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Concepts Flashcards

(66 cards)

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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
Quality Conformance
the degree that the product or service meets the established quality requirements. EX: - prevention costs (training, equipment) - appraisal cost (testing, inspections)
26
cost of quality
the cost incurred in ensuring the quality of the project
27
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)
28
5 Stages of the Tuckman Ladder
forming, storming, norming, performing, adjourning
29
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
30
Resolving Conflict - smooth/accommodate
emphasizing areas of agreement rather than differed to maintain harmony
31
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
32
Resolving Conflict - force/direct
pushing one's viewpoint at the expense of others; offering only win-lost
33
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
34
internal communication
focus on stakeholders within the project/organization
35
external communication
focus on external stakeholders - customers, vendors, other projects/organizations, governments and public
36
formal communication
reports, formal meetings/meeting minutes and agendas, stakeholder briefings
37
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
38
official communication
annual reports, reports to regulators
39
unofficial communication
communication that focuses on establishing and maintaining the project and recognition fo the project
40
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
41
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
42
Fixed Price with Economic Price Adjustments contract
allows for adjustment to the contract price due to changed conditions (i.e. inflation)
43
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
44
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
45
cost-reimbursable contracts - cost plus award fee (CPAF)
seller is reimbursed for all costs but the fee is based on satisfaction criteria
46
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
47
project
a temporary endeavor undertaken to create a unique product, service, or result.
48
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
49
Portfolio
a group of projects, programs, subsidiary portfolios and operations managed as a group to achieve strategic objectives
50
Program
a group of related projects, subsidiary programs, an/or program activities that accomplish a set of goals
51
Project management
the application of knowledge, skills, tools and techniques to project activities in order to meet the project requirements
52
operations
transforms resource or data inputs into desired goods, services or results and delivers value to the customers
53
Project life cycle
a series of phases that a project passes through from start to completion, a framework for managing the project
54
product life cycle
a series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and retirement
55
process groups
initiating -> planning -> executing -> monitoring and controlling -> closing
56
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
57
organizational systems
factors impact the power, influence, interests, competencies and political capability
58
governance
framework within which authority is exercised in organizations (rules, norms, procedures)
59
project
a temporary endeavor undertaken to create a unique project, service or result
60
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
61
portfolio management
projects, programs, subsidiary portfolios and operations managed as a group to achieve strategic objectives
62
operations management
an area that is outside of the scope of formal project management - on/going production of goods and/or services
63
phase gate
held at the end of each phase. the projects performance is compared to business documents to make a go-no-go decision
64
power
level of authority
65
interest
level of concern about the project’s outcomes
66
influence
ability to influence outcomes

CAPM (7 decks)

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