question

Acceptance criteria

answer

Requirements and conditions that must be met before the project deliverables are formally accepted.

question

Acceptance test

answer

A group of end-users work with the final product to test it for unidentified issues that may appear during routine use. Also known as User Acceptance Testing (UAT).

question

Actual duration

answer

The number of hours or days expanded to complete a project activity.

question

Actual effort

answer

The actual number of person hours or days expended to complete an activity.

question

Activity

answer

A specified piece of work that needs to be completed. An activity typically has an expected duration, cost and requires certain resources. Also known as task.

question

Activity list

answer

A list of the defined activities that need to be completed for a project. Includes Identifier code and WBS code its associated with.

question

Activity sequencing

answer

Placing activities into a logical sequence and determining their dependence. (Identifying activity dependency relationships (how activities affect each other) and determining the best order to perform the activities to complete the project. )

question

Actual cost (AC)

answer

The actual cost expanded to complete a project activity or work package.

question

Assignment

answer

The activities team members are responsible to complete.

question

Assumptions

answer

Factors that are believed to be true and affect project planning. Assumptions may impact risk and should always be documented and validated.

question

Baseline

answer

Represents the original approved plan for schedules, costs, etc. and is used to monitor and control ongoing project performance.

question

Budget

answer

The amount of money allocated for a project.

question

Budget at completion (BAC)

answer

The budget estimate determined in the planning phase for a work package or entire project to be completed.

question

Business value

answer

The positive impact for the business that will be achieved with completion of the project (e.g. generate revenue, customer satisfaction, etc.).

question

Change control board

answer

A group of stakeholders responsible for reviewing and accepting or rejecting changes to the project.

question

Change control process

answer

A process that ensures changes to the project are identified, evaluated, approved, documented and managed.

question

Change management plan

answer

A plan that documents the process for managing changes to the project. Includes -Change request forms (and other documentation) -Change request log -Analysis of the impacts of change -Change control board (CCB) -Coordination and communication with appropriate stakeholders -Updating the affected project-planning documents

question

Change request forms

answer

A document that is submitted to request a change to any part of the project management plan after the plan was approved. Includes: Defect repairs- implemented to correct or replace substandard or malfunctioning components. Preventative actions- implemented to help reduce the probability of a negative risk event. Corrective actions- bring project into alignment with a project plan.

question

Communications

answer

Relaying information so that all concerned parties have an equal understanding.

question

Communications management plan

answer

A plan that documents who will receive information about the project, what information they will receive, when they will receive it and how the information will be communicated. It also identifies the person who is responsible for providing the information.

question

Consensus

answer

A decision that a group agrees to support. It is usually achieved by discussing the relevant issues and options.

question

Constraint

answer

A financial, schedule, risk or resource-based limitation on a project.

question

Contingency reserve

answer

Certain amount of money set aside to address possible adverse events.(scope creep, risks, change requests, variances in estimates, cost overruns)

question

Contract

answer

A legal, mutually-binding document between buyer and seller covering the terms and conditions by which the work must be completed.

question

Contract administration

answer

Managing the relationship with the seller and overseeing that all elements of the contract are met.

question

Contract closeout

answer

The process of determining whether the work as outlined in the contract was completed accurately and settling the terms of the contract.

question

Corrective action

answer

Actions taken to bring expected performance in line with the project plan.

question

Cost-benefit analysis

answer

A benefit measurement method that weighs expected project costs against expected project benefits. Part of a project selection tool and planning quality management.

question

Cost control

answer

Managing and controlling changes to the cost baseline.

question

Cost estimating

answer

Estimating the cost of resources that will be required to complete each project activity. Used to prepare budget for a project.

question

Cost variance (CV)

answer

The difference between the budgeted cost and actual cost. One of the most popular EVM variances that project managers use. It tells you whether your costs are higher than budgeted (with a resulting negative number) or lower than budgeted (with a resulting positive number). It measures the actual performance to date against what's been spent. CV = EV - AC

question

Cost of quality

answer

The total costs of all work required to assure the project meets the quality standards. includes all work required, planned/unplanned, cost of nonconformance, rework and quality assessments. Three types of costs associated w/quality are prevention, appraisal, and failure.

question

Critical path

answer

The longest path through all project activities (as represented in a network diagram) that determines the duration of the project. The activities on the critical path usually have zero float.

question

Critical path method (CPM)

answer

A technique used to determine the duration of a project by looking at the sequence of activities and their flexibility in scheduling. Know that the critical path is the longest full path on the project. The simplest calculation you can use for the exam is to add up the duration of each activity for each path on the project and determine which one is the longest.

question

Customer

answer

The recipient of service or product that the project created. Also known as client in some organizations.

question

Decomposition

answer

Breaking the project deliverables into smaller, more manageable components.

question

Deliverable

answer

Outcome or product that is produced to complete a work package or project.

question

Dependency

answer

The relationship between project activities. In activity sequencing, three types: Mandatory dependency-defined by the type of work being performed, one activity is dependent on another activity. (Ex. utility crew can't lay cable for new housing until trench has been done.) Discretionary dependency-usually a process/procedure driven and may include best practice techniques. (ex. a decision to require sign off on certain types of activities to conform to an established corporate practice) External dependency- a relationship between a project task and some factor outside the project that drives the scheduling of that task. (ex. Installation of a new server depends on when the vendor can deliver the equipment.)

question

Early finish date

answer

The earliest date that an activity may be completed in the activity sequence.

question

Early start date

answer

The earliest date that an activity can be started in the activity sequence.

question

Earned value (EV)

answer

A measurement used to determine a project's progress and represents the value of the work completed to date. Also known as budgeted cost of work performed (BCWP). EV is typically expressed as a percentage of the work completed compared to the budget. For example, if our budgeted amount is $1,000 and we have completed 30 percent of the work so far, our EV is $300. Therefore, EV cannot exceed the PV budget for the activity.

question

Baseline

answer

Represents the original approved plan for schedules, costs, etc. and is used to monitor and control ongoing project performance.

question

Top-down estimating

answer

An estimating technique that uses historical project information to estimate the project duration of a similar project. Also known as analogous estimating.

question

Backward pass

answer

...Calculation of the late start and the late finish dates for uncompleted activities by working backwards through the network diagram from the project's end date. Part of critical path method (CPM).

question

End user

answer

The person or group who will use the product produced by the project.

question

Estimate at completion (EAC)

answer

The estimated total cost of the completed project at a particular time, using current project performance and work that still needs to be completed. Comparing EAC to BAC (budget at completion) provides you with a current estimate of any deviation from the original budget. EAC = AC + ETC

question

Estimate to complete (ETC)

answer

The estimated amount of the work that still needs to be completed.

question

Expert judgment

answer

Using subject matter experts to assist in decision making. People most familiar with the work to create the estimate.

question

External dependency

answer

A relationship between a project activity and a factor outside the scope of the project that influences the completion of that activity.

question

Finish-to-finish dependency

answer

When the completion of an activity is dependent on the completion of the preceding activity. (predecessor activity must finish before successor activity finishes)

question

Finish-to-start dependency

answer

When the start of an activity is dependent on the completion of the previous activity. Most often used logical relationship. [successor activity can't start until the predecessor activity finishes] (default setting for most project scheduling software pkgs)

question

Fixed cost

answer

A cost that remains constant regardless of a change in production.

question

Float

answer

The amount of time that the early start of an activity can be delayed without affecting the completion date of the project. Also known as slack time. (difference in length of time btwn the early start and late start or really finish and late finish of an activity on the project.

question

Flowchart

answer

A diagram showing the steps in a process or system from beginning to end.

question

Formal acceptance

answer

When the authorized stakeholder provides sign-off, indicating the product has been received and is acceptable.

question

Functional manager

answer

The person responsible for the activities of a specific functional department.

question

Functional organization

answer

An organizational structure that groups staff hierarchically by area of specialty.

question

Gantt chart

answer

A schedule that shows project activities with associated start and completion dates. Also known as bar chart. Represents task duration on timelines and displays dependencies.

question

Kickoff meeting

answer

A meeting held at the end of major planning activities for all stakeholders to provide an overview of the project and outline expectations, ensure a common understanding of the project and to build consensus and excitement about the project.

question

Initiation

answer

Formal definition and authorization of a new project or continuation of an ongoing project.

question

Issue

answer

An identified element or event that may have a negative impact on the project and needs to be avoided or resolved.

question

Integrated change control

answer

Coordinating and managing change across the entire project scope, schedule and budget.

question

Integration management plan

answer

A plan that documents how elements of the project will be integrated and outlines how changes will be managed across the project.

question

Issue log

answer

A document that outlines each project issue, along with the person responsible for resolving it, status and expected resolution date.

question

Late finish date

answer

The latest date an activity can be completed without delaying the completion of the entire project.

question

Late start date

answer

The latest date an activity can begin without affecting the completion of the entire project.

question

Lessons learned

answer

The learning that takes place during the project and is documented to provide information on what went well and which aspects could have been improved. Lessons learned serve as references for future projects.

question

Matrix organization

answer

An organization where project team members answer to both a functional manager and a project manager.

question

Milestone

answer

The completion of a significant event or major deliverable used to measure project progress.

question

Negative variance

answer

The negative number that results from comparing planned project results with actual project results. A negative variance in the project schedule indicates the project is behind schedule. A negative variance in the budget indicates the project is over budget.

question

Network diagram

answer

A method of determining the sequence of activities, including dependencies for a project. Types include the activity-on-node (AON), arrow diagramming method (ADM) and precedence diagramming method (PDM).

question

Opportunity

answer

A chance to increase project benefits.

question

Operations and maintenance

answer

The turnover of a project to the operational staff of an organization for ongoing support and maintenance.

question

Opportunity

answer

A chance to increase project benefits.

question

Opportunity cost

answer

The opportunity given up by choosing to do one project over another one.

question

Positive variance

answer

The positive number that results from comparing planned project results with actual project results. A positive variance in the project schedule indicates the project is ahead of schedule. A positive variance in the budget schedule indicates the project is under budget.

question

Predecessor

answer

An activity that is on the same network diagram path and occurs before another activity.

question

Probability impact matrix

answer

A method of determining the severity of risk by looking at the probability of occurrence and impact on project objectives. Calculates final risk score for risks on list. final score determined by multiplying the probability by the impact. Ex. Risk A has a .3 probability and .5 impact, the risk score is 0.15. The closer the risk score is to 1.0, the more likely the risk will occur and have a significant impact.

question

Procurement planning

answer

The process of determining which goods and services should be purchased or performed outside of the organization and outlines the details of what, how and when the goods should be acquired

question

Product life cycle

answer

The required phases to develop the product. For example, creation of a software product may follow a software development lifecycle that consists of requirements-gathering, design, development, testing and roll-out phases.

question

Program evaluation and review techniques (PERT)

answer

A weighted average time estimate of project duration using optimistic (O), pessimistic (P) and most likely (ML) estimates of project duration. Similar to 3 point estimates, but PERT uses expected value (weighted average). Expected value is calculated as O + P + (4xML)/6

question

Project

answer

A temporary endeavor with defined start and end dates that creates a unique product or service. Three most important elements are budget, quality and time.

question

Project charter

answer

A document that is created in the initiation phase that provides direction about the project's objectives and management and authorizes the project to begin. Also known as a project initiation document.

question

Project life cycle

answer

The management phases of a project which includes: initiation and scope definition; planning; execution, control and coordination; closure, acceptance and support

question

Project management

answer

The process of initiating, planning, executing, monitoring, controlling and closing out a project by applying skills, knowledge, tools and techniques to fulfill requirements.

question

Project management plan

answer

An overall project plan that contains all of the project management-related documents created during the phases of initiation and scope definition and planning. Final, approved plan, used in executing, monitoring and controlling phases of project. Key components(should include these documents): Scope statement, project schedule, communications plan, resource plan, Procurement plan, project budget, quality management plan, risk management plan.

question

Project performance indicators

answer

Measures to determine whether the project is on track.

question

Project scope

answer

The work required to produce the product of the project.

question

Qualitative risk analysisble for providing the information.

answer

Uses a subjective approach to determine the likelihood that risks will occur and the impact that risks will have on the project. This information enables the risk to be prioritized.

question

Quality assurance

answer

The evaluation of overall project performance on a regular basis to ensure quality management processes are followed

question

Quality control

answer

The process of measuring specific results to determine compliance with quality standards and taking corrective action if necessary.

question

Quality management plan

answer

A plan that documents the quality activities and outlines the processes, procedures, responsibilities and resources required for maintaining project quality. Describes how project team will carry out policy. Uses several methods- (quality metrics, quality checklists, exit criteria)

question

Quantitative risk analysis

answer

Uses a mathematical approach to analyze the probability that risks will occur and the impact that risks have on the project. This information enables the risks to be prioritized. Techniques used for computing quantitative risk analysis include sensitivity analysis, decision tree analysis and Monte Carlo.

question

Remote team

answer

Individuals in different locations working on the same project and collaborating electronically or by telephone.

question

Request for proposal (RFP)

answer

A document provided to a prospective vendor requesting a proposal for work and or products to be provided. Also known as Invitation for Bid (IFB).

question

Resource

answer

Anything needed to complete the project. May be people, equipment, facilities or money.

question

Resource leveling

answer

Scheduling resource usage to be the same for each time period (e.g. monthly).

question

Return on investment (ROI)

answer

Determining whether the project outcomes will benefit the organization based on the resources used to complete the project.

question

Risk

answer

A potential event, occurrence or result that can have positive or negative consequences.

question

Risk assessment

answer

Identifying risks to the project and determining the affect the risks will have on the project.

question

Risk management plan

answer

A plan that documents the process for identifying and quantifying project risks and outlines how risks will be addressed or controlled.

question

Risk monitoring and control

answer

Uses the risk management plan to identify risks, respond to risks and monitor the effectiveness of the risk response.

question

Risk register

answer

A formal document that outlines identified project risks. Ex. Risk A--- Bad weather---prob 1.0---impact-1.0---risk score 1.0

question

Risk response planning

answer

The procedures that are implemented if an identified risk occurs. (process of reviewing the risk analysis and determining what actions should be taken to reduce negative impacts.

question

Risk trigger

answer

An event that tells a risk is about to occur or has occurred.

question

Schedule management plan

answer

A plan that documents the process to manage project schedules and any changes made to the schedules.

question

Schedule variance (SV)

answer

The difference between scheduled activity completion and actual activity completion. Another popular EVM variance, compares an activity's actual progress to date to the estimated progress and is represented in terms of cost. It tells you whether the schedule is ahead of or behind what was planned for this period. This formula is most helpful when you've used the critical path methodology to build the project schedule. W/negative, behind schedule. SV = EV - PV; (SV = Planned Date - Actual Date)

question

Scope

answer

The amount of work involved to complete the project. Includes identifying the problem to be addressed by the project including the goals and objectives, measures of success and risks, and obstacles and assumptions that may affect the project outcome. Also known as project scope of work.

question

Scope creep

answer

The addition of new features or requirements while the project is in process.

question

Scope document

answer

A document that contains the project requirements and overall project direction. It should contain the goals, deliverables, budget, success criteria and important milestones.

question

Scope change control

answer

Controlling changes to the project scope

question

Scope change request

answer

A form submitted to request a change to the project scope.

question

Scope statement

answer

Documents the project objectives, business justification and goals. It outlines the deliverables that are to be included in the project along with the functional, business and technical requirements.

question

Sponsor

answer

An executive in the organization who can assign resources and can make final decisions on the project.

question

Staff acquisition

answer

The process of getting people assigned to and working on the project.

question

Stakeholder

answer

An individual or organization that affects or is affected by the project

question

Start-to-finish dependency

answer

The completion of an activity is dependent on the start of the previous activity. (predecessor activity must start before the successor activity can finish. This relationship is seldom used.)

question

Start-to-start dependency

answer

The beginning of an activity is dependent on the start of the previous activity. (the predecessor activity depends on starting before the successive activity can start.)

question

Statement of work (SOW)

answer

A document that outlines the details and requirements of the product or service being procured.

question

Successor

answer

An activity that is on the same network diagram path and occurs after another activity

question

Technical requirements

answer

The product characteristics that are required for the product to perform the functional requirements.

question

Time and material contract

answer

A contract based on a unit rate such as an hourly wage plus reimbursement for materials or other expenses incurred

question

Triple constraint

answer

The link between the project constraints of time, cost and quality.

question

Variance

answer

The difference between actual and planned values.

question

Variance analysis

answer

The process of comparing planned project results against actual project results, determining the impact of the variance and implementing corrective actions if needed. Variance analysis is most frequently used to examine the project schedule and project budget. In the Cost Control process, variance analysis looks at the difference between the performance cost baseline and actual performance. The VAC formula is often used in this process. It calculates the difference between the budget at completion and the estimate at completion. VAC = BAC - EAC

question

Virtual team

answer

Individuals in different reporting structures, departments, locations or organizations working together on the same project.

question

Workaround

answer

A response to deal with an unforeseen risk. A workaround is not planned in advance of the risk occurrence

question

Work breakdown structure (WBS)

answer

A deliverable-oriented hierarchy that depicts the entire project work. Represents the decomposition of the deliverables and work required for a project. Inputs for a WBS are: A scope management plan A project scope statement Requirements documentation Enterprise environmental factors Organizational process assets Cost estimating, resource planning, and activity definition all require a WBS as an input.

question

WBS dictionary

answer

A document describing each work package in the WBS.

question

Work package

answer

The lowest level of the WBS. Includes activities required to fulfill a project deliverable or other project work.

question

Cost performance index (CPI)

answer

A performance tracking method that compares budgeted cost to the actual cost. Measures the value of the work completed at the measurement date against the actual cost. It is the most critical of all the EVM measurements according to the PMBOK Guide because it tells you the cost efficiency for the work completed to date or at the completion of the project. If CPI is greater than 1, you are spending less than anticipated at the measurement date. If CPI is less than 1, you are spending more than anticipated for the work completed at the measurement date. CPI = EV / AC

question

Crashing

answer

Adding resources to activities on the critical path to reduce project duration.

question

Earned value analysis

answer

Shortening the project completion time without changing the scope of the project.

question

Fast tracking

answer

A method of schedule compression where activities that would typically be performed sequentially are performed in parallel to decrease schedule duration.

question

Feasibility study

answer

A study undertaken to determine whether a project is viable.

question

Free float

answer

The amount of time that an activity can be delayed without affecting the early start of the next activity.

question

Ishikawa diagram or Fishbone Diangram

answer

A graphical diagram that shows how causes or potential causes relate to create potential problems. Also known as Ishikawa diagram.

question

Pareto chart

answer

A graph that is used to rank the importance of a problem by the frequency with which it occurs.

question

Planned value (PV)

answer

The budgeted cost of work during a specified time period. Also known as budgeted cost of work scheduled (BCWS).

question

Risk acceptance

answer

A risk response that chooses to accept the consequences of the identified risk or the inability to identify another response strategy.

question

Risk avoidance

answer

A risk response that eliminates the identified risk or protects the project from the risk.

question

Schedule performance index (SPI)

answer

Ratio of work completed to work planned. Measures the progress to date against the progress that was planned. This formula should be used in conjunction with an analysis of the critical path activities to determine whether the project will finish ahead of or behind schedule. If SPI is greater than 1, your performance is better than expected, and you're ahead of schedule. If SPI is less than 1, you're behind schedule at the measurement date. SPI = EV/PV

question

Scope definition

answer

The process of breaking down deliverables into smaller components in order to provide better control.

question

Scope verification

answer

Formal acceptance by the stakeholders that deliverables and work results are completed to their satisfaction.

question

Threat.

answer

A negative risk that may or may not occur (as opposed to an opportunity, which is a positive risk).

question

To-complete performance index (TCPI)

answer

The performance that must be achieved during the remaining project to meet stated goals. It is the projected performance level that the remaining work of the project must achieve in order to meet the stated financial or schedule goals. It's calculated by dividing the work that's remaining by the funds that are remaining. If the result is less than one, future work does not have to be performed as efficiently as past performance. If the result is more than one, future work will have to be performed more efficiently than past performance in order to meet the BAC goal. TCPI= (BAC - EV) / (BAC - AC)

question

Work authorization system

answer

A formal process to ensure work is done in the right sequence and at the right time.

question

Project Endings- 4 types

answer

Addition- Projects become their own ongoing business unit. Starvation-When resources are cut off from the project or are no longer provided to the project. (resource starving) Result of staffing, funding, or other resource cuts. Integration-when the resources of the project are distributed to other areas in the organization or are assigned to other projects. Reassignment/ redeployment of the resources. Extinction-project has been completed and accepted by stakeholders. (good)

question

Exclusions

answer

Component of scope statement documents the deliverables or items that will not be included in the project.

question

Three Point estimates

answer

Uses most likely (assuming work goes to plan), pessimistic (assuming works takes long time) and optimistic (fastest time frame) to calculate the average estimate. (so ML + P + O= Average)

question

Scope Document- major elements

answer

Product description, key deliverables, success and acceptance criteria, key performance indicators, exclusions, assumptions and constraints.

question

WBS Level

answer

First level- project name Second Level-major project deliverables, project phases or sub projects. (If the project has phases/sub projects, these are listed on second level and then deliverables on the third) Lowest Level- work package

question

Critical Success Factor

answer

Project elements that must be completed accurately to consider a project a success.

question

Code of accounts identifier

answer

Unique number assigned to each component of the WBS. Documented in a WBS dictionary and tied to a chart of accounts.

question

Scope planning key components

answer

Scope management plan, scope statement, WBS.

question

Project scope statement sections

answer

Product description, key deliverables, success and acceptance criteria, key performance indicators, exclusions, time and cost estimates, assumptions and constraints.

question

Analogous estimating

answer

Estimating technique that bases estimates on past projects of similar size and scope. (top down estimating) Most frequently used at early stages of planning project. Least accurate b/c no two projects are the same. Least costly, and relies on expert judgement.

question

Parametric estimating

answer

Quantitatively based estimating method that multiplies the quantity of work by the rate. Must know productivity rate of the resource performing the task or have company or industry standard that can be applied to task. [Duration obtained by multiplying the unit of work produced by productivity rate. ]

question

Activity definition

answer

Takes work packages from WBS and breaks them down into assignable tasks.

question

Lines of communication Calculation

answer

(Number of participants × (Number of participants -1)) ÷ 2

question

Discretionary Dependency

answer

A type of dependency that the project manager and project team choose to impose on the project schedule, such as the use of an established corporate practice.

question

Cost estimating techniques

answer

Analogous (top down), parametric, and bottom-up.

question

Bottom-Up estimating

answer

The most precise estimating technique, assigns a cost estimate to each work package on the project. WBS and project resource requirements are critical inputs for this type of est. Idea is you start at work package level of WBS and calculate cost of each activity assigned to that work pkg, and the sum of all the work pkgs estimates is the total project cost.

question

Cost budgeting

answer

The process of aggregating all the cost estimates and establishing a cost baseline for project.

question

Management reserve

answer

An amount set aside by upper management to cover future situations that cannot be predicted. Differs from contingency reserve b/c upper management controls it-project manager cannot use it unless given authority, and covers unforeseen costs.

question

Product budget

answer

Used to create the cost baseline, broken down by specific cost categories. Varied, can be created w/ spreadsheets of costs for specific tasks like contract expenses, salaries, etc.

question

Cost baseline

answer

Total approved expected cost for the project. Set before any work begins and future expenditures and variances will be measured against this. Used during project execution to track actual cost. Project manager communicates this to stakeholders.

question

Quality Planning

answer

The process of identifying quality standards that are applicable to the project and determining how the project will meet these standards. Key component is corporate quality policy (if exists in company)

question

Quality planning management tools

answer

(Pre tools- Corporate quality policy, industry standards/gov regulations) Cost-benefit analysis, Benchmarking, Flowcharting, Cost of quality.

question

Benchmarking

answer

Technique that uses similar activities as means of comparison. Useful if changing/upgrading the way you currently do business. Compares before and after results or previous activities from past projects.

question

Flowcharting

answer

Uses diagrams that depict relationship of various elements in project. Can help anticipate where/when a problem might occur. Data flow diagrams are similar to these.

question

Prevention Costs

answer

costs of keeping defects out of hands of customers. included quality planning, training, design review, contractor/supplier costs, and product/process testing.

question

Appraisal costs

answer

include activities performed to examine the product/process and make certain quality requirements are being met. Includes inspections, testings, formal quality audits.

question

Failure costs

answer

cost of activities needed if the product fails. Also known as cost of poor quality. Two categories- internal and external. Internal results when customer requirements are not satisfied but product is still in the control of org (corrective action, rework, scrapping, downtime) External occurs when product has reached the customer and they decide it doesn't meet their requirements. (inspections at customer site, returns, customer service costs)

question

Quality metric

answer

Standard of measurement that specially defines what will be measured and how it will measured.

question

Quality checklists

answer

Tool that lists series of steps that must be taken to complete an activity or process. After each step is completed, marked off list.

question

Exit criteria

answer

part of quality plan that documents the criteria that must be met at each phase to consider that phase complete.

question

Risk planning

answer

Deals with how you manage areas of uncertainty in project. 3 major components: Identifying the potential risks to your project (risk identification), Analyzing the potential impact of each risk (risk analysis) Developing an appropriate response for those risks with the greatest probability and impact.

question

Risk Handling processes

answer

Risk Impact- assesses amount of potential damage the risk poses to company. Risk identification- determines the potential project risks. Risk analysis- identifies risks w/ greatest probability of occurring and the greatest potential project impact.

question

Risk- Strategies to deal with negative risks

answer

Avoid- avoid risk altogether by eliminating the cause. Transfer- moving the liability for the risk to a 3rd party by purchasing insurance, performance bonds, etc. Mitigate- reduce the impact or probability of risk. Accept- accept consequence of the risk.

question

Risk- strategies associated with positive risks/opportunities

answer

Exploit- look for opportunities to take advantage of positive impacts. Share- assigning the risk to a third party who is best able to bring about an opp. Enhance- monitor the probability/impact or the risk event to assure benefits are realized.

question

Contingency planning

answer

Risk response that involves planning alternatives to deal with risks would they occur.

question

Project cost baseline

answer

Can be used to predict future project costs, will track actual spending against cost estimates, and total expected costs for project.

question

Transition plan

answer

The components include ownership, transition dates, training, extended support, and warranties. Resource availability, assumptions, and communication methods are all part of a project management plan.

question

Project development-Five stages of team development

answer

Forming, Storming, Norming, Performing, Adjourning

question

Conflict resolution techniques

answer

Smoothing, forcing, compromise, confronting (most used, also called problem solving), avoiding, negotiating.

question

Organizational governance

answer

Recognizes the importance of regulations, laws, and other standards that may impact the project. Key components: standards compliance, internal process compliance, decision oversight, and phase gate approval.

question

Managing Scope

answer

A key to successful project management and probably one of the most important functions of the executing stage. During planning processes, scope was documented, agreed upon, and signed off by the sponsor and key stakeholders. It's good practice to periodically review scope with stakeholders during the executing stage and beyond to help manage expectations and keep scope creep from getting out of hand.

question

Common causes of conflict

answer

Competing resource demands, expert judgment, varying work styles.

question

Project kickoff meeting

answer

A way to formally introduce all project team members, to review the goals and the deliverables for the project, to discuss roles and responsibilities, and to review stakeholder expectations.

question

Phase gate approvals

answer

Process that formally reviews the project at specific points such as milestone completion or phase completion to determine whether the project should proceed.

question

Four elements/Organizational governance used in executing process group

answer

Standards compliance, internal process compliance, decision oversight, phase gate approval.

question

Change- four other elements

answer

Resource changes-when project team member leaves/or is added, must document reason for change. requirements changes-when details are added to a requirement. Infrastructure changes-element of the project that will remain permanently after project is completed. (computing systems, software development environments, server operating system platforms,networking infrastructures, delivery methodologies) Configuration changes-

question

Scope Control

answer

Involves monitoring the status of the project scope, monitoring changes to the project scope, and monitoring work results to ensure that they match expected outcomes.

question

Schedule Control

answer

Involves determining the status of the project schedule, determining whether changes have occurred or should occur, and influencing and managing schedule changes.

question

Project Closing

answer

Obtaining formal sign-off and acceptance of the project Transferring the results of the project to operations and maintenance Releasing project resources Closing out contracts Performing administrative closure Documenting historical information for future projects Conducting a post-mortem Conducting a post-project review and capturing lessons learned Preparing the project close report

question

Project close report

answer

Should contain: Recap of the original goals and objectives of the project Statement of project acceptance or rejection (and the reasons for rejection) Summary of project costs Summary of project schedule Lessons learned and historical data

question

Close procurement

answer

Involves completing and settling the terms of the contract and documenting its acceptance. Product verification occurs here that determines whether the work was completed accurately and satisfactorily.

question

Administrative closure

answer

Involves gathering and centralizing all the project documents, performing the post-project review, and writing the final project report.

question

Post-project review

answer

Conducted at the conclusion of the project, and its primary purpose is to collect and document lessons learned.

question

Lessons Learned

answer

This entails identifying where things went wrong, what things went well, and the alternatives you considered during the course of the project. Lessons learned are an extremely useful reference for future projects regarding what worked and what didn't, for estimating techniques, for establishing templates, and more.

question

Post mortem analysis

answer

Performed on projects that are canceled or end prematurely to figure out why they were not a success.

question

Inspection

answer

Quality Control tool that involves examining, measuring, or testing work results to determine whether they conform to the quality standards and plan. Costs associated with this are rework, labor costs, material costs, and potential loss of customers. Tolerable results- When measurements fall within a specified range. Attribute sampling- This method determines whether the results are conforming or nonconforming to the requirements. (also called pass/fail or go/no-go)

question

Program testing-several methods

answer

Unit testing-involves testing sections of code as they're written to verify they operate properly. Module testing-involves testing discreet units or sections of programming code. Ex. you might test the printing functions or an order-entry form. System testing-entire system as a whole is tested. This testing makes sure the system flows as expected, that all the functionality works and is accurate, and that it delivers what the customer is expecting. User acceptance testing-this testing involves people who will be the end users of the system. They test features, functionality, calculations, and so on, to assure the system meets the requirements laid out in the scope statement.

question

Histogram

answer

Quality control technique/tool that is a bar chart that depicts variables on the horizontal and vertical axes.

question

Pareto Diagram

answer

A type of histogram that is used to rank the importance of a problem based on its frequency of occurrence over time. Also called 80/20 rule. (80% of total wealth is held by 20% of population) Applying the principle to Quality Control, it says that the majority of the project defects are caused by a small set of problems. Helps isolate what the major problems are so that you can take the action that will have the greatest impact. A bar graph is used to display problems in decreasing order of occurrence so that priorities for improvement can be established.

question

Control Chart

answer

Measures and displays the variance of several samples of the same process over time. It is most commonly used in manufacturing. Based on a mean, an upper control limit, and a lower control limit. The upper control limit is the point beyond which preventing additional defects becomes cost-prohibitive. The lower level is the limit at which the customer or end user will reject the product because of the defects. The goal is to stay in the middle area (the mean), where the best product for the lowest cost is obtained.

question

Statistical Sampling

answer

Where you gather a subset of all the applicable work results and randomly select a small number for testing or examination. The results for this subset represent the whole. Can be cost-effective, especially in projects where multiple versions of the same product are produced. If you have numerous work results that require inspection or testing, you may decide to this method.

question

Trend analysis

answer

Is a mathematical technique that can be used to predict future defects based on historical results.

question

Run Charts

answer

Used to show variations in the process over time or to show trends (such as improvements or the lack of) in the process. They are similar to control charts in that they plot the result of a process over time, but does not depict acceptable limits. Differences in results will occur because there is no such thing as a perfect process. When processes are considered in control, differences in results might occur because of common causes of variances.

question

Ishikawa Diagram

answer

Also known as a cause-and-effect diagram, shows the relationship between the effects of problems and their causes. This diagram depicts every potential cause and subcause of a problem and the effect that each proposed solution will have on the problem. This diagram is also called a fishbone diagram.

question

Common causes of variances

answer

Come about as a result of circumstances that are relatively common to the process you're using and are easily controlled at the operational level. 3 types: Random variances-might be normal, depending on the processes you're using to produce the product/service of the project, but they occur at random. Known or predictable variances-are variances that you know exist in the process because of particular characteristics of the product, service, or result you are processing. These are generally unique to a particular application. Variances that are always present-The process itself will have inherent variability that is perhaps caused by human mistakes, machine variations or malfunctions, the environment etc, which are known as this. These variances generally exist across all applications of the process.

question

Quality control actions

answer

Rework-is any action that is taken as a result of quality activities to correct a defect. Often impacts both the project schedule and the budget. Sponsor/clients/ stakeholders need to be informed. Process adjustments-Changing a process can have a ripple effect throughout the rest of the project. Unless it is very clear that a process change is contained to a small work group with no downstream effects, it is best to use the change control process to analyze the impacts of a process change and obtain formal approval before making any changes. Acceptance-is the decision to agree to any defects that are found as a result of the quality testing. Acceptance is a common action based on the analysis of the severity and frequency of the defects uncovered during testing.

question

Cost Control

answer

Cost Control process includes measuring the project spending to date, determining that a change to the cost baseline has occurred, and taking the appropriate action to deal with the change.

question

Earned Value Measurement (EVM)

answer

EVM compares what you've received or produced to what you've spent by monitoring the planned value, earned value, and actual costs expended to produce the work of the project. Reported as part of the performance reporting process. EVM looks at schedule, cost, and scope project measurements together and compares them to the actual work completed to date. It is the most often used performance measurement method. EVM is performed on the work packages and the control accounts of the WBS. To perform the EVM calculations, you need these three measurements: planned value, actual cost, and earned value. (Includes: SV, CPI, CV, SPI, VAC)

question

PV, AC, EV

answer

PV: The approved budget assigned to the work to be completed during a given time period AC: Money that's actually been expended during a given time period for completed work EV: The value of the work completed to date compared to the budget. The earned value can be found by multiplying the percent complete times the budget at completion. (Also known as budget cost of work performed.)

question

Efficiency indicators

answer

CV and SV are known as ___________ for the project and can be used to compare the performance of all the projects in a portfolio.

question

EVM Measurement formulas (formulas in general)

answer

EV= % completed x budget at completion (or EV = Baselined Cost x % Complete Actual ) AC=Hourly Rate x Total Hours Spent CV = EV- AC SV = EV - PV CPI = EV / AC SPI = EV / PV VAC = BAC - EAC Not EVM measurements: EAC = AC + ETC( * Has several different formulas- see EAC formulas) TCPI=(BAC - EV) / (BAC - AC) PERT: Optimistic+(4 x Most Likely)+Pessimistic)/6 3 point estimates: O+M+P/3 (average)

question

EVM differences

answer

PV (planned value) is the cost of work authorized and budgeted for a given time period or phase. EV (earned value) is the value of work completed to date; it compares the budgeted amount assigned to the work component (AC is actual cost; EVM, earned value measurement). CV-The difference between the budgeted cost and actual cost. One of the most popular EVM variances that project managers use. EAC-The estimated total cost of the completed project at a particular time, SV- compares an activity's actual progress to date to the estimated progress and is represented in terms of cost. CPI-A performance tracking method that compares budgeted cost to the actual cost. Measures the value of the work completed at the measurement date against the actual cost. It is the most critical of all the EVM. SPI-Ratio of work completed to work planned. Measures the progress to date against the progress that was planned. TCPI-measures the ratio of remaining work to remaining budget and is the projected performance level that the remaining project work must achieve to meet its objectives. EVM (earned value measurement) compares what was produced to what was spent. It monitors a project's planned value, earned value, and actual costs (ETC is estimate to complete; EAC, estimate at completion; BAC, budget at completion). VAC- Variance at completion, compares planned project results with actual project results

question

Distributing information

answer

Project reports: Minute from project meetings, lessons learned, closure reports, and other documents from all the processes throughout the project. It include the project status reports. Project presentations: Involve presenting project information to the stakeholders and other appropriate parties when necessary. The presentations might be formal or informal. Project records: Include memos, correspondence, and other documents concerning the project. They are maintained by the project manager or project management office and contain all the information regarding the project. Lessons learned documentation: Information that document throughout the course of the project that can be used to benefit the current project, future projects, or other projects currently being performed by the organization. *Puts the communication management plan into action.*

question

Quality planning tools/techniques

answer

Cost-benefit analysis: Compares the price to produce the product or service to the financial gain the organization stands to make as a result of executing the project. The weakness of using a cost-benefit analysis is that it does not account for other important factors, such as strategic value. Benchmarking: Uses similar activities as a means of comparison. It works by comparing the before and after results or comparing previous similar activities for the current project to past projects. Flowcharting: Uses diagrams that depict the relationship of various elements in the project. Developing a flowchart can help to anticipate where and when a problem may occur. Cost of quality: The total price of all the work required to assure the project meets the quality standards. The three types of costs associated with quality are prevention, appraisal, and failure. Quality management plan: Describes how the project team will carry out the quality policy. There are several methods when measuring whether quality standards have been met, including metrics, checklists, and exit criteria.

question

Critical chain project management (CCPM)

answer

is a method of planning and managing projects that emphasizes resources required to execute project tasks. This is in contrast to the more traditional critical path and PERT methods, which emphasize task order and rigid scheduling. A critical chain project network tends to keep resources levelly loaded, but requires them to be flexible in their start times and to quickly switch between tasks and task chains to keep the whole project on schedule.

question

Five process groups

answer

Initiating: Grants approval to commit an organization's resources to project work. Planning: Includes project documentation requirements, budget, and work flow. Executing: The prime project phase in which all planned work is executed. Monitoring and controlling: Once the executing phase has begun, but while it's still in progress, this process ensures that project progress complies with plan documents. Closing: The project phase in which contract closeout occurs, and during which the project is formally accepted and approved.

question

Work Performance Measures (WPM's)

answer

Used to assess and record project performance and progress. Typical metrics are deliverables, schedule, and costs, though additional ones such as quality can be added. Created from the WPI, WPMs are an output of control schedule, control cost, and control scope processes, which are themselves monitoring and controlling processes. WPMs consist of planned versus actual performance indicators with respect to scope, schedule, and cost. They're documented and communicated to stakeholders, and used to make project activity metrics such as: Planned versus actual technical performance and scope performance Planned versus actual schedule performance Planned versus actual cost performance

question

Precedence Diagram Method (PDM)

answer

a technique used for constructing a schedule model in which activities are represented by nodes and graphically linked by one or more logical relationships to illustrate the sequence in which activities are to be performed.

question

Economic Model methods

answer

discounted cash flow, NPV, and IRR.

question

Vendor selection types

answer

An RFP (request for proposal), RFQ (request for quote), and IFB (invitation for bid) are all types of solicitation documents you can use to obtain bids from vendors for your project work.

question

Project communications management

answer

is one of the nine Knowledge Areas. It employs the processes required to ensure timely and appropriate generation, collection, distribution, storage, retrieval, and ultimate disposition of project information. The following processes are part of this: Identify Stakeholders Plan Communications Distribute Information Manage Stakeholder Expectations Report Performance

question

Initiation process

answer

Processes include all the activities that lead up to the final authorization to begin the project, starting with the original project request. Includes: identifying the project and the business need, documenting the business justification, performing business case validation, using the project selection methods document the high-level requirements definitions perform a cost justification

question

Planning process

answer

Where the project goals, objectives, and deliverables are refined and broken down into manageable units of work. Includes: Project managers create time and cost estimates and determine resource requirements for each activity. Scope statements Creating WBS Risk identification, Risk quantification, and Risk response development. Planning involves several other critical areas of project management, including communication, risk, human resources, quality, and procurement.

question

Executing

answer

Where the work of the project is performed. The project manager must coordinate all the project team members as well as other resources assigned to the project. Includes: the actual execution of the project plan, team development, quality assurance, information distribution

question

Monitoring/Controlling

answer

Are the activities that monitor the progress of the project to identify any variances from the project plan. Requests for changes to the project scope are included in this process. This area is also where corrective actions are taken to get the work of the project realigned to the project plan. include: scope control, cost control, schedule control, quality control, performance reporting, risk control. All the EVM formulas

question

Closing

answer

Purpose is to document the formal acceptance of the project work and to hand off the completed product to the organization for ongoing maintenance and support. includes: the sign-off, archive of project documents, turnover to a maintenance group, release of project team members review of lessons learned Recap of the original goals and objectives of the project Statement of project acceptance or rejection (and the reasons for rejection) Summary of project costs Summary of project schedule Lessons learned and historical data

question

High Level Risk Assessment (HLRA)

answer

is a targeted assessment of specific risks associated with an application, using the "80/20 rule." HLRA is used to improve the level of confidence in system security and to reduce cost and time elements. The HLRA components are: Threat assessment Risk assessment Recommendations

question

Risk Response planning techniques

answer

Risk acceptance: Indicates that a project team has decided not to change their project management plan to deal with a risk, or are unable to identify any other suitable response strategy. Risk avoidance: A technique for changing the project management plan to either eliminate the risk or protect project objectives from its impact. Risk mitigation: Listing specific actions for dealing with specific risks associated with threats and seeking to reduce risks' probability of occurrence or impact to a level below an acceptable threshold. Risk transference: Shifting threat impact to a third party, together with ownership of the response to it.

question

EAC Formulas

answer

EAC = BAC/CPI This formula is used when you thought your original estimates were solid but there has been a variation in the cost and you expect that cost variation to continue as the project progresses. This formula projects your current performance against your original budget. EAC = AC + (BAC-EV) This formula is used when something unexpected happened in the project and you need to account for the atypical event but you want to assume that the remaining project performance will not change. EAC = AC + Bottom Up Estimate to Completion (ETC) This formula is used when you are recreating the cost baseline of the project to figure out where the project is going to be at the end. EAC = AC+ (BAC-EV) / (CPI * SPI) This formula is used when there are substantial variations in both the cost and the schedule and you are going to expect both of these to continue for the remainder of the project.

question

Project Variance

answer

The objectives of analyzing project variances are: Determining whether variances are due to anomalies or the estimates are incorrect Determining the root cause of the variances Preventing variances in forthcoming projects Determining if the variances can be expected on future projects

question

Version Control

answer

To ensure versions of drafts and releases of documents to be registered and tracked. The version control system forms part of the document identification, and denotes the progress and the version of the document. A version control system records changes into a set of files and helps recall some specific versions later; thus, it's mandated by a project manager to identify changes in a project plan document.

question

9 knowledge areas

answer

Procurement Integration Scope Time Cost Quality HR Communications Risk

Project Management TPV1 and C176 WGU – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards