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CAPM Study By Category > All Categories Except ITTO and Calculations > Flashcards

All Categories Except ITTO and Calculations Flashcards

1
Q

All opinions are formed by one component. A great engineer doesn’t always make a great project manager.

A

Halo Effect

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2
Q

A positive risk that a project wants to take advantage of

A

Exploit

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3
Q

The amount of an opportunity that is given up.Consider: Project A is worth $55,000 and Project B is worth $89,000, you’d choose Project B to do. The opportunity is $55,000—the amount of Project A that you can’t do because of the opportunity of Project B.

A

Opportunity cost

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4
Q

Qualifying the risks for their legitimacy. This is a very quick, subjective approach.

A

Qualitative analysis

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5
Q

How much is the Present Value (PV) worth in the future?FV=PV(1+i)n where:FV is the value to be determinedPV is the current investmenti is the interest raten is the number of time periods

A

Future Value(FV)

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6
Q

like a run chart, but it instead tracks the relationship between two variables. The two variables are considered related the closer they track against a diagonal line. Consider the relationship of costs and schedule

A

Scatter Diagram

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7
Q

Projects are chartered to give theproject manager the authority toact on behalf of the project sponsoror customer.Projects are chartered to solve aproblem or seize an opportunity.

A

Project Purpose

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8
Q

Vendors all meet with the buyer to discuss the detailsof the statement of work so they may prepare a bid, quote, or proposal.

A

Bidder conference

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9
Q

The project manager has the authority to discipline the project team members. This is also known as “penalty power.”

A

Coercive

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10
Q

The project manager has been assigned by senior management and is in charge of the project. Also known as positional power

A

Formal

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11
Q

Both parties work together for the good of the project in a spirit of problem solving. Also known as confronting. This is a win-win solution

A

Problem Solving

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12
Q

These are grids to plot out stakeholder power, influence, and interest in the project. Here are four common models:

A

Stakeholder classification models

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13
Q

Early planning estimate and/or top-down approach.Range of variance is -10% to +25% forthe project completion.

A

Budget estimate

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14
Q

the pitch, tone, inflection of the speaker that affects the content of the message

A

Paralingual

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15
Q

An amount of funds used to offset a project’s risks

A

Contingency fund

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16
Q

N(N-1)/2, where N represents the number of stakeholders

A

Communication Channels Formula

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17
Q

defines all of the project deliverables, resources, cost and time estimates, and associated information for each work package

A

WBS Dictionary

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18
Q

watching the speaker’s body language, interpreting paralingual clues, asking questions for clarity, and offering feedback

A

Effective Listening

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19
Q

Quantifies the risk exposure based on evidence, research, and in-depth analysis of the risk events.

A

Quantitative analysis

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20
Q

The risk may be small so the risk may be accepted.

A

Acceptance

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21
Q

This relationship means Task A must complete before Task B does. Ideally, two tasks must finish at exactly the same time, but this is not always the case.

A

Finish-to-finish (FF)

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22
Q

Requires a WBS and accounts for each work package

A

Bottom-up

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23
Q

What percentage of communication is non-verbal?

A

55%

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24
Q

Activities are moved closer together or even overlap (negative time).

A

Lead

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25
Q

Uses a parameter (cost per ton, cost per unit) for the estimate.

A

Parametric

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26
Q

Costs that are directly tied to the project.

A

Direct costs

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27
Q

Thory that we have five needs; we’re on a quest to satisfy these needs. The needs are, from the bottom up: 1. Physiological. We need air, food, clothing, and shelter. 2. Safety. We need safety and security. 3. Social. We need friends, approval, and love. 4. Esteem. We need respect, appreciation, and approval. 5. Self-actualization. We need personal growth, knowledge, and fulfillment.

A

Maslow’s Hierarchy of Needs

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28
Q

the addition of small, undocumented changes that bypass the scope change control system. Scope creep is sometimes called project poison.

A

Scope Creep

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29
Q

Management’s perspective of employees. X people are bad, lazy, and need to be micromanaged. Y people are self-directed. Most managers have X and Y attributes.

A

McGregor’s X and Y

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30
Q

Risk is with the buyer as the buyer pays for cost overruns.

A

Cost reimbursable contracts

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31
Q

Condition, event, or warning sign that a risk is about to happen. Usually “triggers” a risk response

A

Triggers

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32
Q

Workers do well if motivated. This provides participative management, familial work environment, and lifelong employment. Known as Japanese Management Style.

A

Ouchi’s Theory Z

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33
Q

A risk response creates another risk.

A

Secondary risks

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34
Q

Needs are acquired over time and are shaped by life experiences. Our needs are categorized as achievement, affiliation, and power. McClelland used a Thematic Apperception Test (TAT) to determine an individual’s needs.

A

McClelland’s Theory of Needs

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35
Q

Risks with a negative impact.

A

Negative risks

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36
Q

A person’s or organization’s willingness to accept risk.Relative to the project priority as high-priority projects are typically risk adverse. Also known as risk tolerance.

A

Utility function

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37
Q

defines who needs what information, when they need it, and in the specified modality

A

Communications Management Plan

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38
Q

Complex formulas to determine aproject’s worthiness to be selected.Examples include:• Linear programming• Nonlinear programming• Integer algorithms• Dynamic programming• Multiobjective programming

A

Constrained Optimization Methods

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39
Q

monies that have been invested into a project. Sunk costs are gone, they are “sunk” into a project.

A

Sunk costs

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40
Q

A unilateral form of a contract.

A

Purchase order

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41
Q

Messages are __________

A

Transmitted

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42
Q

A vertical bar chart that creates a graphic display of events (such as causes of defects or types of defects) in descending order. The objective is to rank problems based on the frequency of occurrence to determine the order in which to resolve them.

A

Pareto diagrams

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43
Q

The project manager has the authority to reward the project team

A

Reward

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44
Q

What 5 activities in the WBS needed for?

A
  1. Defining project activities2. Cost estimating3. Cost budgeting4. Identifying the project risks5. Qualitative risk analysis
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45
Q

The project team personally knows the project manager. Referent can also mean the project manager refers to the person who assigned him the position.

A

Referent

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46
Q

classifies stakeholders based onpower, urgency, and legitimacy for the project

A

Salience model

47
Q

Used to identify the root causes or contributors to a problem, error, or defect. The problem statement is the effect and the possible contributing factors are the causes. For example, a failure in a system integration test could be due toImproper codingUnskilled coderInappropriate environmentInappropriate test scriptInsufficient bandwidthThe preceding are just a few examples. And each cause can be further explored for a more elaborate cause-and-effect diagram, also known as a “fishbone” diagram (because when drawn, it looks like a fish) or an “Ishikawa” diagram (named for the person who developed it).

A

Cause and effect diagram

48
Q

Generally short-term purchase used as a stopgap or emergency response.

A

Letter contract

49
Q

A positive risk that can be shared with the organization or other projects

A

Share

50
Q

the process of adding extra features to drive up costs and consume the budget

A

Gold Plating

51
Q

PM has little authority.• Organization is structured bydepartments or functions (sales,manufacturing, IT, etc.).• PM may be called a projectcoordinator or expediter.• The functional manager has all of the authority.• Focus is on completing the project work along with day-to-day work.• PM is part-time and has part-time administrative staffing.

A

Functional

52
Q

deliverables-orienteddecomposition of the project scope

A

WBS

53
Q

Individuals allow their work to consume all of their time. Work will expand to fill the amount of time allotted to it.

A

Parkinson’s Law

54
Q

An expense that can be shared with other projects or the organization, such as rent, phone, or equipment.

A

Indirect costs

55
Q

Creates an analogy between projects; also known as a top down estimate

A

Analogous

56
Q

There are hygiene agents and motivating agents. Hygiene agents are expectations for employment: paycheck, insurance, safe working environment. Motivating agents are motivators for employees such as bonuses, career advancement, opportunity to grow. Hygiene agents will not motivate, but their absence will de-motivate.

A

Herzberg’s Theory of Motivation

57
Q

Simple, early estimate. Range of variance is -25% to +75% for the project completion.

A

Rough order of magnitude

58
Q

an accounting system to track project costs by category (labor, specific materials, contractor rates). A project’s chart of accounts works with the organization’s chart of accounts for specific deliverables, work, and/or materials

A

Chart of Accounts

59
Q

The amount of time an activity can be delayed without delaying the next activity’s start date

A

Free float

60
Q

This network diagramming approach is based on the availability of project resources todetermine project completion. It is more accurate than the traditional network diagram, but is more complex to create.

A

Critical chain

61
Q

Most accurate estimate, but takes longest tocomplete; uses the bottom-upapproach. Range of variance is -5% to+10% for the project completion.

A

Definitive estimate

62
Q

This relationship means Task A must start before TaskB can start. This relationship allows both activities to happen in tandem.

A

Start-to-start (SS)

63
Q

Waiting time between activities (positive time).

A

Lag

64
Q

One party quickly forces their solution over another. Often done by seniority. This is a win-lose solution.

A

Forcing

65
Q

numbering system to identify the deliverables down to the work package within a WBS. The PMBOK® Guide uses a type of code of accounts: 5.3.3.2

A

Code of Accounts

66
Q

Net Present Value This formula finds the presentvalue on the project for each year the project promises a return:1. Each time period’s promised return is calculated into present value.2. Sum all of the time periods’ present value.3. Subtract the project’s original investment from the sum.4. An NPV greater than one is good, less than one is bad.

A

Net Present Value

67
Q

Shows on a bar graph which factors are more significant

A

Pareto Chart

68
Q

based on a previous project and this is a called

A

WBS Template or WBT

69
Q

Reduce the probability or impact of the risk event

A

Mitigation

70
Q

• PM has less power than functional managers.• Internal competition may increasefor resources.• Project team members are on multiple projects.• PM is part-time and has part-time administrative staffing.

A

Weak Matrix

71
Q

Documents stakeholder identification, assessment of influence, and stakeholder type.

A

Stakeholder register

72
Q

• PM and functional managers balance power.• Power struggles are common. Internal competition may increasefor resources.• Project team members are on multiple projects.• PM is full-time and has part-time administrative staffing.

A

Balanced Matrix

73
Q

Only offers a negative impact (injury, fire, theft, destruction).

A

Pure risk

74
Q

This relationship means Task A must completebefore Task B can begin. This is the most common relationship.

A

Finish-to-start (FS)

75
Q

Buyer pays for the time and materials of the vendor. Must have a not-to-exceed (NTE) clause.

A

Time and materials contract

76
Q

One party leaves the discussion. This is a yield-lose solution.

A

Withdrawl (Avoidance)

77
Q

Adding resources to reduce the project duration. This adds costs to the project

A

Crashing

78
Q

A graphic display of process data over time and against established control limits, and that has a centerline that assists in detecting a trend of plotted values toward either control limit.

A

Control Chart

79
Q

The ownership of the risk is transferred to some other party, usually for a fee

A

Transference

80
Q

A response that ensures that a positive risk will likely happen

A

Enhance

81
Q

category or rank given to entities having the same functional use but different technical characteristics

A

Grade

82
Q

People behave based on what they believe (expect) their behavior to bring them.

A

Vroom’s Expectancy Theory

83
Q

This is a three-step process of identifying the project stakeholders early in the project, identify the impact/support of each stakeholder, and then plan how to influence stakeholders to act in given situations

A

Stakeholder analysis

84
Q

participating in the conversation through verbal and nonverbal signs of message receipt

A

Active Listening

85
Q

An opportunity to delay an activity. Also called slack

A

Float

86
Q

An offer and consideration. Contracts are backed by the court system

A

Contracts

87
Q

A constant “fixed” cost throughout the project

A

Fixed costs

88
Q

The differences of the problem are downplayed. This is a delay and is a lose-lose solution

A

Smoothing

89
Q

inspection-driven process to keep mistakes from entering the customers’ hands

A

Quality Control

90
Q

Both parties give up something, often in a heated scenario. This is a lose-lose solution.

A

Compromising

91
Q

• PM has strong authority.• Typical full-time resources from functional departments.• Internal competition may increasefor resources.• Project team members are on multiple projects.• PM is full-time and has full-time administrative staffing.

A

Strong Matrix

92
Q

This relationship is unusual and is rarely used. It requires Task A to start so that Task B may finish. It is also known as just-in-time (JIT) scheduling.

A

Start-to-finish (SF)

93
Q

Graphs pairs of numerical data, one variable on each axis, to look for a relationship.

A

Scatter Diagram

94
Q

The cost of the deliverable, service, or materials canfluctuate based on varying factors

A

Variable costs

95
Q

prevention-driven process to do the project work right the first time.

A

Quality Assurance

96
Q

Can help you see the relationship between the process steps. You can use this information to optimize the process and to see where problems and defects can occur. Useful in process improvement projects or to document any process.

A

Flowcharts

97
Q

Used to ensure that a series of steps are followed consistently. Can be used to organize data around a quality problem. For example, you can tally the number of times that a specific cause is the source of a defect, and then use that when creating a histogram or Pareto chart to prioritize quality problems.

A

Checksheets

98
Q

Allows project phases to overlap to reduce theproject duration. This adds risk to the project

A

Fast tracking

99
Q

Risks that can offer an upside or a downside (both positive and/or negative impacts). Investing in a project is a business risk.

A

Business risk

100
Q

A vertical bar chart (like the Pareto diagram), but a is arranged to show the shape of distribution of an event: for example, the shape of distribution of calls coming into a call center. It can show the spread of results (dispersion) and the median (or mean or mode).

A

Histograms

101
Q

A risk response may create small generally accepted risks

A

Residual risk

102
Q

The buyer tells the vendor they intend to do business with them; not a binding agreement.

A

Letter of intent

103
Q

The amount of time an activity can be delayed without delaying the project’s end date

A

Total float

104
Q

• PM has the most authority.• Team is typically assigned to the project full-time.• Competition between teams may hurt the organization.• Team is uncertain of future work after the project is completed.• PM is full-time and hasfull-time administrative staffing.

A

Projectized

105
Q

The authority of the project manager comes from experience with the technology the project focuses on

A

Expert

106
Q

comprised of the project scope statement, the WBS, and the WBS Dictionary

A

Scope Baseline

107
Q

Knowledge is __________

A

Transferred

108
Q

conformance to requirements and a fitness for use. It is fulfilling the project scope.

A

Quality

109
Q

Risk is with the seller as seller pays for cost overruns

A

Fixed-price (lump-sum contracts)

110
Q

How much will a future value be worth in today’s dollars?PV=FV/(1+i)n where:PV is the value to be determinedFV is the promised return oninvestmenti is the interest raten is the number of time periods

A

Present Value

111
Q

Also known as weighted scoring models, these use a common set of values to “score” each project’s worthiness.

A

Scoring Models

112
Q

This model compares benefitsto costs. Consider a BCR of 4:1versus another project of 2:5.

A

Benefit-Cost Ratios (BCRs)

113
Q

Risks with a positive impact

A

Positive risk

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