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PMP > Integration Management > Flashcards

Integration Management Flashcards

1
Q

project boundaries

A

period from authorization through closure

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2
Q

Project selection methods

A
  • Benefit measurement methods/comparative approach (e.g. Murder panel, peer review, scoring models, economic measures)
  • Constrained optimization methods/mathematical approach (e.g. linear, integer, dynamic or multi objective programming)
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3
Q

Economic Measures for project selection

A
  • ROI
  • Present Value
  • Net Present Value
  • Internal Rate of Return (IRR)
  • Payback Period
  • Cost-Benefit Analysis
  • Economic Value Added
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4
Q

ROI

A

Benefit or Profit / Cost

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5
Q

Payback Period

A

length of time it takes for the organization to recover its investment in a project before it starts accumulating profit (i.e. the shorter the better)

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6
Q

Economic Value Added (EVA)

A

the net profit after the deduction of taxes and capital expenditure.

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7
Q

Sunk Costs

A

= the cost that has already been expended, and there is no way to recover this cost
Accounting standards say that sunk costs should not be considered when deciding whether to continue with a troubled project (sunk cost dilemma)

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8
Q

Law of diminishing returns

A

states that after a certain point, adding more input will not produce a proportional increase in productivity

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9
Q

Working capital

A

an organizations’ current assets minus its current liabilities OR money the company has available to invest

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10
Q

Forms of depreciation

A
  • straight-line depreciation

- accelerated depreciation (double declining balance, sum of the year digits)

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11
Q

Process “Develop project charter”

A
  • Goal: Planning the project at a high level to assess whether it is feasible within the given constraints
  • Inputs: Business Documents, Agreements, EEFs, OPAs
  • Tools+Techniques: Expert Judgment; Data gathering (Brainstorming, Focus Groups, Interviews); Interpersonal and team skills (Conflict Management; Facilitation; Meeting Management); Meetings
  • Outputs: Project Charter; Assumption Log
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12
Q

Components of project charter

A
  • Project Purpose
  • Measurable Project Objectives
  • High-level Requirements
  • High-level description, boundaries and key deliverable
  • Overall project risk
  • Summary Milestones schedule
  • Pre-approved financial resources
  • Key Stakeholders
  • Project Approval Requirements (what and who constitutes project success)
  • Project exit criteria
  • Project Manager assigned (incl. responsibility & authority level)
  • Name and authority of the sponsor (or other people authorizing the project charter)
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13
Q

Process “Develop Project Management Plan”

A

-Goal: Define, prepare and coordinate all plan componentes and consolidate them into an integrated PMPlan
-Inputs: Project Charter
Outputs from Other
Processes, EEFs, OPAs
-Tools+Techniques: Expert Judgment, Data gathering (Brainstorming, Checklists, Focus Groups, Interviews), Interpersonal and team
skills (Conflict Management, Facilitation, Meeting Management), Meetings
-Outputs: Project Management Plan

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14
Q

Kick-Off meeting

A
  • purpose is to communicate objectives, gain commitment of team and explain roles & responsibilities
  • small project: shortly after initiating since team is usually involved in planning
  • large projects: beginning of executing
  • multiphase projects: at the beginning of each phase
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15
Q

Project Management Plan

A
  • includes management plans for scope, requirements, schedule, cost, quality, resource, communications, risk, procurement, stakeholder engagement mgmt plans
  • includes scope, cost and schedule baseline
  • additional components such as change and configuration mgmt plan, performance measurement baseline, project life cycle description, development approach, management reviews
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16
Q

Performance Measurement Baseline

A

An integrated scope-schedule-cost plan for the project work against which project execution is compared to measure and manage performance.

17
Q

Process “Direct and Manage Project Work”

A
  • Goal: leading and performing the work defined in the PMplan and implementing approved changes to achieve objectives
  • Inputs: Project Management Plan, Project Documents (Change Log, Lessons Learned Register, Milestone List, Project Communications, Project Schedule, Req Traceability Matrix, Risk Register, Risk Report), Approved Change Requests, EEFs, OPAs
  • Tools+Techniques: Expert Judgment, PMIS, Meetings
  • Outputs: Deliverables, Work Performance Data, Issue Log, CRs, PMPlan Updates, Project Documents Updates (Activity List, Assumption Log, Lessons Learned Register, Req Doc, Risk Register, Stakeholder Register), OPAs
18
Q

Process “Manage Project Knowledge”

A

-Goal: use existing and create new knowledge to achieve the objectives and contribute to organizational learning
-Inputs: PMPlan, Project documents (lessons learned reg, project team assignments, resource breakdown structure, stakeholder reg), deliverables, EEFs, OPAs
-Tools+Techniques: Expert Judgement, Knowledge Mgmt, Info Mgmt, Interpersonal and Team Skills (Active Listening, Facilitation, Leadership, Networking,
Political Awareness)
-Outputs: Lessons Learned Reg, PMPlan Updates, OPAs

19
Q

Types of CRs

A
  • Corrective action: intentional activity that realigns the performance of the project work with the PMplan
  • Preventive action: intentional activity that ensures the future performance of the project work is aligned with the PMplan
  • Defect repair: intentional activity that modifies a nonconforming product or a product component
20
Q

Process “Monitor and Control Project Work”

A
  • Goal: track, review, and report the overall progress to meet the performance objective defined in the PMPlan.
  • Inputs: PMPlan, Project documents (assumption log, basis of estimates, cost forecasts, issue log, lessons learned reg, milestone list, quality reports, risk reg, risk report), work performance info, agreements, EEFs, OPAs
  • Tools+Techniques: Expert Judgment, Data Analysis (Alt. Analysis, Cost-Benefit-Analysis, EVA, Root cause Analysis, Trend Analysis, Variance Analysis), Decision Making, Meetings
  • Outputs: Work Performance Reports, CRs, PMPlan Updates, Project Documents Updates (Cost/schedule forecast, issue log, lessons learned reg, risk reg)
21
Q

Process “Perform Integrated Change Control”

A
  • Goal: review all CRs, approve changes and manage changes to deliverables, project documents, and the PMplan; and communicate the decision
  • Inputs: PMPlan (Change Mgmt Plan,Configuration Mgmt Plan, Scope/ Schedule/ Cost Baseline), Project Docs (Basis of Estimates, Req Traceability Matrix, Risk Report), Work Perform Reports, CRs, EEFs, OPAs
  • Tools+Techniques: Expert Judgment, Change Control Tools, Data Analysis (Alt. Analysis, Cost benefit analysis), Decision Making (Voting, Multicriteria Analysis), Meetings
  • Outputs: Approved CRs, PMPlan Updates, Project Docs Updates (Change Log)
22
Q

Process “Close project or phase”

A
  • Goal: finalize all activities for the project, phase or contract (information is archived, planned work is completed and team resources are released)
  • Inputs: Project Charter, PMPlan, Project Documents, Accepted deliverables, business documents, agreements, procurement documentation, OPAs
  • Tools+Techniques: Expert judgment, data analysis (document, regression, trend and variance analysis), meetings
  • Outputs: Project documents updates (lessons learned reg); final product, service or result transition; final report, OPA updates
23
Q

Configuration management plan

A
  • describes how the information about the items of the projects (and which) will be recorded and updated so that the product, service, or result remains consistent and operative
  • should define which project artifacts need to be placed under config control
24
Q

Regression analysis

A
  • data analysis technique used to analyze the interrelationship between project variables and outcomes to improve future project performance
  • only used in ‘Close project or Phase’
25
Q

Configuration management activities

A
  • Identify configuration item
  • Record and report configuration item status: Information recording and reporting about each CI
  • Perform configuration item verification and audit: ensure that the composition of a project’s CIs is correct and that responding changes are registered, assessed, approved, tracked and correctly implemented

PMP (11 decks)

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