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CAPM Questions Flashcards

CAPM Prep

1
Q

What is the definition of a Project?

A

A temporary endeavor undertaken to create a unique product, service or result.

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2
Q

What is the definition of a Program?

A

Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually

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3
Q

The process groups interact based on what cycle?

A

The “Plan-Do-Act” cycle, defined by Shewart and later modified by Deming.

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4
Q

What is progressive elaboration?

A

The iterative process of increasing the level of detail in a project management plan as greater amount of information and more accurate estimates become available

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5
Q

What are common project factors? (Hint NCM PME CSL BSSE)

A 
New Technology
Competitive Forces
Material Issue
Political Changes
Market Demand
Economic Changes
Customer request
Stakeholder Demands
Legal Requirements
Business process improvements
Strategic opportunity or business need
Social need
Environmental Considerations
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6
Q

What is Project Management

A

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

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7
Q

What is a project constraint

A

A limiting factor that affects the execution of a project, program, portfolio, or process

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8
Q

What are the three project constraints?

A

Scope
Schedule
Cost

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9
Q

What is the Project Management Office? (PMO)

A

A management structure that standardizes the project related governance processes and facilitates the sharing of resources, methodologies, tools and techniques

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10
Q

Who is the Project Manager?

A

The person assigned by the performing organization to lead the team that is responsible for achieving the project objective

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11
Q

What is a portfolio?

A

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives

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12
Q

What are Enterprise environmental factors?

A

Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio.

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13
Q

What are organizational process assets?

A

Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization

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14
Q

What are the 10 knowledge areas? (Hint ISS CQR CRPS)

A

Integration
Scope
Schedule

Cost
Quality
Resource

Communications
Risk
Procurement
Stakeholder

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15
Q

What is the Project Charter?

A

A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities

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16
Q

What is the Statement of Work?

A

A narrative description of products, services, or results to be delivered by the project.

For internal projects, the project initiator or sponsor provides the SOW. For external projects the SOW can be received from the customer.

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17
Q

What is a business case?

A

A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.

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18
Q

What is the Assumption Log?

A

A project document used to record all assumptions and constraints throughout the project life cycle

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19
Q

Describe the Develop Project Management Plan process

A

Process Group: Planning

Knowledge Area: Integration

The process of defining, preparing, and coordinating all plan components and consolidating them into an integrated project management plan.

Keith Output:
Project Management Plan

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20
Q

What is a Subsidiary Plan

A

A component of the project management plan that provides an additional level of detail around certain areas of focus for the project.

Examples:
Cost management plan
Schedule management plan
Quality management plan

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21
Q

What is the project management plan?

A

The document that describes how the project will be executed, monitored and controlled, and closed.

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22
Q

Describe the Direct and Manage Project Work Process

A

Process Group: Executing

Knowledge Area: Integration

Description: The process of leading and performing the work defined in the project management plan and implementing approved changes to achieve the project’s objectives

Key Outputs:

Deliverables
Work performance data
Issue Log

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23
Q

What is the project management information system? (PMIS)

A

An information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of the project management processes.

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24
Q

What is a deliverable?

A

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

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25
Q

What is work performance data?

A

The raw observations and measurements identified during activities being performed to carry out the project work.

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26
Q

What is a change request?

A

Requests to expand or reduce the project scope, modify policies, processes, plans or procedures, modify costs or budgets, or revise schedules. Also includes corrective actions, preventive actions, and defect repair

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27
Q

What is an issue log?

A

A project document where information about issues are recorded and monitored.

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28
Q

Describe the Manage Project Knowledge process

A

Process Group: Executing

Knowledge Area: Integration

Description: The process of using existing knowledge and creating new knowledge to achieve the project’s objectives and contribute to organizational learning.

Key Output:

Lessons learned register

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29
Q

What is the lessons learned register?

A

A project document used to record knowledge gained during a project so that it can be used in the current project and entered into the lessons learned repository.

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30
Q

Describe the Monitor and Control Project Work process

A

Process Group: Monitoring and Controlling

Knowledge Area: Integration

Description: The process of tracking, reviewing, and reporting overall progress to meet the performance objectives defined in the project management plan.

Key Output:

Work performance reports

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31
Q

What are work performance reports?

A

The physical or electronic representation of work performance information complied in project documents, intended to generate decisions, actions, or awareness.

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32
Q

Describe the Perform Integrated Change Control process

A

Process Group: Monitoring and Controlling

Knowledge Area: Integration

Description: The process of reviewing all change requests; approving changes and managing changes to deliverables, organizational process assets, project documents, and the project management plan’ and communicating the decisions.

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33
Q

What is corrective action?

A

An intentional activity that realigns the performance of the project work with the project management plan

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34
Q

What is preventive action?

A

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

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35
Q

What is defect repair?

A

An intentional activity to modify an nonconforming product or product component

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36
Q

What is a scope change?

A

Any change to the project scope. A scope change almost always requires an adjustment to the project cost or schedule.

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37
Q

What is a change control board? (CCB)

A

A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.

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38
Q

What is configuration management?

A

A collection of procedures used to track project artifacts and monitor and control changes to these artifacts.

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39
Q

What is change control?

A

A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.

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40
Q

What is an approved change request?

A

A change request that has been processed through the integrated change control process and approved.

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41
Q

What is a contract change control system?

A

The system used to collect, track, adjudicated, and communicated changes to a contract.

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42
Q

Describe the Close Project or Phase process

A

Process Group: Closing

Knowledge Area: Integration

Description: Finalizes all activities across all of the project management process groups to formally complete the project or phase.

Key Output:

Final product, service, or result transition.

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43
Q

What is the final report?

A

A report that provides a summary of the project performance, including: description of the project or phase; scope, quality, schedule and cost objectives; business need achievement; risk or issues encountered and addressed

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44
Q

What is the final product, service, or result?

A

Formal handover and acceptance of the final product, service or result that the project was authorized to produce.

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45
Q

Describe the Plan Scope Management Process

A

Process Group: Planning

Knowledge Area: Scope

Description: The process of creating a scope management plan that documents how the project and product scope will be defined, validated, and controlled.

Key Outputs:

Scope management plan
Requirements management plan

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46
Q

What is the scope management plan?

A

A component of the project or program management plan that describes how the scope will be defined, developed, monitored, controlled, and validated.

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47
Q

What is the requirements management plan?

A

A component of the project or program management plan that describes how requirements will be analyzed, documented, and managed.

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48
Q

Describe the Collect Requirements Process

A

Process Group: Planning

Knowledge Area: Scope

Description: The process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives.

Key Outputs:

Requirements documentation
Requirements traceability matrix

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49
Q

What is a focus group?

A

An elicitation technique that brings together pre-qualified stakeholders and subject matter experts to learn about their expectations and attitudes about a proposed product, service, or result.

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50
Q

What are facilitated workshops?

A

Focused sessions attended by key cross-functional stakeholders to define product requirements.

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51
Q

What is brainstorming?

A

Creativity technique that allows participants to think and contribute creatively with minimal structure or boundaries.

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52
Q

What is nominal group technique?

A

A technique that enhances brainstorming with a voting process used to rank the most useful ideas for further brainstorming or for prioritization.

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53
Q

What is mind mapping?

A

A technique used to consolidate ideas created through individual brainstorming sessions into a single map to reflect commonality and differences in understanding and to generate new ideas.

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54
Q

What is an affinity diagram?

A

A technique that allows large numbers of ideas to be classified into groups for review and analysis.

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55
Q

What are voting techniques?

A

Techniques used to select a course of action from different alternatives.

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56
Q

What are the 3 voting techniques?

A

Plurality: Largest group decides, even if majority is not reached.

Majority: More than half the group agrees

Unanimity: Everyone agrees

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57
Q

What are questionnaires and surveys?

A

Written sets of questions designed to quickly accumulate information from a large number of respondents.

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58
Q

What are observations?

A

Watching end-users do their work. Helpful when identifying difficult to articulate requirements. Also called job-shadowing or ghosting.

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59
Q

What is a prototype?

A

A method of obtaining early feedback on requirements by providing a working model of the expected product before actually building it.

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60
Q

What is benchmarking?

A

Benchmarking is the comparison of actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.

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61
Q

What is a context diagram?

A

A visual depiction of the product scope showing a business system (process, equipment, computer systems, etc…) and how people and other systems (actors) interact with it.

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62
Q

Describe requirements documentation

A

A description of how individual requirements meet the business need for the project.

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63
Q

What is a traceability matrix?

A

A grid that links product requirements from their origin to the deliverables that satisfy them.

Requirements may also be traced to: project scope, product design, WBS deliverables, test strategy and scenarios, etc…

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64
Q

Describe the Define Scope process

A

Process Group: Planning

Knowledge Area: Scope

Description: The process of developing a detailed description of the project and product.

Key Output: Project Scope Statement

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65
Q

What is the project scope statement?

A

The description of the project scope, major deliverables, assumptions, and constraints.

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66
Q

Describe the Create WBS process

A

Process Group: Planning

Knowledge Area: Scope

Description: The process of subdividing project deliverables and project work into smaller, more manageable components

Key Output: Scope Baseline

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67
Q

What is decomposition?

A

A technique used for dividing and subdividing the project scope and projects deliverables into smaller, more manageable parts.

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68
Q

What is the 100% rule?

A

Used in developing the WBS. The total of the lower level work rolls up to the higher levels. Nothing is left out and no extra work is completed.

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69
Q

What is a control account?

A

A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.

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70
Q

What is the work breakdown structure? (WBS)

A

A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.

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71
Q

What is a work packages?

A

The work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated and managed.

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72
Q

What is the WBS dictionary?

A

A document that provides detailed deliverable, activity, and scheduling information about each component in the work breakdown structure.

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73
Q

What is the scope baseline?

A

The approved version of a scope statement, work breakdown structure (WBS), and its associated WBS dictionary, that can be changed using formal change control procedures and is used as a basis for comparison to actual results.

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74
Q

What is scope creep?

A

The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.

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75
Q

Describe the Validate Scope process

A

Process Group: Monitoring and Controlling

Knowledge Area: Scope

Description: Formalizes acceptance of the completed project deliverables.

Key Output: Accepted deliverables.

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76
Q

What is acceptance criteria?

A

A set of conditions that is required to be met before deliverables are accepted.

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77
Q

What is inspection (used in the Validate Scope process)

A

Examination of a work product to determine whether it conforms to documented standards.

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78
Q

Describe the Control Scope process

A

Process Group: Monitoring and Controlling

Knowledge Area: Scope

Description: The process of monitoring the status fo the project and product scope and managing changes to the scope baseline.

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79
Q

What is a variance analysis?

A

A technique for determining the cause and degree of difference between the baseline and actual performance.

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80
Q

What is trend analysis?

A

An analytical technique that uses mathematical models to forecast future outcomes based on historical results.

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81
Q

What is work performance information?

A

The performance data collected from controlling processes, analyzed in comparison with project management plan components, project documents, and other work performance information.

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82
Q

Describe the Plan Schedule Management process

A

Process Group: Planning

Knowledge Area: Schedule

Description: Establishes the policies, procedures, and documentation for planning, developing, managing, and controlling the project schedule.

Key Output: Schedule management plan.

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83
Q

Describe the Define Activities process

A

Process Group: Planning

Knowledge Area: Time

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

Key Outputs:
Activity List
Activity attributes
Milestone list.

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84
Q

What is rolling wave planning?

A

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

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85
Q

What is an activity?

A

A distinct, scheduled portion of work performed during the course of a project.

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86
Q

What is the activity list?

A

A documented tabulation of schedule activities that shows the activity description, activity identifier, and a sufficiently detailed scope of work description so project team members understand what work is to be performed.

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87
Q

What are activity attributes?

A

Multiple attributes associated with each schedule activity that can be included within the activity list. Activity attributes include activity codes, predecessor activities, successor activities, logical relationships, leads, and lags, resource requirements, imposed dates, constraints, and assumptions.

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88
Q

What is a milestone list?

A

Identifies all milestones and also whether the milestone is mandatory or optional. A milestone is a significant point or event in the project.

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89
Q

Describe the Sequence Activities process

A

Process Group: Planning

Knowledge Area: Schedule

Description: The process of identifying and documenting relationships among the project activities.

Key Output: Project schedule network diagrams

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90
Q

What is the precedence diagramming method? (PDM)

A

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

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91
Q

What is a finish-to-start dependency relationship?

A

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

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92
Q

What is a finish-to-finish dependency relationship?

A

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

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93
Q

What is a start-to-start dependency relationship?

A

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

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94
Q

What is a start-to-finish dependency relationship?

A

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

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95
Q

What is a mandatory dependency?

A

A relationship that is contractually required or inherent in the nature of the work.

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96
Q

What is a discretionary dependency?

A

A relationship that is established based on knowledge of best practices within a particular application area or an aspect of the project where a specific sequence is desired.

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97
Q

What is an external dependency?

A

A relationship between project activities and non-project activities

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98
Q

What is an internal dependency?

A

A relationship between project activities that are generally under the team’s control

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99
Q

What is a lead?

A

The amount of time whereby a successor activity can by advanced with respect to a predecessor activity.

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100
Q

What is lag?

A

The amount of time whereby a successor activity will be delayed with respect to a predecessor activity.

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101
Q

What is a network diagram?

A

Shows the sequencing of the project activities. Produced either with scheduling software or done manually.

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102
Q

Describe the Estimate Activity Resources process

A

Process Group: Planning

Knowledge Area: Schedule

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

Key Outputs:
Duration estimates
Basis of estimates

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103
Q

What is effort?

A

The number of labor units required to complete a schedule activity or work breakdown structure component. Usually expressed as staff hours, staff days, or staff weeks.

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104
Q

What is duration?

A

The total number of work periods required to complete an activity or work breakdown structure component, expressed in hours, days, or weeks.

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105
Q

What is elapsed time?

A

The calendar time or span required to complete the activities based on the resources available. Unlike duration, elapsed time does include holidays and non-working days, as it is the total calendar time.

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106
Q

What is analogous duration estimating?

A

A technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.

Frequently used when there is a limited amount of detailed information about the project such as in the early phases of the project.

Generally less costly and time consuming than other techniques, but it is also generally less accurate.

Uses historical information and expert judgement.

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107
Q

What is parametric estimating?

A

An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters

Activity durations can be quantitatively determined by multiplying the quantity of work to be performed by labor hours per unit of work.

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108
Q

What is a three-point estimate for duration?

A

A technique used to estimate cost or duration by applying an average or weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates. Also known as Program Evaluation and Review Technique (PERT)
(O+M+P)/3

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109
Q

What is bottom-up estimating for duration?

A

A method of estimating project duration by aggregating the estimates of the lower-level components of the WBS

This is the most time-consuming, but most accurate method of estimating.

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110
Q

What is a reserve analysis?

A

An analytical technique to determine the essential features and relationships of components in the project management plan to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project.

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111
Q

Describe the Develop Schedule process

A

Process Group: Planning

Knowledge Area: Schedule

Description: Analyzes activity sequences, durations, resource requirements, and schedule constraints to create the project schedule

Key Outputs:
Schedule baseline
Projects schedule
Schedule data
Project calendars
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112
Q

What is a schedule network analysis?

A

The technique of identifying early and late start dates, as well as early and late finish dates for the uncompleted portions of project schedule activities.

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113
Q

What is the critical path method? (CPM)

A

A method used to estimate the minimum project duration and determine the amount of schedule flexibility on the logical network paths within the schedule model.

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114
Q

What is total float?

A

The amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint.

Calculated using the critical path method technique and determining the difference between the early dates and late dates for each schedule activity.

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115
Q

What is free float?

A

The amount of time that a schedule activity can be delayed without delaying the early start date of any immediately following schedule activities. Free float only occurs on the last activity in a sequence.

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116
Q

What is a critical activity?

A

Any activity on the critical path in a project schedule.

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117
Q

What is the critical path?

A

The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.

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118
Q

What are resource optimization techniques?

A

A technique in which activity start and finish dates are adjusted to balance demand for resources with the available supply.

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119
Q

What is Resource Leveling?

A

A resource optimization technique in which adjustments are made to the project schedule to optimize the allocation of resources and which may affect critical path.

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120
Q

What is Resource Smoothing?

A

A resource optimization technique in which free and total float are used without affecting the critical path.

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121
Q

What are Data Analysis Techniques?

A

Techniques used to organize, assess, and evaluate data and information.

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122
Q

What is What-if scenario analysis?

A

The process of evaluating scenarios in order to predict their effect on project objectives.

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123
Q

What is Simulation?

A

The process of calculating multiple project durations with different sets of activity assumptions. Most common technique is Monte Carl simulation.

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124
Q

What is schedule compression?

A

A technique used to shorten the schedule duration without reducing the project scope.

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125
Q

What is fast-tracking?

A

A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.

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126
Q

What is crashing?

A

A technique used to shorten the schedule duration for the least incremental cost by adding resources.

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127
Q

What is agile release planning?

A

Provides a high-level summary timeline of the release schedule (3-6 months) based on the product road-map and the product vision for the product’s evolution.

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128
Q

What is the project schedule?

A

An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.

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129
Q

What is a milestone chart?

A

A significant point or event in a project, program, or portfolio.

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130
Q

What is a bar chart?

A

A graphic display of schedule-related information. In the typical bar chart, schedule activities or work breakdown structure components are listed down the left side of the chart, dates are shown across the top, and activity durations are shown as date-laced horizontal bars.

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131
Q

What is the schedule baseline?

A

The approved version of a schedule model that can be changed using formal change control procedures and is used as the basis for comparison to actual results.

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132
Q

What is path convergence?

A

A relationship in which a schedule activity has more than one predecessor.

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133
Q

What is path divergence?

A

A relationship in which a schedule activity has more than one successor.

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134
Q

What is a summary activity?

A

A group of related scheduled activities aggregated and displayed as a single activity. Also known as a hammock activity

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135
Q

What is a successor activity?

A

A dependent activity that logically comes after another activity in a schedule.

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136
Q

What is a predecessor activity?

A

An activity that logically comes before a dependent activity in a schedule.

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137
Q

Describe the Control Schedule process

A

Process Group: Monitoring and Controlling

Knowledge Area: Schedule

Description: The process of monitoring the status of the project to update the project schedule and manage changes to the schedule baseline.

Key Output: Schedule Forecast

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138
Q

What is the earned value technique? (EVT)

A

A specific technique for measuring the performance of work and used to establish the performance measurement baseline.

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139
Q

What is a performance review?

A

A technique that is used to measure, compare, and analyze actual performance of work in progress on the project against the baseline.

140
Q

What is schedule variance? (SV)

A

A measure of schedule performance expressed as the difference between the earned value and the planned value.

A schedule variance of 0 indicates the project or component is on schedule. A negative schedule variance (less than 0) indicates the project or component is behind schedule. A positive schedule variance (greater than 0) indicates the project or component is ahead of schedule.

141
Q

What is schedule performance index (SPI)

A

A measure of schedule efficiency expressed as the ratio of earned value to planned value.

A schedule performance index of 1 indicates the project is on schedule. A schedule performance index greater than 1 indicates the project is ahead of schedule. A schedule performance index less than 1 indicates the project is behind schedule.

Formula: SPI = EV / PV

142
Q

What is an iteration burn down chart?

A

A chart that tracks the work that remains to be completed in the iteration backlog; used to analyze the variance with respect to an ideal burn down based on the work committed from iteration planning.

143
Q

Describe the Plan Cost Management process

A

Process Group: Planning

Knowledge Area: Cost

Description: The process of defining how the project costs will be estimated, budgeted, manage, monitored and controlled.

Key Output: Cost Management Plan

144
Q

Describe the Estimate Costs process

A

Process Group: Planning

Knowledge Area: Cost

Description: The process of developing an approximation of the monetary resources needed to complete project activities.

Key Outputs:

Activity cost estimates
Basis of estimates
Project documents updates

145
Q

What is a rough order of magnitude (ROM)

A

it is made early in the project with minimal detailed information.

For example, a project in the initiation phase may have a rough order of magnitude (ROM) estimate in the range of -25% to 75%. Later in the project, as more information is known, definitive estimates could narrow the range of accuracy to -5% to +10%

146
Q

What is a budgetary estimate?

A

Used to appropriate funds on a defined, periodic basis.

Accuracy can be approximately: -10% to +25%

147
Q

What is a definitive estimate?

A

Based on detailed information for each work package in the WBS>

Accuracy can be approximately: -5% to +10%

148
Q

What is a phased estimate?

A

Allows use of ROM or approximate estimates for some later work (also called “rolling wave” or “moving window”).

Accuracy can be approximately: near term +/-5% , future +/- 35%

149
Q

What is analogous cost estimating?

A

A technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.

Frequency used when there is a limited amount of detailed information about the project such as, in the early phases of the project.

Generally less costly and time consuming than other techniques, but it is also generally less accurate.

Uses historical information and expert judgement.

150
Q

What is parametric cost estimating?

A

An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters.

151
Q

What is bottom-up cost estimating?

A

A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the work breakdown structure.

152
Q

What is a three-point cost estimate?

A

A technique used to estimate cost or duration by applying an average or weighted average of Optimistic, Pessimistic, and Most likely estimates.

Beta distribution: Cost estimate = (O + 4(M) + P) / 6

Triangular distribution: Cost estimate = (O+M+P)/3

153
Q

What is a reserve analysis? (COST)

A

An analytical technique to determine the essential features and relationships of components in the project management plan to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project.

154
Q

What is the cost of quality?

A

All costs incurred over the life of the product by investment in preventing non conformance to requirements, appraisal of the product or service for conformance to requirements, and failure to meet requirements.

155
Q

What is an activity cost estimate?

A

The likely costs of the resources required to complete the activities. The cost estimates can include labor, materials, equipment, services, facilities, information technology, and a contingency allocation.

156
Q

Describe the Determine Budget process.

A

Process Group: Planning

Knowledge Area: Cost

Description: The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

Key Outputs:

Cost Baseline
Project funding requirements

157
Q

What is cost aggregation?

A

Summing the lower-level cost estimates associated with the various work packages for a given level within the project’s WBS or for a given cost control account.

158
Q

What is management reserve?

A

An amount of the project budget or project schedule held outside of the performance management baseline (PMB) for management control purposes, that is reserved or unforeseen work that is within scope of the project.

159
Q

What is contingency reserve?

A

Time or money allocated in the schedule or cost baseline for known risks with active response strategies.

160
Q

What is funding limit reconciliation?

A

The process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures.

161
Q

What is the cost baseline?

A

The approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results.

162
Q

What is the Budget at Completion? (BAC)

A

The sum of all budgets established for the work to be performed.

163
Q

What is earned value (EV) ?

A

The measure of work performed expressed in terms of the budget authorized for that work.

Earned value (EV) is calculated as the budget at completion (BAC) multiplied by the percentage of work that is complete.

EV = BAC x percent complete

164
Q

What is planned value (PV)?

A

The authorized budget assigned to scheduled work.

165
Q

Describe the Control Costs process

A

Process Group: Monitoring & Controlling

Knowledge Area: Project Cost Management

Description: The process of monitoring the status of the project to update the project costs and manage changes to the cost baseline.

Key Output:

Cost forecasts

166
Q

What is Actual Cost? (AC)

A

The realized cost incurred for the work performed on an activity during a specific time period.

167
Q

What is Cost Variance? (CV)

A

The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.

A cost variance of 0 indicates the project or component is on budget. A negative cost variance (less than 0) indicates the project or component is over budget. A positive cost variance (greater than 0) indicates the project or component is under budget.

Formula: CV = EV - AC

168
Q

What is Cost Performance Index? (CPI)

A

A measure of the cost efficiency of budgeted resources expressed as the ration of earned value to actual cost.

A cost performance index of 1 indicates the project is on budget. A cost performance index greater than 1 indicates the project is over budget.

Formula: CPI + EV / AC

169
Q

What is estimate to complete? (ETC)

A

The expected cost to finish all the remaining project work.

It is provided as either an estimate or by calculation the estimate at completion (EAC) and subtracting the actual costs (AC) already incurred.

170
Q

What is estimate at completion? (EAC)

A

The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.

171
Q

What is the to-complete performance index? (TCPI)

A

A measure of the cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the remaining budget.

A TCPI greater than 1 indicates there is more work remaining than funding. A TCPI less than 1 indicates that there is more funding than there is work remaining.

Formulas:

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

172
Q

Describe the Plan Quality Management process

A

Process Group: Planning

Knowledge Area: Quality

Description: The process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project twill demonstrate compliance with quality requirements and/or standards.

Key Outputs:

Quality management plan
Quality metrics

173
Q

What is quality?

A

The degree to which a set of inherent characteristics fulfills requirements.

174
Q

What is grade?

A

A category or rank used to distinguish item that have the same functional use, but do no share the same requirements for quality.

175
Q

What is precision?

A

The values of repeated measurements are consistent.

176
Q

What is accuracy?

A

The measured value is very close to true value.

177
Q

What was Deming’s approach to quality?

A

Organizations can increase quality and reduce costs by practicing continuous process improvement and by thinking of manufacturing as as system, not as bits and pieces.

178
Q

What is the cost of conformance?

A

Money spent during the project to avoid failures.

179
Q

What is the cost of non-conformance?

A

Money spent during and after the project because of failures.

180
Q

What was Juran’s approach to quality?

A

Applied the Pareto principle to quality issues(80% of the problems are caused by 205 of the causes) and also developed “Juran’s Trilogy”: Quality planning, quality control, and quality improvement.

181
Q

What was Crosby’s approach to quality?

A

The principle of “doing it right the first time” (DIRFT)

182
Q

What is benchmarking?

A

Benchmarking is the comparison of actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.

183
Q

What is a design of experiments?

A

method that identifies which factors may influence specific variables of a product or a process.

184
Q

What is statistical sampling?

A

Choosing part of a population for inspection and testing.

185
Q

What is the quality management plan?

A

A component of the project or program management plan that describes how applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives.

186
Q

What are quality metrics?

A

A description of a project or product attribute and how to measure it.

187
Q

What are quality checklists?

A

A structured tool used to verify that a set of required steps has been performed.

188
Q

Describe the Manage Quality process

A

Process Group: Executing

Knowledge Area: Quality

Description: The process of translating the quality management plan into executable quality activities that incorporate the organization’s quality policies into the project.

Key Outputs:

Quality Reports
Test and evaluation documents

189
Q

What is continuous process improvement?

A

Ongoing improvement of processes with a goal of reducing waste and eliminating activities that do not add value.

190
Q

What is a quality audit?

A

A quality audit is a structured, independent process to determine if project activities comply with organizational and project policies, processes, and procedures.

191
Q

What is a design for X?

A

A set of technical guidelines that may be applied during the design of a product for the optimization of a specific aspect of the design.

The “x” can represent different aspects of product development: reliability, safety, cost, service, deployment, etc.

Often represented as DfX

192
Q

What are test and evaluation documents?

A

Project documents that describe the activities used to determine if the product meets the quality objectives stated in the quality management plan.

193
Q

Describe the Control Quality process

A

Process Group: Monitoring & Controlling

Knowledge Area: Quality

Description: The process of monitoring and recording results of executing the quality management activities to assess performance and ensure the project outputs are complete, correct, and meet customer expectations.

194
Q

What is prevention?

A

Keeping errors out of the process.

195
Q

What is inspection?

A

Examination of a work product to determine whether it conforms to documented standards.

196
Q

What is attribute sampling?

A

Method of measuring quality that consists of noting the presence (or absence) of some characteristic (attribute) in each of the units under consideration.

197
Q

What is variable sampling?

A

The result is rated on a scale that measures the degree of conformity.

198
Q

What are special causes of variance?

A

A source of variation that is not inherent in the system, is not predictable, and is intermittent. It can be assigned to a defect in the system. On a control chart, points beyond the control limits, or non-random patterns within the control limits, indicate it.

199
Q

What are random causes of variance?

A

A source of variation that is inherent in the system and predictable. On a control chart, it appears as part of the random process variation (i.e., variation from a process that would be considered normal or not unusual), and is indicted by a random pattern of points within the control limits.

200
Q

What are tolerances?

A

The quantified description of acceptable variation for a quality requirement.

201
Q

What are control limits?

A

The area composed of three standard deviations on either side of the center line, or mean of a normal distribution of data plotted on a control chart, that reflects the expected variation in the data.

202
Q

What are the seven basic quality tools? (CCH PFCS)

A 
Cause and Effect Diagram
Control Chart
Histogram
Pareto Diagram
Flowchart
Check sheet
Scatter Diagram
203
Q

What is a cause-and-effect diagram?

A

A diagramming technique that assists in identifying causes and root causes for a project risk.
(Ishikawa/Fishbone Diagramm)

204
Q

What is a control chart?

A

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

205
Q

What is a histogram?

A

A bar chart that shows the graphical representation of numerical data.

206
Q

What is a Pareto diagram?

A

A histogram, ordered by frequency of occurrence, that shows how many results were generated by each identified cause.

207
Q

What is a flowchart?

A

The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.

208
Q

What is a checksheet?

A

A tally sheet that can be used as a checklist when gathering data.

209
Q

What is a scatter diagram?

A

Shows the pattern of relationship between two variables.

210
Q

What is statistical sampling?

A

Choosing part of a population of interest for inspection.

211
Q

What are quality control measurements?

A

The documented results of control quality activities.

212
Q

What are validate changes?

A

Changed or repaired items are inspected are either accepted or rejected.

213
Q

What are verified deliverables?

A

Completed project deliverables that have been checked and confirmed for correctness through the Control Quality Process

214
Q

Describe the Develop Human Resource Plan process

A

Process Group: Planning

Knowledge Area: Resource

Description: The process of defining how to estimate, acquire, manage, and utilize physical and team resources.

Key Outputs:

Resource management plan
Team Charter

215
Q

What is an organizational chart?

A

Shows positions and relationships in a graphic, top-down format.

216
Q

What is an organizational breakdown structure? (OBS)

A

A hierarchical representation of the project organization, which illustrates the relationship between project activities and the organizational units that will perform those activities.

217
Q

What is a responsibility assignment matrix? (RAM)

A

A grid that shows the project resources assigned to each work package.

218
Q

Describe Maslow’s theory

A

Lower level needs must be met before higher level needs are considered. Often depicted as a triangle with five levels:physiological, safety, social, self-esteem, and self-actualization.

219
Q

Describe Herzberg’s theory

A

Motivation and Hygiene

Motivators: (e.g. challenging work recognition, responsibility) Give positive satisfaction, arising from intrinsic conditions of the job itself, such as recognition, achievement, or personal growth.

Hygiene factors (e.g. status, job security, salary and fringe benefits) Do not give positive satisfaction, although dissatisfaction results form their absence. These are extrinsic to the work itself and include aspects such as company policies, supervisory practices, or wages/salary

220
Q

Describe Vroom’s theory (Expectancy Theory)

A

Predicts that employees in an organization will be motivated when they believe that putting in more effort will yield better job performance; better job performance will lead to organizational rewards, such as an increase in salary or benefits; and these predicted organizational rewards are valued by the employee in question. Vroom’s theory assumes that behavior results from conscious choices among alternatives whose purpose it is to maximize pleasure and to minimize pain.

221
Q

Describe McGregor’s theory (X & Y Theory)

A

X Theory: States that people are generally lazy, do not want to work and thus need to be micromanaged.

Y Theory: States that people are self-led and motivated and can accomplish things on their own with little intervention.

McGregor believed that people fall into either category

222
Q

Describe McClelleands’s Theory (Achievement Theory)

A

The need for achievement is a term that refers to an individual’s desire for significant accomplishment, mastering of skills, control, or high standards. N-Ach is related to the difficulty of tasks people choose to undertake.

Those with low N-Ach may choose very east tasks, in order to minimize risk of failure, or highly difficult tasks, such that a failure would not be embarrassing.

Those with high N-Ach tend to choose moderately difficult tasks, feeling that they are challenging, but within reach.

223
Q

What is the resource management plan?

A

A component of the project management plan that describes how project resources are acquired, allocated, monitored, and controlled.

224
Q

Describe the Estimate Activity Resources process

A

Process Group: Planning

Knowledge Area: Resource

Description: The process of estimating team resources and the type of quantities of material equipment, and supplies necessary to perform project work.

Key Outputs:

Resource requirements
Basis of estimates
Resource breakdown structure

225
Q

What is an alternatives analysis?

A

A technique used to evaluate identified options in order to select the options or approaches to use to execute and perform the work of the project.

226
Q

How is bottom-up estimating used in the Estimate Activity Resources process?

A

A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the work breakdown structure (WBS)

Used when the activity cannot be estimated with a reasonable degree of confidence. Resource needs of the more detailed pieces of work are estimated and then those estimates are aggregated into a total quantity for each of the schedule activity’s resources.

227
Q

What is a Resource Breakdown Structure?

A

A hierarchical representation of potential sources of risks.

228
Q

Describe the Acquire Resources process

A

Process Group: Executing

Knowledge Area: Resource

Description: The process of obtaining team members, facilities, equipment, materials, supplies, and other resources necessary to complete project work.

Key Outputs:

Physical resource assignments
Project Team calendars
Resource calendars

229
Q

What is pre-assignment?

A

Team members are known in advance. Occurs when the project is awarded as a result of a competitive proposal or if the project is dependent upon the expertise of particular persons.

230
Q

What is a virtual team?

A

Groups with a shared goal that are not located geographically in the same area and thus have minimal face-to-face time.

231
Q

What are physical resource assignments?

A

Documentation of the physical resource assignments records the material, equipment, supplies, locations, and other physical resources that will be used during the project.

232
Q

What are project team assignments?

A

Documentation of team assignments that records the team members and their roles and responsibilities for the project.

233
Q

Describe the Develop Team process

A

Process Group: Executing

Knowledge Area: Resource

Description: The process of improving competences, team member interaction, and overall team environment to enhance project performance.

Key Output:

Team performance assessments.

234
Q

What are team-building activities?

A

Activities designed to enhance the relationships within the project team.

235
Q

What are the five stages of team development? (‘ings) (FSN PA)

A 
Forming
Storming
Norming
Performing
Adjourning
236
Q

What are ground rules?

A

Expectations regarding acceptable behavior by project team members.

237
Q

What is co-location?

A

An organizational placement strategy where the project team members are physically located close to one another in order to improve communication, working relationships, and productivity.

238
Q

What is a team performance assessment?

A

Formal or informal assessments of the project team’s effectiveness, including indicators such as: improvements in skills, improvements in competencies and sentiments, reduces staff turnover rate.

239
Q

Describe the Manage Team process

A

Process Group: Executing

Knowledge Area: Resource

Description: Tracks team member performance, provides feedback, resolves issues, and manages changes to optimize project performance.

240
Q

What are the conflict management techniques? (CCF SW)

A 
Compromise/Reconcile
Collaborate/Problem Solve
Force/Direct
Smooth/Accommodate
Withdraw/Avoid
241
Q

Describe the Plan Communications Management process

A

Process Group: Planning

Knowledge Area: Communications

Description: The process of developing an appropriate approach and plan for project communication activities based on the information needs of each stakeholder or group, available organizational assets, and the needs of the project.

Key Output:

Communication management plan

242
Q

What is a communication requirements analysis?

A

An analytical technique to determine the information needs of the project stakeholders.

243
Q

What are the components of the communication model? (SRE DMMN)

A 
Sender
Receiver
Encode
Decode
Message
Medium
Noise
244
Q

What are the communication methods?

A

Push
Pull
Interactive

245
Q

What is the communications management plan?

A

A component of the project, program, or portfolio management plan that describes how, when, and by whom information about the project will be administered and disseminated.

246
Q

Describe the Manage Communications process

A

Process Group: Executing

Knowledge Area: Communication

Description: Manage communications is the process of ensuring timely and appropriate collection, creation, distribution, storage, retrieval, management, monitoring, and the ultimate disposition of project information.

Key Output: Project Communications

247
Q

Describe the Monitor Communications process

A

Process Group: Monitoring and Controlling

Knowledge Area: Communication

Description: The process of ensuring that the information needs of the project and its stakeholders are met.

248
Q

Describe the Plan Risk Management process

A

Process Group: Planning

Knowledge Area: Risk

Description: The process of defining how to conduct risk management activities for a project.

Key Output: Risk Management Plan

249
Q

What is risk tolerance?

A

A measure of the level of risk exposure above which action must be taken to address risks proactively, and below which risks may be accepted.

250
Q

What is risk attitude?

A

A chose mental disposition towards uncertainty, adopted explicitly or implicitly by individuals and groups, driven by perception, and evidenced by observable behavior.

251
Q

What is risk-averse?

A

A stakeholder who is uncomfortable with uncertainty and has a low tolerance for ambiguity. Tends to overestimate threats and underestimate opportunities.

252
Q

What is risk-tolerant?

A

A stakeholder who is reasonably comfortable with most uncertainty, accepting that it is a normal feature of business. Potentially the most dangerous of the risk attitudes as they fail to appreciate the implications of risk on the project.

253
Q

What is risk-neutral?

A

See present risk-taking as a price worth paying for future pay-offs. The most mature of the risk attitudes.

254
Q

What is risk-seeking?

A

A stakeholder with a casual approach toward threats who actively pursues overestimated opportunities.

255
Q

What is the risk management plan?

A

A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed

256
Q

Describe the Identify Risks process

A

Process Group: Planning

Knowledge Area: Risk

Description: The process of identifying individual risks as well as sources of overall risk and documenting their characteristics.

Key Outputs:
Risk Register
Risk Report

257
Q

What is a checklist analysis?

A

A technique for systematically reviewing materials using a list for accuracy and completeness.

258
Q

What is an assumption?

A

A factor in the planning process that is considered to be true, real, or certain, without proof or demonstration.

259
Q

What is SWOT analysis?

A 
Analysis of :
Strengths
Weakness
Opportunities
Threats

Which can affect an organization, project, or option.

260
Q

What are prompt lists?

A

A predetermined list of risk categories that might give rise to individual project risks and that could also act as sources of overall project risk.

261
Q

What is the risk register?

A

A repository in which outputs of risk management processes are recorded.

262
Q

What is a risk report?

A

A project document developed progressively through the project risk management processes, which summarizes information on individual project risks and the level of overall project risk.

263
Q

Describe the Perform Qualitative Risk Analysis process

A

Process Group: Planning

Knowledge Area: Risk

Description: The process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics.

264
Q

What are other risk parameters? (UPD MCD CSP)

A

Other characteristics of risk, other than probability and impact:

Urgency
Proximity
Dormancy
Manageability
Controllability 
Detectability
Connectivity
Strategic Impact
Propinquity
265
Q

What is a risk probability and impact assessment?

A

Evaluates the likelihood that a specific risk will occur while an impact assessment evaluates the potential effect on a project objective such as time, cost, scope, or quality.

266
Q

What is a probability and impact matrix?

A

A grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs.

267
Q

What is a risk data quality assessment?

A

Technique to evaluate the degree to which the data about risks is useful for risk management.

268
Q

What is a risk category?

A

A group of potential causes of risk.

269
Q

What is a risk urgency assessment?

A

Evaluation of urgency in addressing identified risks to determine which risks need to be addressed in the near-term

270
Q

Describe the Perform Quantitative Risk Analysis process

A

Process Group: Planning

Knowledge Area: Risk

Description: The process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives.

Whereas in a qualitative risk assessment, the risk may be a “3”, in a quantitative risk assessment, the risk is a “3,000” or “30-day delay” risk. The risks are not quantified in terms of cost or schedule.

271
Q

What are probability distributions?

A

Graphical representations of the uncertainty in values such as durations of schedule activities and cost of project components.

272
Q

What is a sensitivity analysis?

A

An analysis technique to determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes, by correlating variations in project outcomes with variations in elements of a quantitative risk analysis.

An example of a sensitivity analysis is a tornado diagram, which is used to display the potential “spread” from the base value, both from a positive and negative perspective.

273
Q

What is an expected monetary value analysis? (EMV)

A

A statistical technique that calculates the average outcome when the future includes scenarios that may or may not happen. Commonly used with a decision tree.

274
Q

What is a decision tree analysis?

A

A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.

275
Q

What is a Monte Carlo simulation?

A

An analysis technique where a computer model is iterated many times, with the input values chosen at random for each iteration driven by the input data, including probability distributions and probabilistic branches. Outputs are generated to represent the range of possible outcomes for the project.

276
Q

What is an influence diagram?

A

A graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.

277
Q

Describe the Plan Risk Responses process

A

Process Group: Planning

Knowledge Area: Risk

Description: The process of defining how to conduct risk management activities for a project.

278
Q

What is a trigger condition?

A

An event or situation that indicates that a risk is about to occur.

279
Q

What is a fallback plan?

A

Fallback plans include an alternative set of actions and tasks available in the event that the primary plan needs to be abandoned because of issues, risks, or other causes.

280
Q

What is a residual risk?

A

A risk that remains after risk responses have been implemented.

281
Q

What is a secondary risk?

A

A risk that rises as a direct result of implementing a risk response.

282
Q

What is a workaround?

A

A response to a negative risk that has occurred. Distinguished from a contingency plan in that a workaround is not planned in advance of the occurrence of the risk event.

283
Q

What are the strategies for negative risks? (EAATM)

A 
Escalation
Avoidance
Acceptance
Transference
Mitigation
284
Q

What is Risk Escalation?

A

A risk response strategy whereby the team acknowledges that a risk is outside of its sphere of influence and shifts the ownership of the risk to a higher level of the organization where it is more effectively managed.

285
Q

What is risk avoidance?

A

A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.

286
Q

What is Risk Transference

A

A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response.

287
Q

What is risk mitigation?

A

A risk response strategy whereby the project team acts to decrease the probability of occurrence or impact of a threat.

288
Q

What is passive risk acceptance?

A

A risk response planning technique that indicates that the project team has decided not to change the project management plan to deal with a risk, or is unable to identify any other suitable response strategy.

289
Q

What is active risk acceptance?

A

A risk response planning technique that indicates that the project team has decided not to change the project management plan to deal with a risk, or is unable to identify any other suitable response strategy, however contingency allocation is made in the terms of time or funding.

290
Q

What are the strategies for positive risks? (EES EA)

A 
Escalation
Exploitation
Sharing
Enhancement
Acceptance
291
Q

What is risk exploitation?

A

A risk response planing technique that involves changing the project plan to ensure realization of an opportunity

292
Q

What is risk sharing?

A

A risk response planning technique that involves partnering with another team or organization to improve the probability of realizing an opportunity.

293
Q

What is risk enhancement?

A

A risk response planning technique that involves changing the project plan to improve the probability of an opportunity occurring.

294
Q

What is a project risk?

A

An uncertain event or condition that, if it occurs has a positive or negative effect on a project’s objectives.

295
Q

What is a threat?

A

A risk taht would have a negative effect on one or more project objectives.

296
Q

What is an opportunity?

A

A risk that would have a positive effect on one or more project objectives.

297
Q

Describe the Implement Risk Responses process

A

Process Group: Executing

Knowledge Area: Risk

Description: The process of implementing agreed-upon risk response plans.

298
Q

Describe the Monitor Risks process

A

Process Group: Monitoring and Controlling

Knowledge Area: Risk

Description: The process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.

299
Q

What is a risk reassessment?

A

Regularly scheduled monitoring that may result in identification of new risks, reassessment of current risks and closing of risks that are outdated.

300
Q

What are risk audits?

A

A type of audit used to consider the effectiveness of the risk management process.

301
Q

Describe the Plan Procurement Management process

A

Process Group: Planning

Knowledge Area: Procurement

Description: The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.

Key Outputs:

Procurement management plan
Procurement strategy
Bid documents
Procurement statement of work 
Source Selection criteria
Make-or-Buy decisions
Independent cost estimates
302
Q

Who is the buyer?

A

The acquirer of products, services, or results for an organization.

303
Q

Who is the seller?

A

A provider or supplier of products, services, or results to an organization.

May be called: Vendor, Contractor, Sub-Contractor, Supplier, Service Provider.

304
Q

What is a make-or-buy analysis?

A

The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product.

305
Q

What is a fixed-price contract?

A

An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.

306
Q

What is a firm-fixed-price contract? (FPP)

A

A type of fixed prices contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller’s costs.

307
Q

What is a fixed-price-incentive-fee contract? (FPIF)

A

A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria.

308
Q

What is a fixed price with economic price adjustment contract? (FP-EPA)

A

A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contrat price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities

309
Q

What is a cost-reimbursable contract?

A

A type of contract involving payment to the seller for the seller’s actual costs, plus a fee typically representing seller’s profit.

310
Q

What is a cost plus fixed fee contract? (CPFF)

A

A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee).

311
Q

What is a cost plus incentive fee contract? (CPIF)

A

A type of cost-reimbursable contact where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria

312
Q

What is a cost plus awarded fee contract? (CPAF)

A

A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit.

313
Q

What is a time and material contract? (T&M)

A

A type of contract that is a hybrid contractual arrangement containing aspects of both cost-reimbursable and fixed-price contracts. Time and material contracts resemble cost-reimbursable type arrangements in that they have no definitive end, because the full value of the arrangement is not defined at the time of the award. Thus, time and material contracts can grow in contract value as if they were cost-reimbursable-type arrangements. Conversely, time and material arrangements can also resemble fixed-price arrangements.

314
Q

What is a procurement management plan?

A

A component of the project or program management plan that describes how a project team will acquire goods and services from outside of the performing organization.

315
Q

What is a procurement strategy?

A

The approach by the buyer to determine the project deliver method and the type of legally biding agreement that should be used to deliver the desired results.

Includes delivery methods, contract payment types, and procurement phases.

316
Q

What is a procurement statement of work? (SOW)

A

Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results.

317
Q

What is a make-or-buy decision?

A

Documented decisions from the make-or-buy analysis determining which products or services will be acquired and which will be developed by the project team.

318
Q

What are bid documents?

A

The documents utilized in bid and proposal activities, which include the buyer’s Invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal and seller’s response.

319
Q

What is source selection criteria?

A

A set of attributes desired by the buyer which a seller is required to meet or exceed to be selected for a contract

320
Q

What is a request for proposal? (RFP)

A

A type of procurement document used to request proposals from prospective sellers of products or services. In some application areas, it may have a narrower or more specific meaning.

321
Q

What is a request for quotation? (RFQ)

A

A type of procurement document used to request price quotations from prospective sellers of common or standard products or services. Sometimes used in place of request for proposal and in some application areas, it may have a narrower or more specific meaning.

322
Q

Describe the Conduct Procurement process.

A

Process Group: Executing

Knowledge Area: Procurement

Description: The process of obtaining seller responses, selecting a seller, and awarding a contract.

Key Outputs:
Selected Sellers
Agreements

323
Q

What is a weighting system?

A

Allows proposals to be ranked by the weighted evaluation scores.

324
Q

What is a screening system?

A

Provides a pass/fail mechanism on potential sellers.

325
Q

What is a bidder conference?

A

The meetings with prospective sellers prior to preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement. Also known as contractor conferences, vendor conferences, or prebid conferences.

326
Q

What are independent estimates?

A

A process of using a third party to obtain and analyze information to support prediction of cost, schedule, or other items.

327
Q

Describe the Control Procurements process

A

Process Group: Monitoring & Controlling

Knowledge Area: Procurement

Description: The process of managing procurement relationships, monitoring contract performance, making changes and corrections as appropriate and closing out contracts.

Key Outputs:

Closed Procurements

328
Q

What is a procurement performance review?

A

A structured review of the seller’s progress to deliver project scope and quality, within cost and on schedule, as compared to the contract.

329
Q

What is claims administration?

A

The process of processing, adjudicating, and communicating contract claims.

330
Q

Describe the Identify Stakeholders process

A

Process Group: Initiating

Knowledge Area: Stakeholder

Description: The process of identifying project stakeholders regularly and analyzing and documenting relevant information regarding their interests, involvement, interdependencies, influence, and potential impact on project success.

Key Output:

Stakeholder register.

331
Q

What is a power/interest grid?

A

Groups of stakeholders based on their level of authority and their level of concern in the project.

332
Q

What is a stakeholder cube?

A

Combines the grid elements(power, interest, influence, impact) into a three-dimensional model that can be helpful in identifying and engaging the stakeholder community.

333
Q

What is a salience model?

A

Describes the classes of stakeholders based on their power, urgency, and legitimacy.

334
Q

What are the directions of influence? (UPOS)

A

Classifies stakeholders according to their influence on the work of the project or the project team itself.

Includes:
Upward
Downward
Sideward

335
Q

What is the stakeholder register?

A

A project document including the identification, assessment, and classification of project stakeholders.

336
Q

Describe the Plan Stakeholder Engagement process

A

Process Group: Planning

Knowledge Area: Stakeholder

Description: The process of developing approaches to involve project stakeholders, based on their needs, expectations, interests, and potential impact on the project.

Key Output:

Stakeholder engagement plan

337
Q

What is a stakeholder engagement assessment matrix?

A

A matrix that compares current and desired stakeholder engagement levels.

338
Q

What is the stakeholder engagement plan?

A

A component of the project management plan that identifies the strategies and actions required to promote productive involvement of stakeholders in project or program decision making and execution.

339
Q

Describe the Manage Stakeholder Engagement process

A

Process Group: Executing

Knowledge Area: Stakeholder

Description: The process of communicating and working with stakeholders to meet their needs and expectations, address issues, and foster appropriate stakeholder involvement.

340
Q

Describe the Monitor Stakeholder Engagement process

A

Process Group: Monitoring & Controlling

Knowledge Area: Stakeholder

Description: The process of monitoring project stakeholder relationships, tailoring strategies for engaging stakeholders through the medication of engagement strategies and plans.

341
Q

What are the PMI Code of Ethics four foundational values? (RRFH)

A

Responsibility
Respect
Fairness
Honesty

342
Q

The PMI Code of Ethics applies to whom?

A

PMI Members

Non-members who:

Hold a certification

Apply to commence a PMI certification process

Serve PMI in a volunteer capacity

343
Q

What is the definition of abusive manner?

A

Conduct that results in physical harm or creates intense feelings of fear, humiliation, manipulation, or exploitation in another person.

344
Q

What is the definition of “Conflict of Interest”?

A

A situation that arises when a practitioner of project management is faced with making a decision or doing some act that will benefit the practitioner or another person or organization to which the practitioner owes a duty of loyalty and at the same time will harm another person or organization to which the practitioner owes a duty of loyalty

345
Q

What is the definition of duty of loyalty?

A

A person’s responsibility, legal or moral, to promote the best interest of an organization or other person with whom they are affiliated.

346
Q

What is the definition of a practitioner?

A

A person engaged in an activity that contributes to the management of a project, portfolio, or program, as part of the project management profession.

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