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PMP > Deck 5 > Flashcards

Deck 5 Flashcards

1
Q

What is Availability?

A

Availability is the Probability that a system is operational when called upon to perform its function. The numerical value of availability is expressed as a probability from 0 to 1. Availability calculations take into account both the failures and the repairs of the system - Component: (MTBF-MTTR)/MTBF, - System: (Availability1 * Availability2 * … Availabilityn)

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2
Q

What is Reliability?

A

Reliability is the ability of an item to perform a required function under stated conditions for a stated period of time. The numerical value of reliability is expressed as a probability from 0 to 1 and is also sometimes known as the probability of mission success. Reliability is the probability, assuming the system was operating at time zero, that it continues to operation until time t.

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3
Q

What should you remember about Quality Assurance?

A

Quality Assurance is an EXECUTING process. It occurs before the fact, and is about process.

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4
Q

What should you remember about Quality Control?

A

Quality Control is a CONTROLLING process that involves monitoring specific project results to determine whether they comply with relevant quality standards and identifying ways to eliminate causes of unsatisfactory results. It looks back at the product.

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5
Q

What should you remember about Scope Verification?

A

Scope Verification is a CONTROLLING process that is primarily concerned with acceptance of the deliverables, and is a Scope Management process, not a Quality Management Process.

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6
Q

What is Project Cost Management?

A

Project Cost Management includes the processes involved in estimating, budgeting, and controlling costs so that project can be completed within the approved budgets.

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7
Q

What is a cost management plan?

A

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.

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8
Q

What does the Cost Management Plan address?

A
  • Level of accuracy - what rounding is used in cost estimating, - Units of measure - days, weeks, dollars, Euros, - Organizational procedure links, particularly through the specification of control accounts in the WBS, - Control thresholds, to set an agreed-upon level of variance before triggering response., - Rules of performance measurement, including choices affecting use of Earned Value Management, - Reporting formats for cost reports, - Process descriptions of the three cost management processes.
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9
Q

What types of costs should be identified?

A
  • Variable vs. Fixed, - Direct vs. Indirect, - Recurring vs. Non-recurring, - “Allowed” costs for contract projects, - Price, if the project is done under contract for an external customer
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10
Q

What are the Project Selection Cost Measures?

A
  • ROI : Return on Investment, - IRR : Internal Rate of Return, - NPV : Net Present Value, - BCR : Benefit Cost Ration, For the above, pick the highest value, - Payback Period, pick shortest duration, - Opportunity Cost: the cost of projects not selected for execution
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11
Q

What is Future Value?

A

Future Value is the value of something at a specific time in the future., FV = PV * (1 + r)to the n power PV = Present Value, r = Interest Rate, n = Number of Periods, FV = Future Value

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12
Q

What is Present Value?

A

Present Value is the value of something today to create a certain value in the future. PV = FV / (1 + r) to the n power PV = Present Value, r = Interest Rate, n = Number of Periods, FV = Future Value

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13
Q

What is depreciation?

A

Depreciation is devaluing an asset in the tax system. There are two kinds:, - Standard depreciation, where the difference between start value and scrap value is divided by the number of periods., - 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)

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14
Q

What is the Process - 7.1 Estimate Costs?

A
  • Develop an approximation of the costs of resources required for project activities, - 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 during initiation in the +/- 50% range, to a later definitive or control estimate within a range of +/- 10%., - Costs estimated include labor, materials, equipment, services, facilities, and special categories like inflation.
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15
Q

What are the INPUTS of the process - Estimate Costs?

A
  1. 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
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16
Q

What are the TOOLS and TECHNIQUES of the process - Estimate Costs?

A
  1. 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.
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17
Q

What are the OUTPUTS of the process - Estimate Costs?

A
  1. 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.
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18
Q

What are Reserves?

A
  • Contingency reserves are allowances for unplanned but potentially required changes resulting from the risks identified in the risk register. Included in the cost baseline., - Management reserves are budgets reserved for unplanned changes to project scope and costs, and will usually require the project manager to obtain approval before spending management reserves., - Management reserves are not included in cost baseline, but may be included in the project budget, and are not included in project earned value calculations.
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19
Q

Describe the Process - Determine Budget.

A

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.

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20
Q

What are the INPUTS of the process - Determine Budget?

A
  1. 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.
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21
Q

What are the TOOLS AND TECHNIQUES of the process - Determine Budget?

A
  1. 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.
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22
Q

How is the Cost Baseline usually graphed?

A

The Cost Baseline is usually displayed as an S curve.

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23
Q

Describe the process - 7.3 Control Costs.

A

The process of monitoring project status to updates project budget and managing changes to the cost baseline., This effort includes updating actual costs spent., Any increase to the budget must be approved through Perform Integrated Change Control, 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.

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24
Q

What does Controlling Costs include?

A

Controlling costs includes:, - influencing factors that create changes to the cost baseline, - Ensuring requested changes are acted on timely, - Managing the actual changes when and as they occur, - Assuring that expenditures do not exceed the authorized funding by period and in total for the project., - Monitoring cost performance to detect and understand variances from the cost baseline., - Monitoring work performance against funds expended, - Preventing incorrect, inappropriate, or unapproved changes from being included in the reported cost or resource use., - Informing appropriate stakeholders of approved changes, - Acting to bring expected cost overruns within approved limits.

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25
Q

What are the INPUTS of the process - Control Costs?

A
  1. 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.
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26
Q

What are the TOOLS AND TECHNIQUES of the process - Control Costs?

A
  1. Earned value management, 2. Forecasting, 3. To-complete performance index, 4. Performance reviews, 5. Variance analysis, 6. Project management software
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27
Q

What are the OUTPUTS of the process - Control Costs?

A
  1. 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
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28
Q

What is Earned Value Management (EVM)?

A
  • Earned value is a commonly used method of measuring project performance. It integrates scope, cost, and schedule measures., - The focus is the accurate measurement of physical performance against a detailed plan, - It also allows for accurate prediction of the final costs and schedule, - Earned value management requires an integrated baseline against which to measure performance
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29
Q

What is EVM (Earned Value Management)

A

EVM measures true cost performance “what we got for what we spent.”. It has three dimensions of data:, 1. The Planned Value (PV) of the work, 2. The Earned Value (EV) of the physical work accomplished, 3. The Actual Costs (AC) incurred to accomplish the earned Value.Two critical Variances may be determined: Scheduled Variance and Cost Variance, - Variances may be converted into indices:, – Schedule performance index, – Cost performance index

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30
Q

What is Earned Value (EV)?

A

Earned Value (EV) is the budgeted value of work completed during the selected time period.

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31
Q

What is Planned Value (PV)?

A

Planned Value is the budgeted cost for the work scheduled during the selected time period.

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32
Q

What is Actual Cost (AC)?

A

Actual Cost is the actual cost of work performed during the selected time period.

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33
Q

What is Schedule Variance (SV)?

A

Schedule variance is the earned value minus the planned value (EV - PV)

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34
Q

What is Cost Variance (CV)?

A

Cost Variance (CV) is the earned value minus the actual cost (EV - AC)

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35
Q

What is Cost Performance Index (CPI)?

A

Cost Performance Index (CPI) is the earned value divided by the actual cost (EV/AC).

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36
Q

What is the difference between Variances VS. Performances Indexes?

A
  • Variances are measured in absolute values, like dollars., - Performance indices are ratios, - A variance indicates where you are. A performance index measures how well you are performing against planned efficiency, - Both are useful measures, - Variance: plus good, minus bad, - Index: more than 1 good, less than 1 bad
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37
Q

How do you establish EV for in-process work packages?

A

The Measurement method should be specified in the cost management plan, - Keep the EV calculation method as simple as possible, - The first EV analysis should be performed at the 15-20% period of the project life cycle. Measurement methods:, - 0/100 : No credit until its done - You understate/conservative, - 50/50 : Take 50% when you start and 100 when done, - % Complete : Base on estimating and prone to subjective opinion, - Milestone, - Apportioned Effect : Divy % of hours to various tasks, - Level of Effort ,

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38
Q

What is Forecasting?

A
  • Making estimates or predictions of conditions in the project’s future based on information and knowledge available at the time of the forecast., - As the project progresses, the project team may develop a forecast of the estimated cost at completion that is significantly different from the original budget at completion., - At all times, the estimate at completion is equal to the actual costs so far, plus an estimate to complete the remaining project work. Forecasting Terms , ETC - Estimate to complete, EAC - Estimate at completion, BAC - Budget at completion
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39
Q

How do you determine Variance at completion?

A

Variance at Completion = Budget at Completion - Estimate at Completion VAC = BAC-EAC

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40
Q

How do you determine % Complete (performance)?

A

Earned Value / Budget at Completion EV/BAC

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41
Q

How do you determine % Completion (schedule)?

A

Project Value / Budget at Completion PV/BAC

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42
Q

What are the three approaches of Forecasting?

A
  1. EAC forecast for ETC at the budgeted rate: EAC = AC + BAC - EV, 2. EAC forecast for ETC at the cumulative CPI: EAC = BAC / CPI, 3. EAC forecast for ETC considering both the CPI and SPI factors. This is used when we have a negative cost performance to date, and must meet a firm schedule date commitment. EAC = AC + (BAC - EV) / (CPI X SPI)
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43
Q

How are Performance Reviews used?

A

Performance Reviews are used to compare cost performance over time, schedule activities or work packages over-running and under-running budget (Planned Value), milestones due, and milestones met., 1. Variance analysis, 2. Trend analysis, 3. Earned value performance

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44
Q

How is Variance Analysis used?

A

The cost management plan, created in Develop Project Management Plan, describes how cost variances will be managed., - Example: response might be different for major versus minor variance. Plan would define what constitutes minor, and what to do, - Variances should decrease as project progresses; therefore the definition of minor variance may change during the project

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45
Q

How is Project Management Software used?

A

Software may be used to process actual costs and the EVM values, and to display graphical trends.

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46
Q

Activity Levels can be described as…?

A
  1. Small enough to estimate 2. schedule 3. monitor 4. control
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47
Q

Activity Std Deviation (ASD) has the formula

A

P-O/6

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48
Q

Activity Variance has the formula

A

[P-O/6]^2This is not in the 4th edition. The variance of the activity is still calculated by subtracting the optimistic time from the pessimistic time, dividing the difference by six and then squaring the outcome.

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49
Q

Analogous Estimates can be described as…?

A

Expert judgment and historical info to predict the future

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50
Q

Bar Chart : Under what circumstances would you use a Bar Chart instead of a Network Diagram?

A

To track progress, to report to the team

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51
Q

Bar Chart can be described as?

A
  1. Weak planning tools 2. effective for progress reporting and control 3. Are not PM Plans 4. done after the WBS and the Network Diagram
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52
Q

Changes are approved when?

A

During Perform Integrated Change Control

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53
Q

Control Schedule process in the Proj Time Mgmt knowledge area can be described as?

A
  1. The process of monitoring the status of the project to update project progress and manage changes to the schedule baseline. 2. Schedule control is concerned with: A. Determining the current status of the project schedule, B. Influencing the factors that create schedule changes, C. Determining that the project schedule has changed, and D. Managing the actual changes as they occur.
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54
Q

Controlling the schedule has what activities?

A
  1. Re-estimate 2. Conduct performance reviews to evaluation. the proj. 3. Adjust future parts of they project rather than ask for additional time 4. Level resources 5. Play ‘what if?’ 6. Suggest preventative actions
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55
Q

Crashing can be described as?

A
  1. A schedule compression technique in which cost and schedule tradeoffs are analyzed to determine how to obtain the greatest amount of compression for the least incremental cost. 2. Examples of crashing could include approving overtime, bringing in additional resources, or paying to expedite delivery to activities on the critical path. 3. Crashing only works for activities where additional resources will shorten the duration. 4. Crashing does not always produce a viable alternative and may result in increased risk and always results in increased costs.
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56
Q

Crashing has what impacts?

A
  1. Always adds cost 2. May add management time for the PM
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57
Q

Critical Chain Method can be described as?

A
  1. Critical chain is a schedule network analysis technique that modifies the project schedule to account for limited resources 2 . Is another way to develop a bought into, approved, realistic, and formal schedule 3. Directly takes into account both activity and resource dependencies
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58
Q

Critical chain method has what steps?

A
  1. Network diagram is created 2. The schedule is developed by assigning each activity the latest completion date but still being able to finish the project on time 3. Resource dependencies are added 4. The critical path is then calculated 5. Starting at the end dates, build your buffers around chain milestones (like reserves)
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59
Q

Critical Path Method can be described as?

A
  1. Calculates the theoretical early start and finish dates, and late start and finish dates, for all activities without regard for any resource limitations, by performing a forward and backward pass analysis through the schedule network. 2. The resulting early and late start and finish dates are not necessarily the project schedule; rather, they indicate the time periods within which the activity could be scheduled, given activity durations, logical relationships, leads, lags, and other known constraints.
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60
Q

Critical Path has what characteristics?

A
  1. the Critical Path can change 2. You can have many 3. Don’t necessarily want more than one as it increases risk 4. Float is typically zero on the critical path
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61
Q

Cutting Quality has what impacts?

A
  1. Could possibly save cost and resources 2. May increase risk 3. Requires good metrics
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62
Q

Define Activities can be described as…?

A

Take work packages created in the WBS and break them down further to reach Activity Level

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63
Q

Define Activities has what inputs?

A
  1. Scope Statement 2. WBS 3. WBS Dictionary
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64
Q

Define Activities has what outputs?

A
  1. Activity List 2. Details of the activities 3. Milestones
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65
Q

Defining Activities has just occurred, what step comes next?

A

Sequencing activities

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66
Q

Dependencies: Which type of dependencies should be considered when wanting to shorten or re-sequence activities?

A

Discretionary dependencies

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67
Q

Discretionary dependencies are determined by who?

A

The project team

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68
Q

Estimates have the following aspects:

A
  1. should be done by the person doing the work 2. reducing or eliminating risks can reduce estimates 3. Historical info can be used to improve estimates 4. should be based on the WBS 5. Should be reviewed periodically throughout the project
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69
Q

Estimating has 5 techniques; what are they?

A
  1. One-Point 2. Analogous 3. Parametric 4. Heuristics 5. Three-Point (PERT)
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70
Q

Expected Activity Duration (EAD) has the formula…

A

(P+4M+O)/6

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71
Q

External dependencies are determined by who?

A

A party outside the project (government)

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72
Q

Fast Tracking can be described as?

A
  1. A schedule compression technique in which critical path activities normally performed in sequence are performed in parallel. 2. Fast tracking only works if activities can be overlapped to shorten the duration. 3. An example is constructing the foundation for a building before completing all of the architectural drawings.
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73
Q

What are the pitfalls of fast tracking?

A
  1. Adds risk 2. May add management time for the PM 3. More potential for rework 4. requires more communications
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74
Q

Float can be calculated which two ways?

A

Float = Late Start - Early Start or Float = Late Finish - Early Finish

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75
Q

Float of an activity is determined by?

A

Determining the amount of time the activity can be delayed before it delays the critical path.

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76
Q

Free Float can be described as?

A

The amount of time an activity can be delayed without delaying the Early Start Date of it’s successor

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77
Q

Heuristics can be described as…?

A

Rule of thumb; 80/20 rule

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78
Q

How do you compute the range for an individual activity estimate?

A

EAD +- SD; Expected Activity Duration + Standard Deviation through Expected Activity Duration - Standard Deviation

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79
Q

Individual activity estimate can be computed how?

A

Start of range = EAD - SD; End of Range = EAD + SD

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80
Q

Is it required in PM to have a reserve to accommodate the risks that remain in the project after the completion of risk mgmnt activities?

A

Yes

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81
Q

Lag can be described as…?

A

Inserted waiting time between activities

82
Q

Lead can be described as…?

A

Added to the start of an activity before the predecessor activity

83
Q

Learning Curve can be described as…?

A

Task will take less time on the 100th try than the first

84
Q

Milestone chart can be described as?

A
  1. Similar to bar charts, but only show major events 2. Do not have duration 3. Good tool for reporting to Sr. Management and the customer
85
Q

Milestones are considered activity levels. True or False?

A

False. They mark significant events.

86
Q

Milestones: During what processes might a PM impose milestones?

A

During the Sequence Activities or Develop Schedule processes as checkpoints to control the project

87
Q

Milestones: Where is a summary of milestones included?

A

Project Charter

88
Q

Monte Carlo Analysis can be described as?

A

This method uses computer software to simulate the outcome of a project making use of the three point estimates (optimistic, pessimistic, most likely) PROVIDES The probability of completing the project 1. on a certain day 2. for a specific amount of cost 3. an activity actually being on the critical path and the project overall risk

89
Q

Negative float: Can there be negative float?

A

Yes, it means you are behind

90
Q

Network diagram can be beneficial how?

A
  1. help justify time estimate 2. aid in planning, organizing and controlling 3. show interdependencies 4. show team members workflow 5. identify areas to compress schedule 6. show project progress
91
Q

Network Diagram is the result of what?

A

Taking activities and milestones sequencing them into how work will be performed

92
Q

Network Diagram: Under what circumstances would you use a Network Diagram instead of a bar chart?

A

To show interdependencies between activities

93
Q

One-Point Estimate can be described as…?

A
  1. One estimate per activity 2. Should be used on projects that do not require a detailed, highly probable schedule NEGATIVE aspects: 3. force padding 4. hides important info about risks 5. schedule no one believes in
94
Q

Padding: Is padding acceptable?

A

No

95
Q

Parametric Estimating can be described as…?

A

Calculates projected times based on historical records from previous projects; ex. Time per line of code; time per linear meter

96
Q

PDM stands for?

A

Precedence Diagramming Method; aka activity on node 1. Nodes represent activities 2. Arrows show dependencies

97
Q

Project schedules can be represented what three ways?

A
  1. Milestone charts 2. Bar charts 3. Project schedule network diagrams
98
Q

Scope: Reducing Scope has what impacts?

A
  1. Could possibly save cost and time 2. May negatively impact customer. Sat.
99
Q

Regression Analysis can be described as…?

A

Tracks two variables to see if they are related and creates a formula to be used in Parametric Estimating

100
Q

Resource Leveling can be described as?

A
  1. Is a schedule network analysis technique applied to a schedule that has already been analyzed by the critical path method. 2. Can be used when shared or critical required resources are only available at certain times, are only available in limited quantities, or to keep resource usage at a constant level. 3. Is necessary when resources have been over-allocated, when shared or critical required resources are only available at certain times or are only available in limited quantities. 4. Can often cause the original critical path to change.
101
Q

Resource Leveling has what results?

A
  1. Used to produce a resource limiting schedule, 2. Leveling lets the schedule slip 3. And the cost increase 4. in order to deal with limited resources
102
Q

Rolling Wave Planning can be described as?

A
  1. Do not plan at the lowest level in advance 2. wait until the project work has started and the work is clearer to plan the lower levels
103
Q

Schedule changes should occur when?

A

When problems begin to occur

104
Q

Schedule compression techniques include what (4)?

A
  1. Fast Track 2. Crash 3. Reduce Scope 4. Cut Quality
105
Q

Schedule Management Plan helps make the schedule estimating process is easier by…?

A
  1. Providing guidelines on how estimates should be stated. 2. Help determine what types of reports to use relating to the schedule
106
Q

Schedule Management Plan includes what?

A
  1. scheduling methodology / software used 2. est. of schedule baseline 3. identifies the performance measures 4. how schedule variances will be managed 5. schedule change control procedures
107
Q

Schedule Mgmnt Plan requires that progress be measured along the way. True or False?

A

TRUE

108
Q

Scheduling dependencies can be broken into three main groups. What are they?

A
  1. Mandatory / hard logic - Inherent in the work 2. discretionary / preferred, preferential, soft logic 1. determined by project team 2. can be changed easily, others can not 3. important when shortening the project 3. external - needs of a party outside the project; ex. Gov.; suppliers
109
Q

What are the two outputs of Sequencing Activities?

A

1) The network diagram2) Project document updates

110
Q

Sequencing can add new risks. True or False?

A

TRUE

111
Q

Three-Point Estimates can be described as…?

A
  1. PERT - Program Evaluation and Review Technique 2. Formulas can be used for time and cost
112
Q

Time Management Plan process answers what questions?

A
  1. How will I create the schedule? 2. What tools will I use to schedule? 3. How will I go about planning the schedule for the project? 4. How will I manage and control the schedule baseline and manage variances?
113
Q

Total Float can be defined as?

A
  1. Calculated early start and finish dates, and late start and finish dates, 2. Critical paths have either a zero or negative total float 3. Schedule activities on a critical path are called critical activities 4. A critical path is normally characterized by zero total float
114
Q

Variance formula is?

A

Standard deviation squared

115
Q

What are options to shorten the duration of a project from 33 to 30 weeks?

A
  1. Re-estimate by reviewing risks; fewer risks = shorter time to complete 2. Execute activities in parallel by fast tracking 3. Add additional resources from within the company by crashing 4. Cut out an activity by reducing scope (not likely) 5. Hire consultants to assist by Crashing 6. Move more experienced people to tasks by crashing 7. Cut time by lowering quality stds 8. Say no and stand your ground 9. Get more work through OT (Which isn’t an option during project planning)
116
Q

What do you need before you can develop a schedule?

A
  1. Understanding of the work including assumptions, milestones, and constraints 2. Activity List 3. Network diagram 4. Activity duration estimates 5. activity resource req. 6. resource calendars 7. Company calendar to identify non-working days
117
Q

What do you need to do in order to take the estimating data and create a finalized schedule?

A
  1. Work with SHs priorities 2. Look for alternative ways to complete work 3. look for impacts to other projects 4. negotiate for resources 5. Compress the schedule by crashing, fast tracking, and re-estimating 6. Adjust PM Plan (change the WBS because of planned risk responses) 7. Simulate the project using Monte Carlo Analysis 8. Level resources 9. Gain formal approval
118
Q

What is used to manage the schedule and the project?

A

The Schedule Baseline

119
Q

What method would you use if you needed 5 tech one month, 15 the next and 3 the following?

A

Resource Leveling

120
Q

What size work components provide the most accurate estimates?

A

Smaller work components

121
Q

A stakeholder wants a change; you estimate two additional weeks. What do you do now?

A

See how the proposed change impacts the project cost, quality, risks, resources, and possible customer satisfaction. A change in one constraint should be evaluated against all other constraints

122
Q

Benefit Cost Ratio can be described as?

A
  1. Greater than 1, means benefits are greater than the costs 2. Less than 1, means the costs are greater than the benefits 3. Equal to zero the benefits and costs are the same
123
Q

Change Control Board can be described as?

A
  1. Part of Perform Integrated Change Control 2. It approves and rejects change requests and typically has automatic approval of defined categories and changes 3. Typically headed by the project sponsor 4. Roles and responsibilities should be clearly defined 5. For projects under contract, changes must be approved by the customer
124
Q

Change Control System contains what?

A
  1. Standardized forms 2. reports 3. processes 4. procedures and 5. software to track and control changes
125
Q

Change Management has important aspects to remember?

A
  1. Change is inevitable and should not be viewed in a negative light 2. Change is inevitable but un-managed change will kill your project 3. It is important to identify a change as soon as it occurs, so that it may be better managed 4. The project manager alone cannot do it; all team members must understand the project definition well enough to recognize and report changes they see.
126
Q

Change management plan includes what?

A
  1. Procedures 2. Standards for Reports 3. Meetings 4.Change control procedures 5. authorization levels 6. creation of change control board 7.org tools to track changes
127
Q

Change request initiation has three types, what are they?

A
  1. Can be direct or indirect 2. Externally or internally initiated 3. Can be optional or legally/contractually mandated.
128
Q

Change Requests are issued and may modify what?

A
  1. Policies or procedures 2. project scope 3. Project cost or budget 4. Project schedule 5. Project Quality
129
Q

Change requests can include what four type of actions?

A
  1. Corrective action 2. Preventative action 3. Defect repair 4. Updates
130
Q

Change: Should the PM prevent change?

A

Generally the PM should prevent the root cause of the need for changes. Often it was poor PM planning

131
Q

Change: What are the steps to make a change to a project or project scope?

A
  1. Evaluate the impact 2. Create options 3. Get the change request approved internally 4. Get customer buy-in
132
Q

Change: What do you need to effectively evaluate a change?

A

Realistic Project Management Plan to measure against and a complete Product scope and project scope

133
Q

Close Project or Phase process can be described as?

A
  1. finalizes all activities across all process groups to formally close the project or phase 2. The project manager will review the project management plan to ensure that all project work has been completed
134
Q

Close Project or Phase process is different when it comes to the cancelled or terminated project which can be described as…?

A

Procedures are established to investigate and document the reasons for the termination of the project

135
Q

Lessons learned can be described as…?

A
  1. Should be collected throughout the project 2. Obtained from project participants who may already have left the project 3. Will be useful to the extent that an organization makes them readily available to other project teams 4. Many organizations use knowledge management systems for the purpose
136
Q

Closing activities include?

A
  1. Confirm work was done to requirements 2. complete procurement closure 3. gain formal acceptance 4. complete final performance reporting 5. archive records 6. update lessons learned 7. hand-off completed product 8. release resources
137
Q

Configuration control and Change Control are different how?

A
  1. Configuration control is focused on the specification of both the deliverables and the processes 2. Change Control id focused on identifying, documenting, and controlling changes to the project and product baselines
138
Q

Configuration identification can be defined as?

A

Selection and identification of a configuration item provides the basis for which a product configuration is defined, products and documents labeled, changes are managed, and accountability is maintained

139
Q

Configuration Status Accounting can be defined as?

A

Information is recorded and reported as to when appropriate data about the configuration item should be provided. Includes listing of approved configuration identification, status of proposed changes to the configuration, and the implementation status of approved changes

140
Q

Configuration Verification and Audit Accounting can be defined as?

A

Configuration verification and confirmation audits ensure the composition of a project’s items is correct and that corresponding changes are registered, assessed, approved, tracked, and correctly implemented

141
Q

Configuration Management Plan can be described as…?

A

Defines how you will manage changes to the deliverables and the resulting documentation, including which org tools you will use

142
Q

Configuration Management System can be defined as?

A
  1. A Configuration Management System provides a standardized, effective, and efficient process to centrally manage changes within a project 2. Establishes an evolutionary method to consistently identify and request changes to established baselines, and to assess the value / effectiveness of those changes 3. Provides opportunities to continuously validate and improve the project by considering the impact of each change 4. Provides the mechanism for the project management team to consistently communicate all approved and rejected changes to SHs
143
Q

Constraints are documented where?

A

The project scope statement

144
Q

Corrective action can be defined as?

A

Documented direction for executing the project work to bring expected future performance of the project work in line with the project management plan.

145
Q

Cost Baseline contains what?

A

The time-phased cost budget

146
Q

Cost Benefit Analysis is defined as?

A

Compares the expected costs of the project to the potential benefits

147
Q

Defect repair can be defined as?

A

Defect repair is formally documented identification of a defect in a project component with a recommendation to either repair the defect or completely replace the component?

148
Q

Develop Project Charter can be defined as?

A
  1. Formally recognizes (authorizes) the existence of the project 2. Gives the PM authority to spend money and commit resources 3. Provides high-level requirements 4. It links the project to ongoing work of the organization
149
Q

Develop Project Charter inputs are?

A
  1. Constraints and assumptions 2. Project Statement of Work (SOW) 3. Charters with Work Under Contract 4. Enterprise environmental factors 5. Org Process Assets
150
Q

Develop Project Charter is done during Process Group…

A

Initiating

151
Q

Develop Project Management Plan

A
  1. Document actions necessary to define, integrate, and coordinate all subsidiary plans into a project management plan 2. Define how the project will be executed, monitored and controlled, and closed 3. The plan is progressively elaborated during the life of the project as additional information is discovered 4. Content varies depending on the application area and complexity of the project 5. Updated and revised through the Perform Integrated Change Control process.
152
Q

Develop Project Management Plan is done during Process Group…

A

Planning

153
Q

Direct and Manage Project Execution is done during Process Group…

A

Executing

154
Q

Direct and Manage Project Execution process has what activities?

A
  1. Perform activites to accomplish project requirements 2. Create deliverables 3. Staff, train, and manage team members 4. Manage other resources, such as materials, tools, equipment, and facilities 5. Implement planned methods and standards 6. Manage risk and risk response 8. Manage sellers and suppliers 9. collect lessons learned 10. generate project data
155
Q

Direct and Manage Project Execution process can be defined as?

A

The process of performing work defined in the Project Management plan to achieve the projects objectives

156
Q

Economic Models for Project Selection

A
  1. Present Value 2. net present value 3. internal rate of return 4. payback period 5. benefit-cost ratio
157
Q

Economic Value Added (EVA) is defined as?

A

Whether or not the project returns to the company more value than the initiative costs

158
Q

Integrated Change Control is done during Process Group…

A

Monitoring and Controlling

159
Q

Integration can be described as?

A

Balancing all the processes in the knowledge area

160
Q

Internal Rate of Return is defined as?

A

The rate at which the project inflows (revenue) and project outflows (costs) are equal

161
Q

Management Plans can be described as…?

A
  1. They are the strategy for managing the project and the processes in each knowledge area 2. How you will define, plan manage, and control the project 3. look forward in time
162
Q

Management plans can be found in which knowledge areas?

A

All but Integration

163
Q

Monitoring and Control Project Work is concerned with?

A
  1. Comparing actual project performance against the project management plan 2. Assessing performance to determine if corrective or preventive actions are necessary 3. Analyzing, tracking, and monitoring project risks 4. Tracking, reviewing, and regulating the progress to meet the performance objectives defined in the PM Plan 5. Monitoring includes status reporting, progress measurement, and forecasting
164
Q

Monitoring and Control Process Group is defined as

A

Those processes required to track, review, and rgulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes

165
Q

Net Present Value is defined as?

A

The present value of the total benefits minus the costs over many time periods

166
Q

On the exam, what is the most commonly described benefit or use of the Project Charter?

A

Gives the PM authority to spend money and commit resources. Since in most orgs the project team doesn’t report to the PM, this leads to issues of how to gain cooperation and performance.

167
Q

Opportunity Costs is defined as?

A

The opportunity given up by selecting one project over another

168
Q

Payback Period is defined as?

A

The length of time it takes for the organization to recover its investment in the project

169
Q

Perform Integrated Change Control process can be described as?

A
  1. The process of reviewing all change requests, approving changes, and managing changes to the deliverables, OPA, project documents, and the project management plan 2. The Project Management Plan, Scope Statement, and other deliverables must be maintained by carefully and continuously managing changes 3. The objective is to ensure that only approved changes are incorporated into the project baselines 4. Performed from project inception through completion.
170
Q

Perform Integrated Change Control Process has three objectives. What are they?

A
  1. Establish an evolutionary method to consistently identify and request changes and assess value and effect of those changes 2. Provide opportunities to continuously validate and improve the project by considering the impact of each change 3. Provide the mechanism to project management team to consistently communicate all changes to all stakeholders
171
Q

Performance Reports can be described as?

A
  1. Prepared by the project management team detailing activities, accomplishments, milestones, issues and problems 2. come from the Report Performance process, and are generally based primary on work performance information from the Direct and Manage Project Execution process.
172
Q

Present Value is defined as?

A

The value today of future cash flows

173
Q

Preventive action can be defined as?

A

Preventive action is documented direction to perform an activity that can reduce the probability of negative consequences associated with project risks.

174
Q

Primary responsibility for making changes to the project charter?

A

Sponsor

175
Q

Project Assumptions can be defined as?

A

Project Assumptions are factors that for planning purposes are considered true, real or certain without proof of demonstration. Affects all aspects of project planning. Identified, documented, and validated as part of the planning process. Generally involve a degree of risk. Assumptions are documented in the project scope statement.

176
Q

Project Charter includes what?

A
  1. Project Title and Description 2. PM assigned and authority level 3. Business Case 4. Resources Assigned 5. Stakeholders 6. Stakeholder requirements as known 7. Product description/deliverables 8. Measurable project objectives 9. Project approval requirements 10. High-level project risks 11. Project Sponsor authorizing this project
177
Q

Project charter: How is the project charter handled in multi-phase projects?

A

During subsequent phases of multi-phase projects, this process (Develop Project Charter) validates the decisions made during the original chartering of the project. If required, it also authorizes the next project phase, and updates the charter.

178
Q

Project Constraints can be defined as?

A
  1. An applicable restriction or limitation, either internal or external to the project, that will affect the performance of the project or process 2. Factors that will limit the project management team’s options (e.g. schedule, contractual provisions, regulations, pre-set budget)
179
Q

Project Integration Management can be defined as?

A
  1. the processes and activities needed to identify, define, combine, unify, and coordinate activities within the Project Management Process Groups 2. Unify, consolidate, articulate, and integrate actions crucial to project completion, managing stakeholder expectations, and meeting requirements 3. Involves making tradeoffs among competing objectives and managing interdependencies between knowledge areas
180
Q

Project integration requires an emphasis on

A

Effective communications

181
Q

What are the management plans and scope baselines included in the Project Management Plan?

A
  1. The management plans for Scope, Schedule, cost, quality, HR, Communications, Risk, and procurement 2. Scope, schedule, and Cost baselines 3. A Change Management Plan 4. A Configuration Management Plan 5. A Process Improvement plan
182
Q

Project Management Plan contains which scope baselines?

A
  1. Scope 2. Schedule 3. Cost
183
Q

Project Statement of Work (SOW) is created by who?

A

The customer/Sponsor; describes their needs, product scope, and how project fits with strategic needs

184
Q

Requirements Management Plan can be described as?

A

How requirements will be identified, managed and controlled

185
Q

Schedule Baseline contains what?

A
  1. The agreed upon schedule 2. start and stop times
186
Q

Scope Baseline contains what three things?

A
  1. Project Scope statement 2. WBS 3. WBS Dictionary
187
Q

Should sunk costs be considered when deciding to continue with a troubled project?

A

No

188
Q

What are some of the differences between managing a large project compared with a small project?

A
  1. Larger stakeholder group 2. more diverse team 3. broader more complex communications 4. more formal change process 5. lager activities / tasks
189
Q

Affinity Diagrams is defined as?

A

Ideas generated from other requirements gathering techniques are grouped by similarities

190
Q

Balance Stakeholder requirements can be described as?

A

SH needs may or may not match the requirements or other SH needs. PM must balance the interests of all in the interests of the project.

191
Q

Brainstorming is defined as?

A

Strives for group think, not individual thoughts. Does not ensure that everyone’s ideas are incorporated

192
Q

Collect requirements has several methods; what are they?

A
  1. Nominal Group Technique 2. Delphi Technique 3. Affinity Diagram 4. Brainstorming 5. Interviews 6. Focus Groups 7. Mind Maps 8. Facilitated workshops 9. Questionnaires / Surveys 10. Observation 11. Prototypes 12. Group decision making
193
Q

Competing requirements: What tools does the PM have to resolve competing requirements?

A

By accepting those that comply with: 1. the business case stating the reason the project was initiated (legal, market demands, etc.) 2. project charter 3. project scope statement 4. project constraints

194
Q

Competing requirements: When dealing with competing requirements, the PM should do some of the following:

A
  1. Use conflict resolution, team building, and problem-solving skills 2. Review against with previous list 3. Hold meetings, interviews, etc. 4. Make decisions that do not impact the reason the project was started 5. Bring suggested changes to the Proj Charter to the sponsor for approval 6. Escalate when necessary
195
Q

Constraints and Assumptions are A. Identified then managed B. Managed then Identified

A

A

196
Q

Control accounts in the WBS are located where?

A

Typically in the middle, not the highest or lowest level.

197
Q

Control Scope: What does the PM need to control scope?

A
  1. Understanding of the project scope 2. Be aware of the original requirements / requirements traceability matrix 3. Measure scope performance against the scope baseline for variances and decide if any action should be taken 4. Determine any scope baseline or other project updates 5. Analyze impact of scope changes through Perform Integrated Change Control
198
Q

Decomposition can be described as?

A
  1. The subdivision of project deliverables into smaller more manageable components until the work / deliverables are defined to the work package level 2. involves analyzing deliverables related to work 3. structuring and organizing the WBS 4. Decomposing upper level WBS components 5. assigning ID codes 6. Verifying the degree of decomposition is sufficient
199
Q

Define Scope Process can be described as…?

A

What is and is not included in the project and its deliverables

200
Q

Define Scope Process has what primary output?

A

Project Scope Statement

PMP (6 decks)

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