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PMP Study (PMBOK 6th Edition) > Knowledge Sheet & Fundamentals > Flashcards

Knowledge Sheet & Fundamentals Flashcards

1
Q

Project Charter

A

Identifies and authorizes a PM to achieve project objectives. Includes high level objectives, milestone, and budget

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2
Q

Business Case

A

Explains how project meets market demand, business need, customer requests, technological advancement, legal requirement, ecological impact, or social need.

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3
Q

Project Management Plan

A

A formal plan documenting how the project will be managed, executed, and controlled.

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4
Q

Scope Statement

A

Document stating the project requirements by describing objectives, deliverables, and acceptance criteria

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5
Q

Scope Baseline

A

Project Scope Statement, WBS, and WBS dictionary

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6
Q

Control Account

A

Provides a way to manage and control costs, schedule, and scope at a higher level than a work package.

Each work package is assigned to a single Control Account.

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7
Q

Work package

A

Lowest level in WBS. Can be completed without the need for more information or input

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8
Q

Activity list

A

Created from WBS; a list of activities within each work package.

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9
Q

PERT estimate formulas

A

Program Evaluation and Review Technique = Beta Distribution Duration Estimate

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10
Q

Types of 3-Point Estimates

A
  1. Beta Distribution Duration Estimate (weighted average)
  2. Triangular Distribution Duration Estimate (average)
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11
Q

Scenario Inputs for Estimates

A

P = Pessimistic scenario

M = Most Likely scenario

O = Optimistic scenario

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12
Q

Beta Distribution Duration Estimate

A

(P + 4M + O) / 6

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13
Q

Triangular Distribution Duration Estimate Formula

A

(P + M + O) / 3

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14
Q

Standard Deviation of an Activity

A

(P - O) / 6

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15
Q

Variance of Activity

A

[(P - O) / 6]2

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16
Q

Project Network Diagram

A

A diagram of the shedule activities in the order in which they must be performed.

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17
Q

Critical Path

A

The path of schedule ativities where the delay of any one activity would delay the projet finish

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18
Q

Float

A

Late Start - Early Start

or

Late Finish - Early Finish

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19
Q

Cost Baseline

A

Aggregated cost of activities to complete project + contingency reserves

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20
Q

Planned Value

A

The value of the work planned to be completed to a point in time or project completion

PV = Planned % Complete x BAC

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21
Q

Earned Value

A

As of today, what is the estimated value of the work actually accomplished?

EV = Actual % Complete x BAC

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22
Q

Actual Cost

A

The actual cost of all the work completed to a point in time

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23
Q

Budget at Completion

A

BAC = Cost Baseline

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24
Q

Cost Variance

A

The difference between the value of work completed to a point in time and the actual costs to the same point in time.

CV = EV - AC

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25
Q

Shcedule Variance

A

The difference between the work completed to a point in time and the work planned to be completed to the same point in time.

SV = EV - PV

SV = (Actual % Complete - Planned % Complete) x BAC

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26
Q

Variance at Completion

A

The estimated difference in cost at the completion of the project

Negative = Over planned cost

VAC = BAC - EAC

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27
Q

Cost Performance Index

A

We are getting $___ worth of work out of every $1 spent

CPI = EV / AC

Greater than 1 = Under planned cost

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28
Q

Schedule Performance Index

A

A measure of schedule efficiency expressed as the ratio of earned value to planned value

SPI = EV / PV

Greater than 1 = Ahead of Schedule

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29
Q

Estimate at Completion

(CPI expected to be same for remainder of project)

A

An estimate of total project cost at a point in time.

EAC = BAC / CPI

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30
Q

Estimate to Complete

A

Cost of completing the remaining authorized work

ETC = EAC - AC

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31
Q

To Complete Performance Index

A

To stay within budget, what rate do we need to meet for the remaining work?

Value of work remaining to be done divided by the money remaining to do it.

TCPI = (BAC - EV) / (BAC - AC)

Greater than one is harder to complete.

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32
Q

Joseph Juran

A

80/20 Rule

80% of the problems are due to 20% of the root causes. Addressing root cause of the most frequent problems makes the greatest impact on quality.

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33
Q

80/20 rule

A

Joseph Juran

80% of the problems are due to 20% of the root causes. Addressing root cause of the most frequent problems makes the greatest impact on quality.

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34
Q

W. Edwards Deming

A

Total Quality Management

one of the continuous improvment methods

Plan-do-check- act

Everyone on the team is responsible for quality

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35
Q

Plan Do Check Act

A

Plan: design or revise business process

Do: implement the plan and measure its performance

Check: assess the measurements and report results

Act: decide on changes needed to improve the process

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36
Q

Total Quality Management

A

W. Edwards Deming

Everyone on the team is responsible for quality

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37
Q

Phillip Crosby

A

Prevention over Inspection

failure to plan quality in the project leads to problems later in the project

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38
Q

Prevention over Inspection

A

Phillip Crosby

failure to plan quality in the project leads to problems later in the project

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39
Q

Kaizen

A

Continous improvement over time through small projects

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40
Q

Ishikawa

A

Fishbone diagrams a.k.a. cause and effect diagrams

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41
Q

Fishbone Diagram

A

Ishikawa

a.k.a. Cause and Effect Diagram

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42
Q

7 basic tools of quality management

A
  1. Cause-and-effect diagrams (fishbone)
  2. Flowcharts
  3. Histograms
  4. Pareto Charts
  5. Run Charts
  6. Scatter Charts
  7. Control Charts
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43
Q

Sigma

A

1 sigma = 68.26%

2 sigma = 95.46%

3 sigma = 99.73%

6 sigma = 99.99%

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44
Q

Difference between quality assurance and control quality

A

Quality assurance tests the process

Control quality tests the product

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45
Q

Lean Core Concepts

A
  • Eliminate Waste
  • Amplify Learning
  • Defer Decisions
  • Build Quality In
  • Optimize the Whole
  • Deliver Fast
  • Empower the Team
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46
Q

Maslow’s Hierarchy of Needs

A

People only seek the next level of attainment when satisfied with lower level of need. Levels (highest to lowest)

Self Actualization (self fulfillment/growth/learning)

Esteem (accomplishment, respet, attention, appreciation)

Social (love, affection, approval, friends, association)

Safety (security, stability, freedom from harm)

Physiological (air, water, food, housing clothing)

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47
Q

OPA

A

Organizational Process Assets

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48
Q

Types of OPAs

A

OPA = Organizational Process Assets

1) processes, procedures, policies
2) organizational knowledge repositories

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49
Q

EEF

A

Enterprise Environmental Factors

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50
Q

Types of EEFs

A

EEFs = Enterprise Environmental Factors

External

Internal

Resource-Related

Project Management EEFs

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51
Q

External EEFs

A

EEF = Enterprise Environmental Factors

governmental or other rules and regulations that apply to the organization

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52
Q

Internal EEFs

A

EEFs = Enterprise Environmental Factors

structure, culture, systems, and geographic locations

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53
Q

Resource-Related EEFs

A

EEFs = Enterprise Environmental Factors

technology and resources available for assignment to projects

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54
Q

Project Management EEFs

A

EEF = Enterprise Environmental Factors

resource management system, procurement system, quality management system

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55
Q

Assumptions

A

what management and stakeholders believe to be true about the project

(note: assumptions may not be based on fact)

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56
Q

Constraints

A

Limitations imposed by management or the sponsor that impact planning or execution of a project

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57
Q

Types of constraints

A

Schedule

Cost

Risk

Scope

Quality

Resources

Customer Satisfaction

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58
Q

RACI

A

Responsible, Accountable, Consult, Inform

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59
Q

Douglas McGregor

A

Theory of X and Y

all workers fit into two groups:

X – need to be watched all the time

Y – willing to work without supervision and want to achieve

PMI assumes all team members are type Y.

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60
Q

Theory of X and Y

A

Douglas McGregor

all workers fit into two groups:

X – need to be watched all the time

Y – willing to work without supervision and want to achieve

PMI assumes all team members are type Y.

61
Q

David McClelland

A

Theory of Needs (aka Acquired Needs Theory)

People are motivated by one of three needs:

Achievement (challenging projects; seek recognition)

Affiliation (collaborative projects; seek approval)

Power (manage others; seek influence)

62
Q

Theory of Needs

A

aka Acquired Needs Theory

David McClelland

People are motivated by one of three needs:

Achievement (challenging projects; seek recognition)

Affiliation (collaborative projects; seek approval)

Power (manage others; seek influence)

63
Q

Herzberg

A

Two-Factor Theory of Motivation

Hygiene factors may destroy motivation, but improvement doesn’t improve motivation. Hygiene factors are not sufficient to motivate.

Hygiene factors: working conditions, salary, personal life, relationships at work, security, status

Motivating agents: responsibility, self-actualization, professional growth, recognition

64
Q

Two-Factor Theory of Motivation

A

Herzberg

Hygiene factors may destroy motivation, but improvement doesn’t improve motivation. Hygiene factors are not sufficient to motivate.

Hygiene factors: working conditions, salary, personal life, relationships at work, security, status

Motivating agents: responsibility, self-actualization, professional growth, recognition

65
Q

Types of Power

A

Formal: based on position

Reward: based on ability to give rewards

Penalty (Coercive): based on ability to penalize

Expert: comes from being technical or SME

Referent: relationship-based

PMI best forms of power: expert and reward

66
Q

Tuckman Ladder

A

Identifies stages of teams:

Forming

Storming

Norming

Performing

Adjourning

67
Q

Stages of Teams

A

identified on the Tuckman Ladder

Forming

Stomring

Norming

Performing

Adjourning

68
Q

Communication Channels

A

n(n-1) / 2

where n = # of people

69
Q

Communication types

A

formal & informal

written & verbal

70
Q

Amount of time effective project manager spends communicating

A

90%

71
Q

Expected Monetary Value

A

EMV = P x I

where P= probability of occurence

I = impact or cost

72
Q

Strategies for Threats

A

Escalate

Avoid (eliminate cause)

Transfer (insurance, warranties, outsourcing)

Mitigate

Accept

73
Q

Strategies for Opportunities

A

Escalate

Exploit (set up risk to occur)

Share (allocate some or all of ownership to a party able to capture opportunity for project)

Enhance

Accept

74
Q

Types of Contracts

A

Fixed Price

Cost Reimbursable

Time & Materials

75
Q

Types of Fixed Price Contracts

A

Firm Fixed Price

Fixed Price Incentive Fee

Fixed Price Award Fee

Fixed Price with Economic Price Adjustment

76
Q

Fixed Price Incentive Fee

A

fixed price with incentives tied to cost, schedule, or technical performance.

Example:

Contract = $1M + 10K for every month early the project is finished.

77
Q

Fixed Price Award Fee

A

fixed price with award tied to cost, schedule, or technical performance. possible award is determined in advance.

Example:

Contract = $1M + $5k for every month performance exceeds planned level by 15%, up to $50k.

78
Q

Fixed Price with Economic Price Adjustment

A

multi-year contract with some factor for annual adjustment (such as inflation or cost of living)

Example:

Contract = $1M, with price increase allowed in years 2-5 based on the CPI.

79
Q

Types of Cost Reimbursable Contracts

A

Cost

Cost Plus Fixed Fee

Cost Plus Incentive Fee

Cost Plus Award Fee

Cost Plus Fee

80
Q

Cost Contract

A

used by nonprofits; straight cost for work and materials – no seller profit

81
Q

Cost Plus Fixed Fee

A

seller reimbursed for costs, plus fixed-fee payment that is usually a percentage of the estimated project cost

Example:

Contract = Costs + $100K fee

82
Q

Cost Plus Incentive Fee

A

Costs plus a fee for meeting performance targets is paid to seller.

Final amount is adjusted based on variance from target costs.

Example:

Contract = Costs + $50K fee. Buyer and seller share any overruns or savings from original $500K estimate (80% to buyer/20% to seller).

83
Q

Cost Plus Award Fee

A

Costs plus base fee plus an award amount based on performance.

Award amount is capped.

Example:

Contract = Costs + $50k fee + $5k for each month seller exceeds targets, up to $50K.

84
Q

Cost Plus Fee

A

costs plus a percentage of costs as a fee

NOT ALLOWED for federal procurements, and bad for buyers in general (contract encourages seller to use most expensive options).

Example:

Contract = Costs + 10% of costs as fee

85
Q

Stakeholder Register Components

A

For each stakeholder:

  • requirements
  • expectations
  • roles/reponsibilities
  • Influence, Power, Interest assessment
86
Q

Stakeholder Data Assesment

A

Evaluates influence, power, and interest in the project.

87
Q

Stakeholder approaches

A

Manage Closely: high interest, high power/influence

Keep Satisified: low interest/high power/influence

Keep Informed: high interest, low power/influence

Monitor: low interest, low power/influence

88
Q

Differences between traditional PM projects and Agile

A
  • Delivers value early
  • Less up-front planning
  • More customer interaction
  • Welcomes changes throughout project
  • Cost & Time fixed, Scope varies
89
Q

Definition of Project

A

A temporary endeavor – with a beginning and an end – that creates a unique product, service, or result

90
Q

Definition of Project Management

A

The application of knowledge, skills, tools, and techniques to the project work to meet the project requirements

91
Q

ITTO

A

Input, Tools & Techniques, Output

92
Q

Phase

A

A division within the project where extra control is needed to effectively manage the completion of one or more deliverables.

Phases are concluded and formally closed with the acceptance of a deliverable or deliverables.

Phases of a project have all 5 process groups

93
Q

Types of Development Life Cycles

A

Predictive life cycle: scope, time, and cost are known early

Iterative, incremental or adaptive life cycle: scope is known early, but time and cost are refined as project progresses.

94
Q

Program

A

A collection of projects containing a common goal managed by a program manager.

95
Q

Portfolio

A

a group of programs, individual projects, and other related operational work that are prioritized and implemented to achieve a specific strategic business goal

96
Q

3 baselines for every project

A

Scope

Schedule

Cost

97
Q

Project Governance

A

the framework, functions, and processes that a company will follow in order to complete projects

98
Q

Project Management Office

A
  • provides guidance and support for all the PMs in a company
  • sets up structure and framework that projects will follow
  • is a stakeholder in projects
99
Q

Organizational Project Management

A

a framework that guides portfolio, program, and project management to achieve the organization’s strategic goals

100
Q

What is the difference between a project team and a project management team?

A

Project Team: a group of people, including PM, who will complete the work of the project

Project Management Team: a group of project team members selected by the PM to help perform some project management activities

101
Q

Organizational Governance

A

the overall structure of an organization

102
Q

Internal Requirements

A

the policies and procedures regarding portfolio, program, and project work.

Internal requirements help ensure alignment with the strategic plan of the organization and that they contribute to the delivery of specific benefits or value.

103
Q

What are the three possible forms of a PMO?

A

Supportive

Controlling

Directive

104
Q

Characteristics of a Supportive PMO

A
  • provides policies, methods, templates, and lessons learned for projects
  • low level of control
105
Q

Characteristics of a Controlling PMO

A
  • provides support and guidance on how to manage projects
  • trains others in project management and on tools
  • ensures compliance with organizational policies
  • moderate level of control
106
Q

Characteristics of a Directive PMO

A
  • provides project managers for different projects
  • responsible for results of projects
  • high level of control over projects
107
Q

What are the three primary forms of organizational structure?

A

Functional

Project-Oriented (aka Hybrid)

Matrix

108
Q

Characteristics of Functional Organization

A
  • Work groups organized around job function/specialization
  • PM has little to no power and is usually part-time
  • Resource availability is determined by functional lead
  • Team members complete project work in addition to normal work
  • Functional lead manages the budget
109
Q

Characteristics of Project-Oriented Organization

A

Project-Oriented = Hybrid

  • Work groups organized around projects (“no home”)
  • PM has high or total control, and is full-time
  • resource availability is high
  • PM manages the budget
110
Q

Characterstics of Hybrid Organization

A

Hybrid = project-centered

  • Work groups organized around projects (“no home”)
  • PM has high or total control, and is full-time
  • resource availability is high
  • PM manages the budget
111
Q

Types of Matrixed Organizations

A

Weak Matrix

Balanced Matrix

Strong Matrix

112
Q

Characteristics of Weak Matrix Organization

A
  • Work is organized by job function/specialty
  • PM has low power and is usually part-time
  • Resource availability is low
  • Functional lead controls budget
113
Q

Characteristics of Balanced Matrix Organization

A
  • Work is organized by job function/specialty
  • PM has low/moderate power and is usually part-time
  • Resource availability is low/moderate
  • PM & Functional lead control budget
114
Q

Characteristics of Strong Matrix Organization

A
  • Work is organized by job function, with PM as a function
  • PM has moderate/high power and is full-time
  • Resource availability is moderate/high
  • PM controls budget
115
Q

Stakeholders

A

any individual or business that may be positiviely or negatively affected by the project.

Stakeholders include project team members.

116
Q

Project Expediter

A

acts primarily as staff assistant and communications coordinator; does not make or enforce decisions.

117
Q

Project Coordinator

A

similar to project expediter (staff assistant and communications coordinator), but has authority and power to make some deicisions (usually re: resources), and reports to higher-level manager.

118
Q

Work Performance Data

A

includes initial measurements and details about activities gathered during the Direct & Manage Work process in Executing.

119
Q

Work Performance Information

A

information gathered from the analysis and assessment of work performance data.

Data is analyzed in the montoring & controlling process group to produce work performance information.

120
Q

Work Performance Reports

A

Documentation that organizes work performance information for distribution to stakeholders.

121
Q

Project life cycle

A

progression of phases through a series of developmental stages. it is the logical breakdown of what you need to do to produce the deliverables of a project

122
Q

Development Life Cycle of Projects

A

phases within a project life cycle

used to ensure the expected or planned result of each phase is achieved

123
Q

Type of Project Life Cycles

A

Plan-Driven Project Life Cycle

Change-Driven Project Life Cycle

Hybrid Project Life Cycle

124
Q

Plan-Driven Project Life Cycle

A

predictive/waterfall development life cycles

scope, schedule, and cost are determined in detail early in the life of the project (before work beings)

This is the default for the exam.

125
Q

Change-Driven Project Life Cycle

A

Uses iterative, incremental or adaptive (agile) development life cycles.

126
Q

Predictive Development Life Cycle

A

aka waterfall

scope, schedule and cost are determined early in project.

127
Q

Incremental Development Life Cycle

A

delivers complete, usable portion of the product for each iteration (e.g. website rolled out in fully revised customer segments)

time & cost are estimated at the start of project

scope is fully developed with iterations

128
Q

Iterative Development Life Cycle

A

complete concept is build in successive levels of detail to create the end result. (e.g. website fully released as prototype, then add more functionality in each iteration)

time & cost are estimated at the start of project

scope is fully developed with iterations

129
Q

Adaptive Development Life Cycles

A

aka Agile

time and cost are fixed at the start of the project

scope is developed over iterations

130
Q

Hybrid Development Life Cycle

A

combines predictive and adaptive development cycles

predictive is used to manage the project requirements that are well-defined

adaptive/agile is used to manage the requirements that are less clear.

131
Q

Options at the close of a phase

A

Re-do the phase

move forward with next phase

cancel project

132
Q

When is a project formally authorized?

A

Upon sponsor’s signing of the project charter

133
Q

In what process are revisions to the baselines and project management plan made?

A

Perform Integrated Change Control

134
Q

Deliverables

A

a deliverable is any unique and verifable product, result, or capacity to perform a service that is required to be produced to complete a process, phase, or project

135
Q

In what process are interim deliverables approved?

A

Validate Scope

136
Q

Quality

A

degree to which the project fulfills requirements

137
Q

Quality Management

A

quality management includes creating and following organizational policies and procedures and tailoring them to ensure the project also meets the needs of the customer

138
Q

Quality Assurance

A

ensures the team follows the right processes and improves those processes

139
Q

Difference between Manage Quality and Control Quality

A

Manage quality: processes

Control quality: deliverable

140
Q

Rule of 7

A

seven sequnetial observations above or below the mean require examining the process for problems.

141
Q

Conflict Resolution Approaches

A

Collaboration (Problem-solving)

Compromising (Reconciling)

Withdrawal (Avoidance) – yield-lose scenario

Smoothing (Accomodating) – downplay conflict – lose-lose scenario

Forcing (Directing) – win-lose scenario

142
Q

PMBOK problem-solving steps

A
  1. Define root problem
  2. Analyze problem (cause & effect diagram)
  3. Identify solutions
  4. Select & implement solution
  5. Review solution & confirm it solved the problem
143
Q

Sources of Conflict (in order of frequency)

A
  1. Schedules
  2. Project priorities
  3. Resources
  4. Technical opinions
144
Q

Managing People

A

being able to produce key results

145
Q

Status Report

A

Reports where the project currently stands in relation to the performance metrics.

146
Q

Progress Report

A

Reports what has been accomplished

147
Q

Trend Report

A

examines project results over time to see if performance is improving or deteriorating

148
Q

Risk Factors

A
  • probability of occurance
  • range of possible outcomes
  • expected timing
  • frequency from source

PMP Study (PMBOK 6th Edition) (5 decks)

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