Knowledge Sheet & Fundamentals Flashcards
(148 cards)
1
Q
Project Charter
A
Identifies and authorizes a PM to achieve project objectives. Includes high level objectives, milestone, and budget
2
Q
Business Case
A
Explains how project meets market demand, business need, customer requests, technological advancement, legal requirement, ecological impact, or social need.
3
Q
Project Management Plan
A
A formal plan documenting how the project will be managed, executed, and controlled.
4
Q
Scope Statement
A
Document stating the project requirements by describing objectives, deliverables, and acceptance criteria
5
Q
Scope Baseline
A
Project Scope Statement, WBS, and WBS dictionary
6
Q
Control Account
A
Provides a way to manage and control costs, schedule, and scope at a higher level than a work package.
Each work package is assigned to a single Control Account.
7
Q
Work package
A
Lowest level in WBS. Can be completed without the need for more information or input
8
Q
Activity list
A
Created from WBS; a list of activities within each work package.
9
Q
PERT estimate formulas
A
Program Evaluation and Review Technique = Beta Distribution Duration Estimate
10
Q
Types of 3-Point Estimates
A
- Beta Distribution Duration Estimate (weighted average)
- Triangular Distribution Duration Estimate (average)
11
Q
Scenario Inputs for Estimates
A
P = Pessimistic scenario
M = Most Likely scenario
O = Optimistic scenario
12
Q
Beta Distribution Duration Estimate
A
(P + 4M + O) / 6
13
Q
Triangular Distribution Duration Estimate Formula
A
(P + M + O) / 3
14
Q
Standard Deviation of an Activity
A
(P - O) / 6
15
Q
Variance of Activity
A
[(P - O) / 6]2
16
Q
Project Network Diagram
A
A diagram of the shedule activities in the order in which they must be performed.
17
Q
Critical Path
A
The path of schedule ativities where the delay of any one activity would delay the projet finish
18
Q
Float
A
Late Start - Early Start
or
Late Finish - Early Finish
19
Q
Cost Baseline
A
Aggregated cost of activities to complete project + contingency reserves
20
Q
Planned Value
A
The value of the work planned to be completed to a point in time or project completion
PV = Planned % Complete x BAC
21
Q
Earned Value
A
As of today, what is the estimated value of the work actually accomplished?
EV = Actual % Complete x BAC
22
Q
Actual Cost
A
The actual cost of all the work completed to a point in time
23
Q
Budget at Completion
A
BAC = Cost Baseline
24
Q
Cost Variance
A
The difference between the value of work completed to a point in time and the actual costs to the same point in time.
CV = EV - AC
25
Shcedule Variance
The difference between the work completed to a point in time and the work planned to be completed to the same point in time.
SV = EV - PV
SV = (Actual % Complete - Planned % Complete) x BAC
26
Variance at Completion
The estimated difference in cost at the completion of the project
Negative = Over planned cost
VAC = BAC - EAC
27
Cost Performance Index
We are getting $\_\_\_ worth of work out of every $1 spent
CPI = EV / AC
Greater than 1 = Under planned cost
28
Schedule Performance Index
A measure of schedule efficiency expressed as the ratio of earned value to planned value
SPI = EV / PV
Greater than 1 = Ahead of Schedule
29
Estimate at Completion
(CPI expected to be same for remainder of project)
An estimate of total project cost at a point in time.
EAC = BAC / CPI
30
Estimate to Complete
Cost of completing the remaining authorized work
ETC = EAC - AC
31
To Complete Performance Index
To stay within budget, what rate do we need to meet for the remaining work?
Value of work remaining to be done divided by the money remaining to do it.
TCPI = (BAC - EV) / (BAC - AC)
Greater than one is harder to complete.
32
Joseph Juran
80/20 Rule
80% of the problems are due to 20% of the root causes. Addressing root cause of the most frequent problems makes the greatest impact on quality.
33
80/20 rule
Joseph Juran
80% of the problems are due to 20% of the root causes. Addressing root cause of the most frequent problems makes the greatest impact on quality.
34
W. Edwards Deming
Total Quality Management
one of the continuous improvment methods
Plan-do-check- act
Everyone on the team is responsible for quality
35
Plan Do Check Act
**Plan**: design or revise business process
**Do**: implement the plan and measure its performance
**Check**: assess the measurements and report results
**Act**: decide on changes needed to improve the process
36
Total Quality Management
W. Edwards Deming
Everyone on the team is responsible for quality
37
Phillip Crosby
Prevention over Inspection
failure to plan quality in the project leads to problems later in the project
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Prevention over Inspection
Phillip Crosby
failure to plan quality in the project leads to problems later in the project
39
Kaizen
Continous improvement over time through small projects
40
Ishikawa
Fishbone diagrams a.k.a. cause and effect diagrams
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Fishbone Diagram
Ishikawa
a.k.a. Cause and Effect Diagram
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7 basic tools of quality management
1. Cause-and-effect diagrams (fishbone)
2. Flowcharts
3. Histograms
4. Pareto Charts
5. Run Charts
6. Scatter Charts
7. Control Charts
43
Sigma
1 sigma = 68.26%
2 sigma = 95.46%
3 sigma = 99.73%
6 sigma = 99.99%
44
Difference between quality assurance and control quality
Quality assurance tests the *process*
Control quality tests the *product*
45
Lean Core Concepts
* Eliminate Waste
* Amplify Learning
* Defer Decisions
* Build Quality In
* Optimize the Whole
* Deliver Fast
* Empower the Team
46
Maslow's Hierarchy of Needs
People only seek the next level of attainment when satisfied with lower level of need. Levels (highest to lowest)
**Self Actualization** (self fulfillment/growth/learning)
**Esteem** (accomplishment, respet, attention, appreciation)
**Social** (love, affection, approval, friends, association)
**Safety** (security, stability, freedom from harm)
**Physiological** (air, water, food, housing clothing)
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OPA
Organizational Process Assets
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Types of OPAs
OPA = Organizational Process Assets
1) processes, procedures, policies
2) organizational knowledge repositories
49
EEF
Enterprise Environmental Factors
50
Types of EEFs
EEFs = Enterprise Environmental Factors
External
Internal
Resource-Related
Project Management EEFs
51
External EEFs
EEF = Enterprise Environmental Factors
governmental or other rules and regulations that apply to the organization
52
Internal EEFs
EEFs = Enterprise Environmental Factors
structure, culture, systems, and geographic locations
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Resource-Related EEFs
EEFs = Enterprise Environmental Factors
technology and resources available for assignment to projects
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Project Management EEFs
EEF = Enterprise Environmental Factors
resource management system, procurement system, quality management system
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Assumptions
what management and stakeholders believe to be true about the project
(note: assumptions may not be based on fact)
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Constraints
Limitations imposed by management or the sponsor that impact planning or execution of a project
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Types of constraints
Schedule
Cost
Risk
Scope
Quality
Resources
Customer Satisfaction
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RACI
Responsible, Accountable, Consult, Inform
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Douglas McGregor
Theory of X and Y
all workers fit into two groups:
X -- need to be watched all the time
Y -- willing to work without supervision and want to achieve
PMI assumes all team members are type Y.
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Theory of X and Y
Douglas McGregor
all workers fit into two groups:
X -- need to be watched all the time
Y -- willing to work without supervision and want to achieve
PMI assumes all team members are type Y.
61
David McClelland
Theory of Needs (aka Acquired Needs Theory)
People are motivated by one of three needs:
**Achievement** (challenging projects; seek recognition)
**Affiliation** (collaborative projects; seek approval)
**Power** (manage others; seek influence)
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Theory of Needs
aka Acquired Needs Theory
David McClelland
People are motivated by one of three needs:
**Achievement** (challenging projects; seek recognition)
**Affiliation** (collaborative projects; seek approval)
**Power** (manage others; seek influence)
63
Herzberg
Two-Factor Theory of Motivation
Hygiene factors may destroy motivation, but improvement doesn't improve motivation. Hygiene factors are not sufficient to motivate.
**Hygiene factors**: working conditions, salary, personal life, relationships at work, security, status
**Motivating agents**: responsibility, self-actualization, professional growth, recognition
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Two-Factor Theory of Motivation
Herzberg
Hygiene factors may destroy motivation, but improvement doesn't improve motivation. Hygiene factors are not sufficient to motivate.
**Hygiene factors**: working conditions, salary, personal life, relationships at work, security, status
**Motivating agents**: responsibility, self-actualization, professional growth, recognition
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Types of Power
**Formal:** based on position
**Reward**: based on ability to give rewards
**Penalty (Coercive):** based on ability to penalize
**Expert:** comes from being technical or SME
**Referent:** relationship-based
PMI best forms of power: expert and reward
66
Tuckman Ladder
Identifies stages of teams:
Forming
Storming
Norming
Performing
Adjourning
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Stages of Teams
identified on the Tuckman Ladder
Forming
Stomring
Norming
Performing
Adjourning
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Communication Channels
n(n-1) / 2
where n = # of people
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Communication types
formal & informal
written & verbal
70
Amount of time effective project manager spends communicating
90%
71
Expected Monetary Value
EMV = P x I
where P= probability of occurence
I = impact or cost
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Strategies for Threats
**Escalate**
**Avoid** (eliminate cause)
**Transfer** (insurance, warranties, outsourcing)
**Mitigate**
**Accept**
73
Strategies for Opportunities
**Escalate**
**Exploit** (set up risk to occur)
**Share** (allocate some or all of ownership to a party able to capture opportunity for project)
**Enhance**
**Accept**
74
Types of Contracts
Fixed Price
Cost Reimbursable
Time & Materials
75
Types of Fixed Price Contracts
Firm Fixed Price
Fixed Price Incentive Fee
Fixed Price Award Fee
Fixed Price with Economic Price Adjustment
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Fixed Price Incentive Fee
fixed price with incentives tied to cost, schedule, or technical performance.
Example:
Contract = $1M + 10K for every month early the project is finished.
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Fixed Price Award Fee
fixed price with award tied to cost, schedule, or technical performance. possible award is determined in advance.
Example:
Contract = $1M + $5k for every month performance exceeds planned level by 15%, up to $50k.
78
Fixed Price with Economic Price Adjustment
multi-year contract with some factor for annual adjustment (such as inflation or cost of living)
Example:
Contract = $1M, with price increase allowed in years 2-5 based on the CPI.
79
Types of Cost Reimbursable Contracts
Cost
Cost Plus Fixed Fee
Cost Plus Incentive Fee
Cost Plus Award Fee
Cost Plus Fee
80
Cost Contract
used by nonprofits; straight cost for work and materials -- no seller profit
81
Cost Plus Fixed Fee
seller reimbursed for costs, plus fixed-fee payment that is usually a percentage of the estimated project cost
Example:
Contract = Costs + $100K fee
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Cost Plus Incentive Fee
Costs plus a fee for meeting performance targets is paid to seller.
Final amount is adjusted based on variance from target costs.
Example:
Contract = Costs + $50K fee. Buyer and seller share any overruns or savings from original $500K estimate (80% to buyer/20% to seller).
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Cost Plus Award Fee
Costs plus base fee plus an award amount based on performance.
Award amount is capped.
Example:
Contract = Costs + $50k fee + $5k for each month seller exceeds targets, up to $50K.
84
Cost Plus Fee
costs plus a percentage of costs as a fee
**NOT ALLOWED** for federal procurements, and bad for buyers in general (contract encourages seller to use most expensive options).
Example:
Contract = Costs + 10% of costs as fee
85
Stakeholder Register Components
For each stakeholder:
* requirements
* expectations
* roles/reponsibilities
* Influence, Power, Interest assessment
86
Stakeholder Data Assesment
Evaluates influence, power, and interest in the project.
87
Stakeholder approaches
**Manage Closely:** high interest, high power/influence
**Keep Satisified:** low interest/high power/influence
**Keep Informed:** high interest, low power/influence
**Monitor**: low interest, low power/influence
88
Differences between traditional PM projects and Agile
* Delivers value early
* Less up-front planning
* More customer interaction
* Welcomes changes throughout project
* Cost & Time fixed, Scope varies
89
Definition of Project
A temporary endeavor -- with a beginning and an end -- that creates a unique product, service, or result
90
Definition of Project Management
The application of knowledge, skills, tools, and techniques to the project work to meet the project requirements
91
ITTO
Input, Tools & Techniques, Output
92
Phase
A division within the project where extra control is needed to effectively manage the completion of one or more deliverables.
Phases are concluded and formally closed with the acceptance of a deliverable or deliverables.
Phases of a project have all 5 process groups
93
Types of Development Life Cycles
**Predictive life cycle**: scope, time, and cost are known early
**Iterative, incremental or adaptive life cycle**: scope is known early, but time and cost are refined as project progresses.
94
Program
A collection of projects containing a common goal managed by a program manager.
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Portfolio
a group of programs, individual projects, and other related operational work that are prioritized and implemented to achieve a specific strategic business goal
96
3 baselines for every project
Scope
Schedule
Cost
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Project Governance
the framework, functions, and processes that a company will follow in order to complete projects
98
Project Management Office
* provides guidance and support for all the PMs in a company
* sets up structure and framework that projects will follow
* is a stakeholder in projects
99
Organizational Project Management
a framework that guides portfolio, program, and project management to achieve the organization's strategic goals
100
What is the difference between a project team and a project management team?
**Project Team**: a group of people, including PM, who will complete the work of the project
**Project Management Team**: a group of project team members selected by the PM to help perform some project management activities
101
Organizational Governance
the overall structure of an organization
102
Internal Requirements
the policies and procedures regarding portfolio, program, and project work.
Internal requirements help ensure alignment with the strategic plan of the organization and that they contribute to the delivery of specific benefits or value.
103
What are the three possible forms of a PMO?
Supportive
Controlling
Directive
104
Characteristics of a Supportive PMO
* provides policies, methods, templates, and lessons learned for projects
* low level of control
105
Characteristics of a Controlling PMO
* provides support and guidance on how to manage projects
* trains others in project management and on tools
* ensures compliance with organizational policies
* moderate level of control
106
Characteristics of a Directive PMO
* provides project managers for different projects
* responsible for results of projects
* high level of control over projects
107
What are the three primary forms of organizational structure?
Functional
Project-Oriented (aka Hybrid)
Matrix
108
Characteristics of Functional Organization
* Work groups organized around job function/specialization
* PM has little to no power and is usually part-time
* Resource availability is determined by functional lead
* Team members complete project work in addition to normal work
* Functional lead manages the budget
109
Characteristics of Project-Oriented Organization
Project-Oriented = Hybrid
* Work groups organized around projects ("no home")
* PM has high or total control, and is full-time
* resource availability is high
* PM manages the budget
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Characterstics of Hybrid Organization
Hybrid = project-centered
* Work groups organized around projects ("no home")
* PM has high or total control, and is full-time
* resource availability is high
* PM manages the budget
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Types of Matrixed Organizations
Weak Matrix
Balanced Matrix
Strong Matrix
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Characteristics of Weak Matrix Organization
* Work is organized by job function/specialty
* PM has low power and is usually part-time
* Resource availability is low
* Functional lead controls budget
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Characteristics of Balanced Matrix Organization
* Work is organized by job function/specialty
* PM has low/moderate power and is usually part-time
* Resource availability is low/moderate
* PM & Functional lead control budget
114
Characteristics of Strong Matrix Organization
* Work is organized by job function, with PM as a function
* PM has moderate/high power and is full-time
* Resource availability is moderate/high
* PM controls budget
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Stakeholders
any individual or business that may be positiviely or negatively affected by the project.
Stakeholders include project team members.
116
Project Expediter
acts primarily as staff assistant and communications coordinator; does not make or enforce decisions.
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Project Coordinator
similar to project expediter (staff assistant and communications coordinator), but has authority and power to make some deicisions (usually re: resources), and reports to higher-level manager.
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Work Performance Data
includes initial measurements and details about activities gathered during the Direct & Manage Work process in Executing.
119
Work Performance Information
information gathered from the analysis and assessment of work performance data.
Data is analyzed in the montoring & controlling process group to produce work performance information.
120
Work Performance Reports
Documentation that organizes work performance information for distribution to stakeholders.
121
Project life cycle
progression of phases through a series of developmental stages. it is the logical breakdown of what you need to do to produce the deliverables of a project
122
Development Life Cycle of Projects
phases within a project life cycle
used to ensure the expected or planned result of each phase is achieved
123
Type of Project Life Cycles
Plan-Driven Project Life Cycle
Change-Driven Project Life Cycle
Hybrid Project Life Cycle
124
Plan-Driven Project Life Cycle
predictive/waterfall development life cycles
scope, schedule, and cost are determined in detail early in the life of the project (before work beings)
*This is the default for the exam.*
125
Change-Driven Project Life Cycle
Uses iterative, incremental or adaptive (agile) development life cycles.
126
Predictive Development Life Cycle
aka waterfall
scope, schedule and cost are determined early in project.
127
Incremental Development Life Cycle
delivers complete, usable portion of the product for each iteration (e.g. website rolled out in fully revised customer segments)
time & cost are estimated at the start of project
scope is fully developed with iterations
128
Iterative Development Life Cycle
complete concept is build in successive levels of detail to create the end result. (e.g. website fully released as prototype, then add more functionality in each iteration)
time & cost are estimated at the start of project
scope is fully developed with iterations
129
Adaptive Development Life Cycles
aka Agile
time and cost are fixed at the start of the project
scope is developed over iterations
130
Hybrid Development Life Cycle
combines predictive and adaptive development cycles
predictive is used to manage the project requirements that are well-defined
adaptive/agile is used to manage the requirements that are less clear.
131
Options at the close of a phase
Re-do the phase
move forward with next phase
cancel project
132
When is a project formally authorized?
Upon sponsor's signing of the project charter
133
In what process are revisions to the baselines and project management plan made?
Perform Integrated Change Control
134
Deliverables
a deliverable is any unique and verifable product, result, or capacity to perform a service that is required to be produced to complete a process, phase, or project
135
In what process are interim deliverables approved?
Validate Scope
136
Quality
degree to which the project fulfills requirements
137
Quality Management
quality management includes creating and following organizational policies and procedures and tailoring them to ensure the project also meets the needs of the customer
138
Quality Assurance
ensures the team follows the right processes and improves those processes
139
Difference between Manage Quality and Control Quality
Manage quality: processes
Control quality: deliverable
140
Rule of 7
seven sequnetial observations above or below the mean require examining the process for problems.
141
Conflict Resolution Approaches
Collaboration (Problem-solving)
Compromising (Reconciling)
Withdrawal (Avoidance) -- yield-lose scenario
Smoothing (Accomodating) -- downplay conflict -- lose-lose scenario
Forcing (Directing) -- win-lose scenario
142
PMBOK problem-solving steps
1. Define root problem
2. Analyze problem (cause & effect diagram)
3. Identify solutions
4. Select & implement solution
5. Review solution & confirm it solved the problem
143
Sources of Conflict (in order of frequency)
1. Schedules
2. Project priorities
3. Resources
4. Technical opinions
144
Managing People
being able to produce key results
145
Status Report
Reports where the project currently stands in relation to the performance metrics.
146
Progress Report
Reports what has been accomplished
147
Trend Report
examines project results **over time** to see if performance is improving or deteriorating
148
Risk Factors
* probability of occurance
* range of possible outcomes
* expected timing
* frequency from source
