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PMP > Chapter 4 - Integration > Flashcards

Chapter 4 - Integration Flashcards

0
Q

What is the purpose of the project charter?

A
  1. Authorizes the project
  2. Gives the project manager authority
  3. Defines high level requirements
  4. Defines high level scope
  5. Documents business needs
  6. Defines customer need (product description)
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1
Q

What is the first step in Integration Management process group?

A

Develop project charter

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2
Q

What are the 2 categories of project selection methods?

A
  1. Benefit measurement methods (Comparative Approach)

2. Constrained optimization approach (Mathematical Approach)

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3
Q

Name 4 benefit measurement methods? (Comparative Approach)

A
  1. Murder boards – panel trying to shoot down a new project idea
  2. Peer reviews
  3. Scoring models
  4. Economic models (described next)
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4
Q

Name 5 economic modeling tools (Comparative Approach, Economic Models)

A
  1. NPV
  2. PV
  3. IRR (Internal Rate of Return)
  4. Payback period
  5. Benefit Cost Ratio
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5
Q

Constrained optimization approach (Mathematical Approach)

A

Uses mathematical calculations such as linear programming and algorithms. An example would be lines of code.

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6
Q

Explain the concept of present value. Note – years have already been taken into account for NPV

A

It’s the value today of future cash flows. In other words – how much is X dollars received in the future worth today. It is defined by the formula:
PV= FV/(1+r)^n

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7
Q

Explain the concept of Net Present Value.

A

It is the present value of total income/revenue minus total cost over several time periods.

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8
Q

What is the general rule associated with selecting projects using NPV?

A

Choose the project with the greatest NPV

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9
Q

What is the general rule associated with selecting projects using IRR?

A

Choose the project with the highest IRR

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10
Q

What is the general rule associated with selecting projects using payback period?

A

Choose the project with the lowest payback period

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11
Q

What is the general rule associated with selecting projects using benefit cost ratio?

A

Choose the project with the greatest ratio

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12
Q

What is opportunity cost?

A

It is the opportunity given up by selecting one project over another

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13
Q

What are sunk costs?

A

Expended costs. These costs should not be considered when deciding whether to continue a project.

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14
Q

What are the 2 forms of depreciation?

A
  1. Straight line

2. Accelerated

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15
Q

How does straight line depreciation depreciate value?

A

The same amount is depreciated each year.

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16
Q

What are two methods of accelerated depreciation?

A
  1. Sum of the year digits

2. Double declining balance

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17
Q

What is the purpose of the project management plan?

A

It integrates all of the knowledge areas management plans into a cohesive whole.

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18
Q

Name the 3 performance baselines.

A
  1. Scope
  2. Schedule
  3. Cost
19
Q

What is the usual cause of deviations from the baselines?

A

Incomplete risk identification and risk management

20
Q

What is the purpose of the kickoff meeting?

A

To ensure everyone is on the same page

21
Q

What is corrective action in a project?

A

Any action designed to bring the project performance back in line with the project management plan

22
Q

What is the difference between corrective action and preventive action?

A

Corrective action involves implementing actions to deal with actual deviations from the performance measurement baseline whereas preventive action deals with anticipated or possible deviations.

23
Q

What is the general process for making changes to the project?

A
  1. Evaluate the impact
  2. Create options
  3. Get change request approved
  4. Get customer buy-in (if required)
24
Q

What are the inputs for Develop Project Charter?

A
  1. Project Statement of Work (SOW)

2. Business case

25
Q

What are the outputs for Develop Project Charter?

A

Project Charter

26
Q

What are the inputs for Develop Project Management Plan?

A

Project Charter and outputs from planning processes

27
Q

What are outputs for Develop Project Management Plan?

A

Project Management Plan

28
Q

What does the Project Management Plan do?

A

Defines how the project is to be executed, monitored & controlled and closed.
It integrates all subsidiary plans.

29
Q

What are the inputs to Direct & Manage the Project?

A
  1. Project Management Plan

2. Approved change request

30
Q

What is the Tool & Technique for all Project Integration Management process groups?

A

Expert judgment

31
Q

What are the outputs to Direct & Manage the Project?

A
  1. Deliverables
  2. Change requests
  3. Performance reports and updates
32
Q

What is the function of the Monitor & Control Project Work process group?

A

To track, review and regulate progress to meet the project’s objectives.

33
Q

What are the inputs to Monitor & Control Project Work?

A
  1. Project Management Plan

2. Performance reports

34
Q

What are the outputs to Monitor & Control Project Work?

A
  1. Change requests

2. Performance updates

35
Q

What is the Perform Integrated Change Control process group?

A

It is the process of reviewing, approving and managing changes. It maintains integrity to the baselines.

36
Q

What are the inputs to the Perform Integrated Change Control process group?

A
  1. Project Management Plan
  2. Performance information
  3. Change requests
37
Q

What are the outputs to the Perform Integrated Change Control process group?

A
  1. Change request updates (approved/unapproved)

2. Project Management Plan updates

38
Q

What are the inputs to the Close Project process group?

A
  1. Project Management Plan

2. Accepted deliverable

39
Q

What are the outputs to the Close Project process group?

A

The deliverable

40
Q

Law of Diminishing Returns

A

After a certain point, adding more input (e.g. programmers) will not produce a proportional increase in productivity.

41
Q

Working Capital =

A

Current Assets minus Current Liabilities

42
Q

Factors that limit options on the project, such as limits on resources, budget, schedule, and scope are called?

A

Constraints

43
Q

Factors assumed to be true without proof or demonstration are called?

A

Assumptions

44
Q

Enterprise Environmental Factors (EEF)

A

The company “baggage” such as company culture and existing systems.

45
Q

Organizational Process Assets (OPA) –

A

Existing processes, policies, procedures, and historical information.

PMP (5 decks)

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