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PMP (Rita's Hot Topics) > 03) Integration Management > Flashcards

03) Integration Management Flashcards

1
Q

What is the process of integration management?

A
  • 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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2
Q

What is the Develop Project Charter process?

A

Creating the project charter, which formally establishes the project and gives the project manager authority to spend money and commit resources to the project

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3
Q

What is the Develop Project charter key output?

A

Output: Project charter

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4
Q

What is the Develop Project Management Plan process?

A

The process of creating a project management plan that is bought into, approved, realistic, and formal

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5
Q

What is the Develop Project Management Plan output?

A

Output: Project management plan

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6
Q

What are the key outputs of the Direct and Manage Project Work process?

A
  • Deliverables
  • Work performance data
  • Change requests
  • Updates to the project management plan and project documents
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7
Q

What are the key outputs of the Monitor and Control Project Work process?

A
  • Change requests
  • Work performance reports
  • Updates to the project management plan and project documents
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8
Q

What are the key outputs of the Perform Integrated Change Control process?

A
  • Approved change requests
  • Change log
  • Updates to the project management plan and project documents
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9
Q

What are the key outputs of the Close Project or Phase process?

A
  • Final product or service
  • Formal acceptance of project or phase
  • Lessons learned and other organizational process assets updates
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10
Q

Explain the project manager’s role as an integrator.

A

Making sure all the pieces of the project are properly coordinated and put together into one cohesive whole

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11
Q

What are the two major categories of project selection methods?

A
  1. Benefit measurement (comparative)
  2. Constrained optimization (mathematical)
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12
Q

What are the economic models for selecting a project?

A
  • Present value
  • Net present value
  • Internal rate of return
  • Payback period
  • Cost-benefit analysis
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13
Q

Define present value.

A

The value in today’s dollars of a future cash flow

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14
Q

Define net present value (NPV).

A

The present value of total benefits (income or revenue) minus costs over a series of time periods

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15
Q

How is net present value (NPV) interpreted?

A

Generally, if the net present value (NPV) of a project is positive, the investment is a good choice unless an even better investment opportunity exists

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16
Q

Define internal rate of return (IRR).

A

The rate at which a project’s inflows and outflows are equal (i.e., the rate an investment in the project will return)

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17
Q

How is the internal rate of return (IRR) interpreted?

A

The higher the internal rate of return (IRR), the better

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18
Q

Define payback period.

A

The length of time required for the organization to recover its investment in the project (before the project starts yielding profit)

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19
Q

How is the payback period interpreted?

A

The shorter the payback period, the better

20
Q

Define cost-benefit analysis.

A

Comparing the expected costs of a project to its potential benefits (revenue)

21
Q

What is the result of the cost-benefit analysis?

A

The benefit cost ratio (BCR)

22
Q

How is the cost-benefit analysis interpreted?

A

The higher the benefit cost ratio (BCR), the better

23
Q

Define opportunity cost.

A

The opportunity given up by selecting one project over another (i.e., the value of the project not selected)

24
Q

What are sunk costs?

A

Expended costs

Sunk costs should not be considered when deciding whether to continue a troubled project.

25
Q

Define the law of diminishing returns.

A

After a certain point, adding more input will not result in a proportional increase in productivity.

26
Q

Define working capital.

A

Current assets minus current liabilities.

The amount of money the company has available to invest, including investment in projects.

27
Q

What are the two types of depreciation?

A
  1. Straight line depreciation: Depreciate the same amount each time period
  2. Accelerated depreciation: Depreciate an amount greater than straight line each time period
28
Q

What is the project statement of work?

A
  • Describes need, product scope, and how the project fits into the organization’s or the customer’s strategic plan
  • Created by the customer/sponsor before the project starts
  • Later refined in the project scope statement
29
Q

What is a project charter?

A

A document issued by the sponsor during project initiating that:

  • Formally recognizes (authorizes) the existence of the project
  • Gives the project manager authority to spend money and commit resources to the project
  • Provides the objectives, high-level requirements, and success criteria for the project
  • Identifies the constraints and high-level risks for the project
  • Uncovers assumptions about the project
  • Links the project to the ongoing work of the organization
30
Q

What is a business case?

A

The project purpose and justification

Explains why the project was selected, how it fits into the organization’s strategic goals, and how it will bring business value to the organization.

31
Q

What is included in a project management plan?

A
  • Project management processes for the project
  • Management plans for knowledge areas
  • Scope, schedule, and cost baselines
  • Requirements management plan
  • Change management plan
  • Configuration management plan
  • Process improvement plan
32
Q

What are project documents?

A

Any documents used to manage a project that aren’t part of the project management plan, including:

  • Project charter
  • Project statement of work
  • Procurement statement of work
  • Agreements and contracts
  • Stakeholder register
  • Requirements documentation
  • Activity list
  • Quality metrics
  • Risk register
  • Issue log
  • Change log
  • Any other such documents
33
Q

What are baselines?

A

The parts of the project management plan against which actual project performance is measured

34
Q

What three elements make up the performance measurement baseline?

A
  1. Schedule baseline
  2. Scope baseline
  3. Cost baseline
35
Q

What is a configuration management plan?

A

A plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versions.

It defines how you will manage changes to the deliverables and processes and the resulting documentation.

36
Q

What is a change management plan?

A

A system of formal procedures, set up in advance, defining how project deliverables and documentation are controlled, changed, and approved.

37
Q

What is a change control board?

A

The group responsible for reviewing and approving or rejecting change requests

38
Q

Who might be on a change control board?

A

May include project manager, customer, experts, sponsor, functional managers, and others.

For the exam, assume that all projects have change control boards.

39
Q

What are change requests?

A

Formal requests to change parts of the project after the project management plan is approved

40
Q

When are change requests approved?

A

Perform Integrated Change Control

41
Q

What are corrective actions?

A

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

42
Q

What are preventive actions?

A

Actions taken to deal with anticipated or possible deviations from the performance measurement baseline and other metrics

43
Q

What is defect repair?

A

Rework required when a component of the project does not meet specifications

44
Q

What is a kickoff meeting?

A

A meeting of all parties to the project (all project stakeholders, including sellers) to make sure everyone is “on the same page”

45
Q

When does the kickoff meeting occur?

A

At the end of the planning process group

46
Q

What is a work authorization system?

A

The project manager’s system for authorizing the start of work packages or activities

It ensures work is done at the right time and in the proper sequence

PMP (Rita's Hot Topics) (13 decks)

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