Deck 1 Flashcards
Cost Budget is?
Is the cost baseline plus the mgmnt reserves
Perform Quality Control focuses on what?
- Measure quality 2. identify improvements 3. validate deliverables 4. complete checklists 5. update lessons learned 6. submit change requests 7. update the PM plan and project documents
Who structures the procurement documents?
The buyer structures the procurement documents to facilitate an accurate and complete response and permit easy comparison of responses. If you do not do this, you will find it difficult to compare the results. Sometimes, as in government contracting, the content and structure is defined by regulation. In some cases, publication of the request will be done in public newspapers, trade journals, registries, or on the internet.
Role Responsible and when: enforces quality processes during executing and monitoring and Controlling
Sponsor
Determine Budget Process has what inputs?
- activity cost estimates, from Estimate Costs process 2. Basis of estimates, from Estimate Costs 3. Scope baseline, containing the scope statement, which may contain limitations by period for project expenditures from the organization, contract, or government agency. It also includes the WBS and WBS dictionary. 4. Project schedule, from Develop Schedule, which provides the “when” for costs. 5. Resource calendars, which may indicate resource costs over the length of the project (e.g. rate increases) 6. Contracts for products, services or results that are purchased. 7. Organizational process assets, including policies, procedures, and guidelines related to budgeting, as well as budgeting tools and reporting methods.
Estimate Costs process TOOLS AND TECHNIQUES are?
- Expert judgement, to guide the application of historical and other information in determining project estimates 2. Analogous estimating, which uses historical information from a previous project. Analogous estimating is useful when information and time are limited, but is not as accurate as detailed estimating 3. Parametric estimating 4. Bottom-up estimating, which estimates at the lower levels then accumulates cost upward. It’s more accurate than analogous estimate 5. Three point estimates. Allows consideration of a range of possible estimates 6. Reserve analysis, to set up contingency reserves to account for cost uncertainty. Contingency reserves are part of the project’s funding requirements 7. Cost of quality, to provide for quality assurance and control costs of the project 8. Project management estimating software, including things like computerized spreadsheets, simulation and statistical tools 9. Vendor bid analysis in which vendor cost bids are analyzed to determine reasonable “should costs” estimates.
Work Performance Measures include?
- Planned vs. actual technical performance 2. Planned vs. actual schedule performance 3. Planned vs. actual cost performance
What process occurs after the quality standards are identified?
Plan Quality Process
What Comes Before: Direct and Manage Project Execution
Develop Project Management Plan
What are the OUTPUTS of the process - Plan Quality?
- Quality management plan, 2. Quality metrics, 3. Quality checklists , 4. Process improvement plan, 5. Project document updates
What are the OUTPUTS of the process - Determine Budget?
- Cost performance baseline, an authorized time-phased budget used to measure and monitor project cost performance. Sums the approved budget expenditures by time period, and is displayed as an S-curve showing accumulated expenditures over time., 2. Project funding requirements, which are set in a step function to stay ahead of the cost baseline considering cash flow delays., 3. Project document updates, including cost estimates, project schedule, and the risk register.
When is To Complete Performance Index (TCPI) used?
To Complete Performance Index (TCPI) is used to determine cost performance efficiency required to complete project within the original budget (BAC) or revised budget (EAC). 1. Revised Budget: TCPI (EAC) = (BAC-EV)/(EAC-AC) 2. If budget can NOT be revised:TCPI (BAC) = (BAC-EV)/(BAC-AC)
What are the TOOLS AND TECHNIQUES of the process - Report Performance?
- Variance analysis, to look at what caused variance, 2. Forecasting methods, 3. Communication methods, 4. Reporting systems, which is a standard tool to help the project manager capture, store, and distribute information to stakeholders, using software tools to assist.
What is Schedule Performance Index (SPI)?
Schedule Performance Index (SPI) is the earned value divided by the planned value (EV/PV).
What are the TOOLS AND TECHNIQUES of the process - Close Procurements?
- Procurement audits, a structured review of the procurement process soup to nuts. The objective is to identify what worked and what didn’t to drive lessons learned.2. Negotiated settlements, of all outstanding issues, claims, and disputes. If settlement cannot be reached though direct negotiation, some form of alternate dispute resolution, including mediation or arbitration may be used. Last result: litigation in the courts.3.Records management system
What Comes Before: Close Project or Phase
Perform Integrated Change Control
What are the TOOLS AND TECHNIQUES of the process - Monitor and Control Risks?
- Risk reassessment, including identifying new risks and closing risks, 2. Risk audits, which examine and document the effectiveness of risk management processes, 3. Variance and trend analysis, comparing planned and actual, 4. Technical performance measurement, which monitors specific, quantifiable measures of technical performance appropriate to the application area of the project., 5. Reserve analysis based on risks that have or have not occurred, to determine if reserves should be adjusted., 6. Status meetings, which should include project risk management as an agenda item to keep some attention focused on risks
What part of the Quality Management process are you in when using a bar chart to show how many problems occurred for each cause and arranging them according to the frequency in which the problems occurrred
Perform Quality Control
What part of the Quality Management process are you in when reviewing a graphic with an organized series of lines displaying issues or potential issues that might have led to a defect or problem
Perform Quality Control
Project Statement of Work (SOW) can be defined as?
- A narrative description of products or services to be supplied by the project 2. Describes the business need 3. Describes the Product Scope 4. Describes the relationship between the project and the business need
Project Management Plan document can be defined as?
The Project Management plan integrates and consolidates all subsidiary plans and baselines from the planning processes. It includes: 1. The life cycle selected for the project - How work will be executed 2. Processes selected by PM team 3. Level of implementation (rigor) 4. Description of tools and techniques to be used 5. How selected processes will be used
What are the OUTPUTS of the process - Report Performance?
- Performance reports, 2. Organizational process assets updates, including reports, lessons learned, causes of issues and corrective action taken, and any other historical information, 3. Change requests, processed through Perform integrated change control process. Could include recommended corrective or preventive action.
What part of the Quality Management process are you in when analyzing a chart of problems to find the most frequent to see which one should be improved?
Perform Quality Assurance
What are the five processes of Project Scope Management?
1) Collect Requirements2) Define Scope3) Create WBS4) Verify Scope5) Control Scope
What is the definition of the Control Scope process?
Measuring project and product scope performance and managing changes to the scope baseline.
Earned Value Management can be defined as?
A management methodology for intergrating scope, schedule and resources and for objectively measuring project performance and progresss. Performance is measured by determining the budgeted cost of work performed (i.e. earned value) and comparing it to the actual cost of work performed (i.e. actual cost).
What are the OUTPUTS of the process - Perform Quantitative Risk Analysis?
- Risk register updates, including:, - Probabilistic analysis of the project, showing results with associated confidence levels., - Probability of achieving the cost and time objectives, - Prioritized list of quantified risks, - Trends in quantitative risk analysis results, which may lead to conclusions affecting the planned responses.
What Comes Before: Monitor and Control Risks
Plan Risk Responses
What are the INPUTS of the process - Identify Risks?
- Risk management plan, including roles and responsibilities, budget and schedule provisions, and categories of risks, 2. Activity cost estimates, to view range of results, 3. Activity duration estimates, also with ranges, 4. Scope baseline, including assumptions and the WBS, 5. Stakeholder register, useful to identify who can provide inputs, 6. Cost management plan, provides approach to cost management, 7. Schedule management plan, for its schedule management approach, 8. Quality management plan, for its impact on risk, 9. Project documents, including the assumption log, work performance reports, earned value reports, network diagrams, baseline, and others, 10. Enterprise environmental factors, including published information, academic studies, benchmarking, industry studies, and risk attitudes, 11. Organization process assets, including project files with actual data, organizational and project process controls, risk statement templates,and lessons learned
Types of HR Org charts used in the Develop Human Resource Plan are?
- Hierarchical 2. Matrix-based (responsibility assigment matrix like RACI)3. Text-oriented
What configuration management activities are included in the Integrated Change Control process?
- Configuration identification 2. Configuration status accounting 3. Configuration Verification and Audit
Change requests can require new or revised what?
- Cost estimates 2. Activity sequences 3. Schedule dates 4. Resource requirements 5. Analysis of risk response alternatives 6. require adjustments to the PM plan 7. Other project management plans/documents
What are the TOOLS AND TECHNIQUES of the process - Develop Human Resource Plan?
- Organization charts and position descriptions (and responsibility assignment matrix (RAM) like RACI (responsible, accountable, consult, inform).2. Networking3. Organizational theory
What are the OUTPUTS of the process - Plan Communications?
- Communications management plan2. Project document updates, including the project schedule, stakeholder register, and stakeholder management strategy
What are the INPUTS of the process - Close Procurements?
- Project management plan, including procurement management plan, 2. Procurement documentation, collected, indexed, and filed. Information on contract schedule, scope, quality, and const performance, along with all contract change documentation, payment records, and inspection results. This will form the basis for lessons learned documentation and for evaluating contractors for future contracts.
Perform Integrated Change Control process contains what activities?
- Influencing the factors that circumvent integrated change control so that only approved changes are implemented 2. Reviewing, analyzing and approving change requests 3. Managing the approved changes 4. Maintaining the integrity of baselines 5. Reviewing, approving, or denying recommended corrective/preventative actions 6. Coordinating changes across the entire project 7. Documenting impact of change requests
What tool is being used when reviewing a graphic with an organized series of lines displaying issues or potential issues that might have led to a defect or problem
Cause and Effect Diagram (Ishikawa/fishbone diagrams)
Acceptance Criteria
A set of conditions that is required to be met before deliverables are accepted.
Activity
A distinct, scheduled portion of work performed during the course of a project.
Actual Cost (AC)
The realized cost incurred for the work performed on an activity during a specific time period.
Apportioned Effort
An activity where effort is allotted proportionately across certain discrete efforts and not divisible into discrete efforts. One of the 3 EVMs used to measure work performance.
Assumption
A factor in the planning process that is considered to be true, real, or certain, without proof of demonstration.
Backward Pass
A critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date.
Baseline
An approved plan for a project, plus or minus approved changes. It is compared to actual performance to determine if performance is within acceptable variance thresholds. Usually used with a modifier like cost performance baseline or schedule baseline.
Bottom-up Estimating
A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the WBS.
Budget at Completion
The sum of all budgets established for the work to be performed.
Change Control
A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.
Change Control Board
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project and for recording and communicating such decisions.
Change Control System
A set of procedures that describes how modifications to the project deliverables and documentation are managed and controlled.
Change Request
A formal proposal to modify any document, deliverable, or baseline.
Code of Accounts
A numbering system used to uniquely identify each component of the WBS.
Communication Management Plan
A component of the project, program, or portfolio management plan that describes how, when, and by whom information will be administered and disseminated.
Constraint
A limiting factor that affects the execution of a project, program, portfolio, or process.
Control Account (CA)
A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.
Corrective Action
A intentional activity that realigns the performance of the project work with the project management plan.
What is the Cost Management Plan
A component of a project or program management plan that describes how costs will be planned, structured, and controlled.
Cost Performance Index (CPI)
A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost. CPI= EV/AC
Cost Variance (CV)
The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost. CV= EV-AC
Crashing
A technique used to shorten the schedule duration for the least incremental cost by adding resources.
Critical Chain Method
A schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project certainties.
Critical Path
The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.
Critical Path Activity
Any activity on the critical path in a project schedule.
Critical Path Method
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.
Data Date
A point in time when the status of the project is recorded.
Decision Tree Analysis
A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.
Decomposition
A technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts.
Defect Repair
An intentional activity to modify a nonconforming product or product component.
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.
Discrete Effort
Any activity that can be planned and measured and that yields a specific output. One of three EVM types of activities used to measure work performance.
Early Finish Date
In the critical path method, the earliest possible point in time when the uncompleted portions of a schedule activity can start based on the schedule network logic, the data date, and any schedule constraints.
Early Start Date
In the critical path method, the earliest possible point in time when the uncompleted portions of a schedule activity can start based on the schedule network logic, the data date, and any schedule constraints.
Earned Value
The measure of work performed expressed in terms of the budget authorized for that work.
Earned Value Management
A methodology that combines scope, schedule, and resource measurements to assess project performance and progress.
Effort
The number of labor units required to complete a schedule activity or WBS component, often expressed in hours, days, or weeks.
Enterprise Environmental Factors
Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio.
Estimate at Completion
The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete. EAC= AC + (BAC-EV)/CPI = BAC/CPI
Estimate to Complete
The expected cost to finish all the remaining project work. ETC = EAC - AC
Fast Tracking
A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.
Finish-to-Finish (FF)
A logical relationship in which a successor activity cannot finish until a predecessor activity has finished.
Finish-to-Start (FS)
A logical relationship in which a successor activity cannot start until a predecessor activity has finished.
