goal programming
- Integer Programming
6
Q
Project Integration Management: Present Value (PV)
A
The current value of future cash flow
7
Q
Project Integration Management:
Net Present Value (NPV)
A
The difference between value of the total benefits and the cost over a period of time.
*Always choose project with higher NPV
8
Q
Project Integration Management:
Internal Rate of Return (IRR)
A
The rate of return internal to the project.
*Always choose project with higher IRR
9
Q
Project Integration Management:
Payback Period
A
The time it takes to recover the investment from a project before profits star accumulating.
*Always choose project with lesser payback period
10
Q
Project Integration Management:
Benefit Cost Ratio (BCR)
A
Present value of benefits vs present value of costs.
*Project BCR must be greater than 1. Higher is better
11
Q
Project Integration Management:
Return on Investment (ROI)
A
The rate of return on the project normalized by the initial investment.
*Higher ROI = more profitable project
12
Q
Project Integration Management:
Opportunity Cost
A
The cost related to the next best choice available. (Not the difference in cost)
*The opportunity cost is the NPV of the next best choice
13
Q
PM Framework:
Functional Organization
A
- Staff is grouped by areas of specialization
- PM has limited authority to assign work and apply resources
- Each employee reports to a functional manager
14
Q
PM Framework:
Projectized Organization
A
- Staff (resources) mostly work on projects
- PM has primary control over resources
15
Q
PM Framework:
Matrix Organization
A
- PM shares responsibility with functional manager for assigning priorities and directing work
- Resources (staff) report into functions, but also work on projects.
- Weak, strong, and balanced matrix organizations
16
Q
PM Framework:
Work Performance Data
A
The raw observations and measurements identified during project activities
17
Q
PM Framework:
Work Performance Information
A
Data collected from various controlling processes analyzed in context
18
Q
PM Framework:
Work Performance Reports
A
The physical or electronic representation of work performance information such as status reports, electronic dashboards, and recommendations
19
Q
PM Framework:
Project Life Cycles - Sequential and Overlapping Phases
A
Sequential - The subsequent phase starts only after the previous phase has been completed
Overlapping - Two or more phases may run in parallel
20
Q
PM Framework:
Predictive Life Cycles (Plan-Driven)
A
- Scope, cost, and time are determined in advance
- Project executed in series of sequential or overlapping phases
21
Q
PM Framework:
Iterative and Incremental Project Life Cycles
A
- Project is developed through a series of iterative cycles
- Project phases repeat themselves
22
Q
PM Framework:
Adaptive (Agile) Life Cycles
A
- Same as Iterative and Incremental, but iterations are rapid (2 to 4 weeks)
23
Q
PM Framework: Inputs
Enterprise Environmental Factors
A
- Anything that affects your project (culture, the organization, PM’s power, risk tolerance, the market)
- 27 occurrences in Process Groups (Initiating, Planning, and Monitoring and Controlling)
24
Q
PM Framework: Inputs
Organizational Process Assets
A
- Anything that helps projects and planning (Previous plans, documents, analytical data, policies, systems
- 37 occurrences (used in all Process Groups)
25
PM Framework: Inputs
| Project Management Plan
- Primary project document that directs execution, control, and closure
- 19 occurrences in Process Groups (All Executing, Monitoring and Controlling, and Closing PGs)
26
PM Framework: Inputs
| Work Performance
- The raw observations and measurements identified during activities performed to carry out project work
- 7 occurrences in Process Groups (Monitoring and Controlling only)
27
Project Integration Management:
| Work Authorization System
A collection of formal documented procedures that defines how project work will be authorized
28
Project Integration Management:
| Corrective Action
An intentional activity that realigns the performance of the project work with the project management plan
29
Project Integration Management:
| Preventative Action
An intentional activity that ensures the future performance of the project work is aligned with the project management plan
30
Project Integration Management:
| Change Control System
A set of procedures that describe how modifications to the project deliverables and documentation are managed and controlled
31
Project Integration Management:
| Configuration Management System
A set of procedures used to identify and document the functional and physical characteristics of a product.
32
Project Integration Management:
| Change Management Process
1. Receive change request
2. Evaluate impact
3. Identify alternatives
4. Determine impact to cost, schedule, and resources
5. Review with change control board
33
Project Scope Management:
| Scope creep
Unnecessary addition of scope
34
Project Scope Management:
| Gold Plating
Doing more work that required for the project
35
Project Scope Management:
| PRODUCT Scope
The features/functions that characterize a product, service, or result
Ex: savings accounts and mutual funds
36
Project Scope Management:
| PROJECT Scope
The work performed to deliver a product, service, or result with specified features and functions
Ex: requirement and design documents to deliver a product
37
Project Scope Management:
| Work Breakdown Structure (WBS)
A deliverable-oriented, decomposition of the project scope of work into hierarchically grouped work elements.
*Contains only deliverables, not activities
38
Project Scope Management:
| WBS Dictionary
A document that provides detailed deliverable, activity, and schedule information about each component in the WBS
39
Project Scope Management:
| Project Scope Statement
The description of the project scope, major deliverables, assumptions, and constraints. Describes deliverables in detail
40
Project Scope Management:
| Control Account
A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement
41
Project Scope Management: Outputs
| Work Performance Information
- Performance data collected from controlling processes analyzed in comparison with PM plan components, project documents, and other work performance information.
- Work Performance Data becomes Work Performance Information after the Tools and Techniques of a process have been applied
42
Project Scope Management: Outputs
| Accepted Deliverables
Deliverables that have been verified and are ready for validation against the project scope, at which point they are accepted.
43
Project Scope Management: Outputs
| Change Requests
When validating project scope, new requirements might be discovered, which should be documented as change requests
44
Project Scope Management:
| Outputs
1. Work Performance Information
2. Accepted Deliverables
3. Change Requests
45
Project Business Documents:
| Project business case
- A documented economic feasibility study used to establish the benefits of a project
- Used as a basis for authorization of further PM activities
46
Project Business Documents:
| Project Benefits Management Plan
Document explaining how and when the benefits of a project will be delivered
47
Project Schedule Management:
| Network Diagrams
- Precedence Diagramming Model (PDM)
- Boxes (nodes) represent activities, arrows indicate dependencies
- Arrow Diagramming Model (ADM)
- Arrows represent activities, direction of arrows indicate sequences
48
Project Schedule Management:
| Leads and Lags
Lead - A successor activity can start before the predecessor completes
Lag - A successor needs to be delayed with respect to the predecessor. Ex: Start 2 days AFTER predecessor completes
49
Project Schedule Management:
| Rolling Wave Planning
- Iterative planning technique
- Near-term work is planned in detail while future work is planned at high-level
- "Progressive Elaboration"
50
Project Schedule Management:
| Analogous Estimating
Estimating activity duration based on data from previous projects
51
Project Schedule Management:
| Parametric Estimating
Uses a mathematical model to calculate activity duration based on previous projects
52
Project Schedule Management:
| Effort
The total amount of work to complete the activity
Ex: 10 people work for 5 days = 50 person of effort
53
Project Schedule Management:
| Duration
The time required to complete an activity.
Ex: 10 people work for 5 days = 5 days duration
54
Project Schedule Management:
| Decomposition
Breaking a task into smaller pieces
55
Project Schedule Management:
| Schedule Network Analysis
Technique to generate project schedule, know if the required resources are available at a given time
- Critical Path Method*
- Critical Chain Method
- What-If-Scenario Analysis
- Resource Optimization Techniques
See Training slides pg 273
56
Project Schedule Management:
| PERT - Program Evaluation and Review Technique
Uses 3-point estimates for activity to calculate:
- Expected Duration (mu)
- Standard Deviation (sigma)
- Variance (sigma^2)
Based on:
- Pessimistic (P)
- Most likely (M)
- Optimistic (O) durations
57
Project Schedule Management:
| Critical Path Method
- Longest duration path through a network diagram
| - Shortest time to complete a project
58
Project Schedule Management: Critical Path
| Float (Slack)
Total Float - Amount an activity can be delayed without delaying project finish date
Free Float - Amount an activity can be delayed without delaying any successor
Independent Float - Amount an activity can be delayed if all predecessors finish at their latest dates and all successors are to be started at their earliest dates
59
Project Schedule Management: Critical Path
| Total Float Formula
Total Float = Late Start - Early Start
or
Late Finish - Early Finish
Early start is calculated by Forward Pass of schedule
Late Finish is calculated by Backward Pass of schedule.
60
Project Schedule Management:
| Schedule Compression
Performed to see if desired completion date can be met and what has to change to meet that date
Fast Tracking - Check if linear activities can be done in parallel
Crashing - Increase resources on critical path activities while making cost and schedule tradeoffs
* Always crash activity with least crash cost per day
61
Project Schedule Management:
| Hammock
A summary activity that represents a group of activities
62
Project Cost Management:
| Planned vs Earned Value
Planned Value - Authorized budget assigned to scheduled work
Earned Value - The total amount of budget allocated to each of the completed activities at a point in time
63
Project Cost Management:
| Earned Value Management (EVM)
A method to measure project performance against the project baselines
64
Project Cost Management:
| Estimating Costs Methods
1. Three-Point estimating
2. Parametric Estimating
3. Analogous Estimating
65
Project Cost Management:
| Law of diminishing returns
The more you put into something, the less you get out of it
66
Project Cost Management:
| Working Capital
The amount of money the company has to invest on the project and day-to-day operations
67
Project Cost Management:
| Funding limit reconciliation
Comparing the planned expenditure in a given period with the available funding for that period
68
Project Cost Management:
| Depreciation
Large assets purchased by a company lose value over time
Straight line depreciation - Same amount of depreciation every year
Accelerated depreciation - Asset depreciates fastest the first year, then slower each consecutive year (Ex: Car depreciates $3k first year, $1.5k second year, etc.)
69
PM Framework:
| Kill Point
The transition from one phase to another within a project's lifecycle (e.g., from design to manufacturing)
70
PM Framework:
| Progressive Elaboration
Indicates that planning and documentation are iterative or ongoing activities. (Rolling Wave Planning)
71
PM Framework:
| Competing Constraints
1. Scope
2. Schedule
3. Budget
4. Quality
5. Resources
6. Risk
72
Project Quality Management:
| Quality Planning vs Assurance vs Control
Quality Planning - Determines a plan for quality (standards, templates, policies, procedures)
Quality Assurance - Determines if the project is complying with the organizational policies and procedures
Quality Control - Measures specific project results against standards. Periodic checks are conducted to ensure quality improvements
73
Project Quality Management:
| Quality Management Concepts
Total Quality Management (TQM) -
Kaizan - A philosophy that looks for small and continuous improvements in a process
Deming Cycle (PDCA) - A framework for process control and improvement (Plan-Do-Check-Act)
Kanban - A pull-based inventory management system based on the principle of just-in-time (JIT)
74
Project Quality Management:
| Seven Basic Quality Tools
1. Cause and Effect Diagram (Fishbone or Ishikawa)
2. Flowcharting
3. Histogram
4. Pareto Diagram (80/20 rule)
5. Check Sheets
6. Scatter Diagram
7. Control Charts
75
Project Resource Management:
| Functional vs Project Manager
Functional Manager:
- Handles a business function (HR, Engineering, etc.)
- Is an SME
- The owner of resources and assigns resources to the project team
Project Manager:
- Responsible for a project and its quality
- Not technical experts
76
Project Resource Management:
| Motivation Theories
McGregors Theory of X and Y
Maslows Hierarchy of Needs
Herzberg's Theory
77
Project Resource Management:
| Responsibility Assignment Matrix (RAM)
Used to define project responsibilities among the project team
RACI charts
- Responsible
- Accountable
- Consulted
- Informed
78
Project Resource Management:
| Motivation Theories
McGregor's Theory of X and Y:
X - Managers micromanage
Y - Managers let team members work without supervision
Maslows Hierarchy of Needs
Herzberg's Theory
79
Project Resource Management:
| Stages of Team Formation
1. Forming
2. Storming
3. Norming
4. Performing
5. Adjourning
80
Project Communications Management:
| Communication Methods
1. Formal written (PM Plan)
2. Formal verbal (Presentations)
3. Informal written (Email)
4. Informal verbal (Conversations)
81
Project Communications Management:
| Communication Channels
Number of communication channels = n*(n-1)/2
82
Project Resource Management:
| Conflict Resolution Techniques
1. Withdraw or Avoid
2. Compromise or Reconcile
3. Smooth or Accommodate
4. Force or Direct
5. Collaborate or Problem Solve
83
Project Resource Management:
| Project Manager Powers
1. Legitimate or Formal
2. Reward
3. Penalty
4. Expert
5. Referent
84
Project Risk Management:
| Risk Averse, Risk Tolerance, and Risk Threshold
Risk Averse - One who does not take risks
Risk Tolerance - The level of risk that can be tolerated
Risk threshold - Amount of risk that is acceptable
85
Project Risk Management:
| Impact Scale
Evaluate the impact of a risk on scope, cost, time, and quality
86
Project Cost Management:
| Cost Performance Baseline
- Shows what the project is expected to spend
- Shown in an S-curve
- Used to measure and predict project performance
87
Project Schedule/Cost/Risk Management:
| Reserve Analysis
Establishes the management reserves (budget) for the project
88
Project Risk Management:
| Technical Performance Analysis
Tool/Technique
| Compares technical accomplishments during project execution to the schedule of technical achievement
89
Project Schedule/Cost Management:
| Manual Forecasting
An educated estimate of how long the project will take to complete or how much the project may cost to complete
90
Project Cost Management:
| Rough Order of Magnitude (ROM) Estimate
- Project cost estimate made during the initial stages of the project.
- Accuracy range of -25% to +75%
91
Project Procurement Management:
| Fixed-Price Contract Types
Firm Fixed Price (FFP)
Fixed Price Incentive Fee (FPIF)
Fixed Price with Economic Price Adjustment (FP-EPA)
92
Project Resource Management:
| Sources of Conflict
Most Important:
1. Scarce Resources
2. Scheduling Priorities
3. Personal Work Styles
4. Expertise and Experience Levels
5. Communication Issues
93
Project Procurement Management:
| Centralized vs Decentralized Contracting
Centralized - A single contract manager handles multiple projects
Decentralized - A contract manager is assigned to a project full time and reports to PM
94
Project Procurement Management:
| Cost-reimbursement Contracts
Cost Plus Fixed Fee (CPFF)
Cost Plus Incentive Fee (CPIF)
Cost Plus Award Fee (CPAF)
95
Project Procurement Management:
| Time and Material Contracts
The buyer will pay the seller for all time and material it takes to complete the project
96
Project Resource Management:
| Resource Histogram
- Tool for charting human resources.
- Illustrates the number of hours that a person, department or entire project
team will be needed each week or month over the course of the project
97
Project Scope Management:
| Product Backlog
- An ordered list of user-centric requirements that a team maintains for a product
- a set of requirements and work to
be performed
- Used in Agile
98
Project Risk Management:
| Positive Risk Response
1. Enhance
2. Share
3. Exploit
4. Accept
99
Project Risk Management:
| Positive Risk Response
1. Enhance
2. Share
3. Exploit
4. Accept
100
Project Risk Management:
| Negative Risk Response
1. Avoid
2. Transfer
3. Mitigate
4. Accept
101
Project Risk Management:
| Risk Register
- Captures details of identified individual project risks
May include:
- List of identified risks
- Potential Risk Owners
- List of potential risk responses
102
Project Stakeholder Management:
| Stakeholder Engagement Levels
1. Unaware
2. Resistant
3. Neutral
4. Supportive
5. Leading
* Use a Stakeholder Engagement Assessment Matrix to plan current/desired levels
