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CAPM Study Deck > CAPM Glossary Pt. 4 > Flashcards

CAPM Glossary Pt. 4 Flashcards

1
Q

An uncertain event or condition that can have a positive or negative impact on the project.

A

Risk

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2
Q

The systematic process of combing through the project, the project plan, the work breakdown structure, and all supporting documentation to identify as many risks that may affect the project as possible.

A

Risk identification

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3
Q

A project management subsidiary plan that defines how risks will be identified, analyzed, responded to, and monitored within the project. The plan also defines the iterative risk management process that the project is expected to adhere to.

A

Risk management plan

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4
Q

The individuals or entities that are responsible for monitoring and responding to an identified risk within the project.

A

Risk owners

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5
Q

A project plan component that contains all of the information related to the risk management activities. It is updated as risk management activities are conducted to reflect the status, progress, and nature of project risks.

A

Risk register

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6
Q

A report that explains the overall project risks and provides summaries about the individual project risks.

A

Risk report

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7
Q

An audit to test the validity of the established risk responses.

A

Risk response audit

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8
Q

A subsidiary plan that defines the risk responses that are to be used in the project for both positive and negative risks.

A

Risk response plan

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9
Q

The level of ownership an individual or entity has over a project risk.

A

Risk responsibility

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10
Q

The calculated score based on a risk’s probability and impact. The approach can be used in both qualitative and quantitative risk analysis.

A

Risk score

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11
Q

When the project management team decides to use transference to respond to a risk, this agreement is created between the buyer and the seller.

A

Risk-related contractual agreement

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12
Q

Denotes what a person is specifically responsible for in a project. Roles are usually tied to job titles, such as network engineer, mechanical engineer, and electrician.

A

Role

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13
Q

A form of progressive elaboration in which the imminent work is planned in detail, while the work in the future is planned at a high level.

A

Rolling wave planning

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14
Q

A process that aims to determine why a risk event may be occurring, the causal factors for the risk event, and then, eventually, how the event can be mitigated or eliminated.

A

Root cause identification

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15
Q

A rough estimate that is used during the initiating processes an din top-down estimates. The range of variance for the estimate can be from -25 percent to +75 percent.

A

Rough order of magnitude

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16
Q

A component of a control chart that illustrates the results of seven measurements on one side of the mean, which is considered “out of control” in the project.

A

Rule of Seven

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17
Q

A quality control tool that shows the results of inspection in the order in which they’ve occurred. The goal is to first demonstrate the results of a process over time and then to use trend analysis to predict when certain trends may reemerge.

A

Run chart

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18
Q

A quality control tool that tracks the relationship between two variables over time. The two variables are considered related the closer they track against a diagonal line.

A

Scatter diagram

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19
Q

The planned start and finish of the project.

A

Schedule baselines

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20
Q

A subsidiary plan in the project management plan. It defines how the project schedule will be created, estimated, controlled, and managed.

A

Schedule management plan

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21
Q

Specific dates when phases of the project should be completed. These are often treated as project constraints.

A

Schedule milestones

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22
Q

Measures the project based on its schedule performance. The formula is SPI = EV/PV

A

Schedule performance index (SPI)

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23
Q

The comparison of what was planned and what was experienced – the difference between the earned value and the planned value. The formula is SV = EV-PV

A

Schedule variance (SV)

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24
Q

A combination of three project documents: the project scope statement, the work breakdown structure and the WBS dictionary. The creation of the project deliverable will be measured against this to show any variances from what was expected and what the project team has created.

A

Scope baseline

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25
Q

Undocumented, unapproved changes to the project scope.

A

Scope creep

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26
Q

The formal inspection of the project deliverables, which leads to project acceptance.

A

Scope validation

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27
Q

Models that use a common set of values for all of the projects up for selection. For example, values can be profitability, complexity, customer, demand, and so on.

A

Scoring models

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28
Q

A tool that filters or screens out vendors that don’t quality for the contract.

A

Screening system

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29
Q

New risks that are created as a result of a risk response.

A

Secondary risks

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30
Q

A system used by organizations to rate prior experience with each vendor that they have worked with in the past. This system can track performance, quality ratings, delivery and even contract compliance.

A

Seller rating system

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31
Q

The person who is sending the message

A

Sender

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32
Q

Communication requires a sender and receiver. Within this model may be multiple avenues to complete the flow of communication, but barriers to effective communication may be present as well.

A

Sender-receiver model

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33
Q

A quantitative risk analysis tool that examines each risk to determine which one has the largest impact on the project’s success.

A

Sensitivity analysis

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34
Q

The leader puts others first and focuses on the needs of the people they serve. They provide opportunity for growth, education, autonomy within the project, and the well-being of others. The primary focus of this type of leadership is service to others.

A

Servant leadership

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35
Q

Seven tools that are used in quality planning and in quality control: cause-and-effect diagrams, flowcharts, check sheets, Pareto diagrams, histograms, control charts, and scatter diagrams.

A

Seven basic quality tools

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36
Q

A risk response that shares the advantages of a positive risk within a project.

A

Sharing

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37
Q

Many vendors can provide what your project needs to purchase, but you prefer to work with a specific vendor.

A

Single source

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38
Q

The project manager has power because of certain situations in the organization.

A

Situational power

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39
Q

An approach to conflict management that addresses a conflict by minimizing the perceived size of the problem. It is a temporary solution but can calm team relations and boisterous discussions.

A

Smoothing

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40
Q

The activities don’t necessarily have to happen in a specific order. For example, you could install the light fixtures first, then the carper, and then paint the room. Based on this, the project manager can change the order of the activities if so desired.

A

Soft logic

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41
Q

Only one vendor can provide what your project needs to purchase. Examples include a specific consultant, a specialized service, or a unique type of material.

A

Sole source

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42
Q

Time-boxed duration, typically two to four weeks, or project execution in an agile environment. They are iterations of executing the prioritized list of product backlog requirements.

A

Sprint

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43
Q

Anyone who is affected by the existence of the project or who can affect the project’s existence. They can enter and exit the project as conditions change within the project.

A

Stakeholder

44
Q

A scope definition process where the project management team interviews the stakeholders and categorizes, prioritizes, and documents what each project stakeholder wants and needs. The analysis is to determine, quantify, and prioritize the interests of the stakeholders. This process demands quantification of stakeholder objectives; goals such as “good,” “satisfaction,” and “speedy” are not quantifiable.

A

Stakeholder analysis

45
Q

Charts and diagrams that help the project manager determine the influence of stakeholders in relation to their interest in the project. Common models include the power/interest grid, the power/influence grid, the influence/impact grid, and the salience model.

A

Stakeholder classification models

46
Q

The project manager works to keep the project stakeholders interested, involved, and supportive of the project through communication, management skills, and interpersonal skills.

A

Stakeholder engagement

47
Q

A plan that documents a strategy for managing the engagement of project stakeholders. This plan establishes stakeholder engagement and defines how the project manager can increase and improve stakeholder engagement.

A

Stakeholder engagement plan

48
Q

A project initiation activity to identify, document, and classify the project stakeholders as early as possible in the project.

A

Stakeholder identification

49
Q

The project management knowledge area that focuses on the management and engagement of the project stakeholders. There are four processes in this knowledge area: identify stakeholders, plan stakeholder management, manage stakeholder engagement, and monitor stakeholder engagement.

A

Stakeholder management

50
Q

Communications to the stakeholders regarding resolved issues, approved changes, and the overall health of the project.

A

Stakeholder notifications

51
Q

A documentation of each stakeholder’s contact information, position, concerns, interests, and attitudes toward the project. The project manager updates the register as new stakeholders are identified and when stakeholders leave the project.

A

Stakeholder register

52
Q

An activity relationship that requires an activity to start so that its successor can finish. This is the most unusual of all of the activity relationship types.

A

Start-to-finish (SF)

53
Q

An activity relationship type that requires the current activity to start before its successor can start.

A

Start-to-start (SS)

54
Q

A process of choosing a percentage of results at random. For example, a project creating a medical device may have 20 percent of all units randomly selected to check for quality.

A

Statistical sampling

55
Q

A regularly schedule meeting to discuss the status of the project and its progress toward completing the project scope statement.

A

Status review meeting

56
Q

The project team struggles for project positions, leadership, and project direction. The project team can become hostile toward the project leader, challenge ideas, and try to establish and claim positions about the project work. The amount of debate and fury can vary depending on whether the project team is willing to work together, the nature of the project, and the control of the project manager.

A

Storming

57
Q

Drawing out the experience to visualize the process, workflow, requirement, or other aspect of the project. It is a type of prototype used to help visualize a solution or problem for the stakeholders.

A

Storyboarding

58
Q

Tacit knowledge-sharing approach. Doing this allows team members to help one another better understand tacit knowledge and interact with one another.

A

Storytelling

59
Q

An organization where organizational resources are pooled into one project team, but the functional managers have less project power than the project manager.

A

Strong matrix structure

60
Q

The tone, structure, and formality of a message being send, which should be in alignment with the audience and the content of the message.

A

Style

61
Q

A representation of a project network diagram that is often used for outsourced portions of projects, repetitive work within a project, or a subproject. Also called a fragnet.

A

Subnet

62
Q

A smaller project managed within a larger, parent project. It is often contracted work those deliverable enables the larger project to progress.

A

Subproject

63
Q

Monies that have already been invested in a project.

A

Sunk costs

64
Q

Part of stakeholder analysis classification. This type of stakeholder is aware of your project and is hopeful that the project will successful.

A

Supportive stakeholder status

65
Q

The process of examining the project from the perspective of each characteristic: strengths, weaknesses, opportunities, and threats.

A

SWOT analysis

66
Q

Illustrations of the flow of a process through a system, such as a project change request through the change control system, or work authorization through a quality control process.

A

System or process flowcharts

67
Q

A scope definition approach that studies and analyzes a system, its components, and the relationship of the components within the system.

A

Systems analysis

68
Q

A project scope statement creation process that studies how a system should work, designs and creates a system model, and then enacts the working system based on the project’s goals and the customer’s expectations. It aims to balance the time and cost of the project in relation to the scope of the project.

A

Systems engineering

69
Q

Knowledge that is more difficult to express because it is based in personal beliefs, values, knowledge gained from experience, and “know-how” regarding performing a task.

A

Tacit knowledge

70
Q

The resources that will be doing the project work. The project team identifies the technical disciplines and specialties that the project will require to complete the project scope statement.

A

Technical interfaces

71
Q

These risks are associated with new, unproven, or complex technologies being used on the project. Changes to the technology during the project implementation can also be a risk. Quality risks are the levels set for expectations of impractical quality and performance.

A

Technical, quality, or performance risks

72
Q

A prompt list used in risk identification to examine the technical, environmental, commercial, operational, and political factors of the project.

A

TECOP

73
Q

A previous project that can be adapted for the current project along with forms that are prepopulated with organization-specific information.

A

Template

74
Q

Defines the obligations for the seller, what the seller will provide, and all of the particulars of the contracted work. It is similar to the statement of work.

A

Terms of reference (TOR)

75
Q

An estimating technique for each activity that requires optimistic, most likely, and pessimistic estimates to be created. Based on these three estimates, an average can be created to predict how long the activity should take.

A

Three-point estimate

76
Q

A contract type in which the buyer pays for the time and materials for the procured work. This is a simple contract, usually for smaller procurement conditions. These contract types require a not-to-exceed clause, or the buyer assumes the risk for cost overruns.

A

Time and materials contract

77
Q

A system to record the actual time to complete project activities.

A

Time reporting system

78
Q

A formula to forecast the likelihood of a project to achieve its goals based on what’s happening in the project currently. There are two different flavors for the formula, depending on what you want to accomplish. If you want to see if your project can meet the budget at completion, you’ll use this formula: TCPI = (BAC-EV) / (BAC-AC). If you want to see if your project can meet the newly created estimate at completion, you’ll use this version of the formula: TCPI = (BAC-EV) / (EAC-AC).

A

To-complete performance index (TCPI)

79
Q

The total time an activity can be delayed without delaying project completion.

A

Total float

80
Q

The leader empathizes with the goals of the project and offers rewards and disincentives for the project team. This is sometimes called management by exception, because it’s the exception that is rewarded or punished.

A

Transactional leadership

81
Q

A risk response that transfers the ownership of the risk to another party. Insurance, licensed contractors, or other project teams are good examples of transference. A fee and contractual relationships are typically involved with this response.

A

Transference

82
Q

The leader inspires and motivates the project team to achieve the project goals. This type of leader aims to empower the project team to act, be innovative in the project work, and accomplish through ambition.

A

Transformational leadership

83
Q

Shows the hierarchies and decomposition of a solution, an organization, or a project team. The WBS and an organizational chart are examples.

A

Tree diagram

84
Q

The science of using past results to predict future performance.

A

Trend analysis

85
Q

A theory that posits that time, cost and scope are three constraints present in every project. Also known as the Iron Triangle.

A

Triple Constraints of Project Management

86
Q

A group decision method where everyone must be in agreement.

A

Unanimity

87
Q

Part of stakeholder analysis classification. This status means the stakeholder doesn’t know about the project and the effect the project may create on the stakeholder.

A

Unaware stakeholder status

88
Q

A backlog of prioritized requirements that are prioritized by value with the product owner and project team in an agile environment. They are aligned points to predict the difficulty of creating the requirements. Only so many points are allowed per iteration.

A

User stories

89
Q

An approach that examined the functions of the project’s product in relation to the cost of the features and functions. This is where, to some extent, the grade of the product is shown in relationship to the cost of the product.

A

Value analysis

90
Q

An approach to project scope statement creation that attempts to find the correct level of quality in relation to a reasonable budget for the project deliverable, while still achieving an acceptable level of performance of the product.

A

Value engineering

91
Q

A type of risk based on the variations that may occur in the project, such as production, number of quality errors, or even the weather.

A

Variability risks

92
Q

Costs that change based on the conditions applied in the project, such as the number of meeting participants, the supply of and demand for materials, and so on.

A

Variable costs

93
Q

The difference between what was expected and what was experienced.

A

Variance

94
Q

A forecasting formula that predicts how much of a variance the project will likely have based on current conditions within the project. The formula is VAC = BAC-EAC.

A

Variance at completion (VAC)

95
Q

Uses a network structure to communicate and interact with other groups and departments. A point of contact exists for each department, and these department points of contact receive and send all messages for the department.

A

Virtual organization

96
Q

A theory that states that people will behave based on what they expect as a result of their behavior. In other words, people will work in relation to the expected reward.

A

Vroom’s Expectancy Theory

97
Q

A prompt list used in risk identification that examines the volatility, uncertainty, complexity, and ambiguity of risk factors within the project.

A

VUCA

98
Q

A WBS companion document that defines all of the characteristics of each element within the WBS.

A

WBS dictionary

99
Q

A prepopulated WBS for repetitive projects. Previous projects’ WBSs are often used as templates for current similar projects.

A

WBS template

100
Q

An organization where organizational resources are pooled into one project team, but the functional managers have more project power than the project manager.

A

Weak matrix structure

101
Q

A system that takes out the personal preference of the decision-maker in the organization to ensure that the best seller is awarded the contract. Weights are assigned to the values of the proposals, and each proposal is scored.

A

Weighting system

102
Q

A conflict resolution method in which one side of the argument walks away from the problem, usually in disgust.

A

Withdrawal

103
Q

A deliverables-oriented breakdown of the project scope.

A

Work breakdown structure (WBS)

104
Q

The smallest item in the work breakdown structure.

A

Work package

105
Q

Raw data, observations, and measurements about project components that is gathered and stored in the project management information system.

A

Work performance data

106
Q

The results of project work as needed. This includes technical performance measures, project status, information on what the project has created to date, corrective actions, and performance reports.

A

Work performance information

107
Q

The formatted communication of work performance information that communicate what’s happening in the project through status report, memos, dashboards, or other modalities.

A

Work performance reports

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