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Flashcards in PMP 2 Deck (30):
1

Closing

the fifth of five project management process groups. It contains the processes responsible for closing a project, a project phase, or the procurement relationships

2

Coercive power

the project manager uses fear and threats to manage the project team

3

Collective bargaining agreements

these are contractual agreements initiated by employee groups, unions, or other labor organizations; they may act as a constraint on the project

4

Communications formula

The formaula N(N-1)/2 shows the number of communication channels in a project. N represents the total number of stakeholders

5

Communications management plan

documents and organizes the stakeholder needs for communication. this plan covers the communications system, its documentation, the flow of communication, modalities of communication, schedules for communications, information retrieval, and any other stakeholder requirements for communications

6

Composite structure

an organization structure that uses a blend of the functional, matrix, or projectized organization to operate and manage projects

7

Compromising

a conflict resolution method; this approach requires both parties to give up something. the decision ultimately made is a blend of both side of the argument. Because neither party completely wins, it is considered a lose-lose solution

8

Confidentiality

a project manager should keep certain aspects of a project confidential; consider contract negotiations, human resource issues, and trade secrets of the organization

9

Configuration management

the control and documentation of the project's product features and functions

10

Conflict of interest

a situation where the project manager could influence a decision for personal gain

11

Constrained optimization methods

complex mathematical models to determine the likelihood of a projects' success. These models are used to determine which project an organization should choose for investment

12

Constraints

Anything that limits the project manager's options; for example, time, cost, and scope are always project constraints

13

Contingency reserve

a time or dollar amount allotted as a response to risk events that may occur within a project.

14

Continuous process improvement

a goal of quality assurance to improve the project's processes and deliverables; meshes with the project's Process Improvement Plan.

15

Contract

a legal, binding agreement, preferably written between a buyer and seller detailing the requirements and obligations of both parties. Must include an offer, an acceptance, and a consideration.

16

Contract administration

the process of ensuring that the buyer and the seller both perform to the specifications within the contract

17

Contract change control system

Defines the procedures for how contracts may be changed. Includes the paperwork, tracking, conditions, dispute resolution procedures, and the procedures for getting the changes approved within the performing organization.

18

Contract Closeout

A process for confirming that the obligations
of the contract were met as expected. The
project manager, the customer, key
stakeholder, and, in some instances, the seller
complete the product verification together to
confirm the contract has been completed

19

Contract file

A complete indexed set of records of the
procurement process incorporated into the
administrative closure process. These records
include financial information as well as
information on the performance and
acceptance of the procured work.

20

Control charts

These illustrate the performance of a project
over time. They map the results of inspections
against a chart. Control charts are typically
used in projects or operations that have
repetitive activities such as manufacturing,
test series, or help desk functions. Upper and
lower control limits indicate if values are
within control or out of control.

21

Cost Baseline

This shows what the project is expected to
spend. It's usually shown in an S-curve and
allows the project manager and management
to predict when the project will be spending
monies and over what duration. The purpose
of the cost baseline is to measure and predict
project performance.

22

Cost Budgeting

A process of assigning a cost to an individual
work package. This process shows costs over
time. The cost budget results in an S-Curve
that becomes the cost baseline for the
project.

23

Cost change control

This is part of the Integrated Change Control
System and documents the procedures to
request, approve, and incorporate changes to
project costs.

24

Cost control

An active process to control causes of cost
change, to document cost changes, and to
monitor cost fluctuations within the project.
When changes occur, the cost baseline must
be updated.

25

Cost estimating

The process of calculating the costs, by
category, of the identified resources to
complete the project work

26

Cost management plan

Explains how variances to the costs of the project will be managed. The plan may be based on a range of acceptable variances and the expected response to variances over a given threshold

27

Cost of conformance

the cost of completing the project work to satisfy the project scope and the expected level of quality. Examples include training, safety measures, and quality management activities. Also known as the cost of quality

28

Cost of nonconformance

the cost of not completing the project with quality; includes wasted time for corrective actions, rework, wasted materials. This could mean loss of business, loss of sales, lawsuits. Also known as the cost of poor quality.

29

Cost performance index

the process of calculating the costs, by category, of the identified resources to complete the project work.

30

Cost plus award fee

this contract requires the buyer to pay for all the project costs and give the seller an award fee based on the project performance, meeting certain project criteria, or other goals established by the buyer. the award fee can be tied to any factor the buyer determines and the factor doesn't have to be exact.