Deck 3 Flashcards
Quality Planning should be performed parallel with the other planning processes. True or False?
TRUE
Cost of Quality (COQ) can be defined as?
- Includes all costs incurred over the life of the product A. Investment in preventing nonconformance to requirements B. Appraising product for conformance to requirements C. Failing to meet requirements (rework)
Cost of conformance includes?
Not found in PMBOK version 4. May be a version 3 thing.1. Prevention costs (build a quality product) 2. Appraisal costs (assess the quality)
Cost of non-conformance includes?
- Internal failure costs (failures found by project) 2. External Failure Costs (failures found by customer)
Design of experiments can be described as?
- A statistical method for identifying which factors may influence specific variables of a product or process 2. used during Plan Quality process to determine the number and types of tests and their impact on quality 3. plays a role in the optimization of products/processes 4. used to reduce the sensitivity of product performance to sources of variations by environ/manufact. differences 5. systematically changes all the factors at once, rather than one at a time
What part of the quality process is iterative?
Perform Quality Assurance. Provides an umbrella for continuous improvement
How often is Perform Quality Control done throughout the project?
It is done throughout the project
Looking at the project practices of comparable projects refers to what Tool/Technique?
Benchmarking
Looking at the project practices of comparable projects refers to what part of the Quality Management process?
Plan Quality
Measuring 4 of the 400 doors produced is called what (Tool/Technique)?
Statistical Sampling
What part of the Quality Management process are you in if you are measuring 4 of 400 doors produced?
Perform Quality Control
What tools/techniques is being used when identifying the factors that influence particular variables of a product or process?
Design of Experiments
When identifying the factors that influence particular variables of a product or process, what part of the Quality Management process is this?
Plan Quality
What tools/techniques is being used when analyzing a chart of problems to find the most frequent to see which one should be improved?
Pareto Chart
What tools/techniques is being used when comparing the expense of quality efforts to the ROI?
Cost benefits analysis
What part of the Quality Management process are you in when comparing the expense of quality efforts to the ROI?
Plan Quality
What tools/techniques is being used when determining acceptable lower and upper variance thresholds?
Control Chart
What part of the Quality Management process are you in when determining acceptable lower and upper variance thresholds?
Plan Quality
What tool is being used when comparing what was done to what was documented as needing to be done?
Checklists
What part of the Quality Management process are you in when comparing what was done to what was documented as needing to be done?
Perform Quality Control
What tools is being used you estimate based on a subset of individuals from within a larger population?
Statistical Sampling
What part of the Quality Management process are you in when selecting 3 projects to refer to out of 12?
Plan Quality
What tools/techniques is being used when graphically representing a process to determine where a process is achieveing low-quality results might be failing?
Flowcharting
What part of the Quality Management process are you in when graphically representing a process to determine where a process is achieveing low-quality results might be failing?
Perform Quality Control
What tools/techniques is being used when comparing measurements to the upper/lower limits?
Control Chart
What part of the Quality Management process are you in when comparing measurements to the upper/lower limits?
Perform Quality Control
What tools/techniques is being used when graphically representing a process to determine where quality problems might arise?
Flowcharting
What part of the Quality Management process are you in when graphically representing a process to determine where quality problems might arise?
Plan Quality
What tools/techniques is being used when analyzing a graphic with an organized series of lines displaying issues that might have lead to a defect to examine if the proper process was followed?
Cause and Effect Diagram
What part of the Quality Management process are you in when analyzing a graphic with an organized series of lines displaying issues that might have lead to a defect to examine if the proper process was followed?
Perform Quality Assurance
What tools/techniques is being used when showing data in the form of bars to measure and plot how frequently a problem occurred
Histogram
What part of the Quality Management process are you in when showing data in the form of bars to measure and plot how frequently a problem occurred
Perform Quality Control
What tools/techniques is being used when collecting many data points to look at the pattrn of relationships or correlation between two variables
Scatter Diagram
What part of the Quality Management process are you in when collecting many data points to look at the pattrn of relationships or correlation between two variables
Perform Quality Control
What tools/techniques is being used 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
Pareto Chart
What tools/techniques is being used when creating a list of items to be checked during inspections
Checklists
What part of the Quality Management process are you in when creating a list of items to be checked during inspections
Plan Quality
What process group is Plan Quality in?
Planning
What process group is Perform Quality Assurance in?
Executing
What process group is Perform Quality Control in?
Monitoring and Control
Actual Cost (AC) is…?
Actual Cost is the actual cost of work performed during the selected time period; As of today, what are the actual costs incurred to date?
Analogous Estimating has what advantages/disadvantages?
- Quick 2. Activities need not be identified 3.Less costly 4. Gives PM an idea of mgmnt’s expectations 5. Overall project costs will be capped 1. Less accurate 2. Estimates are prepared with limited non-detailed data 3. requires experience 4. infighting to grab biggest piece of budget 5. extremely difficult for projects with uncertainty 6. Does not take into account the differences between projects
Bottom-up Estimating has what advantages/disadvantages?
- More accurate 2. gains buy-in from team 3. based on details analysis of project 4. provides basis for monitoring and controlling, perf measurement, and mgmnt 1. takes time and expense 2. tendency for team to pad 3. requires project be well defined and understood 4. requires time to break the project down into smaller pieces
Bottom-up Estimating is…?
Detailed estimates for each activity to work package; then they are rolled up into control accounts, then into an overall project estimate
Budget At Completion (BAC) is…?
How much did we budget for the total project?
Budget Estimate can be described as?
- Made during planning process 2. typical range of -10 - +25% from actual
Can historical information improve estimate accuracy?
Yes
Changes: When should changes be requested?
When cost problems occur
Constraints: Should a PM just accept constraints from mgmnt?
No; analyze the needs of the project, come up with own estimates, reconcile differences and present realistic objectives
Control Costs Process can be described as?
- The process of monitoring project status to updates project budget and managing changes to the cost baseline 2. This effort includes updating actual costs spent 3. Any increase to the budget must be approved through Perform Integrated Change Control 4. As we monitor costs we also must ensure that we are receiving value for the cost expended. We will find the earned value management technique useful in this context.
Controlling Costs includes what?
- influencing factors that create changes to the cost baseline 2. Ensuring requested changes are acted on timely 3. Managing the actual changes when and as they occur 4. Assuring that expenditures do not exceed the authorized funding by period and in total for the project 5. Monitoring cost performance to detect and understand variances from the cost baseline 6. Monitoring work performance against funds expended 7. Preventing incorrect, inappropriate, or unapproved changes from being included in the reported cost or resource use 8. Informing appropriate stakeholders of approved changes 9. Acting to bring expected cost overruns within approved limits.
Control Costs Process has what inputs?
- Project management plan, which contains the cost management plan and the cost performance baseline 2. Project funding requirements from Determine Budget 3. Work performance information which comes from Direct and Manage Project Execution, and provides deliverable status, actual costs and estimates for cmpleted work 4. Organizational process assets, including cost control policies, procedures, and guidelines, as well as tools and monitoring and reporting methods.
Control Costs Process has what outputs?
- Work performance measurements (CV, SV, CPI, and SPI) for WBS components and control accounts. 2. Budget forcasts 3. Organizational process assets updates with historical information and lessons learned 4. Change requests when the baseline must be changed. These are processed through Perform Integrated Change Control process. 5. Project management plan updates, including the cost performance baseline and the cost management plan 6. Project document updates, including cost estimates and basis of cost estimates
Control Costs process TOOLS AND TECHNIQUES are?
- Earned value management 2. Forecasting 3. To complete performance index 4. Performance reviews 5. Variance analysis 6. Project management software
Control Costs: What actions should a PM take to control costs?
- follow the mgmnt cost plan 2. look at org process assets available 3. manage changes 4. measure project progress
Cost Aggregation can be described as?
Note: didn’t find this in PMBOK v.4 appendix, though. Could be version 3 information.1. Activity costs rolled into work packages 2. work packages rolled into control accounts then proj costs.
Cost Baseline is usually graphed as what?
The Cost Baseline is usually displayed as an S curve.
Cost Baseline is?
Contains the contingency reserves - represents the funds authorized
Cost estimating techniques are (4)?
- one-point 2. analogous 3. parametric 4. three -point
Cost Management Plan can be described as?
During the Develop Project Management Plan process the management team develops a cost management plan, included as part of the project management plan. It describes the form and criteria for planning, estimating, budgeting, and controlling project costs. It covers the “How” of cost management for project; 1. Level of accuracy - what rounding is used in cost estimating 2. Units of measure - days, weeks, dollars, Euros 3. Organizational procedure links, particularly through the specification of control accounts in the WBS 4. Control thresholds, to set an agre
Cost Performance Index (CPI) is?
Cost Performance Index (CPI) is the earned value divided by the actual cost (EV/AC).; CPI = EV/AC; We are getting $_____worth of work out of every dollar spent. Funds are or are not being used efficiently
Cost Risk can be described as
Who bears the cost of risk; i.e. for s fixed price contract, the seller bears the risk
Cost Variance (CV) is…?
Cost Variance (CV) is the earned value minus the actual cost (EV - AC); negative = behind schedule; positive = ahead of schedule
Cost: If the question on cost is relating to cost the formula will relate to?
AC
Cost: What are the 4 types of cost?
Direct and indirect costs are referenced in version 4 PMBOK. The other two, variable and fixed, are not.1. Variable 2. Fixed 3. Direct 4. Indirect
Definitive Estimate can be described as?
- Made during later in the project 2. typical range of +/-10 from actual
Depreciation is…?
Depreciation is devaluing an asset in the tax system. There are two kinds: 1. Standard depreciation, where the difference between start value and scrap value is divided by the number of periods 2. Accelerated depreciation, which generally requires tables of data to calculate. Two types are Sum of the Years Digits, and Double Declining Balance (DDB). Depreciates faster than standard. (just recognize these terms)
Determine Budget Process can be described as?
Aggregating the estimated cost of individual schedule activities or work packages to establish a total cost baseline for measuring project performance. It includes all authorized budgets but excludes management reserves.
Determine Budget Process has what outputs?
- Cost performance baseline, an authorized time-phased budget used to measure and monitor project cost performance. Sumss 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.
Determine Budget process TOOLS AND TECHNIQUES are?
- Cost aggregation, which aggregates by work package, then to higher levels such as control accounts, and ultimately the entire project cost 2. Reserve analysis, to establish contingency and management reserve requirements. 3. Expect judgement, particularly related to the application area of the project 4. Historical relationships for parametric or analogous estimates 5. Funding limit reconciliation, to relate timing of expenditures to any limitations on the commitment of funds during the project.
EAC: What EAC do you use when current variances are thought to be atypical of the future, assuming poor cost performance and a need to hit a firm completion date?
AC + [(BAC - EV) / Cumulative CPI x Cumulative SPI)]
EAC: What EAC do you use when current variances are thought to be atypical of the future?
AC + (BAC - EV)
EAC: What EAC do you use when the original estimate was fundamentally flawed?
EAC = AC + Bottom-up ETC
EAC: What EAC do you use when there are no variances or you will continue at the same rate of spending?
BAC/Cumulative CPI
Earned Value (EV) is…?
Earned Value (EV) is the budgeted value of work completed during the selected time period; As of today, what is the estimated value of the work actually accomplished?; Indicates potential deviation of the project from the scope, cost, and schedule baselines; will lead to budget forecasts, change requests and other items that will need to be communicated
Earned Value Management (EVM) is?
- Earned value is a commonly used method of measuring project performance. It integrates scope, cost, and schedule measures 2. The focus is the accurate measurement of physical performance against a detailed plan 3. It also allows for accurate prediction 1. EVM measures true cost performance “what we got for what we spent.” 2. It has three dimensions of data:A. The Planned Value (PV) of the work B. The Earned Value (EV) of the physical work accomplishedC. The Actual Costs (AC) incurred to accomplish the project
Estimate at Completion (EAC) is?
As of now, how much do expect the total project to cost?
Estimate Costs Process has what inputs?
- Scope baseline, includes the project scope statement, the WBS, and WBS dictionary. These are the sources of information about components and products of the project, as well as assumptions and constraints. 2. Project schedule, Which includes the quantity and amount of time resources will be required. This achieves the close linkage between Estimate Activity Resources and Estimate Costs 3. Human resource plan, indicates staffing requirements, cost rates, related reward costs 4. Risk register, so that risk mitigation costs are included in cost estimates 5. Enterprise environmental factors, including market conditions and published commercial databases or seller price lists 6. Organizational process assets, including cost estimation policies and templates, along with historical information and lessons learned
Estimate Costs Process has what outputs?
- Activity costs estimates, in summary form or in detail 2. Basis of estimates includes detail necessary to support the estimate and how it was determined. Also indicates the range of possible results as an indicator of the expected accuracy of the estimate 3. Project document updates including the risk register.
Estimate Costs Process is…?
- Develop an approximation of the costs of resources required for project activities 2. Estimates are based on the information known at a particular time, and can be expected to be reflined as the project proceeds, from a rough order of magnitude estimate
