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PMP > Measurement Performance > Flashcards

Measurement Performance Flashcards

1
Q

Metric

A

A description of a project or product attribute and how to measure it.

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2
Q

Baseline

A

The approved version of a work product used as a basis for comparison to actual results.

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3
Q

Dashboard

A

A set of charts and graphs showing progress or performance against important measures of the project.

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4
Q

KPI’s

A

Key Performance Indicators

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5
Q

What reasons are measurements used for?

A

Evaluating performance compared to plan
Tracking the utilization of resources, work completed, budget expended, etc.
Demonstrating accountability
Providing information to stakeholders
Assessing whether project deliverables are on track to deliver planned benefits
Focusing conversations about trade-offs, threats, opportunities, and options
Ensuring the project deliverables will meet customer acceptance criteria

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6
Q

What is the value of measurements?

A

The conversations about how to use the data to take appropriate action.

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7
Q

What is NOT the value of measurements?

A

It is NOT in the collection and dissemination of the data.

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8
Q

The Performance Domain focuses on what measures?

A

Measures for ACTIVE projects. It addresses measures and metrics that are used DURING the project.

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9
Q

Key Performance Indicators (KPIs)

A

Are quantifiable measures used to evaluate the success of a project. They have no real use unless and until they are used.

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10
Q

What are the two types of KPIs?

A

Leading Indicators and Lagging Indicators

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11
Q

Leading Indicators

A

Predict changes or trends in the project.

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12
Q

Leading Indicators that are not quantifiable but provide early warning signs that project performance may be at risk.

A

Lack of risk management process.
Stakeholders who are not available or engaged.
Poorly defined project success criteria.

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13
Q

Lagging Indicators

A

Measure project deliverables or events. They provide information AFTER the fact.

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14
Q

SMART Metrics

A

Specific
Meaningful or Measurable
Achievable or Agreed to
Relevant or Realistic or Reasonable
Timely or Time Bound

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15
Q

A Specific Measurement

A

Specific as to what to measure. Examples include the # of defects, the defects that have been fixed, etc.

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16
Q

Meaningful Measurement

A

Should be tied to the business case, baselines, or requirements. It is NOT efficient to measure attributes that do not lead to meeting objectives or improving performance. AKA ‘Measurable’

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17
Q

Achievable Measurement

A

Achievable given the people, technology, and environment. AKA ‘Agreed to’

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18
Q

Relevant Measurement

A

Should provide value and allow for actionable information. AKA ‘Reasonable/Realistic’

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19
Q

Timely Measurement

A

Useful measurements are timely. Forward looking info, such as emerging trends, can help project teams change direction and make better decisions. AKA ‘ Time Bound’

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20
Q

Common categories of metrics are?

A

Deliverable Metrics
Delivery
Baseline Performance
Resources
Business Value
Stakeholders
Forecast

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21
Q

Customary Deliverable Metrics

A

Information on errors or defects
Measures of performance
Technical performance measures

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22
Q

Delivery Measurements

A

Associated with Work in Progress (frequently used in adaptive approaches).

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23
Q

Examples of Delivery Measurements

A

Work in Progress
Lead Time
Cycle Time
Queue Size
Batch Size
Process Efficiency

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24
Q

Lead Time

A

The amount of elapsed time from a story or chunk of work entering the backlog to the end of the iteration or the release. Lower lead time indicates a more effective process and a more productive project team.

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25
Q

Cycle Time

A

Indicates the amount of time it takes the project team to complete a task. Shorter times indicate a more productive project team. A consistent time helps predict the possible rate of work in the future.

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26
Q

Queue Size

A

Little’s Law states that queue size is proportional to both the rate of arrival in the queue and the rate of completion of items from the queue.

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27
Q

Batch Size

A

Measures the estimated amount of work (level of effort, story points, etc) that is expected to be completed in an iteration.

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28
Q

Process Efficiency

A

is a ratio used in lean systems to optimize the flow of work. Ratio between value-adding time and non-value-adding activities.

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29
Q

What adds to non-value-adding time?

A

Tasks that are waiting.

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30
Q

What is a representation of value-adding time?

A

Tasks that are in development or in verification.

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31
Q

Do higher or lower process efficiency ratios indicate a more efficient process?

A

Higher ratios.

32
Q

What are the most common baselines?

A

Cost and Schedule.

33
Q

What does a Schedule Baseline track?

A

Actual performance to planned performance.

34
Q

Critical Path

A

The longest path through the project.

35
Q

Schedule Variance (SV)

A

SV - EV - PV.
It is the difference between the earned value and the planned value.

36
Q

Schedule Performance Index (SPI)

A

SPI = EV/PV.
Indicates how efficiently the scheduled work is being performed.

37
Q

Feature Completion Rate

A

Can help assess progress and estimate completion dates and costs.

38
Q

Examples of Schedule Measurements

A

Start and finish dates
Effort and duration
Schedule Variance (SV)
Schedule Performance Index (SPI)
Feature Completion Rates

39
Q

Common Cost Measurements

A

Actual cost compared to planned cost
Cost Variance (CV)
Cost performance Index (CPI)

40
Q

How else can ‘actual cost compared to planned cost’ be referred to?

A

The Burn Rate

41
Q

Cost Variance (CV)

A

CV = EV - AC
The difference between the earned value and the actual cost. Comparing the actual cost of a deliverable to the estimated cost.

42
Q

Cost Performance Index (CPI)

A

CPI = EV/AC
Indicates how efficiently the work is being performed with regard to the budgeted cost of the work.

43
Q

Resource Measurements are a subset of what?

A

Cost Measurements

44
Q

True or False, Do variances in resource measurements lead to variances in cost measurements.

A

Yes, they often do.

45
Q

Usage Variance

A

= AU - PU
Planned resource utilization compared to actual resource utilization.

46
Q

Price Variance

A

= AC - EC
Compares the actual cost of resources to the estimated costs.

47
Q

What are Business Value Measurements used for?

A

To ensure the project deliverable stays aligned to the business case and the benefits realization plans.

48
Q

What metrics measure financial business value?

A

Cost-benefit ratio
Planned benefits delivery compared to actual benefits delivery
Return on investment (ROI)
Net present value (NPV)

49
Q

Cost-Benefit Ratio

A

= C/B
Measure of the expected present value (B) of an investment with the initial cost (C).

50
Q

What is the cost-benefit ratio used for?

A

To determine if the costs of a project outweigh its benefits.

51
Q

In the cost-benefit ratio, if costs outweigh the benefits, the ratio is higher than what?

A

1.0
In this case, the project should not be considered UNLESS there are regulatory, social good, or other reasons to do the project.

52
Q

Benefit-Cost Ratio

A

= B/C
If the ratio is greater than 1.0, the project SHOULD be considered.

53
Q

Return on Investment (ROI)

A

= Projected Average of all Net Benefits/Initial Cost

The amount of financial percent return compared to the cost.

54
Q

Net Present Value (NPV)

A

the difference between the present value of inflows of capital and the present value of outflows of capital over a period of time.

55
Q

When is Net Present Value generally developed?

A

When deciding to undertake a project.

56
Q

Net Promoter Score (NPS)

A

Measures the degree to which a stakeholder (usually the customer) is willing to recommend a product or service to others. It measures a range from -100 to +100

57
Q

Mood Chart

A

Tracks the mood or reactions of the project team, a group of very important stakeholders

58
Q

Morale Measurement

A

Measures a project team morale. Can be done by surveys asking to rate agreement on a scale of 1 to 5.

59
Q

Stakeholder Measurements

A

Net Performance Score (NPS)
Mood Chart
Morale
Turnover

60
Q

Estimate to Complete (ETC)

A

= BAC - EV/CPI
Forecasts the expected cost to finish all the REMAINING project work.

61
Q

Estimate at Completion (EAC)

A

= BAC/CPI
Forecasts the expected total cost of completing ALL work.

62
Q

Variance at Completion

A

= EAC - BAC
Forecasts the amount of budget deficit or surplus.

63
Q

To-complete Performance Index (TCPI)

A

Estimates the cost performance required to meet a specified management goal. It is expressed as a RATIO of the cost to finish the OUTSTANDING work to the REMAINING budget.

64
Q

Regression Analysis

A

An analytical method where a series of input variables are examined in relation to their corresponding output results in order to develop a mathematical or statistical relationship.

65
Q

Throughput Analysis

A

An analytical method that assesses the number of items being completed in a fixed time frame.

66
Q

Information Radiators

A

AKA Big Visible Charts (BVCs) are visible, physical displays that provide information to the rest of the organization, enabling timely knowledge sharing.

67
Q

Burndown Chart

A

Shows how much work is yet to be completed.

68
Q

Burnup Chart

A

Shows how much work has been completed.

69
Q

Task Board or Kanban Board

A

A visual representation of the planned work that allows everyone to see the status of the tasks. Can show work that is ready to be started (to do), work in progress (wip) and work that is completed.

70
Q

Velocity

A

Measures the productivity rate at which the deliverables are produced, validated, and accepted within a predefined interval.

71
Q

Hawthorne Effect

A

States that the very act of measuring something influences behavior.

72
Q

Vanity Metric

A

A measure that shows data but does not provide useful information for making decisions.

73
Q

Demoralization

A

Unrealistic or unachievable goals can be counterproductive.

74
Q

Confirmation Bias

A

As human beings, we tend to look for and see information that supports our preexisting point of view. This can lead us to false interpretations of data.

75
Q

Exception Plan

A

An agreed-upon set of actions to be taken if a threshold is crossed or forecast. Do NOT have to be formal.

76
Q

Value Stream Map

A

A display of the critical steps in a process and the time taken in each step used to identify waste.

77
Q

Value Stream Mapping

A

A lean enterprise method used to document, analyze, and improve the flow of information or materials required to produce a product or service for a customer.

PMP (11 decks)

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