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CAPM > Concepts > Flashcards

Concepts Flashcards

1
Q

Explicit Knowledge

A

Words, Pictures, Numbers

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2
Q

Tacit Knowledge

A

Persons beliefs/insights

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3
Q

product scope

A

feature and functions that characterize a product, service or result

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4
Q

project scope

A

work performed to deliver a product, service or result with the specified features and functions

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5
Q

Requirement

A

a condition/capability that should be present in a product, service or result to satisfy its specifications

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6
Q

scope creep

A

when a project scope expands uncontrollably because stakeholders expand their needs during the project

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7
Q

Precedence Diagramming Method Types

A
  1. Finish to Start - a successor activity cannot start until a predecessor has finished
  2. Finish to Finish - a successor activity cannot finish until a predecessor activity has started
  3. Start to Start - a successor activity cannot start until a predecessor activity has started
  4. Start to Finished - a successor activity cannot finish until a predecessor activity has started
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8
Q

Factors of estimating duration

A
  • 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
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9
Q

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

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10
Q

budget

A

spreads costs over time, allocating funds to the resources needed to have the project meet its schedule

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11
Q

contingency reserve

A

costs of the response solutions for known project risks

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12
Q

schedule variance

A

Schedule variance equation is Earned Schedule (ES) - Actual Time (AT)

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13
Q

Earned Value Management (EVM)

A

methodology that combined scope, schedule and resource measurements to assess project performance and process against the project baseline

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14
Q

cost estimate

A

a quantitative assessment or prediction of the likely costs of resources required to complete project

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15
Q

progressive elaboration

A

as the project progresses, the scope will become clearer and estimates will be more accurate

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16
Q

Rough order of magnitude

A

estimate of costs provided in the early stages of a project when scope and requirements are not fully defined

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17
Q

prevention

A

intentional activity that ensures the future performance of the project work is aligned with the PMP

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18
Q

inspection

A

examination of a work product to determine whether it conforms to documented standards

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19
Q

attribute sampling

A

a process that determines whether or not the deliverable conforms to specifications

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20
Q

variable sampling

A

a process that measures a deliverables conformance to a specific degree

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21
Q

tolerances

A

the specified range of acceptable results

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22
Q

control limits

A

identified the boundaries of variation in a process

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23
Q

quality

A

the degree to which a product fulfills the requirements

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24
Q

grade

A

the item’s classification based on its technical characteristics

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25
Q

Quality Conformance

A

the degree that the product or service meets the established quality requirements. EX:
- prevention costs (training, equipment)
- appraisal cost (testing, inspections)

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26
Q

cost of quality

A

the cost incurred in ensuring the quality of the project

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27
Q

Quality Nonconformance

A

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)

28
Q

5 Stages of the Tuckman Ladder

A

forming, storming, norming, performing, adjourning

29
Q

Resolving Conflict - withdraw/avoid

A

retreating from an actual or potential conflict situation; postponing the issue to be better prepared or to be resolved by others

30
Q

Resolving Conflict - smooth/accommodate

A

emphasizing areas of agreement rather than differed to maintain harmony

31
Q

Resolving Conflict - compromise/reconcile

A

searching for solutions that bring some degree of satisfaction to all parties in order to temporarily or partially resolve the conflict

32
Q

Resolving Conflict - force/direct

A

pushing one’s viewpoint at the expense of others; offering only win-lost

33
Q

Resolving Conflict - collaborate/problem

A

incorporating multiple viewpoints and insights from different perspectives; requires a cooperative attitude and open dialogue to get a win-win situation

34
Q

internal communication

A

focus on stakeholders within the project/organization

35
Q

external communication

A

focus on external stakeholders - customers, vendors, other projects/organizations, governments and public

36
Q

formal communication

A

reports, formal meetings/meeting minutes and agendas, stakeholder briefings

37
Q

hierarchical focus

A

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

38
Q

official communication

A

annual reports, reports to regulators

39
Q

unofficial communication

A

communication that focuses on establishing and maintaining the project and recognition fo the project

40
Q

Firm fixed price (FFP) contract

A

the price for goods is set at the outset and not subject to change unless the scope of the work changes

41
Q

Fixed Price Incentive Fee (FPIF) contract

A

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

42
Q

Fixed Price with Economic Price Adjustments contract

A

allows for adjustment to the contract price due to changed conditions (i.e. inflation)

43
Q

cost-reimbursable contracts - cost plus fixed fee (CPFF)

A

a seller is reimbursed for allowable costs for performing the contract work and receives a fixed fee payment

44
Q

cost-reimbursable contracts - cost plus incentive fee (CPIF)

A

a seller is reimbursed for all costs and receives a predetermined incentive fee based on the contract

45
Q

cost-reimbursable contracts - cost plus award fee (CPAF)

A

seller is reimbursed for all costs but the fee is based on satisfaction criteria

46
Q

Time and material contracts (T&M)

A

a hybrid of contractual arrangement with aspects of both cost reimbursable and fixed price contracts. Often used for staff augmentation or acquisition of experts

47
Q

project

A

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

48
Q

deliverable

A

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

49
Q

Portfolio

A

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

50
Q

Program

A

a group of related projects, subsidiary programs, an/or program activities that accomplish a set of goals

51
Q

Project management

A

the application of knowledge, skills, tools and techniques to project activities in order to meet the project requirements

52
Q

operations

A

transforms resource or data inputs into desired goods, services or results and delivers value to the customers

53
Q

Project life cycle

A

a series of phases that a project passes through from start to completion, a framework for managing the project

54
Q

product life cycle

A

a series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and retirement

55
Q

process groups

A

initiating -> planning -> executing -> monitoring and controlling -> closing

56
Q

knowledge areas

A

an identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools & techniques

57
Q

organizational systems

A

factors impact the power, influence, interests, competencies and political capability

58
Q

governance

A

framework within which authority is exercised in organizations (rules, norms, procedures)

59
Q

project

A

a temporary endeavor undertaken to create a unique project, service or result

60
Q

project initiation context

A
  • regulatory, legal or social requirements
  • satisfy stakeholders requests or needs
  • implement or change business or technological strategies
  • create, improve or fix processes or services
61
Q

portfolio management

A

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

62
Q

operations management

A

an area that is outside of the scope of formal project management - on/going production of goods and/or services

63
Q

phase gate

A

held at the end of each phase. the projects performance is compared to business documents to make a go-no-go decision

64
Q

power

A

level of authority

65
Q

interest

A

level of concern about the project’s outcomes

66
Q

influence

A

ability to influence outcomes

CAPM (7 decks)

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