Flashcards

Question 1

What is a Functional Structure?

Answer 1

An org structure where project work is divided by functions (e.g., marketing, HR).

Question 2

What is a Matrix Structure?

Answer 2

A hybrid org structure where team members report to both functional and project managers.

Question 3

What is a Dedicated Project Team?

Answer 3

A separate full-time team focused solely on one project.

Question 4

What is Organizational Culture?

Answer 4

Shared values and norms that influence behavior within an organization.

Question 5

What is a Project Scope Statement?

Answer 5

A formal definition of what the project will and won’t include.

Question 6

What is a Work Breakdown Structure (WBS)?

Answer 6

A hierarchical decomposition of project deliverables into work packages.

Question 7

What is a Priority Matrix?

Answer 7

A grid showing what’s constrained, enhanced, or accepted in terms of time, cost, and scope.

Question 8

What is a Responsibility Matrix (e.g., RACI)?

Answer 8

A chart that defines who is Responsible, Accountable, Consulted, and Informed for tasks.

Question 9

What is Top-Down Estimating?

Answer 9

High-level estimates based on past projects or expert judgment.

Question 10

What is Bottom-Up Estimating?

Answer 10

Detailed estimates for each task rolled up into a total.

Question 11

What is Parametric Estimating?

Answer 11

Using statistical relationships (e.g., cost per square meter × size).

Question 12

What is the PERT formula for Three-Point Estimating?

Answer 12

TE = (O + 4M + P) / 6

Question 13

What is the Learning Curve Effect?

Answer 13

Repetitive tasks take less time due to gained efficiency.

Question 14

Direct vs Indirect Costs?

Answer 14

Direct = tied to project activities; Indirect = shared across multiple projects/org units.

Question 15

What is a Project Network Diagram?

Answer 15

A visual representation of task sequences and dependencies.

Question 16

What is the Critical Path?

Answer 16

The longest path in the network with zero slack—controls project duration.

Question 17

What is Slack (Float)?

Answer 17

The time a task can be delayed without delaying the project.

Question 18

Formula: Slack = ?

Answer 18

Slack = LS - ES or LF - EF

Question 19

What is the Forward Pass?

Answer 19

Method to calculate earliest start/finish times.

Question 20

What is the Backward Pass?

Answer 20

Method to calculate latest start/finish times.

Question 21

What are the 4 major risk response strategies?

Answer 21

Mitigate, Avoid, Transfer, Accept.

Question 22

What is a Risk Matrix?

Answer 22

A grid showing risk impact vs probability.

Question 23

What is a Contingency Plan?

Answer 23

A pre-planned response to a specific risk event.

Question 24

What is Opportunity Management?

Answer 24

Proactively managing positive risks to maximize benefit.

Question 25

What is a Risk Owner?

Answer 25

The person responsible for monitoring and managing a specific risk.

Question 26

What is Project Crashing?

Answer 26

Reducing project duration by adding cost/resources to critical tasks.

Question 27

What is Fast-Tracking?

Answer 27

Performing tasks in parallel instead of sequentially.

Question 28

What is the Optimum Project Duration?

Answer 28

The duration where total cost (direct + indirect) is minimized.

Question 29

What is Crash Cost per Day formula?

Answer 29

(Normal Cost – Crash Cost) / (Normal Time – Crash Time)

Question 30

What is EV (Earned Value)?

Answer 30

Value of work actually completed: % complete × Budget (BAC).

Question 31

What is PV (Planned Value)?

Answer 31

Value of work planned to be done at a point in time.

Question 32

What is AC (Actual Cost)?

Answer 32

Total cost incurred to date.

Question 33

CV (Cost Variance) = ?

Answer 33

EV - AC

Question 34

SV (Schedule Variance) = ?

Answer 34

EV - PV

Question 35

CPI (Cost Performance Index) = ?

Answer 35

EV / AC

Question 36

SPI (Schedule Performance Index) = ?

Answer 36

EV / PV

Question 37

EAC (Estimate at Completion) = ?

Answer 37

BAC / CPI or AC + ETC

Question 38

ETC (Estimate to Complete) = ?

Answer 38

EAC - AC

Question 39

VAC (Variance at Completion) = ?

Answer 39

BAC - EAC

Question 40

What are the 5 closure types?

Answer 40

Normal, Premature, Perpetual, Failed, Changed Priority.

Question 41

What is a Project Audit?

Answer 41

A structured review of project performance, processes, and lessons learned.

Question 42

What are Lessons Learned?

Answer 42

Documented experiences used to improve future projects.

Question 43

What is the purpose of project closure?

Answer 43

Finalize deliverables, release resources, document performance, and learn.