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PMP Exam Prep > Lesson 4 > Flashcards

Lesson 4 Flashcards

1
Q

Bid documents

A

Seller proposals that are submitted in response to a procurement document package.

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2
Q

Change control board (CCB)

A

The group accountable for considering, appraising, and making decisions about (approval, postponement, or rejection) proposed project changes and for documenting and communicating those decisions.

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3
Q

Checklists

A

A document used to keep track of all the tasks, deadlines, resources, and goals necessary to complete a project.

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4
Q

Communication channels

A
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5
Q

Communications model

A

The process of how information is exchanged between sender and receiver.

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6
Q

Configuration management plan

A

Provides direction for administering the configuration process by detailing the technical specifications of all applicable processes and deliverables.

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7
Q

Control charts

A

Detects variations within the project and alerts when values go beyond preset control limits.

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8
Q

Control quality

A

The process area in which the product, or the output of the process is measured against the specifications.

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9
Q

Decision trees

A

A method employed to choose between possible decisions. The tree consists of branches and nodes. Each branch depicts a discreet decision with costs and risks delineated. For each branch, there is a node containing the expected value of the decision.

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10
Q

Escaped defects

A

Tracks the number of defects for a deployment that were identified after the release date.

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11
Q

Expected monetary value (EVM)

A

A technique, effected by considering actual cost (AC), schedule (PV), and what has been accomplished (EV), that is used to determine the project progress and performance.

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12
Q

Fishbone diagram (Ishikawa)

A

Cause-and-effect diagram used at the start of the project to evaluate what could potentially cause defects. After the project has started, it can be used to review symptoms and determine the real problem.

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13
Q

Flowcharts

A

A tool that defines in proper order the steps that need to be completed to achieve a particular goal or output.

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14
Q

Identify risks (process)

A

The PM, team, key stakeholders and subject matter experts identify possible project lists.

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15
Q

Inadvertent waivers

A
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16
Q

Issue

A

A problem or obstacle that could prevent a project from completing its objectives.

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17
Q

Make-or-buy decisions

A

Choosing between manufacturing a product in-house or buying it from an external supplier.

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18
Q

Manage quality (process)

A

The process of executing the project quality management plan and verifying/validating that the quality standards defined for the project will meet the desired standards.

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19
Q

Metrics

A

Quantifiable values that provide a clear, numerical view of the project’s performance.

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20
Q

Monitor stakeholder engagement (process)

A

Focuses on stakeholder relationships and modifies stakeholder engagement strategies and plans as appropriate.

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21
Q

Non-event risks

A

The known uncertainty that one aspect of a planned situation could change.

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22
Q

Pareto chart

A

A bar chart, ordered by occurrence frequency, depicting the number of outcomes for each identified cause.

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23
Q

Perform quantitative risk analysis (process)

A

Breaks down the risks from a high, medium, and low ranking based on actual numerical values and probabilities of occurrence.

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24
Q

Plan communications management (process)

A

Determines the communication needs of all the stakeholders. Inputs: Resource Management Plan, Stakeholder Engagement Plan, Stakeholder Register. Output: Communications Management Plan.

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25
Q

Plan quality management (process)

A

Consists of determining and designing the standards, policies, and procedures for the project.

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26
Q

Plan risk responses (process)

A

Responses for risks are developed, strategies for addressing risk are determined, and actions for addressing risk exposure are decided for both individual risks and overall project risk.

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27
Q

Positive risk

A

An unexpected event that is good for the project.

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28
Q

Project artifacts

A

A template, document, output or project deliverable. These are designed to keep project work aligned to project requirements and business goals.

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29
Q

Project governance

A

An oversight function that is aligned with the organization’s governance model and encompasses the project life cycle.

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30
Q

Purchase orders

A

A unilateral agreement that requires approval by only one party because the other party has offered the product for the predefined price.

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31
Q

Quality management plan

A

The document, part of the project or program management plan, used to describe the execution of the organization’s quality policies.

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32
Q

Procurement strategies

A

The buyer’s approach to determining the project delivery method and the class of legally binding agreement(s) that will be used to deliver the desired results.

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33
Q

Request for information (RFI)

A

A buyer issued procurement document requesting a potential seller to provide information related to the seller’s ability to deliver a product, service, or capability.

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34
Q

Request for quote (RFQ)

A

A document used to get bids or quotes from possible suppliers, usually for commodity type items, with minimal customization.

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35
Q

Risk adjusted backlogs

A

A sprint or release backlog containing risk response tasks for actionable risks.

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36
Q

Risk breakdown structure

A

A representation of risks ranked by category.

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37
Q

Risk management plan

A

he document, part of the project or program management plan, used to describe the manner in which risk management activities will be framed and executed.

38
Q

Risk report

A

A project document that establishes the progressive development of risk management processes throughout the project, summarizes individual project risk information, and delineates the degree of overall project risk.

39
Q

Risk response strategies for positive risks

A
40
Q

Risk threshold

A
41
Q

Risk trigger

A

The degree of risk exposure that defines the upper limit of risk acceptance; risks whose level exceed the threshold must be addressed.

42
Q

Source selection criteria

A
43
Q

Statistical sampling

A
44
Q

Three components of a risk

A

Actual risk, likelihood that it will occur, impact of the risk.

45
Q

Tornado diagrams

A

A bar chart that helps to determine the impact of various risks on a project.

46
Q

Upper and lower specification limits (USL, LSL)

A

Customer established and can be inside or outside of the control limits.

47
Q

Bidder conferences

A

Meetings with potential sellers that occur before bids or proposals are prepared and which are used to ensure that all sellers have an unambiguous and common comprehension of the procurement; also known as a contractor conference, vendor conference, or pre-bid conference.

48
Q

Change management plan

A

A plan that defines the project change management process.

49
Q

Check sheets

A

Check sheets, also known as tally sheets, are utilized to organize facts in a manner that will make data regarding a potential quality problem easier to collect. A check sheet used to gather attributes data while performing an inspection is very effective for identifying the frequency with which defects occur.

50
Q

Communications management plan

A

The document, part of the project or program management plan, that addresses the communication flow of the project and contains a detailed description of the transmittal process, the transmittal schedule, and the administration process.

51
Q

Conduct procurements (process)

A

The process of receiving the seller response(s) to the request(s) for quote(s), information, proposal(s), or bid(s), then determining the seller(s), and awarding the contract(s)

52
Q

Contracts

A

A mutually binding agreement that requires, in accordance with the terms of the agreement, the seller to deliver goods or services to the purchaser and the purchaser to compensate the seller for those goods or services.

53
Q

Control procurements (process)

A

The process of managing contract performance.

54
Q

Cost-reimbursable contracts

A

A mutually binding agreement that compensates the seller for goods or services on the basis of actual costs plus a fee that represents the seller’s profit and typically includes an incentive if specific objectives, such as budget or schedule targets, are met.

55
Q

Delphi technique

A

A method where each team member estimates the size of a task and after a series of discussions, the team arrives at a consensus for task size estimation.

56
Q

Event based risks

A
57
Q

Explicit knowledge

A

Can easily be expressed using words, pictures and/or numbers.

58
Q

Fixed-price contracts

A

A mutually binding agreement that compensates the seller for goods or services on the basis of a fixed amount identified in the agreement, notwithstanding the seller’s costs; also known as a Firm Fixed-Price Contract (FFP).

59
Q

Grade

A

A ranking to classify products that have different functions or features.

60
Q

Identify stakeholders (process)

A

The process of determining all people and entities affected by the project, evaluating and recording any information appropriate to their concerns, involvement, interdependencies, and possible affect on the success of the project.

61
Q

Independent cost estimates

A
62
Q

Issue log

A

The issue log is used to record and track any project challenges that cannot be immediately resolved.

63
Q

Manage communications (process)

A

The gathering of meaningful project data to create communications that will be disseminated, placed in a repository for future access, and disposed of per the communications management plan.

64
Q

Manage stakeholder engagement (process)

A

Work and communicate with stakeholders to ensure satisfaction of their legitimate needs and expectations, to resolve their issues, and to include them in appropriate decision-making.

65
Q

Monitor communications (process)

A

The process of fulfilling the informational needs of the project and its stakeholders.

66
Q

Negative risk

A

A threat to the project. When it occurs, it becomes an issue.

67
Q

Pair programming

A

An eXtreme programming practice that pairs two programmers at one station, typically with one programmer coding (driver) and one reviewing (navigator); an excellent cross-training device.

68
Q

Perform qualitative risk analysis (process)

A

The process of numerically evaluating the impact of identified risks on the project.

69
Q

PESTLE

A

Politics, Economical, Socio-Cultural, Technological, Legal, Environmental factors.

70
Q

Plan procurement management (process)

A

The process of documenting purchasing decisions and approaches, as well as identifying potential vendors for contract work.

71
Q

Plan risk management (process)

A

The process of determining the methods that will be used to execute project risk management activities

72
Q

Plan stakeholder engagement (process)

A

The process of establishing management strategies that will engage stakeholders in project related decisions; the strategies are based on the needs, interest levels, and impact levels of the stakeholders.

73
Q

Pre-qualified vendors list

A

Pre-approved sellers list that is part of the Organizational Process Assets (OPA)

74
Q

Project closure report

A
75
Q

Project resilience

A

The ability of a project system to be aware of its surroundings, vulnerabilities and capacity to adapt to recover from disruptive events and achieve its objectives.

76
Q

Quality audits

A

A formal, independent process that assesses whether project activities are in compliance with organizational and project policies, processes, and procedures.

77
Q

Probability and impact matrix

A

n array used in qualitative risk management to prioritize risk, typically based on each risk’s probability of occurrence and potential impact.

78
Q

Realized risk

A

When an event occurs that may result in loss, damage, or disclosure of assets.

79
Q

Risk appetite

A

The amount of uncertainty an organization or individual is willing to accept in anticipation of a reward.

80
Q

Request for proposal (RFP)

A

A procurement document issued by the buyer to request a proposal from the seller; typically describes acceptability criteria and a description of the product, service, or capability the buyer wishes to procure.

81
Q

Risk based spike

A

An experiment designed to assess the probability of an event occurring.

82
Q

Risk burndown charts

A

A tool that project managers can use to show graphically how risk could affect project completion.

83
Q

Risk register

A

A document that lists each risk along with the results of its analysis and risk response planning.

84
Q

Risk response strategies for negative risks

A

Avoid, Transfer, Mitigate

85
Q

Risk score

A
86
Q

Risk tolerance

A

The level of risk that an individual or organization is willing to permit; also known as risk utility.

87
Q

Sensitivity analysis

A

Probability X Impact

88
Q

Statement of work (SOW)

A

A detailed description of the products, services, or results expected from a project or other initiative.

89
Q

Tacit knowledge

A

Individual knowledge (such as beliefs, experience, and insights) that can be difficult to express and share.

90
Q

Time and materials contracts

A
91
Q
A

PMP Exam Prep (4 decks)

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