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PMP Terms Flashcards

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1
Q

Project Governance

A

Framework within which
project decisions are made

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2
Q

Project Manager

A

manages the project

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3
Q

Customer

A

uses the project deliverable

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4
Q

Project team

A

the collection of individuals completing the project work

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5
Q

Project Sponsor

A

Provides resources and support

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6
Q

Functional Manager

A

Departmental Manager, i.e Manager of Engineering, Vice President of Marketing,

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7
Q

Budget at Completion (BAC)

A

Original budget of the project. | None, just the original budget.

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8
Q

Planned Value (PV)

A

Amount of money worth of work we that should have been done on the project. | PV= Planned % Complete x BAC

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9
Q

Earned Value (EV)

A

Amount of money worth of work you actually did on the project. | EV= Actual % Complete x BAC

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10
Q

Actual Cost (AC)

A

Amount of money you already spent on the project | None, just the amount already spent on the project.

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11
Q

Cost Variance (CV)

A

The difference between the work done and money spent. This value should be positive for under budget. Negative values indicate over budget | CV = EV - AC

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12
Q

Cost Performance Index (CPI)

A

The rate of how we are spending to actually earning on the project. This value should be 1 and over for projects under budget.
CPI = EV / AC

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13
Q

Schedule Variance (SV)

A

The difference between the amount of work we should have done vs. the amount actually done. This value should be positive for ahead of
schedule. Negative values indicate behind schedule | SPI = EV / PV

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14
Q

Schedule Performance Index (SPI)

A

The rate of how we are meeting the project schedule. This value should be 1 and over for a project to be ahead of the schedule. | SPI = EV / PV

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15
Q

Estimate at Completion (EAC)

A

Forecasting the total cost of the project at the end based on the current spending rate of the project. | EAC = BAC / CPI

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16
Q

Estimate to Completion (ETC)

A

Forecasting the amount that will be needed to complete the current project based on the current performance. | ETC = EAC - AC

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17
Q

Variance at Completion (VAC)

A

The difference between the original budget and new forecasted budget. This value should be positive for projects that may end at or under budget | VAC = BAC - EAC

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18
Q

To-Complete Performance Index (TCPI)

A

The performance that needs to be met to finish the project within the budget. |
TCPI = (BAC – EV) / (BAC – AC)

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19
Q

Milestone

A

A milestone is a significant event or achievement in a project that marks a key point or completion of a major deliverable.

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20
Q

Task Duration

A

Task duration refers to the amount of time it takes to complete a specific task or activity within a project.

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21
Q

Supportive

A

PMO Type: Supports the project manager, such as providing templates, training, or lessons learned form other projects.

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22
Q

Controlling

A

PMO Type: Determines the framework or methodology and use of specific forms

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23
Q

Directive

A

PMO Type: Controls the project. PM will be assigned and report to the PMO.

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24
Q

Functional Organizations

A

Org Structure: Structure that groups staff members according to
their area of expertise (sales, marketing,
construction, etc.). Functional structures require
the project team members to report directly to
the functional manager

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25
Matrix Organizations
Org : There are three matrix structures: weak, balanced, and strong. The different structures are reflective of the project manager's authority in relation to the functional manager's authority.
26
Project Oriented Organizations, (Projectized)
Org Structure: Structure where the PM has the greatest amount of authority. The project team is assigned to the project on a full-time basis. When the project is complete, the project team members moves on to other assignments within the organizatio
27
1. Activity attributes
Detailed information about each individual activity Process were created: Define activities
28
2. Activity list
List of all the activities on the project. Process were created: Define activities
29
3. Assumption log
List of all project assumptions and constraints. Process were created: Develop project charter
30
4. Basis of estimates
Describes how schedule, cost, and resource estimates were developed. Also includes their confidence level and ranges. Process were created: Estimate activity duration, estimate costs, estimate activity resources
31
5. Change log
Lists and describes the status of the change requests that is being processed or have been processed through the perform integrated change control process Process were created: Perform integrated change control
32
6. Cost estimates
Cost of each individual activity Process were created: Estimate costs
33
7. Cost forecasts
A prediction of how much the project will cost when it completes based on the current work. Process were created: Control costs
34
8. Duration estimates
Amount of time needed to complete each activity on the project. Process were created: Estimate activity durations
35
9. Issue log
List of all issues on the project. Could include history type, description, priority, status, and resolution Process were created: Direct and manage project work
36
10. Lessons learned register
List of all lessons learned throughout the project Process were created: Manage project knowledge
37
11. Milestone list
Description of milestones on a project. Process were created: Define activities
38
12. Physical resource assignments
Assignments of the physical resources to the activities or work packages Process were created: Acquire resources
39
13. Project calendars
A calendar view of what takes place on a day-to-day basis on the project. Process were created: Develop schedule
40
14. Project communications
Communicate in on the project by following the communications management plan Process were created: Manage communications
41
15. Project schedule
A detailed breakdown of the work that needs to be done in order to complete the project. Will include a bar chart, milestone chart, and the project schedule network diagram. Process were created: Develop schedule
42
16. Project schedule network diagram
A sequencing diagram that shows the relationships amongst the activities and the sequence they will be performed. But also show the critical path. Process were created: Sequence activities
43
17. Project scope statement
A detailed description of the project or phase deliverables Process were created: Define scope
44
18. Project team assignments
Assignment of the project team members to the work packages or activities Process were created: Acquire resources
45
19. Quality control measurements
Results of the activities done in the “control quality” processes to determine if the quality standards or policies were met. Process were created: Control quality
46
Risks
are potential events or situations that may occur in the future and have an impact on the project's success.
47
Issues
refer to problems or challenges that arise during the course of a project. They are typically negative events or circumstances that can hinder progress or impact project objectives.
48
Assumptions
are statements or beliefs that are considered to be true or valid for the purpose of planning and decision-making.
49
Constraints
are limitations or restrictions that affect project planning and execution.
50
Resource Leveling
adjusts project schedules to match available resources, potentially extending the timeline
51
Resource Smoothing
optimizes resource allocation within an existing timeline to avoid peaks and troughs in resource demand
52
Free Float
Formula LS -ES or LF-EF Amount of time you can delay an activity w/out delaying the next activities
53
Lag
Delay before the 2nd activity
54
Lead
overlap between first and 2 activity
55
Communication technology
the tools, systems, and equipment that are used to transfer different information to the stakeholders of the project.
56
Communication model
a framework that outlines how information flows between parties, highlighting key components and processes to ensure effective sharing of ideas and information.
57
Sequence Activity
determining the logical order of tasks to ensure efficient project execution and maximize resource utilization, ultimately leading to successful project delivery.
58
Rought Order of Magnitude Estimate
Estimate cost type of -25 to 75%
59
Definitive Estimates
Estimate cost type of -5 to 10%
60
Qualitative Risk Analysis
Prioritizing the risk by probability and impact
61
Quantitative Risk Analysis
Numeriacally analysis
62
Cost-Plus-fixed-fee
reimburses the contractor for all project costs, plus a fixed fee, regardless of the final project cost, offering flexibility for projects with uncertain scope or costs.
63
Time and Materials
So, from the above contract definitions, you can see that the seller bears most of the risk with a fixed price contract, the buyer with a cost plus fixed fee contract, both share with the cost plus incentive and the buyer bears the risk with a time and materials contract
64
EMV
Expected Monetary Value (EMV) is a quantitative risk analysis technique that helps estimate the potential financial impact of risks by calculating the weighted average of all possible outcomes, using the formula EMV = Probability x Impact.
65
WBS
work breakdown structure
66
PERT Formula
(O+R(4)+P)/6
67
Standard Deviation Formula
(P-O)/6
68
Triangle of Distribution Formula
(O+R+P)/3
69
Total Float
Amount of time you can delay an activity w/out delaying the entire project
70
Critical Path
the longest sequence of dependent tasks that must be completed on time to ensure a project is finished on schedule; any delay in these tasks will delay the entire project.
71
Budget Estimates
Estimate cost type of -10 to25%
72
Analogous/ Top Down Estimate
Not Detailed
73
Bottom Up Estimate
Detailed , costly and time consuming estimate
74
Parametric Estimate
Statistical relationship bet. Historical and variables
75
Channels Formula
n(n-1)/2
76
Tuckmans Ladder
Forming, Stroming, Norming, Performing, Adjourning
77
Hezberg's Theory
Hygeine agents; giving necessities
78
Mc Gregor's Theory X
Micromanagement
79
Theory Z
empahsis in the well being
80
Mc Gregor's Theory Y
Loyalty in the company
81
Expectancy Theory
suggests that motivation is driven by the belief that effort leads to desired performance and outcomes. Reward system
82
Conflict Management: Smoothing
Lose-lose
83
Conflict Management: Compromising
Lose-lose
84
Conflict Management: Withdrawal
Yield - Lose
85
Student Syndrome
planned procastination
86
Parkison's Law
Work expands based on the deadline
87
Self Protection
Adding more time
88
Sand Bagging
Under promising and over delivering
89
Dropped Batton
One team is not ready to accept when the other team already completed
90
MBTI
Myers-Briggs type indicators
91
Sprint/ Iteration
Fixed-length period of time (timebox)
92
Release/ Small release
Release to production
93
Sprint/ Release planning/ Planning Game
agile planning meetings
94
Product Owner/ Customer
business rep to project
95
Retrospective/ Reflection
lessons learned
96
Scrum Master/Coach
agile project maneger
97
Development Team/ Team
empowered cross-functional team
98
Daily Scrum/ Daily standup
brief daily status meeting
99
Burndown Chart
No. of remining work
100
Burnup Chart
No. of completed work
101
Little's Law
Cycle times are proportional to queue length
102
MVP
Minimal Viable Product
103
Simple Scheme
Not everything can be prio 1
104
MoSCoW
Must have, should have, could have, would like to have
105
Dot Votting/ Monopoly Money
each person gets a certain # of Dots.
106
Kano Analysis
a technique to prioritize features based on their impact on customer satisfaction, categorizing them into basic, performance, and excitement features,
107
Personas
Describing the users
108
Remember the future
Game for stakeholder to imagine that an upcoming release was successfully and to look back
109
Prune the product tree
dependent on other features
110
speedboat(sailboat)
identify threats and opportunities
111
Active listening: Internal
how is it going to affect me
112
Active listening: Focused
put ourselves in the mind of the speaker
113
Active listening: Global
buils on level w/ body language
114
SHU-HA-RI
Obey, moving away and finding individual ways
115
Dreyfus Model
Novice, Adv. Begginer, Competent, Proficient , Expert
116
Co-located
the same location at least 3 feet away
117
Team spaces
caves and common
118
Osmotic Commmunication
Info flows that occur
119
Tacit Knowlegd
Collective Knowledge
120
Velocity Charts
Show how the team performing
121
Ideal Time
Time w.out interuptions or unplanned problems
122
Optimistic time
The least amount of time it can take to complete a task
123
straight time
equal to the task hours an employee is expected to work in a day.
124
Rolling wave planning
Planning @ multiple points in time as data becomes available
125
User Stories decompositon req
epics, features, stories, task
126
Fibonacci Sequence
1,2,3,5,8,13,21
127
Affinity Estimating
grouping user stories or tasks based on their relative size or complexity
128
Tshirt Sizing
quick and intuitive method for estimating the relative effort or complexity of tasks or user stories, using a simple scale of sizes like XS, S, M, L, and XL, rather than precise time estimates
129
WideBand Delphi
Anonymously votting
130
Bandwagon effect
Joining the rest votes
131
Hippo Decision
hight paid person
132
Iterantion 0
setting the stage
133
Iteration H
Done @ the end (cleaning the code or documentation)
134
Acrhitectural Spike
period of time dedicated to proof of concept
135
Risk Based Spike
team investigate to reduce or eliminate risk
136
Technical Debt
Not doing regular cleanup
137
Refactoring
Implementing ways to standardized; easy to read
138
Lead Time
How long something takes through the entire process
139
Cycle Time
How long something takes through a part of a cycle Formula: WIP/ Throughput
140
Throughput
amount of work that can be done
141
Escaped defects
Effects that reaches customer
142
Lagging Metrics
Measure the results of past actions and confirm the success or failure of a project or initiative, providing a retrospective view of performance.
143
Leading Metrics
project progress against schedule, cost incurred against budget, and resource utilization
144
Iterative
a step-by-step approach where a project is developed in small, incremental cycles. Each cycle refines the previous version based on user feedback and testing, ensuring continuous improvement.
145
Incrementals
is developed in chunks, iteration by iteration.
146
Fixed Price Or Lump-Sum (FP)
means a fixed total price for a well-defined product.
147
Fixed price contracts
This type of contract has the advantage for the buyer of no cost overruns on fee, just on materials, while, like a fixed price contract, it provides a higher initial cost but also has the risk of material overruns.

PMP EXAM (1 decks)

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