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Project Management > Course 3 > Flashcards

Course 3 Flashcards

1
Q
  • helps you map out full project
  • helps understand the work needed to achieve goals
  • helps coordinate efforts and timelines with other teams, contractors and vendors
  • gives you time to identify and prepare for risks that could impact your project
  • gives you the chance to brainstorm ways to mitigate or address those risks.
  • help you get “buy-in” from key members of the project team
  • demonstrates to stakeholders that the team is taking care to start the project with a detailed plan.
  • teamwork
A

planning

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2
Q

3 elements to planning:

A
  • schedule
  • budget
  • risk management
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3
Q

A project team comes together to ground everyone in a shared vision, gain a shared understanding of the project’s goals and scope, and to understand each person’s individual roles within the team is called______.

A

a project kickoff meeting

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4
Q

A _________is an important point within the project schedule that indicates progress and usually signifies the completion of a deliverable or phase of the project.

A

milestone

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5
Q

why is setting milestones within your project important?

A
  • it gives you a clear understanding of the amount of work your project will require
  • they can help keep your project on track
  • help you uncover areas where you might need to adjust scope, timelines, or resources to meet your goals
  • team motivation
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6
Q

1.) securing approval of a website design
2.) completing development of the website
3.) implementing user feedback.

A

ex. of milestones that must happen in order

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7
Q

1.) evaluate project as a whole
2.) make a list of what your team needs to do to achieve that goal
3.) assign each one a deadline
4.) consider needs of stakeholders

A

how to set milestones

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8
Q

WBS (work breakdown structure):

A

is a tool that sorts the milestones and tasks of a project in a hierarchy, in the order they need to be completed.

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9
Q

an example of tasks that are assigned according to one’s role in the project is when _______.

A

the web designer is assigned to the task of mocking up the initial website design, you are assigned to the task of reviewing that design and providing feedback, and the designer is assigned to the task of implementing your feedback. A web developer will be assigned to the next task of developing the site itself.

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10
Q
  • to assign tasks between two or more team members with the same roles, you might take into consideration each person’s familiarity with the tasks at hand
  • consider teammates workload
  • ensure that teammates are clear on their assigned tasks
  • assigning tasks creates a sense of personal responsibility for members of the team
A
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11
Q

which software assigns tasks to teammates and can help you manage tasks for your project?

A

asana

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12
Q

a prediction of the total amount of time required to complete a task refers to _____.

A

time estimation

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13
Q

a prediction of the amount and difficulty of active work required to complete a task refers to _____.

A

effort estimation

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14
Q

_____ differs from ____ in that effort quantifies the amount of time it will take a person to complete work on a task.

A

effort estimation; time estimation

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15
Q

what refers to the overall duration of the task from start to finish (includes inactive time)?

A

time

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16
Q

the effort estimation for painting a wall might be 30 minutes, but time estimation might be 24 hours because in addition to the 30 minutes of active painting time, there are also 23 and a half hours of inactive drying time.

A
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17
Q

what is it referred to when you underestimate the amount of time it will take to complete a task?

A

unrealistic effort

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18
Q

_____refers to smaller tasks that are required to complete a larger task

A

sub-tasks

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19
Q

a helpful tool that adds extra time to the end of a task or project to account for unexpected slowdowns or delays in work progress is called a ______

A

buffer

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20
Q

____refer to extra time tacked on to a specific task, and should be used primarily for tasks that are out of the project team’s control.

A

task buffer

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21
Q

you might ask a potential plant vendor to provide you with a cost estimate by Monday. you might assign them this deadline, knowing that you won’t actually need the estimate until Thursday.

the time between Monday and Thursday is the _____ , and it provides your team with extra time just in case the vendor sends their estimates to you a day or two late.

A

an example of a task buffer

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22
Q

_____ provides extra time to the overall project schedule rather than adding a buffer to every task

A

project buffer

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23
Q

what theory describes our tendency to underestimate the amount of time it will take to complete a task, as well as the costs and risks associated with that task?

A

planning fallacy

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24
Q

______ is when a person believes that they are less likely to experience a negative event.

A

optimism bias

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25
Q

____refers to the amount of work that the people or resources assigned to the project can reasonably complete in a set period of time.

A

capacity

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26
Q

capacity planning

A

refers to the act of allocating people, and resources to project tasks; determining whether or not you have the necessary resources required to complete the work on time.

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27
Q

_____refers to the list of project milestones that you must reach in order to meet the project goal on schedule.

A

critical path

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28
Q

the critical path of a project is determined by listing all the tasks required to complete the project and the milestones they feed into.

recall a work breakdown structure, or WBS, which is a chart that sorts all the milestones, and tasks of a project into a hierarchy according to the order in which they need to be completed.

A
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29
Q

____ determines which tasks on the list absolutely can’t begin until another task is complete.

A

dependency

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30
Q

what factors that can impact capacity, and capacity planning?

A

being able to identify which task can happen in parallel and being able to identify which task can happen sequentially because when you identify which task can happen in parallel, it helps you create efficiencies within your project schedule, by demonstrating where you can complete multiple tasks at the same time and identifying sequential tasks, helps you identify the tasks that you need to prioritize early on in the project

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31
Q

a ______ would be needing budget approval before hiring a vendor

hiring delivery drivers, and the development of a website are examples of _____

A

sequential task; parallel tasks

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32
Q

______ refers to the date on which you must start work on your task in order to achieve your goal

A

fixed date

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33
Q

fixed start dates can help with capacity planning because it helps ensure that you’ll have the right number of people available to complete tasks on time.

A
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34
Q

an _____ refers to the earliest date in which you can begin working on a task

(ex. if you’re working with a new vendor, you need to wait until contracts are signed, and the purchase order is approved, and created before the vendor can start.)

A

earliest start date

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35
Q

Float or slack:

A

refers to the amount of time you can wait to begin a task before it impacts the project schedule, and threatens the project outcome.

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36
Q

tasks on the critical path should have zero float, meaning there is no room for delays whereas tasks that do have float are not a part of the critical path

(ex. the shipment of plants to a priority customer who has requested their delivery on a specific date is a task that has zero float)

A
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37
Q

a network diagram refers to ______

A

sequencing tasks in the order in which they need to be completed, based on their dependencies. these diagrams help visualize

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38
Q

critical path method uses two common approaches: ______ and _____

A

forward pass; backward pass

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39
Q

when you start with the first task you have identified that needs to be completed before anything else can start, it is referred to as ________

A

forward pass, which refers to when you start at the beginning of your project task list and add up the duration of the tasks on the critical path to the end of your project

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40
Q

when there is a hard deadline, working backwards can help you determine which tasks are actually critical it is referred to as _____

A

backwards pass, which is when start with the final task or milestone and move backwards through your schedule to determine the shortest path to completion.

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41
Q

what tool is a horizontal bar chart that maps out a project schedule?

A

gantt chart

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42
Q

the gantt chart is useful in project management because ______

A

it’s a highly visual representation of a projects tasks with clear breakdowns of who’s responsible for the work and its due date

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43
Q

Gantt charts are like calendars. they are helpful in tracking schedules

A
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44
Q

a ______ is a kind of tool that can be used to make a gantt chart

A

spreadsheet

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45
Q

to create a gantt chart in a spreadsheet:

A

organize the left columns by items like task title, task owner, start date, due date, duration, and percent of task complete, which is a great place to list the tasks and milestones previously identified in a work breakdown structure. the rows below will include relevant information that are organized by start date.

on the right side, order your columns by the weeks estimated to complete the project from start to finish. in the rows below that, include bars representing the dates when certain tasks will take place.

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46
Q

5 best practices for building a great project plan includes:

A

1.) ensuring careful review of project deliverables, milestones, and tasks

2.) giving yourself time to plan

3.) recognizing and planning for the inevitable (things will go wrong)

4.) staying curious

5.) championing your plan.

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47
Q

which strategies can help your team get a realistic sense of how long the project will take?

A

capacity planning
effort estimation

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48
Q

the estimated monetary resources needed to achieve the project’s goals and objectives is called a _______.

A

project budget

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49
Q

an important point within the project schedule that Indicates progress and usually signifies the completion of a deliverable or phase of the project is called a ____.

A

milestone

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50
Q

a ____ for your project budget refers to a cost estimate, or prediction over a period of time.

A

forecast

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51
Q

in project management, a budget is considered a deliverable. it is considered a _______.

A

success metric

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52
Q

the project budget is ______

A

a tool to communicate exactly what is needed and when it is needed with stakeholders

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53
Q

when does budget creation takes place?

A

budget creation takes place in the initiation phase of a project

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54
Q

the budgeting process usually happens in conjunction with the _________.

A

scheduling process

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55
Q

most projects are created to:

A
  • improve workforce productivity
  • increase revenue
  • attempt to save costs
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56
Q

when creating a budget, a project manager must account for:

A
  • understanding the stakeholders needs
  • budgeting for surprise expenses
  • maintaining adaptability
  • reviewing and reforecasting throughout the project
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57
Q

understanding stakeholders needs means______

A

knowing exactly what stakeholders expect from the project in order to deliver

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58
Q

an example of budget for surprise events is ________

A

when products break unbeknownst to the vendor, an added cost would occur to replace defective products

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59
Q

review and forecast means______

A

creating a separate revised budget based on how your project is tracking and reforecasting is a way to recalibrate the budget

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60
Q

you might find that you need to shift costs to different resources and categories within your project budget. maybe you initially overestimated the cost of plants from the vendor and underestimated the costs of marketing your new launch. you can reallocate these dollars as necessary.

this is an example of______.

A

review and reforecast

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61
Q

when creating a budget, there are factors to consider such as:

A
  • resource cost rates
  • reserve analysis
  • contingency budget
  • cost of quality
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62
Q

______ is the cost of a resource

A

resource cost rates

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63
Q

labor, tools, equipment, materials and software are examples of _______

A

resources

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64
Q

a __________ is a method to check for remaining project resources

A

reserve analysis

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65
Q

what is money that is included to cover potentially unforeseen events that aren’t accounted for in a cost estimate?

A

a contingency budget

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66
Q

costs that are incurred to prevent issues with products, processes or tasks refers to ________

it includes:
- prevention costs
- appraisal costs
- internal failure costs
- external failure costs

A

cost of quality

67
Q

________ are costs for items that are necessary in order to complete the project. it includes:

  • wages and salaries of employees and contractors
  • materials costs
  • equipment rental costs
  • software licenses
  • project-related travel and transportation costs
  • staff training
A

direct costs

68
Q

______ are costs for items which do not directly lead to the completion of your project but are still essential for the project team to do their work. it includes:

  • administrative costs
  • utilities
  • insurance
  • general office equipment
  • security
A

indirect costs or overhead costs

69
Q

a baseline budget is an estimate of project costs that you start with at the beginning of a project

A
70
Q

re-baselining refers to when you update or modify a project’s baseline as a result of any approved change to the schedule, cost, or deliverable content

A
71
Q

having to redesign a product or service due to defects. A defect could mean refunds to customers, time and money required to create a new product or service, and multiple other potential costs affecting the client.

this is an example of_______

A

cost of quality

72
Q

project budgets:

A
  • helps to control costs throughout the duration of the project
  • help project managers establish the main objectives of their project and keep them within a reasonable framework to ensure that the project makes financial sense for the company.
73
Q

making a project budget uses techniques such as:

A
  • historical data
  • leveraging experts
  • bottom-up approach
  • confirming accuracy
  • setting a baseline
74
Q

historical data refers to _____.

A

reviewing past projects that are similar to get an idea of what past project managers did right or wrong

75
Q

leveraging experts refers to ______.

A

gathering insights to do something more effectively. ex. reaching out to colleagues who worked on a similar project in the past

76
Q

bottom-up approach refers to ______.

A

thinking about all the parts of a project from the beginning to the end, including making a list of every material, resource, contract worker, or anything that comes with an associated cost, and adding all of that together.

77
Q

_______ is the dollar amount that you’ll use to measure against, to find out if you’re on track or not, and to measure the success of your project.

A

baseline

78
Q

miscellaneous _____

A

represents additional items that are not included in any of the other areas

79
Q

minor items or items where there are only one or two of them, and that they are not a major budget line and are added to a project’s expenses are considered _______

A

miscellaneous

80
Q

a one time cost is called ______

A

a fixed cost (ex. posting a job description is $50)

81
Q

what can act as a checkpoint for budget management and payment?

A

milestones

82
Q

______ is a practice where a project manager identifies factors that might impact their budget and then creates effective actions to minimize variances

A

cost control or proactive budget management

83
Q

when is a good time to review the project budget and identify if you need to make any changes?

A

after you meet a milestone

84
Q

in order to control cost;

A
  • establish a sign-off plan and inform the appropriate stakeholders of any changes that occur (ex. which stakeholder or sponsor will approve contractor or vendor time sheets)
  • manage changes as their made (ex. updating forecasts or estimates and tracking
  • accept budget misses will happen
  • adequately account for, adapt, and manage your budget with that risk in mind
85
Q

going over budget may mean that the company will have less funds for other areas within the business whereas going under budget indicates that you may not have done a good job at initially estimating and you could have spent more money on the project, meaning that you could have possibly had extra resources or better quality output

A
86
Q

overcoming budget challenges includes:

1.) budget pre-allocation
2.) inaccurately calculating TCO
3.) scope creep

A
87
Q

challenge 1: budget pre-allocation

A
  • a budget is set before the start of a project
  • routinely monitored to ensure budgeted amounts are sufficient to meet your costs
  • tracking fixed contracts and time- and materials-based expenses
88
Q

fixed contracts are ____

A

paid for when certain milestones are reached

89
Q

time- and materials contracts are ______

A

paid for monthly, based on hours worked and other fees associated with the work such as travel and meal expenses

90
Q

challenge 2: inaccurately calculating total cost of ownership (TCO)

A
  • TCO accounts multiple elements that contribute to cost of an item and expenses associated with a product or service over its lifetime rather than upfront costs
  • ex. owning a car
91
Q

you purchase a car for a certain price on top of fees (license, registration and maintenance). when you account for purchasing the car in addition to other fees, it is an ex of ____

A

TCO total cost ownership

92
Q

warranties, supplies, required add-on costs, upgrade costs are also included in ______

A

TCO total cost ownership

93
Q

challenge 3: scope creep

A
  • when changes, growth, and other factors affect the project’s scope at any point AFTER the project begins
  • causes additional work that wasn’t planned for
94
Q

several factors that can lead to scope creep includes:

A
  • a vague statement of work (SoW)
  • unofficial conversations and agreements about the project
  • unattainable timeframes and deadlines
  • last min asks from priority stakeholders
95
Q

the inflow and outflow cash on your project is referred to as ______,

A

cashflow

96
Q

cash into your project refers to _____

A

funding

97
Q

____ that comes into your project allows you to maintain and compensate resources and pay invoices for materials or outside services.

A

cash

98
Q

what category is major, long-term, upfront expenses such as buildings, equipment and vehicles? they are assets owned and kept

A

capital expenses (CAPEX)

99
Q

what is short-term expenses that are required for day-to-day tasks involved in running the company such as wages, rent, and utilities and are reoccurring?

A

operating expenses (OPEX)

100
Q

a major software acquisition as part of an IT project could be treated by your organization as a capital expense while the monthly wages paid to a contractor to help install the software would be considered an ______

A

operating (OPEX)

101
Q

contingency reserves or _____ is a way to prepare for unplanned costs. it is added to the estimated project cost to cover _____ risks.

A

buffers; identified

102
Q

to determine the amount of your contingency reserves, you will need to go through the ______ process and identify the risks that are most likely to occur.

A

risk management

103
Q

____ can also be used to cover areas where actual costs turn out to be higher than estimated costs

A

contingency reserves

104
Q

you may estimate a certain amount for labor costs, but if a contracted worker on your team gets a raise, then the actual costs will be higher than you estimated is an example of _____

A

contingency reserves

105
Q

______ are used to cover the costs of unidentified risks

A

management reserves

106
Q

for an example, if you were managing a construction project and a meteor hit your machinery, you could use ______ to cover the costs of the damage

A

management reserves

107
Q

what is the difference between contingency reserves and management reserves?

A

contingency reserves are an estimated amount, whereas management reserves are generally a percentage of the total cost of the project

108
Q

what is called when you obtain all of the materials, services, and supplies required to complete the project?

A

procurement

109
Q

individuals or businesses who provide essential goods and services are called ____

A

vendors

110
Q

vendor management _______

A

covers the activities included in researching and sourcing vendors. it is often a matter of sourcing for a specific service or talent and then managing that relationship

111
Q

sourcing talent includes researching and obtaining estimated costs from different partner companies you may use on a project.

A
112
Q

vendor management entails:

A
  • sourcing vendors
  • getting quotes for their work
  • deciphering which vendors will best fulfill your needs
  • negotiating their contracts
  • setting deadlines for them
  • evaluating performance
  • ensuring payments are made
  • familiarizing yourself with ADA regulations
113
Q

the 5 steps of the procurement process includes:

A

1.) initiating
2.) selecting
3.) contract writing
4.) control
5.) completing

114
Q

initiating:

A

planning what you need to meet your project goals

  • non disclosure agreement (NDA) is created
115
Q

selecting:

A

deciding which supplies and vendors to use

  • request for proposal (RFP)
116
Q

contract writing:

A

developing, reviewing, and signing contracts

  • statement of work (SoW)
117
Q

control:

A

making payments and maintaining and ensuring quality

118
Q

completing:

A

measuring your success

119
Q

procurement in the context of the Agile methodology means ______

A

Agile procurement management is often more collaborative, with both the project team and the end supplier

120
Q

Agile procurement management tends to have a _______contract that can be adapted based on the evaluation of the project

A

living

121
Q

_______ tends to focus on standard contracts with clear terms and deliverables.

A

traditional procurement management

122
Q

traditional procurement management features ________

A

lengthy and extensive documentation that includes fixed requirements and comprehensive detail of the services and deliverables.

123
Q

in ________ you won’t necessarily have the room to renegotiate contracts if something changes, so you may have to start the whole process over again.

A

traditional procurement management

124
Q

what is the purpose of an NDA?

A

it is a document that keeps confidential information within the organization

125
Q

request for proposal (RFP)

A

a document that outlines the details of the project

  • used to solicit bids from vendors
126
Q

an _____ also includes an overview of the project, the desired outcomes, and goals, budgets, deadlines, milestones and contact information

A

RFP

127
Q

statement of work (SoW) is ______

A
  • a document that clearly lays out the products and services a vendor or contractor will provide for the organization
  • also provides a description of the contractor’s needs and requirements to properly perform the agreed-upon services
  • sent after vendor is selected
  • often asks input from subject matter experts or SMEs
128
Q

while SoW covers the customer’s needs, it’s equally important that all parties involved understand what is expected from each of them

A
129
Q

what does a SoW describe?

A

the products and services a vendor or contractor will provide for the organization

130
Q

knowing your business’ legal requirements is ____

A

having a deep understanding of what is required of you legally as a project manager for your business

  • code of ethics project management
  • PMI (honesty, responsibility, respect and fairness)
131
Q

bribery or corruption
sole-supplier sourcing
interaction with state-owned are considered____

A

unethical issues

132
Q

when a company restricts the bidding process to one supplier is referred to as ____

A

non-competitive procurement

133
Q

an ____is an ethical dilemma that causes us to make a certain decision without regard four our ethical principles.

A

ethnic trap

134
Q

offering a certain % of an awarded contract to an official who can ensure that their company wins the bid is known as ______

A

kickback

135
Q

a _____ is a potential event which can occur and can impact your project.

A

risk

136
Q

an ______ is a known or real problem that can affect the ability to complete a task

A

issue

137
Q

what is the difference between a risk and an issue?

A

a risk has a chance or potential to impact your project whereas an issue is known, a fact that will interfere with completing a task

a risk becomes an issue when it happens

138
Q

the process of identifying and evaluating potential risks and issues that could impact a project is called _____

A

risk management

139
Q

risk management provides an understanding of:

  • what could go wrong
  • who you’ll need to consult
  • how the risk could be mitigated
A
140
Q

risk management lifecycle includes:

A

1.) identify the risk
2.) analyze the risk
3.) evaluate the risk
4.) treat the risk
5.) monitor and control the risk

141
Q

______ means to consider the good things that could happen

A

opportunities

142
Q

an _______ is a potential positive outcome of a risk

A

opportunity

143
Q

it is the first phase of the risk management process. it defines potential project risks with your team:

A

identify the risk

144
Q

to determine the likelihood and potential impact to your project. serious risks with a high probability of occurring pose the greatest threat:

A

analyze the risk

145
Q

using the results of your risk analysis to determine which risks to prioritize:

A

evaluate the risk

146
Q

making a plan for how to _____and manage each risk. you might choose to ignore minor risks, but serious risks need detailed mitigation plans.

A

treat the risk

147
Q

assigning team members to monitor, track, and mitigate risks if the need arises:

A

monitor and control risk

148
Q

a diagram that shows the possible causes of an event or risk is called ___

A

cause-and-effect diagram or fishbone

149
Q

a table or chart that contains a list of risks ____

A

risk register

150
Q

the stage of risk management where qualities of a risk are estimated or measured is called ____

A

risk assessment

151
Q

a tool used to prioritize project risk is called _____

A

probability and impact matrix

152
Q

the measure of a risk, calculated by its probability and impact is called ____

A

inherent risk

153
Q

the possibility that project tasks will take longer than anticipated to complete ______

A

time risk

154
Q

the possibility that the costs of a project will increase due to poor planning or expanding the project’s scope is called _____

A

budget risk

155
Q

the possibility that a project won’t produce the results outlined in the project goals is called _____

A

scope risk

156
Q

risks that results from factors outside the company that you have little to no control over is called ______

A

external risk

157
Q

a risk that has potential to be catastrophic and halt work across a project is called ______

A

single point of failure

158
Q

a _____ is a relationship between two project tasks, where the start or completion of one depends on the start finish of the other

A

dependency

159
Q

_______ refers to dependencies within the project that you and your team have control over

A

internal dependencies

160
Q

dependencies you have no control over is referred to as _____

A

external dependencies

161
Q

Once an organization has explored the inherent risks of a project, its willingness to accept the possible outcomes of those risks is known as _____.

A

risk appetite

162
Q

communication is _____

A

the flow of information and includes what is shared, how it’s shared and with whom

163
Q

a communication plan _____

A

organizes and documents the process, types and expectations of communication for the project

164
Q

a communication plan includes:

A
  • What you need to communicate (the goal of the communication)
  • Who needs to communicate
  • When information-sharing needs to happen
  • Why and how to communicate with everyone involved

Project Management (5 decks)

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