Concepts Flashcards
Explicit Knowledge
Words, Pictures, Numbers
Tacit Knowledge
Persons beliefs/insights
product scope
feature and functions that characterize a product, service or result
project scope
work performed to deliver a product, service or result with the specified features and functions
Requirement
a condition/capability that should be present in a product, service or result to satisfy its specifications
scope creep
when a project scope expands uncontrollably because stakeholders expand their needs during the project
Precedence Diagramming Method Types
- Finish to Start - a successor activity cannot start until a predecessor has finished
- Finish to Finish - a successor activity cannot finish until a predecessor activity has started
- Start to Start - a successor activity cannot start until a predecessor activity has started
- Start to Finished - a successor activity cannot finish until a predecessor activity has started
Factors of estimating duration
- Law of diminishing returns - adding to many factors (resources) yields progressively smaller outputs
- Number of Resources - adding to many resources
- Advances in technology - might hinder progress
- Motivation of staff
◦ Student Syndrome - finishing at the last minute
◦ Parkinson’s law - finishing an activity in time
total float
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
budget
spreads costs over time, allocating funds to the resources needed to have the project meet its schedule
contingency reserve
costs of the response solutions for known project risks
schedule variance
Schedule variance equation is Earned Schedule (ES) - Actual Time (AT)
Earned Value Management (EVM)
methodology that combined scope, schedule and resource measurements to assess project performance and process against the project baseline
cost estimate
a quantitative assessment or prediction of the likely costs of resources required to complete project
progressive elaboration
as the project progresses, the scope will become clearer and estimates will be more accurate
Rough order of magnitude
estimate of costs provided in the early stages of a project when scope and requirements are not fully defined
prevention
intentional activity that ensures the future performance of the project work is aligned with the PMP
inspection
examination of a work product to determine whether it conforms to documented standards
attribute sampling
a process that determines whether or not the deliverable conforms to specifications
variable sampling
a process that measures a deliverables conformance to a specific degree
tolerances
the specified range of acceptable results
control limits
identified the boundaries of variation in a process
quality
the degree to which a product fulfills the requirements
grade
the item’s classification based on its technical characteristics
Quality Conformance
the degree that the product or service meets the established quality requirements. EX:
- prevention costs (training, equipment)
- appraisal cost (testing, inspections)
cost of quality
the cost incurred in ensuring the quality of the project
Quality Nonconformance
the degree that the product or service meets does NOT meet the established quality requirements. EX costs:
- internal failure costs (rework, scrap)
- external failure costs (liabilities, lost business)
5 Stages of the Tuckman Ladder
forming, storming, norming, performing, adjourning
Resolving Conflict - withdraw/avoid
retreating from an actual or potential conflict situation; postponing the issue to be better prepared or to be resolved by others
Resolving Conflict - smooth/accommodate
emphasizing areas of agreement rather than differed to maintain harmony
Resolving Conflict - compromise/reconcile
searching for solutions that bring some degree of satisfaction to all parties in order to temporarily or partially resolve the conflict
Resolving Conflict - force/direct
pushing one’s viewpoint at the expense of others; offering only win-lost
Resolving Conflict - collaborate/problem
incorporating multiple viewpoints and insights from different perspectives; requires a cooperative attitude and open dialogue to get a win-win situation
internal communication
focus on stakeholders within the project/organization
external communication
focus on external stakeholders - customers, vendors, other projects/organizations, governments and public
formal communication
reports, formal meetings/meeting minutes and agendas, stakeholder briefings
hierarchical focus
the position of the stakeholder group with respect to the project team
- upward: senior management stakeholders
- downward: the team and others who will contribute to the work of the project
- horizontal: peers of the project manager or team
official communication
annual reports, reports to regulators
unofficial communication
communication that focuses on establishing and maintaining the project and recognition fo the project
Firm fixed price (FFP) contract
the price for goods is set at the outset and not subject to change unless the scope of the work changes
Fixed Price Incentive Fee (FPIF) contract
Fixed-price arrangement that gives the buyer and seller some flexibility in that it allows for deviation from performance, with financial incentives related to cost, schedule or technical performance of the seller
Fixed Price with Economic Price Adjustments contract
allows for adjustment to the contract price due to changed conditions (i.e. inflation)
cost-reimbursable contracts - cost plus fixed fee (CPFF)
a seller is reimbursed for allowable costs for performing the contract work and receives a fixed fee payment
cost-reimbursable contracts - cost plus incentive fee (CPIF)
a seller is reimbursed for all costs and receives a predetermined incentive fee based on the contract
cost-reimbursable contracts - cost plus award fee (CPAF)
seller is reimbursed for all costs but the fee is based on satisfaction criteria
Time and material contracts (T&M)
a hybrid of contractual arrangement with aspects of both cost reimbursable and fixed price contracts. Often used for staff augmentation or acquisition of experts
project
a temporary endeavor undertaken to create a unique product, service, or result.
deliverable
any unique and verifiable product, result or capability to perform a service that is required to be produced to complete a process, phase or project
Portfolio
a group of projects, programs, subsidiary portfolios and operations managed as a group to achieve strategic objectives
Program
a group of related projects, subsidiary programs, an/or program activities that accomplish a set of goals
Project management
the application of knowledge, skills, tools and techniques to project activities in order to meet the project requirements
operations
transforms resource or data inputs into desired goods, services or results and delivers value to the customers
Project life cycle
a series of phases that a project passes through from start to completion, a framework for managing the project
product life cycle
a series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and retirement
process groups
initiating -> planning -> executing -> monitoring and controlling -> closing
knowledge areas
an identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools & techniques
organizational systems
factors impact the power, influence, interests, competencies and political capability
governance
framework within which authority is exercised in organizations (rules, norms, procedures)
project
a temporary endeavor undertaken to create a unique project, service or result
project initiation context
- regulatory, legal or social requirements
- satisfy stakeholders requests or needs
- implement or change business or technological strategies
- create, improve or fix processes or services
portfolio management
projects, programs, subsidiary portfolios and operations managed as a group to achieve strategic objectives
operations management
an area that is outside of the scope of formal project management - on/going production of goods and/or services
phase gate
held at the end of each phase. the projects performance is compared to business documents to make a go-no-go decision
power
level of authority
interest
level of concern about the project’s outcomes
influence
ability to influence outcomes
