Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

MBA 742 - Project Management Professional Concepts > Module 5 Terms > Flashcards

Module 5 Terms Flashcards

1
Q

Project Communications Management

A

Includes the processes that are required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project information.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Plan Communications Management Process

A

The process of developing an appropriate approach and plan for project communications
based on stakeholder’s information needs and
requirements and available assets.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Key Benefit of Plan Communications Management Process

A

It provides the approach to communicate most effectively and efficiently with stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Communication Requirements Analysis

A

An analytical technique to determine the information needs of the project stakeholders through interviews, workshops, study of lessons learned from previous project, etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Number of Communication Channels Formula

A

n(n-1)/2

Where n is the number of stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Communication models

A

A description, analogy, or schematic used to represent how the communication process will be performed for the project.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Communication methods

A

A systematic procedure, technique, or process used to transfer information among project stakeholders.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Sender

A

Who conveys a message and is responsible for making the content clear and complete. The sender is also responsible for confirming that the receiver understands the message correctly.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Encoding

A

Translating ideas into language, usually written or verbal language.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Message

A

The output of encoding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Medium

A

The means of conveying the message. Sometimes the medium is referred to as the channel.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Decoding

A

Translating the message into meaningful thoughts and ideas.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Receiver

A

The recipient of the message, responsible for decoding the message and providing feedback. The receiver is responsible for making sure that the entire message is received and understood by encoding a message back to the sender conveying that

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Acknowledge

A

Confirming receipt of the information. Acknowledging receipt does not imply agreement, but only receipt.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Feedback/response:

A

After the communication has been received and understood,
the receiver may send a message with thoughts and ideas about the message.

The sender is responsible for making the information clear, unambiguous, and complete so that the receiver can receive it correctly.

The sender is also responsible for confirming that the information is properly understood.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Noise (in context of managing communications)

A

Anything that interferes with the transmission and understanding of the message. This can include but is not limited to static, distractions, preconceptions and stereotypes, cultural norms, malfunctioning transmitting equipment, or anything that deteriorates or causes a barrier to successful transmission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Types of Communication Methods (Name all 3)

A

Communication methods include push, pull, and interactive communication

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Push (Communication Method)

A

Communication sent to receivers, comprising a sender, medium, and message. It does not necessarily reach the receiver for decoding. This includes memos, e-mails, reports, voice mail, and so forth.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Pull (Communication Method)

A

Information sought by the receiver. In other words, the receiver actively searches for the information. This can include a team member going to an intranet to find communication policies or templates, running Internet searches, and using online repositories

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Interactive Communication (Communication Method)

A

Sender and receiver exchanging information. This occurs in conversation, phone calls, meetings, and the like. This is the most effective and common form of communication.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Communications Management Plan

A

Before the communications management plan is published, it should be reviewed and accepted by all affected stakeholders. It should be referenced early in the project so the team fully understands what information would be shared, how often, who will be using it, and what methods are most effective for various audiences

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Components of a Communications Management Plan

A

Stakeholders List, Methods of Communication Identified, Training/frequence of communications/reporting, Glossary of terms and acronyms requirements stated

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Common Communication Skills

A

Listening Skills, Culture, Intelligence, Knowledge base, semantics, body language, personality, situational considerations, emotional status, authority/position, common sense, perceived credibility, frame of reference

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Typical Communication Style - Authoritarian

A

Gives expectations and specific guidance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Typical Communication Style - Promotional

A

Cultivates a team spirit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Typical Communication Style - Facilitating

A

Gives guidance as required, is noninterfering

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Typical Communication Style - Judical

A

Uses sound judgement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Typical Communication Style - Concilatory

A

Is friendly and agreeable, build compatible teams

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Typical Communication Style - Ethical

A

Is honest, fair, and by-the-book

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Typical Communication Style - Secretive

A

Is not open or outgoing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Typical Communication Style - Disruptive

A

Breaks apart the unity of the group.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Typical Communication Style - Intimidating

A

Acts as the tough guy, can lower morale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Typical Communication Style - Combative

A

Is eager to fight or be disagreeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Manage Communications Process

A

The process of creating, collecting, distributing, toring, retrieving, and the ultimate disposition of project information in accordance with the communications management plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Manage Communications Process Benefit

A

It enables an efficient and effective communications flow between project stakeholders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Examples of Project Communications

A

Performance Reports, Status of Deliverables, Schedule Status, Cost Status

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Factors that might impact the effectiveness of communication

A

Urgency, Delivery Options, Accuracy, Confidentiality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Project Management Information Systems - Information Management Systems (IMS)

A

Facilities, processes, and procedures used to collect, store, and distribute information between producers and consumers of information in physical or electronic format.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Managing Project Information - Hard Copies

A

Reports, Memos, Plans

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Managing Project Information - Electronic Communicatinos

A

Telephone, Web Conferencing, File Servers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Managing Project Information - Electronic Project Management Tools

A

Desktop Management software, Entreprise Project Mangement Software, Portals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Performance Reporting

A

The analysis of performance information to understand and
communicate project performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Monitor Communications Process

A

The process of monitoring communications throughout the entire project life cycle to ensure the information needs of the project stakeholders are met

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Monitor Communications Process Benefit

A

Ensures that an optimal information flow among all communication participants.

The monitoring communications process ensures that the communications management plan gets information out to the stakeholders efficiently and effectively

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Issue Log

A

Helps ensure an understanding of the issues and helps monitor the responsibilities for the issues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Meetings Goals and Benefits

A

Well planned and communicated meetings facilitate better progress towards the meeting goals.

A common tool to communicate a meetings purpose and objectives beforehand is through a meeting agenda.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Project Risk Management

A

Includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Project Risk Management Term - Risk

A

A measure of uncertainty, associated with the probability and consequence of achieving or not achieving a defined project goal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Project Risk Management Term - Uncertainty

A

The absence of information to predict future events, the degree to which data is reliable and/or available to help predict future events.

50
Q

Project Risk Management Term - Probability

A

The chance of likelihood that an event will occur

51
Q

Project Risk Management Term - Impact

A

The potential effect on a project objective, either positive or negative.

52
Q

Project Risk Management Term - Risk Event

A

A discrete occurrence that may affect the project for better or worse.

53
Q

Project Risk Management Term - Trigger

A

An indication that a risk has occurred or is about to occur, also called risk symptoms or warning signs.

54
Q

Project Risk Management Term - Risk Response

A

Actions and decisions regarding steps to take to avoid, transfer, mitigate, or accept risk.

55
Q

Project Risk Management Term - Risk Acceptance

A

A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs

56
Q

Project Risk Management Term - Risk Avoidance

A

A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.

57
Q

Project Risk Management Term - Risk Appetite

A

The degree of uncertainty an entity is willing to take on, in
anticipation of a reward

58
Q

Project Risk Management Term - Contingency Reserves

A

Reserve set aside for known risks. Also referred to as contingency allowance

59
Q

Project Risk Management Term - Delphi Technique

A

An information gathering technique used as a way to reach a
consensus of experts on a subject. Experts on the subject participate in this technique anonymously. A facilitator uses a questionnaire to solicit ideas about the important project points related to the subject. The responses are summarized and are then recirculated to the experts for further comment. Consensus may be reached in a few rounds of this process. The Delphi technique helps reduce bias in the data and keeps
any one person from having undue influence on the outcome

60
Q

Project Risk Management Term - Fallback plan

A

Fallback plans include an alternative set of actions and tasks available in the event that the primary plan needs to be abandoned because of issues, risks, or other causes

61
Q

Project Risk Management Term - Risk Mitigation

A

A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk

62
Q

Project Risk Management Term - Nominal group technique

A

A technique that enhances brainstorming with a voting
process used to rank the most useful ideas for further brainstorming or for prioritization

63
Q

Project Risk Management Term - Qualitative risk analysis

A

The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.

64
Q

Project Risk Management Term - Residual risk

A

A risk that remains after risk responses have been implemented

65
Q

Project Risk Management Term - Risk register

A

A document in which the results of risk analysis and risk response planning are recorded

66
Q

Project Risk Management Term - Secondary risk

A

A risk that arises as a direct result of implementing a risk response

67
Q

Project Risk Management Term - Risk Transference

A

A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response

68
Q

Why is Managing Risk Important?

A

Provides early warning of potential project risks to stakeholders

Increase the probability of project success

Decrease the probability of project failure

May present opportunities, not just threats, to the project

69
Q

In Project Management, is Risk seen as a potential problem or an opportunity?

A

Both

70
Q

Plan Risk Management Process

A

The process of defining how to conduct risk management activities for a project.

71
Q

Risk as it pertains to the Input Enterprise Environmental Factors

A

The attitudes toward risk and the risk tolerance of both the organization and leaders of the project.

72
Q

Risk as it pertains to the Input Organizational Process Assets

A

The predefined approaches to risk management such as risk categories, standard templates, approval levels defined for decision making, etc.

73
Q

Key Benefit of Plan Risk Management Proces

A

It ensures that risk management is commensurate with the risks and project importance

74
Q

Risk Breakdown Structure

A

Lists categories and subcategories within the risks that may arise for a typical project

75
Q

Risk Management Plan

A

Desribes the process (including structure and performance) that will be used to accomplish risk identification, qualitative and quntitative analysis, response and planning, and monitoring and control throuhout the life cycle of the project

76
Q

What does the Risk Management Plan describe?

A

The agreed upon definitions of probability and impact in order to be consistent in their assessment regarding the impact or amount at stake that a risk event may inflict

77
Q

Components of a Risk Management Plan

A

Roles and Responsibiltiies, Risk categories, risk management funding, contingency protocols, stakeholder risk tolerances, definitions of probability

78
Q

Identify Risk Process

A

The process of determining which risks may affect the project and documenting their characteristics

79
Q

Project documents as an Input to the Identify Risk process

A

These are a structured review of existing and historical project documentation to ensure that everyone has a complete picture of the project.

80
Q

Organizational process assets as an Input to the Identify Risk process

A

These aremexisting policies, templates, and categories of risk defined by the organization thatmassist in the process.

81
Q

Risk Register

A

A document in which the results of risk analysis and risk response planning are recorded

82
Q

Brainstorming

A

A good information gathering technique.

83
Q

An effective brainstorming session includes:

A

The right people, being prepared, create checklists or categories, record ideas as they arise (no bad ideas), build on other ideas (synergy), don’t evaluate, crticize, etc until later - this is not the time to argue about it

84
Q

Checklist Analysis

A

A technique for systematically reviewing materials using a list for accuracy and completeness

85
Q

SWOT Analysis (SWOT Acronymn Meaning)

A

Strengths
Weaknesses
Opportunities
Threats

86
Q

What does a SWOT Analysiss do?

A

A scan of the internal and external environment is an important part of the strategic risk planning process. Factors internal to the organization usually can be classified as strength (S) or weaknesses (W), and those external to the firm can be classified as opportunities (O) or threats (T).

87
Q

How many steps are there in a SWOT Analysis? And what are they?

A

3 Total Steps

Step 1: Gather information about the present, these are the helpful Strengths and harmful weaknesses
Step 2: Think of what might be in the future. These are helpful opportunities and harful threats
Step 3: Review completed SWOT Matrix with the aim of creating an Action Plan

88
Q

Casue and Effect Diagram (Fishbone Diagram)

A

These are used to illustrate how various factors might be linked to potential problems. They are used to discover all the true causes that result in a single effect. Causes are arranged according to their level of importance or detail, resulting in a depiction of relationship and a hierarchy of events. This can help you search for root causes, identify areas where there may be problems, and compare the relative importance of different causes.

89
Q

Perform Qualitative Risk Analysis Process

A

The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact.

90
Q

Perform Qualitative Risk Analysis Process Key Benefit

A

It enables the project manager to reduce uncertainty and to focus on high-priority risks

91
Q

What is the result of the Perform Qualitative Risk Analysis process?

A

It prioritizes risks to:

Guide actions and decisions
Address the most critical risks
Focus risk quantification where it is needed
Inform stakeholders quickly and concisely

92
Q

What happens in the Risk Probability and
Impact Assessment?

A

Ratings are assigned to risks based on their assessed probability and impact

93
Q

Probability and Impact Matrix (Relative)

A

A grid for mapping the probability of each risk occurrence and its impact on project objectives if the risk occurs.

Risk is graded with the ‘Probability’ on the Y axis, from Rare to Very Likely and also the Impact on the X Axis, from Trivial to Extreme

94
Q

Probability and Impact Matrix

A

A grid for mapping the probability of each risk occurrence and its impact on project objectives if the risk occurs.

95
Q

Probability and Impact Matrix (Numeric)

A

Matrix where the probability and impact are graded on a numeric scale. The risk score is equal to Probability x Impact, and the products produce relative numerical scores that help us rank the risks

96
Q

Perform Quantitative Risk Analysis Process

A

The process of numerically analyzing the effect of identified risks on overall project objectives

97
Q

Perform Quantitative Risk Analysis Process Key Benefit

A

It quantifies overall project risk exposure, and it can also provide additional quantitative risk information to support risk response planning. This process is not required for every project, but where it is used, it is performed throughout the project.

98
Q

What are the 3 main Quantitative Risk Analysis Modeling Techniques?

A

Sensitivity Analysis, Expected Monetary Value Analysis (Decision Trees), and Modeling and Simulation (Monte Carlo)

99
Q

Quantitative Risk Analysis Modeling Technique - Sensitivity Analysis

A

A quantitative risk analysis and modeling technique used to help determine which risks have the most potential impact on the project. It examines the extent to which the uncertainty of each project element affects the objective being examined when all other uncertain elements are held at their baseline values. The typical display of results is in the form of a tornado diagram.

Sensitivity Analysis - investigates how estimated performance varies with changes in the key assumptions on which a quantitative estimate has been provided to an element of the project objectives

100
Q

Tornado Diagram

A

A diagram used in sensitivity analysis that shows the spread of outcomes based on different variables or events

101
Q

Quantitative Risk Analysis Modeling Technique - Decision Trees

A

A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty

Decision tress provide a highly effective, visual structure that the project team can use to display options and further explore the possible outcomes of choosing those options. Decision trees help to form a balanced picture of the risks and rewards associated with each possible course of action.

102
Q

Simulation – Monte Carlo
Approach

A

A process which generates hundreds or thousands of probable performance outcomes based on probability distributions for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole.

A computer “performs” the project many times. For each iteration:
• Different costs/durations are randomly chosen within each element’s distribution.
• A predicted project cost/duration is calculated.
• A probability assessment of meeting the project cost and schedule estimate is provided (e.g., 60%)

103
Q

Qualitative Risk Analysis

A

Enables the prioritization of risk events that may impact project objectives and allows information flow to stakeholders quickly and concisely. We can determine which assets and resources are at risk and begin to build safeguards to achieve acceptable levels of risk.

104
Q

Quantitative Risk Analysis

A

Further describes the probability and impact of risk events with specific values (e.g., 35% x $100,000) in order to establish the actual consequences on project objectives - in terms of time and money - as well as the extent of overall project risk.

105
Q

Plan Risk Responses Process

A

The process of developing options and actions to enhance opportunities and to reduce threats to project objectives

106
Q

Plan Risk Responses Process Key Benefit

A

It identifies appropriate ways to address overall risk and individual project risks. This process also allocates resources and inserts activities into project documents and the project management plan as needed. This process is performed throughout the project.

107
Q

Risk Responses Strategies - Negative Risks/Threats (Name all 4)

A

Avoidance, Mitigate, Transfer, Accept

108
Q

Risk Responses Strategies - Avoidance

A

The project team acts to eliminate the threat or protect the project from its impact.

109
Q

Risk Responses Strategies - Mitigate

A

The project team acts to reduce the probability of occurrence or impact of a risk.

110
Q

Risk Responses Strategies - Transfer

A

The project team shifts the impact of a threat to a third party, together with ownership of the response

111
Q

Risk Responses Strategies - Accept

A

The project team decides to acknowledge the risk and not take any action unless the risk occurs (both positive and negative response strategy)

112
Q

Risk Responses Strategies - Positive Risks/Threats (Name all 4)

A

Exploit, Share, Enhance, Accept

113
Q

Risk Responses Strategies - Exploit

A

Seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens.

114
Q

Risk Responses Strategies - Share

A

Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project.

115
Q

Risk Responses Strategies - Enhance

A

The enhance strategy is used to increase the probability and/or thempositive impacts of an opportunity

116
Q

Risk Responses Strategies - Accept

A

Being willing to take advantage of the opportunity if it arises, but not actively pursuing it.

117
Q

Variance Analysis

A

Compares the planned results to the actual results

118
Q

Implement Risk Responses Process

A

The process of implementing agreed-upon risk response plans

119
Q

Implement Risk Responses Process Key Benefit

A

It ensures that agreed-upon risk responses are executed as planned in order to address overall project risk exposure, minimize individual project threats, and maximize individual project opportunities. This process is performed throughout the project

120
Q

Monitoring Risks Process

A

The process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.

121
Q

Monitoring Risks Process Key Benefit

A

It enables project decisions to be based on current information about overall project risk exposure and individual project risks. This process is performed throughout the project.

MBA 742 - Project Management Professional Concepts (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions