Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Project Management Professional (PMP) > PM Overview - Concepts > Flashcards

PM Overview - Concepts Flashcards

(50 cards)

Start Studying
1
Q

Knowledge Areas

A 
Integration
Scope
Time
Cost
Quality
Human resources
Communication
Risk
Procurement
Stakeholder Management
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Project Scope Management Process

A
  1. Plan Scope Management
  2. Collect Requirements
  3. Define Scope
  4. Create WBS
  5. Validate Scope
  6. Scope Control
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Forward Pass

A

Early Finish = early start + duration

if multiple predecessor, use LATEST EF

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

Backward Pass

A

Late Start = late finish - duration

If multiple successors, use EARLIEST LS

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

Total Float

A

Total float = late finish - early finish

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

Variance - triangular distribution

A

V = [(A-B)^2 + (M-A)(M-B)] / 18

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

Standard Deviation

A

S = square root of the variance

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

Weighted-Average or Beta/PERT Distribution

A 
Mean = (O + 4ML + P) / 6
SD = (P-O) / 6
O=optimistic 
ML=most likely
P=pessimistic
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Planned Value

A

The budget or portion of the approved cost estimate planned to be spent during a given period.

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

Actual Cost

A

The total direct and indirect costs incurred in accomplishing work during a given period.

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

Earned Value

A

The budget for the work accomplished in a given period.

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

Equations for Earned Value Management

A

Cost Variance = EV - AC
Schedule Variance = EV - PV
Cost performance index = EV / AC
Schedule performance index = EV / PV

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

Performance Domains::Process Groups

A 
Initiating
Planning
Executing
Monitoring and Controlling
Closing
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Estimate at Completion (EAC)

A

Expected total project cost on completion and as of the “data date” (time now)

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

New Estimate for EAC

A

Original estimate fundamentally flawed/no longer accurate.

EAC = AC + new estimate for remaining work

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

Original Estimate (EAC)

A

Actual variance seen as the exception. Original estimates seen as more accurate than what’s been seen.
EAC = AC + (BAC - EV)
B = budgeted

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

Performance Estimate Low (EAC)

A

Future variance likely like current variance.

EAC = BAC / CPI

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

Performance Estimate High (EAC)

A

Project over budget and schedule impacts work remaining

EAC = AC + (BAC - EV) / (CPI)(SPI)

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

Remaining Budget

A

Remaining Planned Value

BAC - EV

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

Estimate to Complete (ETC)

A

Estimate for completing the remaining work for a scheduled activity.

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

New Estimate (ETC)

Study These Flashcards
A

Entirely new estimate

22
Q

Atypical Past Variance (ETC)

Study These Flashcards
A

ETC = BAC - EV

23
Q

Typical Variance (ETC)

Study These Flashcards
A

ETC = (BAC - EV) / CPI

24
Q

Communication Channels

25
Rule of Seven
If seven or more observations occur in one direction or on one side of the mean, even if within the control lines; they should be investigated for an assignable cause.
26
Project Constraints
``` Scope Quality Budget (cost) Resources (cost, time) Schedule (time) Risk ```
27
What is the purpose of Portfolio Management?
Balancing scarce resources, costs, benefit, long-term and short-tem risks and goals
28
What are some Project Management Office Pros?
* Emphasis on project management career paths * Less anxiety between PMs about next assignments at completion * Centering PM competencies * Stardization of PM systems * Centralized management
29
What are some Project Management Office Cons?
* Extra layer of hierarchy * Adverse aspects of matrix org * Adverse aspects of a projectized org * Lack of application knowledge by the PMs
30
What are interpersonal skills of a project manager?
* Leadership * Team building * Motivation * Communication * Influencing * Decision making * Political and cultural awareness * Negotiation * Trust Building * Conflict Management * Coaching
31
What makes up an organizations culture/style?
Vision, values, regulations, risk tolerance, and work ethic
32
What are some Functional Organization Pros?
* Flexible staff use * Availability of experts for multiple projects * Grouping of specialists * Technological continuity * Normal advancement path
33
What are some Functional Organization Cons?
* Client is not the focus * Function rather than problem oriented * No one fully responsible for project * Slow response to the client * Tendency to suboptimize * Fragmented approach to the project * Normal advancement path
34
What are some Matrix Organization Pros?
* Project is the point of emphasis * Access to tons of technical talent * Less anxiety about team future at completion of project * Quick client response * Better firm-wide balance of resources * Minimizes overall staff fluctuations * Normal advancement path
35
What are some Matrix Organization Cons?
* 2-boss syndrome * More time to acquire team members * Fxn'l managers won't share top performers * Careful project monitoring required * Political infighting among project managers * Tendency to suboptimize * Fragmented approach to the project * Normal advancement path
36
What are some Projectized Organization Pros?
* One boss * PM has great deal of independence and authority * Team members often co-located * Team members treated as "insiders" * Most resources are involved in project work * Better firm-wide balance of resources * Minimizes overall staff fluctuations * Normal advancement path
37
What are some Projectized Organization Cons?
* If not tracked closely, hourly costs may bcome inflated while specialists are waiting between assignments or on call * Bureaucracy, standards, procedures, and documentation may result in an abundance of red tape
38
Phases of the Project Life Cycle
Concept, Development/Planning, Implementation/Execution, Termination/Close
39
What is the purpose of Portfolio Management?
Balancing scarce resources, costs, benefit, long-term and short-tem risks and goals
40
What are some Project Management Office Pros?
* Emphasis on project management career paths * Less anxiety between PMs about next assignments at completion * Centering PM competencies * Stardization of PM systems * Centralized management
41
What are some Project Management Office Cons?
* Extra layer of hierarchy * Adverse aspects of matrix org * Adverse aspects of a projectized org * Lack of application knowledge by the PMs
42
What are interpersonal skills of a project manager?
* Leadership * Team building * Motivation * Communication * Influencing * Decision making * Political and cultural awareness * Negotiation * Trust Building * Conflict Management * Coaching
43
What makes up an organizations culture/style?
Vision, values, regulations, risk tolerance, and work ethic
44
What are some Functional Organization Pros?
* Flexible staff use * Availability of experts for multiple projects * Grouping of specialists * Technological continuity * Normal advancement path
45
What are some Functional Organization Cons?
* Client is not the focus * Function rather than problem oriented * No one fully responsible for project * Slow response to the client * Tendency to suboptimize * Fragmented approach to the project * Normal advancement path
46
What are some Matrix Organization Pros?
* Project is the point of emphasis * Access to tons of technical talent * Less anxiety about team future at completion of project * Quick client response * Better firm-wide balance of resources * Minimizes overall staff fluctuations * Normal advancement path
47
What are some Matrix Organization Cons?
* 2-boss syndrome * More time to acquire team members * Fxn'l managers won't share top performers * Careful project monitoring required * Political infighting among project managers * Tendency to suboptimize * Fragmented approach to the project * Normal advancement path
48
What are some Projectized Organization Pros?
* One boss * PM has great deal of independence and authority * Team members often co-located * Team members treated as "insiders" * Most resources are involved in project work * Better firm-wide balance of resources * Minimizes overall staff fluctuations * Normal advancement path
49
What are some Projectized Organization Cons?
* If not tracked closely, hourly costs may bcome inflated while specialists are waiting between assignments or on call * Bureaucracy, standards, procedures, and documentation may result in an abundance of red tape
50
Phases of the Project Life Cycle
Concept, Development/Planning, Implementation/Execution, Termination/Close

Project Management Professional (PMP) (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions