PMP - Flashcard | StudyHippo.com

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Project

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Is temporary, has a beginning and has an end

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Every project creates

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A unique product, service or result

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Triple Constraint

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Scope, schedule, cost

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Annex A1 contains

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The standard for project management and presents the processes, inputs, and outputs that are considered to be good practice on most projects most of the time

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A portfolio refers to

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Collection of projects, programs, sub portfolios and operations managed as a group to achieve strategic objectives.

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Project management is

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The application of knowledge, skills, tools and techniques to project activities to meet the project requirements

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The five process groups are

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Initiating, planning, executing, monitoring and controlling and closing

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Balancing the competing project constraints, which include, but are not limited to:

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Scope, quality, schedule, budget, resources and risks

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A program is defined as

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A group of related projects, sub programs, and programs activities managed in a coordinated way to obtain the benefits not available from managing them individually

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A Project Management Office (PMO) is

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A management structure that standardizes the project governance processes and facilitates the sharing of resources

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Types of PMO's

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Supportive- consultive role to projects by supplying templates. The degree of control is low. Controlling - provide support and require support through various means. The degree of control is moderate. Directive - take control of the projects by directly managing the projects. The degree of control is is high.

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Project-based organizations (PBO) refer to

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Various organizational forms that create temporary systems for carrying out their work.

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Business value is defined as

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The entire value of the business; the total sum of all tangible elements.

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Effective project management requires that the project manager posses the following competencies:

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Knowledge - refers to what the project manager knows about project management Performance - refers to what the project manager is able to accomplish while applying his or her project management knowledge Personal - refers to,how the project manager behaves when performing the project or related activity

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Project organizational structures

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Functional - classification structure - grouped by specialty Matrixed - weak - Balanced - Strong Projectized - opposite end of spectrum from functional - team members often collated - PM have great independence, authority - May be a separate organizational department Composite - hybrid - PM has a lot of control

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Organizational Process Assests (OPAs)

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Things that the organization owns that are at the deposal of the PM to help manage the project

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Enterprise environmental factors (EEF)

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Conditions not under the control of the project team

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Enterprise environmental factors (EEF) include:

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Organizational culture, structure and governance Geographic distribution of facilities Government or industry standards Infrastructure Human resources Marketplace conditions Stakeholder risk tolerance Political climate

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Project success

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Project is completed within constraints of - Quality - Resources - Risk - approved baselines for - Scope - Time - Cost - Degree of customer satisfaction

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Project life cycle characteristics

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Start Organize, prepare Execute the work Close project

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Processes and procedures

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Initiating and planning Executing, monitoring and controlling Closing

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Corporate knowledge base consist of:

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Configuration management knowledge bases Financial databases Historical information and lessons learned Process measurement databases Project files from previous projects

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Project phases

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Single phase Multi-phase sequential Multi-phase overlapping

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Life cycle modes

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Predictive - fully plan driven Iterative / incremental - phases intentionally repeat - as product understanding increases Adaptive - agile / change-driven - rapid, fixed time and schedule iterations

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Examples of project stakeholders:

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Sponsor- person or group who,provides resources and support for the project and is accountable for enabling success Customers and users - persons or organizations who,will approve and manage the projects product, service or result Sellers - also called venders, suppliers, or contractors are external companies that enter into a contractual agreement to provide components or services necessary for the project Business partners- external organizations stat have a special relationship with the enterprise, sometimes attained thru a certification process Functional managers - key individuals who play a management role within an administrative or functional area of the business Other stakeholders-

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Project success

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Since projects are temporary in nature, the success of the project should be measured in terms of completing the project within the constraints of scope, time, quality, resources, and risk as approved between the project manager and senior management.

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Predictive life cycles

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Also known as fully plan driven are ones in which the project scope and the time and cost required to deliver that scope are determined as early in the project life cycle as practically possible

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What is a process

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A set of interrelated actions and activities performed to create a pre-specified product, service or result

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A process is characterized by

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By its inputs, the tools and techniques that can be applied, and by the resulting outputs

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What should be considered for all processes, even if not explicitly stated

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Organizational process assets Enterprise environmental factors

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Successful projects have

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Tailored processes Stakeholder engagement Meet stakeholder expectations Balance competing constraints

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Project lifecycle phases

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Start Organize/prepare Carry out the work Close

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Project data

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Raw measurements of project work - % complete - quality defect measurements - start/finish dates - actual costs, durations

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Project information

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Raw data to meaningful info - deliverables defect trending - change request status - forecastedrestimates

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What does a knowledge area represent

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A complete set of concepts, terms and activities that make up a professional field, project management field or area of specialization

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What are the knowledge areas

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Project integration management Project stakeholder management Project human resource management Project communications management Project scope management Project risk management Project quality management Project time management Project cost management Project procurement management

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Number of activities in each knowledge area

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6,6,7,4,3,4,3,6,4,4

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Number of a activities in each process group

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2,24,8,11,2

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The project processes are performed by a he project team with stakeholder interaction and generally fall into one of two major categories

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Project management processes - these processes ensure the effective flow of the project throughout its lifecycle Product oriented processes - these processes specify and create the projects product

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5 project management process groups

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Initiating process group Planning processes group Executions process group Monitoring and controlling process group Closing process group

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ITTO

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Input tools techniques and outputs

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Project integration management is all about what

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Managing change

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Project integration management processes include:

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Develop project charter Develop project management plan Direct and manage project work Monitor and control project work Perform integrated change control Close project or phase

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Project charter inputs:

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Statements of work - business need - product scope definition - strategic plan Business case - describes the necessary information from a business standpoint to determine whether or not the project is worth the require investment Agreements - used to define initial intentions for a project Enterprise environmental factors Organizational process assets

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Facilitation techniques also guide the development of the project charter

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Brainstorming, conflict resolution, problem solving and meeting management are examples of key techniques used by facilitators

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Develop project management plan inputs:

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Project charter Outputs from other processes Enterprise environmental factors Organizational process assets

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Develop project management plan tools and techniques

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Expert judgment Facilitation techniques

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Corrective action

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An intentional active that realigns the performance of the project changes and the implementation of approved changes

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Preventive action

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An intentional activity that ensures the future performance of the project work is aligned with the project management plan

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Defect repair

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An intentional activity to modify a nonconforming product or product component

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Direct and manage project work meetings tend to be one of three types

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Information exchange Brainstorming, option evaluation or design Decision making

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Change request types include:

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Corrective action Preventive action Defect repair Updates

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Some of the configuration management activities included in the perform integrated change control process include:

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Configuration identification Configuration status reporting Configuration verification and audit

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Charter key benefits:

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Formally initiates project Project manager assignment, if possible Project manager authority Costs, milestones Scope, boundaries Deliverables Sponsor endorsement

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Deliverables

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Any unique and verifiable product, result or capability to perform a service that is required to be produced to complete a process, phase or project

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Change request

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There are three major types - corrective action (9 citations) - preventive action (9 citations) - defect repair (10 citations) Also - update (2 citations) - enhancement requests (1 citation)

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13.1 - Identify Stakeholders has a single output:

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Stakeholder register

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What tools and techniques are used to identify stakeholders

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Stakeholder analysis Expert judgement Meetings

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The engagement level of stakeholders as used in a stakeholder engagement assessment matrix, can be classified as leading, supportive, neutral, resistant and

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Unaware

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Project stakeholder management is all about the processes required to

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Identify all stakeholder people, groups, organizations, analyze stakeholder expectations, and effectively engage them in project decisions

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The following tools and techniques are used to manage stakeholder engagements

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Communication methods Interpersonal skills Management skills

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information management system (IMS)

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Capture, store, distribute information to stakeholders about - project cost - schedule progress - project performance

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Work performance information is derived from

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Work performance data

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As you work to manage and control your stake holder engagements, you include a record of your interactions in pertinent project reports, in certain presentations and in your project lessons learned file. All of these items are considered

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Organizational process assets

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As you periodically meet with your various project stakeholders, you make updates to your stakeholder register and to the issue log as needed. When you do that, you are updating the

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Project documents

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Project management stakeholder management includes

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13.1 Identify stakeholders 13.2 Plan stakeholder management 13.3 Manage stakeholder engagement 13.4 Control stakeholder engagement

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Identify stakeholders inputs:

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Project charter Procurement documents Enterprise environmental factors Organizational process assests

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Models used for stakeholder analysis

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Power/interest grid Power/influence grid Influence/impact grid Salience model

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The stakeholder register contains:

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Identification information Assessment information Stakeholder classification

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Plan stakeholder management produces which document

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Stakeholder management plan

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Engagement levels of stakeholders can be classified as:

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Unaware Resistant Neutral Supportive Leading

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Project human resource management is all about the processes that

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Organize, manage and lead the project team

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Project human resource management process:

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Plan human resource management Acquire project team Develop project team Manage project team

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A project is staffed when:

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Appropriate people have been assigned to the team

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Enterprise environmental factors that influence the plan human resource management process include:

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Organizational culture and structure Existing human resources Geographical dispersion of team members Personnel administration policies Marketplace conditions

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Various formats exist to document team members roles and responsibilities. Most of the formats fall into one of three types:

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Hierarchical Matrix Text-oriented

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The human resource management Plan includes:

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- Roles and responsibilities defining positions, skills, and competencies that the project demands - project organization charts indicating the number of people needed for the project - staffing management plan delineating the time periods each project team member will be needed and other information important to engage the project team

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The Organizational process assets that influence the acquire project team include:

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- organizational standard polices - processes - procedures

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Acquire project team outputs:

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- project staff assignments - resource calendars - project management plan updates

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Objectives of developing a project team include:

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- improving knowledge and skills of team members to increase their ability to complete project deliverables, while lowering cost, reducing schedules and improving quality - improving feelings of trust and agreement among team members to raise moral, lower conflict and increase teamwork - creating a dynamic, cohesive and collaborative team culture to improve individual and team productivity, team spirt, cooperation and allow cross training and mentoring between team members to share knowledge and expertise

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One of the models to describe team development is the Tuckman model which includes five stages:

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- forming - storming - norming - performing - adjourning

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The human resource management plan includes:

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- roles and responsibilities - project organization - staffing management plan

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There are five general techniques for resolving conflict:

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- withdraw/avoid - smooth/accomodate - compromise/reconcile - force/direct - collaborate/problem solve

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There are five general techniques for resolving conflict:

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Withdraw/avoid Smooth/accomodate Compromise/reconcile Force/direct Collaborate/problem solve

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As an output of the develop team project team process, information concerning personnel administration, employee training records and skills assessments are all part of:

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Enterprise environmental factors

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Communication types:

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- internal/external - formal/informal - vertical/horizontal - official/unofficial - written/oral - verbal (voice inflections)/non-verbal (body language)

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Communications management process group processes:

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- 10.1 plan communications management - 10.2 manage communications - 10.3 control communications

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The key input to the plan communication process is:

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Stakeholder register

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The key output of 10.1 - plan communications management is:

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Communications management plan

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Efficient communications means providing:

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Only the information needed to achieve project objectives

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Communication model - basic

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- encode - transmit - decode - acknowledge - feedback/response

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What are the three types of meetings:

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- information exchange - brainstorming - decision-making

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Factors that may affect the choice of communications technology include:

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- urgency of the need for information - availability of technology - ease of use - project environment - sensitivity and confidentially of the information

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Communication methods:

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- interactive communications - push communication - pull communicationz

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Project documents that may be updated include:

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- project schedule - stakeholder register

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When performing communications analysis, the foremost consideration is given to:

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The value of the information

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In the worse case, poor project communication management can lead to:

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Complete project failure

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What is the key input to the project communications plan?

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The stakeholder register

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10.2 - Manage Communications:

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The key benefit of this process is that it enables an efficient and effective communications flow between project stakeholders

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Project documents that may be updated include, but are not limited to:

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- issue log - project schedule - project funding requirements

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10.3 - Control Communications:

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The key benefit of this process is that it ensures an optimal information flow among all communications participants, at any moment in time.

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Project communications may include:

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- deliverables status - schedule progress - cost incurred

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Project documents may be updated as a result of the control communications process. These updates may include:

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- forecast - performance reports - issue log

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The OPAs that may be updated include:

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- report formats - lessons learned documentation

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Performance reporting (baseline verses actual) includes:

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- past performance - project forecast - current risk ; issues (stakeholder) - for a period: - work completed - work to be completed

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Project management information system (PMIS):

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Used to gather, integrate and disseminate the outputs of project management processes

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Information management system (IMS):

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Used to collect, store and distribute information between producers and consumers of information. e.g. Stakeholders

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The approved plan for,the project work to which the project execution is compared and deviations are measured for management control is the?

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Performance measurement baseline

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The most common venue to determine the best ways to update and communicate project performance and to respond to requests from stakeholders for information is?

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Meetings

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The scope baseline consist of?

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- approved project scope statement - work breakdown structure (WBS) - WBS dictionary

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The Work breakdown structure (WBS) consist of?

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- control account - planning package - work package

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What is known WBS that includes known work without detailed schedule activities?

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Planning package

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The WBS, the WBS dictionary and the approved project scope statement are all specific components of the?

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Scope baseline

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Project scope management processes include:

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- plan scope management - collect requirements - define scope - create WBS - validate scope - control scope

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In the project context, the term scope is

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- product scope - project scope

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Plan scope management inputs include:

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- project management plan - project charter - EEFs - OPAs

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Collect requirements inputs:

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- scope management plan - requirements management plan - stakeholder management plan - project charter - stakeholder register

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Several group activities can be organized to identify project and product requirements:

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- brainstorming - nominal group technique - idea mind mapping - affinity diagram - multi criteria decision analysis

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There are various methods of reaching a group decision:

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- unanimity - majority - plurality - dictatorship

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Components of requirements documentation can include:

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- business requirements - stakeholder requirements - solution requirements - project requirements - transition requirements - requirements assumptions, dependencies and constraints

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The detailed project scope statement, either directly, or by reference to other documents includes:

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- product scope description - acceptance criteria - deliverable - project exclusion - constraints - assumptions

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Create WBS inputs:

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- scope management plan - project scope statement - requirements documentation - EEFs - OPAs

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A WBS structure may be created through various approaches. Some of the popular methods include:

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- top-down approach - use of organization specific guidelines - use of WBS templates

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The total of the work at the lowest levels should roll up to the higher levels so that nothing is left out and no extra work is performed. This is sometimes referred to as the:

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100% rule

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Validate scope outputs:

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- accepted deliverables - change requests - work performance information - project documents updates

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The uncontrolled expansion to product or project scope without adjustments to time, cost and resources is referred to as:

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Scope creep

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The key benefit of bringing objectivity to the acceptance process and increasing the likelihood of final product acceptance relates to which of the following scope management processes:

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Validate scope

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The act of of measuring, examine and validating to determine whether the work and deliverables meet requirements and product acceptance criteria is called:

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Inspection

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The ______________is used to compare against actual project results in order to,determine if a change, corrective action, or preventive action is necessary:

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Scope baseline

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What are three types of project. Attitudes

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Risk appetite (degree of uncertainty you are willing to take) Risk tolerance (degree of risk an entity can withstand) Risk threshold (point where an entity will either accept or no longer tolerate the risk)

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Risks info gathering techniques:

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Brainstorming Delphi technique Interviewing Root cause analysis

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Perform qualitative risk analysis inputs include:

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- risk management baseline - scope baseline - risk register - EEFs - OPAs

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Perform qualitative risk a analysis outputs include:

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- Risk register updates - assumptions log updates

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Quantitative risk analysis outputs:

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- probabilistic analysis of the project - probability of achieving cost and time objectives - prioritized list of quantified risks - trends in quantitative risk analysis results

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Plan risk responses input:

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- risk management plan - risk register

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Strategies for negative risks or threats

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- avoid - transfer - mitigate - accept

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Strategies for positive risks or opportunities-

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- exploit - enhance - share - accept

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Control risks inputs:

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- project management plan - risk register - work performance data - work performance reports

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Control risks outputs:

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- work performance information - change requests - recommended corrective actions - recommended preventive action - project management plan updates - project documents updates - organizational process assets updates

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Quantitative risk analysis ; modeling techniques include:

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- Sensitivity analysis/ Tornado diagrams - Expected monetary value analysis (EVM)

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Quality and the triple constraint of scope, time, costs, amongst others are referred to as:

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Project objectives

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Contingent response strategies:

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- pre-specified conditions to activate - triggers activate planned response - contingency, fallback plans - workarounds

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Residual Risks:

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Risks that are expected to remain after planned responses have been taken, as well as those that have been deliberately accepted

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Secondary risk:

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A direct outcome of implementing a risk response

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Project quality management is all about the processes and activities of the performing organization that determine:

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- quality policies - quality objectives - quality responsibilities So the project will satisfy the needs for which it was undertaken

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Quality management process group processes include:

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- plan quality management - perform quality assurance - control quality

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Cost of quality consists of two components:

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- cost of conformance (money spent during the project to avoid failures) - preventive costs - appraisal costs - cost of nonconformance (money spent during and after the project because of failures) - internal failure costs - external failure costs

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Cost benefit analysis:

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Cost of quality verses expected benefit

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SIPOC Model:

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Suppliers, inputs, processes, outputs, customers - a form of flow charting

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Seven basic quality tools:

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- cause and effect diagram - flowchart - check sheets - Pareto diagrams - histograms - control charts - scatter diagrams

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Quality Assurance is:

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The process of auditing the quality requirements and the result of quality control measurements in order to facilitate improvements to quality processes

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Statistical control process terms

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Prevention - keeping errors out of the process Inspection - keeping errors out of the customers hands

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Attribute sampling:

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The results either conform or not

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Variables sampling

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Measures degree of non- conformity

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Tolerances:

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Specific range of acceptable results

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The fundamental intent of continuous process improvement is to enhance process efficiency and effectiveness by:

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Reducing waste and eliminating activities that do not add value

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Regarding the quality control process, which of the following is the only correct input/output pairing:

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Deliverables/verified deliverables

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The primary goal of the quality control process is to:

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Determine the correctness of deliverables

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Plan quality management:

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The process of identifying quality requirements and/or standards for the project and its deliverables and documenting how the project will demonstrate compliance and quality requirements

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Perform quality assurance:

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The process of auditing the quality requirements and the results from quality control measurements to ensure that appropriate quality standards and operational definitions are used

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Quality control:

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The process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes

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Conformance to requirements:

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Ensure the project produces what it was created to produce

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Fitness for use:

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The product or service needs to satisfy the real needs

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IPECC:

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Initiating, planning, executing, controlling and closing

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Quality and grade are not the same concepts:

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Quality as a delivered performance or result is the degree to which a set of inherent characteristics fulfill requirements (ISO 9000) Grade as a design intent is category assigned to deliverables having the same functional use but different technical characteristics

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Continuous improvement:

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The PDCA (plan-do-check-act) cycle is the basis for quality improvement as defined by Shewhart and modified by Deming.

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Affinity diagrams:

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Similar to mind mapping techniques in that they can be linked to form organized patterns of thought about a problem

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Process decision program charts (PDPC):

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Used to understand a goal in relation to the steps for getting to the goal

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Interrelationship digraphs:

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Provide a process for creative problem solving in moderately complex scenarios that possess intertwined logical relationships for up to 50 relevant items.

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Tree diagrams:

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Used to represent decomposition hierarchies such as the WBS, RBS and OBS

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Prioritization matrices:

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Identify key issues and the suitable alternatives to be prioritized as a set of decisions for implementation

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Activity-on-node (AON)

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Uses boxes to denote schedule activities Boxes or nodes are connected from beginning to end with arrows to depict a logical relationship of the dependencies between the schedule activities

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Activity-on-arrow (AOA)

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Circles denote completed milestones Arrows denote tasks Dotted arrows are dummy tasks No durations, only work flow logic

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Leads and lags

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Lead - successor advanced earlier than predecessor Lag - successor delayed later than predecessor

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For which of the following might a project milestone schedule model view be most appropriate:

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Management reports

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The schedule baseline is:

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An approved version of the project schedule model at some point in time

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When estimating activity resources, the best use of the risk register would be to help identify how logged risk events might impact:

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Resource selection and availability

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Critical chain method - CCM:

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Compensate for uncertainties End point project buffer Non-critical chain feeding buffers Best when limited resources

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Resource leveling:

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Start/finish dates adjusted to balance demand with supply

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Resource smoothing:

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Adjusting resources for activities not on the critical path

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Schedule performance index (SPI)

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1.0 means you are on schedule. Anything above 1.0 means you are taking longer than forecasted. Anything below 1.0 means you are taking less time than forecasted.

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During the control schedule process, determine whether corrective action may be required by analyzing the status of free and project buffers is a technique of:

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Critical chain analysis

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Lead:

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Advance successor relative to predeccessor

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Lag:

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Time elapsed between successor, predecessor

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6.1 Plan Schedule Management:

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The process of establishing the policies, procedures and documentation for planning, developing, managing, executing, and controlling the project schedule

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6.2 Define Activities:

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The process of identifying and documenting the specific actions to be performed to produce the project deliverables

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6.3 Sequence Activities:

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The process of identifying and documenting relationships among the project activities

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6.4 Estimate Activity Resources:

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The process of estimating the type and quantities of material, human resources, equipment, or supplies required to perform each activity

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6.5 Estimate Activity Durations:

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The process of estimating the number of work periods needed to complete individual activities with estimated resources

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6.6 Develop Schedule:

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The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule model

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6.7 Control Schedule:

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The process of monitoring the status of project activities to update project progress and manage changes to the schedule baseline to achieve the plan

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Plan schedule management inputs:

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Project management plan Project charter EEFs OPAs

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Plan schedule management tools and techniques:

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Expert judgment Analytical techniques Meetings

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Plan schedule management outputs:

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Schedule management plan

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Schedule management plan:

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A component of the project management plan that establishes the criteria and the activities for developing, monitoring, and controlling the schedule.

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The schedule management plan may consist of:

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Project schedule model development Level of accuracy Units of measure Organizational procedure links Project schedule model maintenance Control thresholds Rules of performance measurement Reporting formats Process descriptions

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6.2 Define activities is the process of identifying and documenting the specific actions to be performed to produce the project deliverables:

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The key benefit of this process is to break down work packages into activities that provide a basis for estimating, scheduling, executing, monitoring and controlling the project work.

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The create WBS process identifies the deliverables at the lowest level in the WBS - the work package:

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Work packages are typically decomposed into smaller components called activities

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Rolling Wave Planning:

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An interactive planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level.

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Sequence activities is the process of identifying and documenting relationships among project activities:8

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The key benefit of this process is that it defines the logical sequence of work to obtain the greatest efficiency given all project constraints.

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Finish-to-Start (FS):

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A logical relationship in which a successor activity cannot start until a predecessor activity has finished.

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Finish-to-Finish (FF):

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A logical relationship in which a successor activity cannot finish until a predecessor activity has finished.

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Start-to-Start (SS):

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A logical relationship in which a successor activity cannot start until a predecessor activity has started.

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Start-to-finish (SF):

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A logical relationship in which a successor activity cannot finish until a predecessor activity has started.

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Types of dependencies:

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Mandatory Discretionary External Internal

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Estimate activity resource is the process of estimating the type and quantities of material, human resources, equipment, or supplies required to,perform each activity:

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The key benefit of this process is that it identifies the type, quanity, and characteristics of resources required to complete each activity which allows for more accurate cost and duration estimates.

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Three point estimating uses three estimates to define an approximate range for an activities duration to include:

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Most likely (tM) Optimistic (tO) Pessimistic (tP)

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Two commonly used formulas for three point estimating include:

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Triangular Distribution tE = (tO + tM +tP) / 3 Beta Distribution tE = (tO + 4tM + tP) / 6

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Schedule compression techniques:

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Crashing - a technique used to shorten the schedule duration for the least incremental cost by adding resources Fast tracking - compression technique in which in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.

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Project cots management management includes the processes involved in:

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Planning Estimating Budgeting Financing Funding Managing Controlling costs

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Project cost management includes the following processes:

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7.1 Plan cost management 7.2 Estimate costs 7.3 Determine budget 7.4 Control costs

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Control thresholds:

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Variance thresholds for monitoring cost performance indicate variation from the baseline plan allowed before some action needs to be taken.

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In addition to expert judgement and project team meetings, which other tool and technique is used to develop the cost management plan:

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Analytical

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When predicting total project costs, the use of historical relationships can best result in:

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Parametric and/or analogous cost estimates

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The cost baseline is an output from which cost management process:

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Determine budget

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Earned Value Management monitors three key components:

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Planned value (PV) Earned value (EV) Actual cost (AC)

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EVM integrates:

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Scope baseline Cost baseline Schedule baseline To create a Performance Measurement Baseline (PMB)

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Schedule variance formula:

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SV = EV - PV

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Cost variance formula:

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CV = EV - AC

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Schedule performance index (SPI) formula:

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SPI = EV / PV

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Cost performance index (CPI) formula:

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CPI = EV / AC

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To-complete performance index (TCPI):

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A measure of the cost performance efficiency that is required to be achieved w it's the remaining resources in order to achieve the final project cost.

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TCPI = (BAC - EV / BAC - AC):

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Work remaining / funds remaining = work to be completed for every dollar spent

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Variance analysis:

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VAC = BAC - EAC

question

Project funding requirements include:

answer

The cost baseline plus management reserve

question

7.1 Plan Cost Management:

answer

Process that establishes the policies, procedures, and documentation for planning, managing, expending and controlling project costs.

question

7.2 Estimate Costs:

answer

Process of developing an approximation of the monetary resources needed to complete project activities

question

Analogous Estimating:

answer

Cost estimating technique that uses values such as scope, cost p, budget and duration or measures of scale such as size, weight and complexity from a previous or similar project as the basis of measurement for the current project.

question

Parametric Estimating:

answer

Uses a statistical relationship between relevant historical data and other variables to calculate a cost estimate for project work.

question

Bottom-up Estimating:

answer

Is a method of estimating a component of work. The cost of individual work packages or activities is estimated to the greatest level of detail. The detailed cost is then summarized or "rolled up" to higher levels for subsequent reporting and tracking purposes.

question

Three-point estimating:

answer

Most likely (cM) - the cost of the activity, based on realistic effort assessment for the required work and any predicted expenses Optimistic (cO) - the activity cost based on analysis of the best case scenario for the activity Pessimistic (cP) - the activity cost based on analysis of the worse case scenario for the activity

question

Triangular Distribution:

answer

cE = (cO + cM + cP) / 3

question

Reserve Analysis:

answer

Contingency reserves are the budget within the cost baseline that is allocated for identified risks. The are intended to address the "known-unknowns" that can affect a project. Management reserves are an amount of the project budget withheld for management control purposes and are reserved for unforeseen work that is within the scope of the project. They address the "unknown unkowns" that can affect a project, the management reserve is not included in the cost baseline. If it is used, it requires an approved change to the cost baseline.

question

7.3 - Determine Budget:

answer

Process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

question

7.4 - Control Costs:

answer

Process of monitoring the status of the project costs and managing changes to the cost baseline.

question

Earned Value Management (EVM):

answer

Methodology that combines scope. Schedule and resource measurements to assess project performance and progress.

question

EVM develops and monitors three key dimensions for each work package and control account:

answer

Planned value (PV) is the authorized budget to,scheduled work. It is the authorized budget planned for the work to be accomplished for an activity or work breakdown structure component, not including management reserve. Earned Value (EV) is a measure of worked performed expressed in terms of the budget authorized for that work. It is the budget associated with the authorized work that has been completed. Actual cost (AC) is the realized cost incurred for the work performed on an activity during a specific time period. It is the total cost incurred in accomplishing the work that the EV measured.

question

Schedule Variance (SV):

answer

Is a measure of schedule performance expressed between the earned value and the planned value. It is the amount by which the project is ahead or behind the planned delivery date. Equation: SV = EV - PV

question

Cost Variance (CV):

answer

Is the amount of budget deficit or surplus at a given point in time, expressed as the difference between earned value and the actual cost. It is a measure of cost performance on a project. Equation: CV = EV - AC

question

Schedule Performance Index (SPI):

answer

Is a measure of schedule efficiency expressed as the ratio of earned value to planned value. An SPI of less than 1.0 indicates less work was completed than planned. An SPI greater than 1.0 indicates more work was completed than planned. Equation: SPI = EV/PV

question

Cost Performance Index (CPI):

answer

Is a measure of cost efficiency of budgeted resources, expressed as a ratio of earned value to a causal cost. It is the most critical EVM metric and measures the cost efficiency for the work completed. A CPI of less than 1.0 indicates cost over run. A CPI of greater than 1.0 indicates. Cost under run. Equation: CPI = EV/AC

question

EAC:

answer

Estimate of completion

question

Beta Distribution (from a traditional PERT analysis):

answer

cE = (cO + 4cM + cP) / 6

question

Project management plan contains:

answer

Project scope statement WBS WBS dictionary

question

7.1 Plan Cost Management:

answer

Process that establishes the policies, procedures, and documentation for planning, managing, expending and controlling project costs.

question

7.2 Estimate Costs:

answer

Process of developing an approximation of the monetary resources needed to complete project activities

question

Analogous Estimating:

answer

Cost estimating technique that uses values such as scope, cost p, budget and duration or measures of scale such as size, weight and complexity from a previous or similar project as the basis of measurement for the current project.

question

Parametric Estimating:

answer

Uses a statistical relationship between relevant historical data and other variables to calculate a cost estimate for project work.

question

Bottom-up Estimating:

answer

Is a method of estimating a component of work. The cost of individual work packages or activities is estimated to the greatest level of detail. The detailed cost is then summarized or "rolled up" to higher levels for subsequent reporting and tracking purposes.

question

Three-point estimating:

answer

Most likely (cM) - the cost of the activity, based on realistic effort assessment for the required work and any predicted expenses Optimistic (cO) - the activity cost based on analysis of the best case scenario for the activity Pessimistic (cP) - the activity cost based on analysis of the worse case scenario for the activity

question

Triangular Distribution:

answer

cE = (cO + cM + cP) / 3

question

Reserve Analysis:

answer

Contingency reserves are the budget within the cost baseline that is allocated for identified risks. The are intended to address the "known-unknowns" that can affect a project. Management reserves are an amount of the project budget withheld for management control purposes and are reserved for unforeseen work that is within the scope of the project. They address the "unknown unkowns" that can affect a project, the management reserve is not included in the cost baseline. If it is used, it requires an approved change to the cost baseline.

question

7.3 - Determine Budget:

answer

Process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

question

7.4 - Control Costs:

answer

Process of monitoring the status of the project costs and managing changes to the cost baseline.

question

Earned Value Management (EVM):

answer

Methodology that combines scope. Schedule and resource measurements to assess project performance and progress.

question

EVM develops and monitors three key dimensions for each work package and control account:

answer

Planned value (PV) is the authorized budget to,scheduled work. It is the authorized budget planned for the work to be accomplished for an activity or work breakdown structure component, not including management reserve. Earned Value (EV) is a measure of worked performed expressed in terms of the budget authorized for that work. It is the budget associated with the authorized work that has been completed. Actual cost (AC) is the realized cost incurred for the work performed on an activity during a specific time period. It is the total cost incurred in accomplishing the work that the EV measured.

question

Schedule Variance (SV):

answer

Is a measure of schedule performance expressed between the earned value and the planned value. It is the amount by which the project is ahead or behind the planned delivery date. Equation: SV = EV - PV

question

Cost Variance (CV):

answer

Is the amount of budget deficit or surplus at a given point in time, expressed as the difference between earned value and the actual cost. It is a measure of cost performance on a project. Equation: CV = EV - AC

question

Schedule Performance Index (SPI):

answer

Is a measure of schedule efficiency expressed as the ratio of earned value to planned value. An SPI of less than 1.0 indicates less work was completed than planned. An SPI greater than 1.0 indicates more work was completed than planned. Equation: SPI = EV/PV

question

Cost Performance Index (CPI):

answer

Is a measure of cost efficiency of budgeted resources, expressed as a ratio of earned value to a causal cost. It is the most critical EVM metric and measures the cost efficiency for the work completed. A CPI of less than 1.0 indicates cost over run. A CPI of greater than 1.0 indicates. Cost under run. Equation: CPI = EV/AC

question

EAC:

answer

Estimate of completion

question

Beta Distribution (from a traditional PERT analysis):

answer

cE = (cO + 4cM + cP) / 6

question

When a project contains products or services from outside of their performing organization, the four procurement management processes are BEST described as being:

answer

Performed foe each item as required

question

Each individual procurement requires a SOW that describes which part of the project scope is to be included in that procurement and the blank is the best document to use to develop that SOW:

answer

Procurement SOW

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