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PMP > Integration Management Knowledge area > Flashcards

Integration Management Knowledge area Flashcards

1
Q

What is integration management

A

Putting all pieces of project together into a cohesive whole

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2
Q

Processes of integration management

A

Develop project charter (Initiating)
Develop project management plan (Planning)
Direct and manage project work (Executing)
Manage project knowledge work (Executing)
Monitor and control project work (Monitoring and controlling)
Perform Integrated change control (M & C)
Close project or phase (Closing)

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3
Q

Develop project charter process (Initiating)

What is included

A

Project Title and Description
Project Manager and Authority level
Business Case (Reason for initiation of project)
Resources Pre-Assigned - high level
Stakeholders - high level
Stakeholder Requirements - competing requirements resolved
Product description and deliverables
Measurable project objectives
Project approval requirements
High Level project Risks (+ve and -ve risks)
Project Sponsor

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4
Q

Who is responsible for the distribution of project charter. Publishing project charter.

A

Sponsor

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5
Q

Benefits of Project charter

A

Recognizes and authorizes the project
appoints PM and authority to spending money and commit resources
High level requirements
Links project to ongoing work of the organization

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6
Q

Does project charter change during execution

A

No

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7
Q

What are the different project selection methods

A

Benefits Measurement Methods (Comparative)

Constrained optimization methods(Mathematical approach)

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8
Q

what are benefit measurement method

A 
Murder board (a panel of pple who try to shoot down
Peer review
Scoring models
Economic models
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9
Q

Constrained optimization methods(Mathematical approach)

A

Linear programming
Integer programming
Dynamic Programming
Multi-objective programming

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10
Q

different Economic Models - Benefit measurement method

A 
Present Value (PV)
Net Present Value (NPV)
Internal rate of return
Payback period
Benefit cost ratio
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11
Q

Present value

A

Dollar today is worth more than a dollar tomorrow
Pv=fv/(1+r)^2
fv = future value
r = interest rate

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12
Q

calculate PV for project with three installments below
1st installment of 100,000 at the start of the project
2nd installment of 100,000 at the end of 1st year
3rd installment of 100,000 at the end of 2nd year

A

1st installment PV = 100000/(1+0.10)^0 = 100,000
2nd installment PV = 100,000/(1+0.10)^1 = 90909
3rd installment PV = 100,000/(1+0/10)^2 = 82,645

Total Cashflow = 300000
present value for project= 273554

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13
Q

Net present Value(economic model)

NPV > 0 project can be selected

A

present value of total benefits(revenue or income) minus the costs over time

Higher NPV is selected
NPV = PV of Income - PV of Cost

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14
Q

Internal rate of return IRR (Economic model)

A

project with higher IRR should be selecting

how much percent a project will give back after a certain period

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15
Q

Pay back period

A

Number of time periods to recover the investment on the project

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16
Q

Benefit cost ratio

A

Ratio of Benefit v/s cost

> 1 should be selected

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17
Q

Economic value added (EVA)

A

EVA is the amount of added value the project produces for the company’s shareholders above the cost of the project

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18
Q

Opportunity Cost - Cost of selecting project over another project.

NPV 1 = 200000
NPV 2 = 150000
what is the opportunity cost of selecting project 1 only

A

150000

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19
Q

Sunk cost

A

Cost already expended on the project. All money that has been spent until now.
Sunk cost is not considered when deciding whether to continue a troubled project.

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20
Q

Law of diminishing return

A

after a certain point adding more resources will not produce proportional increase in work or productivity.

Reason - co-ordination

21
Q

Working capital

A

Working capital = current assets - current liabilities

22
Q

Depreciation
Methods to calculate depreciation
Straight line depreciation
Accelerated depreciation

A

depreciation - capital assets looses value over time

straight line - constant reduction of amount
accelerated - aggressive reduction in initial years

23
Q

Project Statement of work (SOW)

A

Describes the needs, product scope and strategic plan

requirements

24
Q

Who creates the SOW

A

Created by customer or sponsor

25
Q

Project charters with work under contract

A

Buyer and seller should have independent charters for their own use

26
Q

Develop project management Plan process

A

2nd process of integration management plan
defines strategy for managing the project and the process in knowledge area
Unique for each project
creation of management plans

27
Q

Management plan

A

covers how you will define, plan, manage and control the project
looks forward in time to address management concern

28
Q

Project management plan - how is it different than other plan

A

integrates all knowledge area management plans into a cohesive whole
includes a series of plans because of iteration and baselines

29
Q

what does project management plan include

A 
project management process
management plans for knowledge areas
scope, schedule and cost baseline
Requirements management plan
change management plan
configuration management plan - versioning
Process improvement plan
30
Q

Baseline

A

snapshot of project at a certain time
baseline can only be changed by change request
or with acknowledgment of project sponsor

31
Q

Performance measurement baseline

A

scope baseline + schedule baseline + Cost baseline

32
Q

WBS, wbs dictionary

A

Work breakdown structure, provides definition of wbs

33
Q

change control board

A

changes are evaluated and approved

34
Q

deviation in baseline

A

are often due to incomplete risk identification and risk management

35
Q

Requirement management plan

A

is part of scope management plan

describes how requirements will be identified, managed and controlled

36
Q

change control system

A

includes standardized forms, processes, procedures, and software to track and control changes.

37
Q

Configuration management plan

A

defines how to manage deliverables and resulting documentation. which organizational tools will be used on the project. Version management and defines versioning

38
Q

configuration management system

A

part of PMIS - PM information system
tools for versioning
may include change control system

39
Q

Project documents

A

documents used to manage a project
updated during the project
not part of project management plan
project charter, SOW, activity list, quality matrics are eg.

40
Q

kick off meeting

A

just before execution. Last step of planning process

main purpose is to make sure everyone is on the same page

41
Q

project plan approval

A

Management
Sponsor
Project team
stakeholder

42
Q

Direct and mange project work process
(executing)
Integration management knowledge area

A

managing people, doing work and implementing approved changes
requesting changes, and completing approved change requests

43
Q

input and output of direct and manage project work

A

inputs
project planning

approved changes
corrective actions
preventive action
defect repair

output
new change requests
deliverables
work performance information
implementation of changes, corrective action, defect repair and preventive action
updates to project management plan and project document

44
Q

Manage project Knowledge
(executing)
Integration management

A

main output is lessons learned register. Starts early in the project

Knowledge can be explicit or tacit

45
Q

Monitor and control project work process
(M&C)
integration management

A

from initiating to closing
output - change request and updates to project management plan and project documents
monitoring performance measures

46
Q

Perform integrated change control process

A 
changes are accepted/rejected/handled
access the change
look for options
change is approved/rejected
update the status of change in change control system
47
Q

change control board (CCB)

Perform integrated change control process

A

evaluates and approves/rejects changes

members
customers
PM
sponsor
experts etc.
48
Q

Process for making changes

Perform integrated change control process

A

Prevent root cause of changes
identify the change
impact of change - options or alternative
change request submission
perform integrated change control process
adjust the PM plan, project documents and baselines
manage stakeholder expectations
manage the project to the revised project plan and project documents

49
Q

Close project or phase process

A

focuses on closing out all knowledge areas
acceptance of documents
closure of documents and archival in OPA’s
getting final approval of the overall project from customer.

project will be closed even if its terminated.

PMP (7 decks)

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