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PMP Study Guide > Chapter 4 Vocab > Flashcards

Chapter 4 Vocab Flashcards

1
Q

activity attributes

A

Activities that have special conditions, requirements, risks, and other conditions should be documented.

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2
Q

activity cost estimates

A

The cost of resources, including materials, services, and, when warranted, labor should be estimated.

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3
Q

activity list

A

A shopping list of all the activities the project team must complete in order to satisfy the project. This list is an input to the project network diagram.

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4
Q

assumption log

A

A document that clearly identifies and tracks assumptions that are made in the project. All assumptions need to be tested for their validity, and the outcome of the test should be recorded.

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5
Q

benefit measurement methods

A

Project selection methods that compare the benefits of projects to determine which project the organization should invest its funds into.

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6
Q

benefit/cost ratios

A

Shows the proportion of benefits to costs; for example 4:1 would equate to four benefits and just one cost.

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7
Q

change control board

A

A group of decision makers that review proposed project changes.

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8
Q

change control system

A

A predefined set of activities, forms, and procedures to entertain project change requests.

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9
Q

change log

A

As changes to the project time, cost, or scope enter the project, they should be recorded in the change log for future reference.

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10
Q

change management plan

A

When changes are approved for a project, including time, cost, scope, or contract, there needs to be a plan on how the project team will manage these new changes within the project.

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11
Q

communications management plan

A

Defines the required communications and how they will be fulfilled; explains the methods used for gathering, storing, and dispersing information to appropriate parties. In addition, the communications man- agement plan maps out the schedule of when the expected communication needs will be met.

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12
Q

configuration management

A

The control and documentation of the project’s product features and functions.

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13
Q

constrained optimization methods

A

Complex mathematical models to deter- mine the likelihood of a project’s success in order to determine if the organization should invest its funds into the project.

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14
Q

constraints

A

Anything that limits the project manager’s options; for example, time, cost, and scope are always project constraints.

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15
Q

contract

A

A legally binding agreement between the buyer(s) and seller(s) that defines the roles and responsibilities of all parties in the agreement.

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16
Q

cost management plan

A

Explains how variances to the costs of the project will be managed. The plan may be based on a range of acceptable variances and the expected response to variances over a given threshold.

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17
Q

duration estimates

A

The prediction of how long the project work will take to complete.

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18
Q

earned value management

A

A suite of formulas to measure the project’s overall performance for time and costs.

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19
Q

forecast

A

Throughout the project, the project manager will create forecasts about the expected project completion date and projected project costs.

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20
Q

future value

A

A formula to predict the current amount of funds into a future amount of funds. The formula is Future Value = Present Value(1+i)n, where i is the value of return and n is the number of time periods.

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21
Q

historical information

A

Any information created in the past that can help the current project succeed.

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22
Q

human resources plan

A

Details on how the project team members will be brought onto and released from the project

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23
Q

internal rate of return

A

A benefit measurement formula to calculate when the present value of the cash inflow equals the project’s original investment.

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24
Q

issue log

A

Issues are decisions that are usually in disagreement among two or more parties. Issues are recorded in the issue log, along with an issue owner designation, an issue date for resolution, and the eventual outcome of the issue.

25
Q

lessons learned

A

Ongoing collection of documentation about what has and has not worked in the project; the project manager and the project team participate in lessons-learned creation.

26
Q

murder board

A

A group of decision makers that may determine to “kill” a pro- posed project before it is officially launched, based on the board’s findings on the likelihood of the project’s success.

27
Q

net present value

A

A benefit measurement formula that provides a precise measure- ment of the present value of each year the project generates a return on investment.

28
Q

payback period

A

The duration of time it takes a project to earn back the original investment.

29
Q

performance reports

A

These formal reports define how the project is performing on time, cost, scope, quality, and any other relevant information.

30
Q

PMIS

A

A project management information system is typically a software system, such as Microsoft Project, to assist the project manager in managing the project.

31
Q

present value

A

A benefit measurement formula to determine what a future amount of funds is worth today. The formula is Present Value = Future Value/(1+i)n, where i is the value of the return and n is the number of time periods.

32
Q

process improvement plan

A

Identifies methods to track and eliminate waste and non-value-added activities.

33
Q

procurement documents

A

All of the documents for purchasing, such as request for quotes, invitation to bid, request for proposal, and the responses, are stored as part of the project documentation.

34
Q

project baselines

A

Three baselines in a project are used to measure project perfor- mance: cost, schedule, and scope.

35
Q

procurement management plan

A

Describes the procurement process from solicitation to source selection. The plan may also include the requirements for selection as set by the organization.

36
Q

project charter

A

A document that authorizes the project, defines the high-level requirements, identifies the project manager and the project sponsor, and provides initial information about the project.

37
Q

project funding requirements

A

In larger projects, this document identifies the timeline of when capital is required for the project to move forward. This document defines the amount of funds a project needs and when the project funds are needed in order to reach its objectives.

38
Q

project integration management

A

One of nine knowledge areas that is respon- sible for coordinating the efforts of the other eight knowledge areas.

39
Q

project plan

A

A comprehensive document comprised of several subsidiary plans that communicates the intent and direction of the project.

40
Q

proposals

A

Proposals are an exposé on ideas, suggestions, recommendations, and solutions to an opportunity provided by a vendor for a seller. Proposals include a price for the work and document how the vendor would provide the service to the buyer.

41
Q

quality management plan

A

Details the quality improvement, quality controls, and how the project will map to the quality assurance program of the performing organization.

42
Q

requirements traceability matrix

A

A table that identifies all of the project requirements, when the requirements are due, when the requirements are created, and any other pertinent information about the requirements.

43
Q

resource breakdown structure

A

This chart identifies the resources utilized in the project in each section of the WBS.

44
Q

resource calendar

A

You’ll need to know when people and facilities are available or scheduled to work on the project.

45
Q

resource requirements

A

The identification of what resources are needed to complete the project work is needed as a supporting document for planning. This includes people, materials, equipment, facilities, and services.

46
Q

responsibility assignment matrix

A

This is a table that maps roles to responsi- bilities in the project.

47
Q

risk management plan

A

Details the identified risks within the project, the risks associated with the constraints and project assumptions, and how the project team will monitor, react, or avoid the risks.

48
Q

risk register

A

A risk is an uncertain event or condition that can have a positive or negative effect on the project. All risks, regardless of their probability or impact, are recorded in the issue log and their status is kept current.

49
Q

roles and responsibilities

A

Maps project roles to responsibilities within the project; roles are positions on the project team, and responsibilities are project activities.

50
Q

schedule management plan

A

Identifies circumstances that may change the project schedule, such as the completion of project phases or the reliance on other projects and outside resources. The schedule management plan details the approval and accountability process for changes within the project.

51
Q

scope management plan

A

Details how the project scope should be maintained and protected from change, as well as how a change in scope may be allowed.

52
Q

scoring models

A

A project selection method that assigns categories and corre- sponding values to measure a project’s worthiness of investment.

53
Q

sellers list

A

A listing of the vendors an organization does business with. You might know this document as a preferred vendors list in your company.

54
Q

source selection criteria

A

A predefined listing of the criteria to determine how a vendor will be selected—for example, cost, experience, certifications, and the like.

55
Q

statement of work

A

A document that defines the project work that is to be com- pleted internally or by a vendor.

56
Q

supporting detail for estimates

A

The project manager should document how time and cost estimates were created.

57
Q

teaming agreement

A

A contractual agreement that defines the roles, respon- sibilities, considerations, and partnerships of two or more organizations that work together in a project. It’s not unlike a partnership or subcontractor relationship.

58
Q

work performance information

A

The current status of the project work; includes the results of activities, corrective and preventive action status, forecasts for activity completion, and other relevant information.

59
Q

work performance measurements

A

These are predefined metrics for measur- ing project performance, such as cost variances, schedule variances, and estimate to complete.

PMP Study Guide (13 decks)

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