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Proj Mgmnt C7 22 > Deck 1 > Flashcards

Deck 1 Flashcards

1
Q

PRINCE2

A

Projects in a Controlled Environment v2

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2
Q

4 major PM orgs

A

PMI - largest, 400k members, founded 1969, OPM3
APM - UK based
IPMA - founded 1965
AXELOS - joint venture between UK govt and Captia PLC

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3
Q

3 types of org structure

A

FUNCTIONAL (departmentalized): works well when projects are not too complex and operations don’t need a lot of collaboration among each other
PROJECTIZED: SMES assigned to work for a PM
MATRIX: less clearly defined lines of reporting, weak (like functional); balanced; strong
project is central focus

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4
Q

5 levels of org maturity re PM

A

ad hoc - no standards
planned - basic documentation exists, inconsistent management support
managed - formal documentation, inconsistent application
integrated - metrics in place to collect performance data across projects
sustained - metrics exist to collect data across projects, portfolios and programs

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5
Q

3 types of procurement

A

commodity
specialty items
personnel

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6
Q

reasons to close project early

A

project no longer aligns with company strategy
not technically feasible
negated by competitive pressures
not economically feasible

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7
Q

4 phases

A

Defining
Planning
Executing
Closing

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8
Q

Stage vs phase

A

stages are segments of work in the project

phase - project with a deliverable

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9
Q

when can closeout practice occur in a project

A 
at any stage in the project
phase completion
iteration completion
deliverable completion
any juncture where segment of work is completed
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10
Q

Project closure activities

A

turn over final project deliverables
close out all procurements
complete administrative work to close project

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11
Q

project charter

A 
defines/documents project existence
authorizes project (contract document)
created after project is selected
identify sponsor, PM, purpose, general scope, budget, performance measures, milestones, major deliverables, assumptions, constraints, business need, signatures
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12
Q

what ends the project defining phase

A

selection/rejection of project

creation/approval of project charter/proposal

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13
Q

outputs of planning phase

A

scope
budget
schedule
all approved by customer/sponsor

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14
Q

What is used in planning phase to detail the plan?

A

WBS

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15
Q

2 type of project deliverables

A

PM

specific

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16
Q

levels in WBS

A 
Program
Project
Deliverables
Activities
Tasks/Subtasks
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17
Q

definition of business scenario

A

relevant past events
key current information
expected/desired outcomes

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18
Q

business strategy

A

activities, methods, tactics used to meet business goals

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19
Q

project success

A

meets time, budget and scope goals

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20
Q

portfolio

A

group of related programs that support long term company objective

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21
Q

program

A

group of related projects

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22
Q

project

A

group of activities that generate a result to support a program

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23
Q

risk appetite

A

degree of uncertainty an entity is willing to take on

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24
Q

risk tolerance

A

degree of uncertainty an entity can withstand

25
Q

risk threshold

A

measurements of uncertainty stakeholder is interested in. Risk accepted below threshold, not tolerated above.

26
Q

risk planning

A

review every aspect of project to find risks

internal and external influences

27
Q

3 types of risk

A

organization
external
technical

28
Q

RBS

A

risk breakdown structure - follow WBS task by task to evaluate risk in each task

29
Q

transfer risk

A

transfer risk to another party ie insurance, outside party, may increase budget

30
Q

risk mitigation

A

reduce impact or likelihood of risk occurring

31
Q

approaches to opportunity management

A

accept
enhance
share

32
Q

what risk management strategy is most desirable

A

avoidance

33
Q

float time

A

time a task can be delayed without affecting completion date

34
Q

what does project baseline determine

A

what is included in scope,
functional requirements,
business needs,
stakeholder

35
Q

Project charter most important function

A

authorizes project

contract document

36
Q

what’s included in scope

A

SOW
baseline schedule
baseline cost

37
Q

SOW

A 
DEFINES 
objectives, 
deliverables, 
acceptance criteria, 
requirements, 
milestones, 
constraints, 
assumptions
38
Q

What is essential in project scope statement?

A

deliverables and acceptance criteria

39
Q

types of non cognitive skills for a PM

A 
leadership
teamwork
communication
negotiation
conflict management
self control
flexibility and creativity
professionalism
ethics
decisiveness
40
Q

planned vs managed maturity level

A

planned - standards, etc. exist but not an organizational standard
managed - standards, processes, etc. are an org. standard

41
Q

time value of money vs NPV

A

TVM - value of money today compared to future

NPV - calculate if benefits (revenue, income, savings, etc.) are greater/less than cost of project

42
Q

realistic vs
capable project selection model
flexible defn
comparable defn

A

realistic - reflects business processes, appropriate for level of resources
capable - pertinent, relevant factors, covers its dimension well
flexible - accurate measures across ranges of conditions
easy to use
low cost
comparable - usable across range of projects, outcomes used to compare projects

43
Q

non numeric selection models

A

competitive necessity
operation necessity
sacred cow
checklist

44
Q

triangular distribution

A

used to estimate time for a task

(O+L+P)/3

45
Q

beta distribution

A 
DURATION
used to estimate time for a task
(O+4L+P)/3
RANGE
(P-O)
SD
(P-O)/6
46
Q

top down budget estimating

A

aka parametric
ratio - uses experience to apply to size of project
apportion - apply cost to portion of project based on overall cost of project and relative portion of segment

47
Q

bottom up cost estimating

A

aggregate costs from individual task costs in WBS

48
Q

management vs contingent reserve

A

Mgmt - covers unknown risks

contingent covers known risks from risk mgmt process

49
Q

calendarized budget

A

combined info from WBS, budget and network diagram

50
Q

information in a network diagram

A

resources,
time and
sequence

51
Q

EV

A

earned value

value of all work completed to date

52
Q

PV

A

planned value
dollar value of all work scheduled to have been completed to date
pertains to schedule

53
Q

AC

A

actual cost
cost of all work completed to date
pertains to cost

54
Q

BAC

A

budget at completion

total baseline budget for completed project

55
Q

cost variance

A

EV-AC

Negative means behind

56
Q

schedule variance

A

EV-PV

negative number means behind

57
Q

CPI

A

cost performance index
EV/AC
>=1 is good

58
Q

SPI

A

schedule performance index
EV/PV
>=1 is good

59
Q

project closeout tasks

A

acceptance of deliverables
procurement
admin

Proj Mgmnt C7 22 (2 decks)

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