PMP Flash Cards
What is reestimating?
Estimating the project again after planning to make sure you can still meet the end date, budget, or other objectives, and adjusting the project if you cannot
What are project performance appraisals?
Evaluations of the performance of individual team members
What are sunk costs ?
Expended costs Sunk costs should not be considered when deciding whether to continue a troubled project
Who is a risk owner?
The person assigned to develop and execute risk responses for a critical risk
Define net present value (NPV) How is it interpreted?
The present value of total benefits (income or revenue)minus costs over a series of time periods Generally, if the NPV of a project is positive,the investment is a good choice unless an even better investment opportunity exists
What is statistical independence?
The probability of event " B" occurring does not depend on event "A" occurring(for example, the outcome of a second roll of a die is not dependent on the outcome of the first roll)
What is the Develop project Management plan process? What is its output?
The process of creating a project management plan that is brought into, approved,realistic,and formal Output: project management plan
What is the Validate Scope Process? When is it done?
The process of gaining formal acceptance of the deliverables by the customer or sponsor During project monitoring and controlling and at the end of each phase of the project life cycle
What is a fixed price incentive fee (FPIF) contract?
The buyer pays a fixed price plus an additional fee if the seller exceeds performance criteria stated in the contract
What is a fixed price award fee (FPAF) contract?
The buyer pays a fixed price plus an award (paid in full or in part ) based on the sellers performance level
What is a time and material contract?
The buyer pays on a per-hour or per-item basis
What are the possible risk response stratgies for opportunities?
Exploit:Make sure the opportunity occurs Enhance:Increase probability or positive impact of the risk event Share:Allocate full or partial ownership of the opportunity to a third party Accept:Do nothing,if it happens,it happens
What are external dependencies? What are internal dependencies?
External:Dependencies based on the needs of a party OUTSIDE the project Internal:Dependencies based on the needs of the project, may be under the control of the project team
What are some examples of communication technology?
Face-to-face interactions Telephone Fax Mail Instant messaging E-mail
What are the key outputs of the Close project or phase process?
Final product or service Formal acceptance of project phase Lessons learned and other organizational process assets updates
What is value analysis?
Finding a less costly way of doing essentially the same work (also known as value engineering)
What is resource optimization?
Finding ways to adjust the use of resources
What are the four types of logical relationships between activities in the precednce diagramming method?
Finish-to-start(FS): An activity must finish before the successor can start Start-to-start(SS):An activity must start before the successor can start Finish-to-finish(FF):An activity must finish before the successor can finish Start -to-finish (SF):An activity must start before the successor can finish
What is the point of total assumption?
For fixed price incentive fee contracts, the amount above which the seller bears all the loss of a cost overrun
What are the different types of power?
Formal (legitimate) Reward Penalty(coercive) Expert Referent
What are the key outputs of the Close Procurements process?
Formal acceptance Closed procurements Updates to lessons learned and records (part of organizational process assets)
What occurs during the initiating process group?
Formal authorization of a project or phase. Project manager is provided with the authority and information necessary to begin the project. Stakeholders are identified and analyzed. The project vision is created
What are change requests? When are they approved?
Formal requests to change some parts of the project after the project management plan is approved Perform Integrated Change Control
What are the four types of communication?
Formal written Formal verbal Informal written Informal verbal
What are the stages of team formation and development?
Forming Storming Norming Performing Adjourning
What are three primary forms of organizational structure?
Functional, Matrix, Projectized
Describe a plan-driven project ?
Has a predtictive life cycle which scope, schedule and cost are determined in detail early in the life of the project,before the work begins to produce the project deliverables.
What is the value of a requirements traceability matrix? What requirement attributes might be recorded in this document?
Helps link requirements to objectives and/or other requirements to make sure the project meets strategic goals. Requirement identification number Source of the requirement Who is assigned to manage the requirement Status of the requirement
What do milestone charts show?
High-level project status
What are some of the key activities involved in developing the project team?
Hold team-building activities throughout the project Use personnel assessment tools to learn about the team members Obtain and provide training where needed Establish ground rules Give recognition and rewards Conduct team performance assessments
What does a flowchart show?
How a process or system flows from beginning to end, how the elements interrelate,alternative paths the process can take, and how the process translates inputs into outputs
How much inventory is maintained in a just in time (JIT) environment?
How does this affect attention to quality? Little inventory is maintained It forces attention to quality
What is the key output of the plan Human Resource Management Process?
Human resource management plan
What is the process of stakeholder management?
Identify Stakeholders Plan Stakeholder Management Manage Stakeholder Engagement Control Stakeholder Engagement
What are some key responsibilitics of the team on a project?
Identify requirements, constraints, and assumptions Create the work breakdown structure and help with project planning Estimate activities Paricipate in risk management Complete activities Comply with quality and communications plans Recommend changes to the project
What are the impacts of poor quality?
Increased costs Decreased profits Low morale Low customer satisfaction Increased risk Rework Schedule delays
What is statistical sampling?
Inspecting by testing only part of a population (a statistically valid sample)
Define interactive, push, and pull communication methods
Interactive: The sender provides the information and recipients receive and respond to it Push: The sender provides the information but does not expect feedback on that information Pull: The sender places the information in a central location and recipients are responsible for retrieving it
What does ISO 9000 stand for ?
International Organization for Standardization (ISO) quality standards that help organizations ensure that they have quality procedures and are following them
What are the key outputs of the Manage Stakeholder Engagement process?
Issue log Change requests Updates to project management plan and project documents Lessons learned (part of updates to organizational process assets)
How does buying insurance relate to risk response planning?
It exchanges an unknown cost impact of a known risk for a known cost impact It is a method to decrease project risk
How does the critical path help us manage the project?
It shows the project manager the shortest time in which the project can be completed It shows the project manager where to focus his or her time It is used in compressing or adjusting the schedule
What are the two formulas for calculating float?
Late start -Early start OR Late finish -Early finish
What is included in a contract?
Legal terms Business terms regarding payments Reporting requirements Marketing literature Proposal Procurement statement of work
What is the key function of a Records Management System?
Maintain an index of contract documentation and records so that they can be retrieved if necessary
What are the key outputs of the plan procurement Management Process?
Make-or-buy decisions Procrement management plan Procurement statements of work Procurement documents Source selection criteria Change requests
Explain the project managers role as an integrator.
Making sure all the pieces of the project are properly coordinated and put together into one cohesive whole.
Define claims administration
Managing claims (requests by the seller for compensation from the buyer)
What are mandatory dependencies? What are discretionary dependencies?
Mandatory:The order in which activities MUST be done, due to the inherent nature of the work, also called "hard logic" Discretionary: The order in which the organization has CHOSEN that activities be performed, also called "preferred", "preferential", or "soft logic"
What is Maslows theory about needs?
Maslows hierarchy of needs states that people are motivated according to the following hierarchy of needs: Self-actualization Esteem Social Safety Physiological
What is McClellands theory of needs?
McClellend says that each person is most motivated by one of three needs: Achievement Affiliation Power
What is the formula for communication channels?
N(N-1)/2
What are the key outputs of the Sequence Activities Process?
Network diagrams Updates to project documents
What are the main presentation formats for a schedule?
Network diagrams Bar charts Milestone charts
What are secondary risks?
New risks created by the implemention of risk response strategies
What are the communication blockers that can get in the way of communicating?
Noisy surroundings Distance Improper encoding Negative statements Hostility Language Culture
What are the objectives of negotiation?
Obtain a fair and reasonable Develop a good relationsship with the seller
What is required for a legal contract?
Offer Acceptance Consideration Legal capacity Legal purpose
What are the main approaches to cost or schedule estimating?
One-point estimating Analogous estimating Bottom-up estimating Parametric estimating Three-point estimating
What is operational work ?
Ongoing work to support the business and systems of the organization
What key outputs of the Control Risks process are added to the risk register?
Outcomes of risk reassessments and risk audits Results of implemnted risk responses Updates to previous parts of risk management Closing of risks that are no longer applicable Details of what happened when risks occurred Lessons learned
What are some key responsibilitics of functional managers on a project?
Participate in planning Approve the final project management plan Approve the final schedule Assist with problems related to team member performance Manage activities that happen within their functional area
Describe the there different types of procurement statements of work
Performance: Conveys what the final product should accomplish product should accomplish Functional: Conveys the end purpose or result(the minimum essential characteristics of the product) Design:Conveys exactly what work is to be done and how it should be completed
What is paralingual communication?
Pitch and tone of voice
What is the process of communications management?
Plan Communications Management Manage Communications Control Communications
What is the process of cost management?
Plan Cost Management Estimate Costs Determine Budget Control Costs
What is the process of humanresource management?
Plan Human Resource Management Acquire Project Team Develop Project Team Manage Project Team
What is work performance data?
"Measurements" and "details" about activities gathered during project work (executing )
What is the formula for to-complete performance index?
(BAC-EV)/(BAC-AC)=TCPI
What is the typical range for a definitive estimate?
+/-10percent from actual
What is the typical range for a budget estimate?
-10percent to +25 percent from actual
What is the typical range for rough order of magnitude (ROM) estimate?
-25to +75 percent from actual
What is the process of procurement management?
Plan Procurement Management Conduct Procurements Control Procurements Close Procurements
List the most common sources of conflict on projects, in order of most to least common
1.Schedules 2.Projet priorities 3.Resources 4.Technical opinions 5.Administrative procedures 6.Cost 7.Personality
What is the process of quality management?
Plan Quality Management Perform Quality Assurance Control Quality
What are some of the tools and techniques used in the Perform Quality Assurance process?
Plan Quality Management and Control Quality tools and techniques Process analysis Quality audits Affinity diagrams Tree diagrams Process decision program charts Interrelationship diagraphs Matrix diagrams Prioritization matrices Activity network diagrams
What is the process of risk management?
Plan Risk Management Identify Risk Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Plan Risk Responses Conttrol Risks
What are the processes of time management?
Plan Schedule Management Define Activities Sequence Activities Estimate Activity Resources Estimate Activity Durations Develop Schedule Control Schedule
What is the process of scope management?
Plan Scope Management Collect Requirements Define Scope Create WBS Validate Scope Control Scope
What are contingency plans?
Planned responses to be implemented when and if a risk event occurs
Which process group must be completed in a certain order?
Planning is the only process group with a set order
How much of their time do project managers spend communicating ?
90percent
Name common terms and conditions that may be ina contract
Please review the long list of terms and conditions and what they mean in the Procurement Management chapter of CAPM Exam Prep or PMP Exam Prep
What is OPM3?
A PMI model designed to help organizations determine their Level of maturity in project management.
What is a matrix organization?
A blend of functional and projectized organization where the team members have two bosses (the project manager and functional manager)
What is the definiton of total quality management, or TQM?
A comprehensive management philosophy that encourages companies to find ways to continuously improve the quality of business practices, products, and services at every level of the organization
How does a contract relate risk response planning?
A contract helps allocate and mitigate risks Risk analysis must be done before a contract is signed
What does privity mean?
A contractual relationship between two or more companies
What is an assignable cause/special cause variation?
A data point (or set of data points) on a control chart indicates that the measured process is out of statistical control and that the cause (s) of the event must be investingated
What is a project management office (PMO) ? What are three possible formats for a PMO ?
A department that centralizes and standardizes the management of projects . Supportive Controlling Directive
What is a project scope statement? What are the key items included in a project scope ststement?
A description of the project deliverables and the work required tocreate those deliverables Product scope Project scope Deliverables (for the product and the project ) Acceptance criteria What is not part of the project Assumptions and constraints
What is a WBS dictionary?
A description of the work to be done for each work package
What is the difference between a population and a sample?
Population: The total number of individual members, items, or elements comprising a uniquely defined group (e.g.,all women) Sample:A statistically valid subset of population members (e.g.,women randomly chosen to represent the population)
What is a project charter?
A document issued by the sponsor during project initiating that: Formally recognizes(authorizes) the existence of the project Givesthe project manager authority to spend money and commit resources to the project Provides the objectives, high-level requirements, and success criteria for the project Identifies the constraints and high-level risks for the project Uncovers assumptions about the project Links the project to the ongoing work of the organization
What is a fixed price economic price adjustment (FPEPA) contract?
A fixed-price contract with a built-in economic price adjustment to cover cost increases due to future economic conditions
What is organizational project management (OPM) ? What are its benefits ?
A framework for keeping the organization focused on its overall strategy. Provides direction for how portfolios, programs,projects, and other organizational work should be prioritized,managed,executed,and measured to best achieve the firm's strategic goals.
What is a risk ?
A future occurrence that may or may not happen that can have a positive (opportunity) or negative (threat) impact on the project
What is a cause and effect diagram?
A graphical tool that helps determine the possible root causes of a problem It is also called a fishbone or Ishikawa diagram
What is a pareto chart?
A histogram that arranges the results from most frequent to leat frequent to help identify which root causes are resulting in the most problems
What are the economic models for selecting a project?
Present value Net present value Intern at rate of return Payback period Cost-benefit analysis
What key outputs of the Perform Qualitative Risk Analysis Process are added the risk register?
Prioritized list quantified Initial amount of contingency time and cost reserves needed Possible realistic and achievable completion dates and project costs Quantified probability of meeting project objectives Trends in quantitative risk analysis
What are the four key factors that need to be determined for each risk?
Probability Impact Timing Frequency
What is the formula for expected monetary value?
Probability times impact, or EMV=P*1
What occurs during the close procurements process?
Product validation Procurement negotiation Financial closure Procurement audit Updates to records Final contract performance reporting Documentation of lessons learned Creation of procurement file
What is the definition of a program ? What is the definition of a portfolio ?
Program: A group of interrelated projects , managed in a coordinated way. Portfolio: A group of programs, individual projects,and related operational work to achieve a specific strategic business goal.
What is the key output of the Define Scope process?
Project Scope Statement
What is a letter of intent?
A letter from the buyer, without legal binding, saying the buyer intends to hire the seller
What is a quality checklist?
A list of items to inspect, a list of steps to perform, with space to note any defects found
What is a qualified seller list?
A list of sellers that have been preapproved
What is a balanced matrix organization?
A matrix organization where power is equally balanced between the project manager and the functional manager.
What is a weak matrix organization ? What role might the project manager play in a weak matrix ?
A matrix organization where the balance of power rests with the functional manager instead of the project manager. A project expediter or project coordinator
What is a strong matrix organization ?
A matrix organization where the balance of power rests with the project manager instead of the functional manager
What is a kickoff meeting? When does it occur?
A meeting of all parties to the project (all project stakeholders, including sellers) to make sure everyone is "on the same page" At the end of the planning process group
What is earned value measurement, and how is it used?
A method of measuring project performance that looks at the value earned for work accomplished, by reviewing project performance against the scope, schedule, and cost baselines It can be used to predict future cost performance and project completion dates
What is a decision tree?
A model of a decision to be made that includes the probabilities and impacts of future events
What is resource smoothing?
A modified form of resource leveling,where resources are leveled only within the limits of the float of their activities,so the completion dates of activities are not delayed
What is a process improvement plan?
A plan for analyzing the processes used on the project to improve them, looking for ways to decrease defects, save time and money, and increase customer satisfaction
What is a procurement management plan?
A plan that documents how procurements will be planned, executed, controlled, and closed
What is a configuration management plan?
A plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versions It defines how you will manage changs to the deliverables and processes and processes and the resulting documentation
What is an issue log?
A record that lists the project issues, their causes and impacts on the project, the person(s) responsible for resolving each issue, the issue status, and target resolution
What is resource leveling?
A resource optimization technique that keep the amount of resources used for each time period constant, resulting in a more stable level of resources and a longer project duration
What is Monte Carlo analysis?
A schedule network analysis technique used to simulate the project to determine the likelihood that the project will be completed by a specific date or for a specific cost Also used in Perform Quantitative Risk Analysis to determine the overall level of risk on the project
What is the critical chain method?
A schedule network analysis tool that builds in buffers at critical milestones
What are the inputs to the risk management process?
Project background information and other organizational process assets Enterprise environmental factors Project charter, network diagram, and other project documents Project management plan (including scope baseline and the knowledge area plans) Time and cost estimates Procurement documents Stakeholder register Risk register Work performance data and reports
What is a control chart?
A specialized trend chart that documents whether a measured process is in or out of statistical control
What is design of experiments?
A statistical method that allows you to experimentally change all of the important variables in a process to determine what combination will optimize overall quality
What is a procurement audit?
A structured review of the procurement process and identification of lessons learned to help future procurements
What is a normal distribution curve?
A symmetric bell-shaped frequency distribution curve used to measure variation This is the most common probability distribution
What is a Contract Change Control system?
A system created to control changes to the contract
What is a change management plan?
A system of formal procedures, set up in advance, defining how project deliverables and documentation are controlled, changed, and approved
What is sensitivity analysis?
A technique to analyze and compare the potential impacts of identified risks
What is a project-based organization?
A temporary framework for projects created to circumvent any obstacles inherent in the organizations existing structure ( whether functional, projectized, or matrix )
What is a purchase order?
A unilateral contract typically used for buying commodities Purchase orders become contracts once they are accepted by the sellers fulfillment of the contract
What are the key outputs of the Manage Communications process?
Project communications Updates to project management plan and project documents Updates to organizational process assets
What are the key inputs to Control Communications?
Project management plan Project communications Issue log Work performance data Organizational process assets
What are the inputs to the Plan Procurement Management Process?
Project management plan Requirements documentation Activity resource requirements Enterprise environmental factors Organizational process assets Risk register Stakehohder register Any procurements already in place project schedule Initial cost estimates for work to be procured
What is included in a project management plan?
Project management processes for the project Management plans for knowledge areas scope, schedule, and cost baselines Requirements management plan Change management plan Configuration management plan Process improvement plan
What occurs during the monitoring and controlling process group?
Project performance is measured against the project management plan Variances are determined andtive addressed Change requests are approved, including corrective and preventive actions and defect repair
What are the formulas for estimate at completion?
AC+Bottom-up ETC=EAC BAC/CPIc=EAC AC+(BAC-EV)=EAC AC+(BAC-EV)/(CPIc*SPIc)=EAC
What occurs during the closing process group?
Acceptabce of the final product of the project is obtained and documented Lessons learned are completed Files are indexed and archived
What are corrective actions?
Actions taken to bring expected future project performance in line with the project management plan
What are preventive actions?
Actions taken to deal with anticipated or possible deviations from the performance measurement baseline and other metrics
What are fallback plans?
Actions that will be taken if the contingency plan is not effective
How are work packages different from activies?
Activites are generated from work package Work packages are shown in a WBS Activities are shown in an activity list and network diagram
What are the key outputs of the Define Activities process?
Activity List Activity attributes Milestone List
What are the key outputs of the Estimate Costs Process?
Activity cost estimates Basis of estimates Updates to project documents
What are the key outputs of the Estimate Activity Durations Process?
Activity duration estimates Updates to project documents
What are some of the key outputs of the Estimate Activity Resources Process?
Activity resource requirements Resource breakdown structure
What does gold plating mean?
Adding extra items and services to customer deliverables that do not necessarily contribute added value or quality
What is crashing?
Adding or adjusting resources in order to compress the schedule while maintaining the original project scope
What are the advantages and disadvantages of centralized contracting?
Advantages: Higher level of procurement expertise Standardized practices provide efficiency Clear career path in procurement management Continuous improvement, training, and shared lessons learned Disadvantages: Procurement managers attention is divided among many projects More difficult for the project manager to obtain contracting help when needed
What are the advantages and disadvantages of decentralized contracting?
Advantages: Project manager has easier access to contracting expertise Procurement manager has more loyalty to the project Procurement manager has a better understanding of the project needs Disadvantages: No home department for the contracts person after the project Difficult to maintain a high level of contracting expertise Duplication of expertise/inefficient use of procurement resources Contracting processes arent standardized No career path as a procurement manager in the company
Define the law of diminishing returns
After a certain point, adding more input will not result in a proportional increase in productivity
What is a cost-reimbursable contract?
All the sellers costs are reimbursed by the buyer
What is a cost plus fixed fee(CPFF) contract?
All the sellers costs are reimbursed by the buyer, and a fixed fee is negotiated for the sellers profit
What is a cost plus award fee (CPAF) contract?
All the sellers costs are reimbursed by the buyer, and the buyer pays a base fee plus an award amount (a bonus) based on performance
What is a cost plus percentage of cost (CPPC) contract?
All the sellers costs are reimbursed by the buyer,and the buyer also pays a specified percentage of those costs as a fee or profit
How does a checksheet differ from a quality?
Although a checksheet is a type of checklist, its primary purpose is to gather data The quality checklist is intended to help verify a required action has taken place or item has been included
Who has responsibility for quality on a project?
Although team members must inspect their own work, the project manager has the ultimate responsibility for quality
What is a nondisclosure agreement?
An agreement between the buyer and prospective sellers identifying the information or documents they will hold confidential and control,and who in the organization will have access to the confidential information
What is a team performance assessment?
An assessment by the project manager meat to evaluate and enhance the effectiveness of the project team
What is a resource breakdown structure?
An organizational chart or table showing identified resources, organized by category and type
What do simple bar charts show?
Project schedule or project status
What makes up the scope baseline?
Project scope Statement WBS WBS dictionary
What are the key outputs of the Acquire Project Team Process?
Project staff assignments Resource calendars Updates to project manag
What are some key responsibilitics of the sponsor on a project?
Provide information regarding the initial scope of the project Issue the charter Provide funding May dictate dates Approve the final project management plan Approve or reject changes or authorize a change control board Be involved in risk management
What are the key outputs of the Control Quality Process?
Quality control measurements Validated changes Work performance information Updates to project management plan and project documents Change requests Lessons learned (part of updates to organizational process assets) Verified deliverables
What are the key outputs of the plan Quality Management Process?
Quality management plan Quality metrics Qualitychecklists Process improvement plan Updates to project documents
What is historical information?
Records of past projects, including lessons learned, used to plan and manage future projects Records of the current project that will become part of organizational process assets
What are the procurement documents?
Request for proposal (RFP) Invitation for bid (IFB) Request for quotation (RFQ) A request for information (RFI) is sometimes considered a procurement document, though it does not really belong in this category
What are the key outputs of the Collect Requirements porocess?
Requirements documentation Requirements traceability matrix
What key outputs of the Plan Risk Responses Process are added the risk register?
Residual risks Contingency plans Fallback plans Risks owmers Secondary risks Risk triggers Contracts Reserves for time and cost
Name several requirements-gathering techniques.
Reviewing historical records Interviewing Focus groups Facilitated workshops Brainstorming Nominal group technique Multi-criteria decision analysis Mind maps Affinity diagrams Questionnaires and surveys Observation Prototypes Benchmarking Context diagrams Group decision making
What is defect repair?
Rework required when a component of the project does not meet specifications
Define risk appetite, risk tolerance, and risk threshold
Risk appetite: a general, high-level description of the acceptable level of risk Risk tolerance : a measurable amount of acceptable risk Risk threshold: the specific point at which risk becomes unacceptable
What is the key output of the Plan Risk Management process?
Risk management plan
What key outputs of the Perform Qualitative Risk Analysis Process are added the risk register?
Risk ranking for the project Prioritized risks and their probability and impact ratings Risks grouped by category List of risks requiring additional analysis and response List of risks requiring analysis in the near term Watch list (noncritical risks)
What is the key outpot of the identify Risks Process?
Risk register
What are residual risk?
Risk that remain after risk response planning
What are project documents?
Any documents used to manage a project that aren't part of the project management plan, including: Project charter Project statement of work Procurement statement of work Agreements and contracts Stakeholder register Requirements documentaion Activity list Quality metrics Risk register Issue log Change log Any other such documentation
Who are project stakeholders?
Anyone whose interests may be positively or negatively impacted by the project, including: Project manager Customer Sponsor Performing organization Other departments or groups within the organization Team members Team members functional or operational managers Sellers Funding sources End users PMO
What are the key outputs of perform integrated Change Control process?
Approved change requests Change log Updates to the project managemant plan and project documents
What three elements do make up the performance measurement baseline?
Schedule baseline Scope baseline Cost baseline
What is the key output of the Plan Schedule Management process?
Schedule management plan
What are risk audits?
Assessing the effectiveness of the risk management process and specific risk responses that have been implemented
What are some examples of negotiation tactics?
Attacks Personal insults Good guy/Bad guy Deadline Lying Limited authority Missing man Fair and reasonable Delay Extreme demands Withdrawal Fait accompli
What are the possible risk response stratgies for threats?
Avoid:Eliminate the threat by eliminating its cause Mitigate:Reduce the probability or impact of the threat Transfer:Make another party responsible for the risk (outsourcing insurance,warranties,bonds,guarantees) Accept:Passive acceptancedo nothing, if it happens, it happens Active acceptance-develop contingency in advance
What are the key outputs of the Plan Scope Management Process?
Scope management plan Requirements management plan
What are the key outputs of Conduct Procurements process?
Selected sellers Signed contracts Resource calendars Change requests Updates to project management plan and project documents
What are some rules for effective meetings?
Set a time limit, and keep to it Schedule in advance Meet with the team regularly , but not too often Have a purpose for each meeting Create an agenda with team input Distribute agenda in advance, and stick to it Let people know their responsibilities in advance Bring the right people together Lead the meeting with a set of rules Assign deliverables and time limits for assignments resulting from meetings Publish the meeting minutes
What are quality metrics?
Specific measures of quality to be used on the project in the perform Quality Assurance and Control Quality processes
What is included in a staffing management plan?
Staff acquisition plan Resource calendars Staff release plan Staff training needs Recognition and rewards Compliane Safety
What is the key output of the Plan Schedule Management process?
Stakeholder management plan
What is the key output of the Identify Stakeholders process?
Stakeholder register
What are some key responsibilitics of the stakeholders on a project?
Stakeholders may help: Identify requirements and constraints Plan the project Approve changes Perform the risk management process
Name some of the different types of performance reports
Status report Progress report Trend report Forecasting report Varince report Earned value report Lesson learned documentation
What are the two types of depreciation?
Straight line depreciation: Depreciate the same amount each time period Accelerated depreciation: Depreciate an amount greater than straight line each time period
What are quality audits?
Structured reviews of quality policies, practices, and procedures to ensure they are efficient and effective These audits often result in lessons learned for the organization
What is decomposition?
Subdividing the major deliverables into smaller, more manageable components
What are the key outputs of the Control Procurements process?
Substantial completion of contract requirements and deliverables Work Performance information Change requests Updates to project management plan and project documents
What is a key output of the Develop Project Team process?
Team Performance assessments (evaluating team effectiveness)
What are some examples of sources of risk?
Technical Project management Schedule Cost Quality Scope Resources Customer satisfaction
What is the definition of a project ?
Temporary, Creates a unique product , service , or result
What is the formula for variance at completion?
BAC-EAC=VAC
Why is " prevention over inspection" important?
Because the cost of avoiding or preventing mistakes is much less than the cost of correcting them
What are the two major categories of project selection methods?
Benefit measurement(comparative) Constrained optimization (mathematical)
What is parametric estimating?
Calculating estimates by looking at the relationships between variables on an activity (e.g., per line of code, hours per installation), based on historical information, industry requirements, standard metrics or other sources
What are the seven basic quality tools (7Qc)?
Cause and effect diagram Flowchart Checksheet Pareto diagram Histogram Control chart Scatter diagram
What is the difference between centralized and decentralized contracting?
Centralized: There is one procurement department, and the procurement manager handles procurements for many projects Decentralized:A procurement manager is assigned to one project full-time and reports directly to the project manager
What is a key output of the Manage Project Team Process?
Change requesta
What are the key outputs of the Monitor and Control project work process?
Change requests Work performance reports Updates to the project management plan and project documents
What are the key outputs of the Perform Quality Assurance Process?
Change requests Updates to standards, processes, and quality systems (organizational process assets) Updates to project management plan and project documents
Name some conflict resolution techniques
Collaborating (problem solving) Compromising (reconciling) Withdrawal (avoidance) moothing (accommodating) Forcing (directing)
Define collaborating (problem solving) Define compromising (reconciling)
Collaborating:Openly discussing differences and incorporating multiple viewpoints to achieve consensus (a win-win solution) Compromising:Finding an outcome that brings some degree of satisfaction to all parties involved (a lose-lose solution)
Describe the basic communication model
Communications consists of three parts:a sender, a message, and a recever Each message is encoded by the sender and decoded by the receiver Factors that affect the way the receiver decodes a message are called noise, and include environment, experience, and language
What is the key output of the plan communications Management process?
Communications management plan
What are organizational process assets? When are they used?
Company processes and procedures Historical information Lessons Learned They are used throughout the project management process
Define cost -benefit analysis
Comparing the cost of an effort to the benefits of that effort
Define cost-benefit analysis. What is the result of this analysis? How is it interpreted?
Comparing the expected costs of a project to its potential benefits (revenue) The benefit cost ratio (BCR) The higher the BCR, the better
Define benchmarking.
Comparing your project to other projects to get ideas for improvement and to provide a benchmark for measuring quality performance
What is fast tracking?
Compressing the schedule by doing more critical path activities in parallel
What does life cycle costing mean?
Considering costs over the entire life of the product, not just the cost of the project to create the product
What are contorl limits?
The acceptable range of variation on a control chart
What are the key outputs of the Determine Budget Process?
Cost baseline Project funding requirements Updates to project documents
What is the key output of the plan Cost Management process?
Cost management plan
What are the key inputs to the Estimate Costs Process?
Cost management plan Scope baseline Project schedule Human resource management plan Risk register Enterprise environmental factors Organizational process assets
What are the three broad categories of contracts?
Cost-reimbursable(CR) Fixed price(FP) Time and material (T&M)
What are exemples of costs of conformance and costs of nonconformance?
Costs of conformance: Quality training Studies Surveys Efforts to ensure everyone knows the processes to use to complete their work Costs of nonconformance: Rework Scrap Inventory costs Warranty costs Lost business
What are the methods that can be used to compress a schedule?
Crashing Fast tracking
When is a work breakdown structure (WBS) created, and what is it used for?
Created during project planning by the team and used to define or decompose the project into smaller, more manageable pieces Used to help determine project staffing, estimating, scheduling, and risk management
What is bottom-up estimating?
Creating estimates based on the details of the project(e.g., from the bottom of the work breakdown structure), which are then rolled up into project estimates
What does the Develop Schedule process involve? What are some of its key outputs?
Creating project schedule that is bought into,approved, realistic, and formal Project schedule Schedule baseline Updates to the project management plan and project documents
What is the Develop project charter process? What is its key output?
Creating the project charter, which formally establishes the project and gives the project manager authority to spend money and commit resources to the project Output: project charter
Define working capital.
Current assets minus current liabilities The amount of money the company has available to invest, including investment in projects
What is a probability and impact matrix?
The companys standard rating system to promote a common understanding of what each risk rating means
Why migtht there be conflict between the contract administrator and the project manager?
The contract administrator is the only one with the power to change the contract
What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserves to the cost baseline
What are the specification limits on a control chart?
The customers definition of acceptable product/service characteristics and tolerances
What is a product life cycle?
The cycle of a product's life from conception to withdrawal from the marketplace
What is the definition of quality?
The degree to which the project fulfills requirements
What does Herzbergs theory describe?
The effects of hygiene factors and motivating agents on motivation Hygiene factors: working conditions, salary, personal life, work relationships, security, status,etc Motivating agents: responsibility, self-actualization, professional growth, recognition,etc
What are source selection criteria? When are these criteria created, and when are they used?
The factors the buyer will use to evaluate (weight or score) responses from the sellers They are created during the plan Procurement Management process, and are used during the Conduct Procurements process to pick a seller
What is the schedule baseline?
The approved version of the schedule model, along with any approved changes, used to measure project schedule performance
What is a project management information system?
The automated system to submit and track changes and monitor and control project activies
What is a change control board? Who might be on a change control board?
The group responsible for reviewing and approving or rejecting change requests May include project manager, customer, experts, sponsor, functional managers, and others For the exam, assume that all projects have change control boards
Who is the ceiling price?
The highest price the buyer will pay It's a condition of the contract that must be agreed to by both parties before signing
Define payback period. How is it interpreted?
The length of time required for the organization to recover its investment in the project (before the project starts yiehding profit ) The shorter the payback period, the better
What is make-or-buy analysis?
Deciding whether the performing organization should do the project work itself or outsource some or all the work
What are some of the different types of project teams?
Dedicated Part-time Partnership Virtual
Product analysis is part of which scope management process?
Define Scope
Define withdrawal (avoidance)
Define smoothing (accommodating) Define forcing (directing) Withdrawal: postponing adecision or avoiding the problem Smoothing:Emphasizing agreement rather then differences of opinion Forcing: Pushing one viewpoint at the expense of another (a win-lose solution)
What is the definition of scope management?
Defining what work is required and then making sure all of that work, and only that work, is included in the project
What are the key outputs of the Direct and Manage project work process?
Deliverables Work Performance data Change requests Updates to the project management plan and project documents
What do network diagrams show?
Dependencies(logical relationships) between activities How project activities will flow from beginning to end Network diagrams may also be used to determine the critical path
What is the project statement of work?
Describes need, product scope, and how the project fits into the organization's or the customers strategic plan Created by the customer/sponsor before the project starts Later refined in the project scope statement
What are some of the project managers human resource responsibilities?
Determine needed resources Negotiate for optimal available resources Create a project team directory Create project-related job descriptions for team members Make sure roles and responsibilities are clear Ensure team members obtain needed training Create recognition and reward systems Create a human resource management plan
What occurs during the planning process group?
Determine whether the project objectives, as stated in the project charter, can be achieved. Determine how the project will be accomplished.
What is the process of integration management?
Develop project charter Develop project Management plan Direct and Manage project work Manage project knowledge Monitor and Control project work Perform integrated Change Control Close project or phase
What are some of the different types of leadership and management styles?
Directing Delegating Facilitating Bureaucratic Coaching Charismatic Supporting Democratic Autocratic (participative) Consultative Laissez- faire Consultative Analytical Autocratic Driver Consensus Influencing
What are some examples of risk identification techniques?
Documentation reviews Information-gathering techniques SWOT analysis (strengths, weaknesses , opportunities, threats) Checklist analysis Assumptions analysis Diagramming techniques
What is the formula for estimate to complete?
EAC-AC=ETC
What is the formula for cost variance?
EV-AC=CV
What is the formula for schedule variance?
EV-PV=SV
What is the formula for cost performance index?
EV/AC=CPI
What is the formula for schedule performance index?
EV/PV=SPI
What are risk triggers?
Early warning signs that arisk event has occurred, or is about to occur They let risk owners know when to take action
What does continuous improvement mean?
The ongoing enhancement of a product or service through small, continuous improvements in quality
Define opportunity cost
The opportunity given up by selecting one project over another (i.e.,the value of the project not selected)
What is a functional organization?
The organization is grouped by areas of specialization (e.g.,accounting marketing)
What is a projectized organization?
The organization is grouped by project. The team has no department to go to at project end. The project manager has total control of the resources
What are enterprise environmental factors ? When are they used?
The organization's culture and existing systems that the project will have to deal with or can make use of They are used throughout the project management process
What are baselines?
The parts of the project management plan against which actual project performance is measured
What is a work authorization system?
The project manager's system for authorizing the start of work packages or activities It ensures work is done at the right time and in the proper sequence
What is a business case?
The project purpose and justification Exaplains why the project was selected,how it fits into the organizations strategic goals, and how it will bring business value to the organization
Define internal rate of return (IRR). How is it interpreted?
The rate at which ainflows and outflows are equal(i.e.,the rate an investment in the project will return) The higher the IRR, the better
What does a scatter diagram show?
The relationship between two variables
What is the definition of product scope?
The requirements related to the product of the project
How does a schedule model differ from a schedule?
The schedule model consists of all the project data that will be used to calculate the schedule,such as the activities, dependencies, leads and lags, etc. The project schedule is the output of the schedule model-this refers to the final,printed dates that make up the schedule that becomes the baseline and part of the project management plan
What is a cost plus incentive fee(CPIF) contract?
The sellers costs are reimbursed by the buyer, and the buyer and seller share any cost savings or overruns
What is the halo effect?
The tendency to rate people high or low rating on a specific factor (for example, the tendency to assume that ateam member will be a great project manager because she completes all her assigned activities on time)
Define present value
The value in todays dollars of a future cash flow
What does noncompetitive procurement mean?
The work is awarded to a single source or a sole source without competition
What is the definition of project scope?
The work the project will do to deliver the product of the project
What theories of management does McGregor describe?
Theory X:Managers who accept this theory believe that people need to be constantly watched and micromanaged Theory Y:Managers who accept this theory believe that people want to achieve and can direct their own efforts without supervision
What is a fixed-price contract?
There is one set fee for accomplishing all the work
What do 3 sigma and 6 sigma refer to?
These are commonly used as quality standards 3 sigma :+/-3 standard deviations from the mean 6 sigma : +/-6 standard deviations from the mean 6sigma is a higher quality standard then 3 sigma
What do incentives accomplish? What might incentives used for?
They align the sellers motivations with the buyers objectives Time Cost Quality Scope
What is a contingency reserve?
Time or cost allocated to cover known unknowns It is included in the cost baseline
What is a management reserve?
Time or cost allocated to cover unknown unknowns It is added to the cost baseline to get the cost budget
What are project constraints?
Time, Cost, Risk, Scope, Quality, Resources. and Customer satisfaction Constraints are used to help evaluate competing demands.
How should communication flow on a project?
To the customer, sponsor, functional, managers, team members, other stakeholders, other project managers, and to other projects
What is analogous estimating?
Top-down estimating that uses expert judgment and historical to predict the future (for example, "The last three projects cost $25000, or took six months, and so should this one")
Define total float, free float,and project float
Total float:The amount of time an activity can be delayed without delaying the project end date or an intermediary milestone Free float:The amount of time an activity can be delayed without delaying the early start date of its successor (s) Project float:The amount of time the project can be delayed without affecting the projects required end date
What does mutual exclusivity mean?
Two events are said to be mutually exclusive if they cannot both occur in a single trial (for example,you cant get both a 5 and a 6 on a single roll of a die
Describe the project managers role in procurement
Understand the procurement process Make sure the contract contains all the scope of work and project management requirements Incorporate mitigation and allocation of risks into the contract Help tailor the contract to the project Be involved during contract negotiations to protect the relationship with the seller Make sure all the work in the contract is done, not just the technical scope Work with the procurement manager to manage changes to the contract
What are workarounds?
Unplanned responses developed to deal with the occurrence of unanticipated events or problems on a project (or to deal with risks that had been accepted because of unlikelihood of occurrence and /or minimal impact)
A person who is risk averse is:
Unwilling to take risks
What are some key activities involved in managing a project team?
Use negotiation and leadership skills Observe what is happening Use an issue log Keep in touch Conduct project performance appraisals Be a leader Actively look for and help resolve conflicts that the team members cannot resolve ontheir own
Describe a change-driven project?
Uses iterative, incremental,or adaptive(agile) life cycles. Has varying levels of early planning for scope, schedule, and cost.
What is multi-criteria decision analysis?
Using a set of criteria (such as availability,cost, experience, location, skill set, knowledgem or training) to evaluate potential team members
How do variable costs differ from fixed costs?
Variable costs vary with the amount of production or work done on the project Fixed costs do not vary with the amount of production or work done on the project
What is the purpose of a Procurement Performance Review?
Verify that the seller is performing as they should Identify what the buyer can do to help the seller do the work Determine if any changes are needed to improve the buyer-seller relationship and the processes they are using
What are standard contract terms and conditions?
What are special provisions? Standard contract terms and conditions:Terms and conditions that are used for all contracts within the company Special provisions: Terms and conditions created for the unique needs of the project
What are the components of effective communication?
What are the components of effective listening? Effective communication: Nonverbal communication Paralingual communication Words Effective listening: Active listening Giving feedback
What are reserves?
What are the two kinds of reserves? Time or cost added to project to account for risk Management reserve Contingency reserve
What does input mean?
What do I need before I can .....
What is the rule of seven?
What does it signify? Seven consecutive data points appearing on a control chart on one side of the mean The process is out of statistical control
How do we define a process as statistically out of control?
What does out of control mean? A data point falls outside the upper or lower control limit, or there are nonrandom data points There is a lack of consistency and predictability in the process
What is an agreement?
What is a contract? Agreement:A document or communication that outlines internal or external relationships and their intentions Contract:A type of written or verbal agrrrment, typically created with an external entity, where there is some exchange of goods or services for some type of compensation (usually monetary ), a contract forms the legal relationship between the entities
What is a lag ?
What is a lead? Lag: Waiting time inserted between activities Lead: How soon an activity can start before its predecessor activity is completed
What is a direct cost?
What is an indirect cost? Direct cost:A cost that is directly attributable to the project Indirect cost: Overhead costs or costs incurred for more than one project
What is the critical path?
What is the near-critical path? Critical:The longest path through the network diagram Near-critical:The path closes in length to the critical path
What does sigma signify in a process?
What s another name for sigma? How much variance from the mean has been established as permissible in a process Standard deviation
What is a bidder conference?
What should a project manager watch out for during a bidder conference? A meeting with prospective sellers to make sure they all understand the procurement and have a chance to ask questions Watch for: Collusion Sellers not asking questions in front of the competition Make sure all the questions and answers are documented and distributed to all the potential sellers
What do lessons learned describe? How are lessons learned used?
What went right, what went wrong, and what would be done differently if the project could be redone Used in planning the project Used by other projects in the future
What does output mean?
What will I have when I am done with ....
What is a project life cycle?
What you need to do to COMPLETE the work (produce the deliverables of the project). It varies by type of product, industry,and the organizations preferences.
What is the project management process? What efforts are included this process?
What you need to do to MANAGE the work Includes the managemant efforts of: Initiating Planning Executing Monitoring and controlling Closing
What are the key elements of a humanresource management plan?
When and how human resource requirements will be met Roles and responsibilites Project organization charts Staffing management plan
What are risk reassessments?
When do they occur? Reviews of the risk management plan and risk register During Control Risks
What is reserve analysis?
When is it done during the risk management process? Managing the reserves and making sure the amount remaining is adequate During Control Risks
What is risk data quality assessment?
When is it done? Determining how accurate, and well understood the risk information is During Perform Qualitative Risk Analysis
How does quality differ from grade?
Whereas quality is the degree to which requirements are fulfilled, grade refers to a general category or classification for a deliverable or resource that indicates common function, but varying technical specifications
What are costs of nonconformance associated with?
Which should be greater, costs of conformance or nonconformance? Costs of nonconformance are associated with poor quality The costs of conformance should be less then the costs of nonconformance
Who has the cost risk in a cost- reimbursable contract?
Who has the cost risk in a fixed-price contract? Cost-reimbursable:The risk is borne by the buyer Fixed price: The risk is borne by the soller
What are the key outputs the Control Risks Process?
Work Performance information Risk register updates Change requests Updates to the project management plan and project documents Updates to organizational process assets
What are the key outputs of the Create WBS process?
Work breakdown structure(WBS) WBS dictionary Scope baseline (the WBS and WBS dictionary are components of the scope baseline)
What occurs during the executing process group?
Work defined in the project management plan is completed to meet project objectives
What is work performance information?
Work performan data analyzed to make sure it conforms to the project management plan and to assess what it means for the project as a whole
What are the key outputs of the Validate Scope process?
Work performance information Accepted deliverables Change requests Updates to project documents
What are the key outputs of the Control Scope process?
Work performance information Change requests Updates to the project management plan and project documents
What are the key outputs of the Control Communications process?
Work performance information Change requests Updates to project management plan and project documents Updates to organizational process assets
What are the key outputs of the Control Costs process?
Work performance information Cost forecasts Change requests Updates to project management plan and project documents
What are the key outputs of the Contorl Schedule process?
Work performance information Schedule forecasts Change requests
What are work performance reports?
Work performance information organized into reports that are distributed to the stakeholders
What is marginal analysis?
estimating the project again after planning to make sure you can still meet the end date, budget, or other objectives, and adjusting the project if you cannot
