Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

PMP > Exam Topics > Flashcards

Exam Topics Flashcards

1
Q

Initiating Process Group:

Inputs

A
  1. Project statement of work
  2. Agreements
  3. Business case
  4. Enterprise Environmental Factors
  5. Organizational process assets
  6. Procurement documents
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

ITTO’s

A

Inputs, Tools, Techniques, Outputs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Initiating Process Group:

Activities/Actions taken

A
  1. Perform project assessment
  2. Identify key deliverables
  3. Perform stakeholder analysis
  4. Identify high-level risks
  5. Participate in project charter development
  6. Obtain project charter approval
  7. Perform benefit analysis
  8. Facilitate stakeholder communication regarding the project charter.

See training slides pg 117

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Project Integration Management:
Project Selection Methods:
Benefit Measurement Methods

A

Ascertain costs and benefits of undertaking a project

  1. Murder board
  2. Peer review
  3. Scoring models
  4. Economic models
  5. Benefit compared to cost
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Project Integration Management:
Project Selection Methods:
Constrained Optimization Methods

A

Rely on mathematics modeling to select the best project

  1. Linear programming
  2. Goal programming
  3. Integer Programming
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q 
Project Integration Management:
Present Value (PV)
A

The current value of future cash flow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Project Integration Management:

Net Present Value (NPV)

A

The difference between value of the total benefits and the cost over a period of time.

*Always choose project with higher NPV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Project Integration Management:

Internal Rate of Return (IRR)

A

The rate of return internal to the project.

*Always choose project with higher IRR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Project Integration Management:

Payback Period

A

The time it takes to recover the investment from a project before profits star accumulating.

*Always choose project with lesser payback period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Project Integration Management:

Benefit Cost Ratio (BCR)

A

Present value of benefits vs present value of costs.

*Project BCR must be greater than 1. Higher is better

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Project Integration Management:

Return on Investment (ROI)

A

The rate of return on the project normalized by the initial investment.

*Higher ROI = more profitable project

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Project Integration Management:

Opportunity Cost

A

The cost related to the next best choice available. (Not the difference in cost)

*The opportunity cost is the NPV of the next best choice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

PM Framework:

Functional Organization

A
  • Staff is grouped by areas of specialization
  • PM has limited authority to assign work and apply resources
  • Each employee reports to a functional manager
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

PM Framework:

Projectized Organization

A
  • Staff (resources) mostly work on projects

- PM has primary control over resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

PM Framework:

Matrix Organization

A
  • PM shares responsibility with functional manager for assigning priorities and directing work
  • Resources (staff) report into functions, but also work on projects.
  • Weak, strong, and balanced matrix organizations
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

PM Framework:

Work Performance Data

A

The raw observations and measurements identified during project activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

PM Framework:

Work Performance Information

A

Data collected from various controlling processes analyzed in context

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

PM Framework:

Work Performance Reports

A

The physical or electronic representation of work performance information such as status reports, electronic dashboards, and recommendations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

PM Framework:

Project Life Cycles - Sequential and Overlapping Phases

A

Sequential - The subsequent phase starts only after the previous phase has been completed

Overlapping - Two or more phases may run in parallel

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

PM Framework:

Predictive Life Cycles (Plan-Driven)

A
  • Scope, cost, and time are determined in advance

- Project executed in series of sequential or overlapping phases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

PM Framework:

Iterative and Incremental Project Life Cycles

A
  • Project is developed through a series of iterative cycles

- Project phases repeat themselves

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

PM Framework:

Adaptive (Agile) Life Cycles

A
  • Same as Iterative and Incremental, but iterations are rapid (2 to 4 weeks)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

PM Framework: Inputs

Enterprise Environmental Factors

A
  • Anything that affects your project (culture, the organization, PM’s power, risk tolerance, the market)
  • 27 occurrences in Process Groups (Initiating, Planning, and Monitoring and Controlling)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

PM Framework: Inputs

Organizational Process Assets

A
  • Anything that helps projects and planning (Previous plans, documents, analytical data, policies, systems
  • 37 occurrences (used in all Process Groups)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

PM Framework: Inputs

Project Management Plan

A
  • Primary project document that directs execution, control, and closure
  • 19 occurrences in Process Groups (All Executing, Monitoring and Controlling, and Closing PGs)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

PM Framework: Inputs

Work Performance

A
  • The raw observations and measurements identified during activities performed to carry out project work
  • 7 occurrences in Process Groups (Monitoring and Controlling only)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Project Integration Management:

Work Authorization System

A

A collection of formal documented procedures that defines how project work will be authorized

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Project Integration Management:

Corrective Action

A

An intentional activity that realigns the performance of the project work with the project management plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Project Integration Management:

Preventative Action

A

An intentional activity that ensures the future performance of the project work is aligned with the project management plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Project Integration Management:

Change Control System

A

A set of procedures that describe how modifications to the project deliverables and documentation are managed and controlled

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Project Integration Management:

Configuration Management System

A

A set of procedures used to identify and document the functional and physical characteristics of a product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Project Integration Management:

Change Management Process

A
  1. Receive change request
  2. Evaluate impact
  3. Identify alternatives
  4. Determine impact to cost, schedule, and resources
  5. Review with change control board
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Project Scope Management:

Scope creep

A

Unnecessary addition of scope

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

Project Scope Management:

Gold Plating

A

Doing more work that required for the project

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Project Scope Management:

PRODUCT Scope

A

The features/functions that characterize a product, service, or result

Ex: savings accounts and mutual funds

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Project Scope Management:

PROJECT Scope

A

The work performed to deliver a product, service, or result with specified features and functions

Ex: requirement and design documents to deliver a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Project Scope Management:

Work Breakdown Structure (WBS)

A

A deliverable-oriented, decomposition of the project scope of work into hierarchically grouped work elements.

*Contains only deliverables, not activities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Project Scope Management:

WBS Dictionary

A

A document that provides detailed deliverable, activity, and schedule information about each component in the WBS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Project Scope Management:

Project Scope Statement

A

The description of the project scope, major deliverables, assumptions, and constraints. Describes deliverables in detail

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Project Scope Management:

Control Account

A

A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Project Scope Management: Outputs

Work Performance Information

A
  • Performance data collected from controlling processes analyzed in comparison with PM plan components, project documents, and other work performance information.
  • Work Performance Data becomes Work Performance Information after the Tools and Techniques of a process have been applied
42
Q

Project Scope Management: Outputs

Accepted Deliverables

A

Deliverables that have been verified and are ready for validation against the project scope, at which point they are accepted.

43
Q

Project Scope Management: Outputs

Change Requests

A

When validating project scope, new requirements might be discovered, which should be documented as change requests

44
Q

Project Scope Management:

Outputs

A
  1. Work Performance Information
  2. Accepted Deliverables
  3. Change Requests
45
Q

Project Business Documents:

Project business case

A
  • A documented economic feasibility study used to establish the benefits of a project
  • Used as a basis for authorization of further PM activities
46
Q

Project Business Documents:

Project Benefits Management Plan

A

Document explaining how and when the benefits of a project will be delivered

47
Q

Project Schedule Management:

Network Diagrams

A
  • Precedence Diagramming Model (PDM)
    • Boxes (nodes) represent activities, arrows indicate dependencies
  • Arrow Diagramming Model (ADM)
    • Arrows represent activities, direction of arrows indicate sequences
48
Q

Project Schedule Management:

Leads and Lags

A

Lead - A successor activity can start before the predecessor completes

Lag - A successor needs to be delayed with respect to the predecessor. Ex: Start 2 days AFTER predecessor completes

49
Q

Project Schedule Management:

Rolling Wave Planning

A
  • Iterative planning technique
  • Near-term work is planned in detail while future work is planned at high-level
  • “Progressive Elaboration”
50
Q

Project Schedule Management:

Analogous Estimating

A

Estimating activity duration based on data from previous projects

51
Q

Project Schedule Management:

Parametric Estimating

A

Uses a mathematical model to calculate activity duration based on previous projects

52
Q

Project Schedule Management:

Effort

A

The total amount of work to complete the activity

Ex: 10 people work for 5 days = 50 person of effort

53
Q

Project Schedule Management:

Duration

A

The time required to complete an activity.

Ex: 10 people work for 5 days = 5 days duration

54
Q

Project Schedule Management:

Decomposition

A

Breaking a task into smaller pieces

55
Q

Project Schedule Management:

Schedule Network Analysis

A

Technique to generate project schedule, know if the required resources are available at a given time

  • Critical Path Method*
  • Critical Chain Method
  • What-If-Scenario Analysis
  • Resource Optimization Techniques

See Training slides pg 273

56
Q

Project Schedule Management:

PERT - Program Evaluation and Review Technique

A

Uses 3-point estimates for activity to calculate:

  • Expected Duration (mu)
  • Standard Deviation (sigma)
  • Variance (sigma^2)

Based on:

  • Pessimistic (P)
  • Most likely (M)
  • Optimistic (O) durations
57
Q

Project Schedule Management:

Critical Path Method

A
  • Longest duration path through a network diagram

- Shortest time to complete a project

58
Q

Project Schedule Management: Critical Path

Float (Slack)

A

Total Float - Amount an activity can be delayed without delaying project finish date

Free Float - Amount an activity can be delayed without delaying any successor

Independent Float - Amount an activity can be delayed if all predecessors finish at their latest dates and all successors are to be started at their earliest dates

59
Q

Project Schedule Management: Critical Path

Total Float Formula

A

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

Early start is calculated by Forward Pass of schedule
Late Finish is calculated by Backward Pass of schedule.

60
Q

Project Schedule Management:

Schedule Compression

A

Performed to see if desired completion date can be met and what has to change to meet that date

Fast Tracking - Check if linear activities can be done in parallel

Crashing - Increase resources on critical path activities while making cost and schedule tradeoffs
* Always crash activity with least crash cost per day

61
Q

Project Schedule Management:

Hammock

A

A summary activity that represents a group of activities

62
Q

Project Cost Management:

Planned vs Earned Value

A

Planned Value - Authorized budget assigned to scheduled work

Earned Value - The total amount of budget allocated to each of the completed activities at a point in time

63
Q

Project Cost Management:

Earned Value Management (EVM)

A

A method to measure project performance against the project baselines

64
Q

Project Cost Management:

Estimating Costs Methods

A
  1. Three-Point estimating
  2. Parametric Estimating
  3. Analogous Estimating
65
Q

Project Cost Management:

Law of diminishing returns

A

The more you put into something, the less you get out of it

66
Q

Project Cost Management:

Working Capital

A

The amount of money the company has to invest on the project and day-to-day operations

67
Q

Project Cost Management:

Funding limit reconciliation

A

Comparing the planned expenditure in a given period with the available funding for that period

68
Q

Project Cost Management:

Depreciation

A

Large assets purchased by a company lose value over time

Straight line depreciation - Same amount of depreciation every year

Accelerated depreciation - Asset depreciates fastest the first year, then slower each consecutive year (Ex: Car depreciates $3k first year, $1.5k second year, etc.)

69
Q

PM Framework:

Kill Point

A

The transition from one phase to another within a project’s lifecycle (e.g., from design to manufacturing)

70
Q

PM Framework:

Progressive Elaboration

A

Indicates that planning and documentation are iterative or ongoing activities. (Rolling Wave Planning)

71
Q

PM Framework:

Competing Constraints

A
  1. Scope
  2. Schedule
  3. Budget
  4. Quality
  5. Resources
  6. Risk
72
Q

Project Quality Management:

Quality Planning vs Assurance vs Control

A

Quality Planning - Determines a plan for quality (standards, templates, policies, procedures)

Quality Assurance - Determines if the project is complying with the organizational policies and procedures

Quality Control - Measures specific project results against standards. Periodic checks are conducted to ensure quality improvements

73
Q

Project Quality Management:

Quality Management Concepts

A

Total Quality Management (TQM) -
Kaizan - A philosophy that looks for small and continuous improvements in a process
Deming Cycle (PDCA) - A framework for process control and improvement (Plan-Do-Check-Act)
Kanban - A pull-based inventory management system based on the principle of just-in-time (JIT)

74
Q

Project Quality Management:

Seven Basic Quality Tools

A
  1. Cause and Effect Diagram (Fishbone or Ishikawa)
  2. Flowcharting
  3. Histogram
  4. Pareto Diagram (80/20 rule)
  5. Check Sheets
  6. Scatter Diagram
  7. Control Charts
75
Q

Project Resource Management:

Functional vs Project Manager

A

Functional Manager:

  • Handles a business function (HR, Engineering, etc.)
  • Is an SME
  • The owner of resources and assigns resources to the project team

Project Manager:

  • Responsible for a project and its quality
  • Not technical experts
76
Q

Project Resource Management:

Motivation Theories

A

McGregors Theory of X and Y

Maslows Hierarchy of Needs

Herzberg’s Theory

77
Q

Project Resource Management:

Responsibility Assignment Matrix (RAM)

A

Used to define project responsibilities among the project team

RACI charts

  • Responsible
  • Accountable
  • Consulted
  • Informed
78
Q

Project Resource Management:

Motivation Theories

A

McGregor’s Theory of X and Y:
X - Managers micromanage
Y - Managers let team members work without supervision

Maslows Hierarchy of Needs

Herzberg’s Theory

79
Q

Project Resource Management:

Stages of Team Formation

A
  1. Forming
  2. Storming
  3. Norming
  4. Performing
  5. Adjourning
80
Q

Project Communications Management:

Communication Methods

A
  1. Formal written (PM Plan)
  2. Formal verbal (Presentations)
  3. Informal written (Email)
  4. Informal verbal (Conversations)
81
Q

Project Communications Management:

Communication Channels

A

Number of communication channels = n*(n-1)/2

82
Q

Project Resource Management:

Conflict Resolution Techniques

A
  1. Withdraw or Avoid
  2. Compromise or Reconcile
  3. Smooth or Accommodate
  4. Force or Direct
  5. Collaborate or Problem Solve
83
Q

Project Resource Management:

Project Manager Powers

A
  1. Legitimate or Formal
  2. Reward
  3. Penalty
  4. Expert
  5. Referent
84
Q

Project Risk Management:

Risk Averse, Risk Tolerance, and Risk Threshold

A

Risk Averse - One who does not take risks

Risk Tolerance - The level of risk that can be tolerated

Risk threshold - Amount of risk that is acceptable

85
Q

Project Risk Management:

Impact Scale

A

Evaluate the impact of a risk on scope, cost, time, and quality

86
Q

Project Cost Management:

Cost Performance Baseline

A
  • Shows what the project is expected to spend
  • Shown in an S-curve
  • Used to measure and predict project performance
87
Q

Project Schedule/Cost/Risk Management:

Reserve Analysis

A

Establishes the management reserves (budget) for the project

88
Q

Project Risk Management:

Technical Performance Analysis

A

Tool/Technique

Compares technical accomplishments during project execution to the schedule of technical achievement

89
Q

Project Schedule/Cost Management:

Manual Forecasting

A

An educated estimate of how long the project will take to complete or how much the project may cost to complete

90
Q

Project Cost Management:

Rough Order of Magnitude (ROM) Estimate

A
  • Project cost estimate made during the initial stages of the project.
  • Accuracy range of -25% to +75%
91
Q

Project Procurement Management:

Fixed-Price Contract Types

A

Firm Fixed Price (FFP)

Fixed Price Incentive Fee (FPIF)

Fixed Price with Economic Price Adjustment (FP-EPA)

92
Q

Project Resource Management:

Sources of Conflict

A

Most Important:

  1. Scarce Resources
  2. Scheduling Priorities
  3. Personal Work Styles
  4. Expertise and Experience Levels
  5. Communication Issues
93
Q

Project Procurement Management:

Centralized vs Decentralized Contracting

A

Centralized - A single contract manager handles multiple projects

Decentralized - A contract manager is assigned to a project full time and reports to PM

94
Q

Project Procurement Management:

Cost-reimbursement Contracts

A

Cost Plus Fixed Fee (CPFF)

Cost Plus Incentive Fee (CPIF)

Cost Plus Award Fee (CPAF)

95
Q

Project Procurement Management:

Time and Material Contracts

A

The buyer will pay the seller for all time and material it takes to complete the project

96
Q

Project Resource Management:

Resource Histogram

A
  • Tool for charting human resources.
  • Illustrates the number of hours that a person, department or entire project
    team will be needed each week or month over the course of the project
97
Q

Project Scope Management:

Product Backlog

A
  • An ordered list of user-centric requirements that a team maintains for a product
  • a set of requirements and work to
    be performed
  • Used in Agile
98
Q

Project Risk Management:

Positive Risk Response

A
  1. Enhance
  2. Share
  3. Exploit
  4. Accept
99
Q

Project Risk Management:

Positive Risk Response

A
  1. Enhance
  2. Share
  3. Exploit
  4. Accept
100
Q

Project Risk Management:

Negative Risk Response

A
  1. Avoid
  2. Transfer
  3. Mitigate
  4. Accept
101
Q

Project Risk Management:

Risk Register

A
  • Captures details of identified individual project risks

May include:

  • List of identified risks
  • Potential Risk Owners
  • List of potential risk responses
102
Q

Project Stakeholder Management:

Stakeholder Engagement Levels

A
  1. Unaware
  2. Resistant
  3. Neutral
  4. Supportive
  5. Leading
  • Use a Stakeholder Engagement Assessment Matrix to plan current/desired levels

PMP (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions