Medium Difficulty 1 Flashcards
ADR
Alternative Dispute Resolution
AON
Activity-on-Node
BCR
Benefit Cost Ratio
CA
Control Account
CBR
Cost Benefit Ratio
CCB
Change Control Board
CCS
Change Control System
COQ
Cost Of Quality
CPAF
Cost Plus Award Fee
CPF
Cost Plus Fee
CPFF
Cost Plus Fixed Fee
CPIF
Cost Plus Incentive Fee
CR
Change Request / Cost Reimbursable (contract)
DOE
Design of Experiments
EF
Early Finish Date
EMV
Expected Monetary Value
ES
Early Start Date
FF
Finish-to-Finish
FFP
Firm Fixed Price
FP-EPA
Fixed Price With Economic Price Adjustment
FPIF
Fixed Price Incentive Fee
FS
Finish-to-Start
IFB
Invitation For Bid
ISO
International Organization for Standardization
JAD
Joint Application Development (or Design)
JIT
Just in Time
KPI
Key Performance Indicator
LF
Late Finish Date
LOE
Level Of Effort
LS
Late Start Date
OBS
Organizational Breakdown Structure
PDCA
Plan Do Check Act
PDM
Precedence Diagramming Method
PERT
Program Evaluation and Review Technique
PMB
Performance Measurement Baseline
RACI
Responsible, Accountable, Consult, And Inform
RAM
Responsibility Assignment Matrix
RFI
Request For Information
RFP
Request For Proposal
RFQ
Request For Quotation
ROM
Rough Order of Magnitude
SF
Start-to-Finish
SME
Subject Matter Expert
SOW
Statement Of Work
SS
Start-to-Start
SWOT
Strengths, Weaknesses, Opportunities, And Threats
T&M
Time And Material
VAC
Variance at Completion
VOC
Voice of the Customer
WBS
Work Breakdown Structure
NDA
Non Disclosure Agreement
COTS
Commercial off-the-shelf
ANSI
American National Standards Institute
DU
Duration
DUR
Duration
ITTO
Inputs, Tools and Techniques, Outputs
MOU
Memorandum of Understanding
SLA
Service Level Agreement
BSR
Buyer Share Ratio
RCA
Root Cause Analysis
PBP
Payback Period
TOR
Terms of Reference
AT
Actual Time
EI
Emotional Intelligence
MOA
Memoranda of Agreement
BCA
Benefit Cost Analysis
DB
Design Build
DBB
Design Bid Build
DBO
Design Build Operate
BOOT
Build Own Operate Transfer
DMAIC
Define, Measure, Analyze, Improve, and Control (Six Sigma methodology)
ATDD
Acceptance Test-Driven Development
BDD
Behavior-Driven Development
BRD
Business Requirement Documents
DoD
Definition of Done
DoR
Definition of Ready
DSDM
Dynamic Systems Development Method
XP
eXtreme Programming
CPM
Critical Path Method
AC
Actual Cost
BAC
Budget At Completion
CPI
Cost Performance Index
CV
Cost Variance
EAC
Estimate At Completion
ETC
Estimate To Complete
EV
Earned Value
EVM
Earned Value Management
PV
Planned Value / Present Value
SPI
Schedule Performance Index
SV
Schedule Variance
TCPI
To-Complete Performance Index
OPM
Organizational Project Management
PMO
Project Management Office
PTA
Point of Total Assumption
EEF
Enterprise Environmental Factors
OPA
Organizational Process Assets
PMIS
Project Management Information System
EPV
Expected Present Value
FV
Future Value
IRR
Internal Rate of Return
NPV
Net Present Value
ROI
Return on Investment
When are adaptive methods preferred for managing projects?
Adaptive methods are preferred when: - Environment is changing rapidly - It is difficult to define requirements and scope up front - It is possible to define small incremental improvements that will deliver value to stakeholders
Which development life cycle is more suitable for projects with high levels of change and requiring ongoing stakeholder engagement?
Adaptive life cycle
What type of scheduling is used in Kanban?
On-demand scheduling
Agile release planning is a technique to develop ___________ on an agile project.
Agile release planning is a technique to develop <u>schedule</u> on an agile project.
A backlog in a change-driven project is equivalent to _______________ in a plan-driven project.
A backlog in a change-driven project is equivalent to <u>Project Scope</u> in a plan-driven project.
In which meeting does an agile team finalizes the scope of a sprint or an iteration?
Sprint or Iteration Planning Meeting
What is an agile team’s iteration known as in Scrum framework?
Sprint
Who makes the final call on priority order in the Product Backlog?
The Product Owner
What series of numbers are used in the Planning Poker?
Modified version of Fibonacci series (1, 2, 3, 5, 8, 13, 20, 40, 100)
If a project team is estimating their backlog items in story points using the series 1, 2, 3, 5, 8, 13, 20, etc. what technique are they using?
Planning Poker
What is the term to describe a consensus-based estimation technique commonly used in agile projects?
Planning Poker
What is the term to describe a lessons learned review meeting held at the end of an iteration in agile projects?
Retrospective
What is commonly used unit of work estimation in agile projects?
Story points
Agile teams work at a _______________ pace.
Agile teams work at a <u>sustainable</u> pace.
Name a commonly used technique for prioritizing the stories on a product backlog.
MoSCoW <b>M</b>ust have - the requirement is core and must be satisfied for success <b>S</b>hould have - the requirement should be satisfied for success <b>C</b>ould have - the requirement is desirable but not necessary for success <b>W</b>on’t have - the requirement will not be implemented
In Kanban, what tool can be used to represent the state of work across time?
Cumulative Flow Diagram (CFD)
What is the purpose of a Cumulative Flow Diagram (CFD)?
It is used to represent the state of work across time. It shows the stakeholders the product features complete, in progress, and remaining, as well as any changes in total scope. It is a powerful tool for tracking and forecasting the delivery of value.
What are Non-Functional Requirements?
Non-functional requirements (NFRs) are the quality characteristics of the deliverables, and serve as constraints or restrictions on the design of the solution. Examples include requirements related to security, legal, regulations, compliance, reliability, performance, availability, maintainability, scalability, and usability.
What do cards represent on a Kanban Board?
Cards represent work items on a Kanban Board.
What do columns represent on a Kanban Board?
Columns represent each stage of the process on a Kanban Board.
Who develops the Definition of Done on agile projects?
The project team
Who develops the Acceptance Criteria on agile projects?
The Product Owner
What are the 3 main responsibilities of a project manager in an agile project?
Facilitating, Coaching, and Impediment Removal
Which of the following are characteristics of a good information radiator?
The information should change over time and easy to view.
What is the main purpose of a retrospective?
Learn what went well, what did not go well, and what could be done differently to improve the product.
When are risk audits typically conducted in an agile project?
During the retrospective
When does an agile team capture lessons learned?
Throughout the project
What are the terms to describe a project manager’s role in an agile project?
Project manager, ScrumMaster, project team lead, agile coach, team coach, or team facilitator
Mention 3 advantanges of timeboxing?
3 advantages of timeboxing are: - Increased focus on completing work - Limits scope creep and gold plating - Simplifies scheduling
What are the two pillars of Lean?
The two pillars of Lean are: - Continuous Improvement (or kaizen) - Respect for People
Name any 3 sources of waste in Lean Manufacturing.
Waste results from overburdened workers, bottlenecks, waiting, handoff, overproduction, wishful thinking, task-switching, defects, and information scatter.
What are the 5 values of Extreme Programming (XP)?
XP is based on values of simplicity, communication, feedback, courage, and respect.
Which XP practice is based on the idea that two heads are better than one?
Pair Programming
What is the preferred mode of communication between team members in XP?
Face-to-face communication
Who owns the code in XP?
The entire team collectively owns the code in XP.
Which XP value does the management reflect when they empower the team to have authority over their work?
Respect
What is the role of the customer in XP?
The customer in XP provides the requirements, sets the priorities, and steers the projects.
What are the components of a Sprint Backlog?
The Sprint Backlog is composed of the Sprint Goal (why), a set of Product Backlog items selected for the Sprint (what), as well as an actionable plan for delivering the Increment (how).
What is the relationship between a project vision and project objectives?
A project vision sets the overall picture of the project, and project objectives qualify this vision and make it specific.
Agile projects use bottom-up estimating. True or False?
False. Agile projects use top-down estimating.
In timeboxed iterations, the duration is fixed but the scope can vary. True or False?
True
Management tools and waste reduction are the two pillars of Lean. True or False?
False. The two pillars of Lean are Continuous Improvement (or kaizen) and Respect for People.
Lean applies to production systems only. True or False?
False. Lean is a broad system that applies to the entire enterprise, including product development, production, sales, service and HR.
Scrum is an agile framework specifically for software development. True or False?
False. Scrum can be used for product development in any industry.
Crashing vs Fast tracking
In Crashing, schedule is compressed by applying additional resources, working overtime, etc. Whereas in Fast tracking, activities which are usually performed in sequence are performed in parallel, to compress the schedule.
Weighted Average (PERT) vs Simple Average Three-Point Estimating
Weighted Average (PERT) estimate uses Beta distribution whereas Simple Average uses Triangular distribution to calculate the duration or cost estimate. Weighted Average formula is, E = (O + 4M + P) / 6 and Simple Average formula is E = (O + M + P) / 3, where O is the Optimistic, M is the Most Likely and P is the Pessimistic estimate.
Total Float vs Free Float
Total Float is the amount of time an activity can be delayed without delaying the project, whereas Free Float is the amount of time an activity can be delayed without delaying any successor activity.
Duration vs Effort
Duration is the number of work periods (not including holidays or other non-working periods) required to complete an activity, whereas Effort is the number of labor units required to complete an activity. Duration is expressed as work days, work weeks, etc., whereas Effort is expressed as man hours, man days, man weeks, etc.
Duration vs Elapsed Time
Duration is the number of work periods (not including holidays or other non-working periods) required to complete an activity, whereas Elapsed Time includes holidays and non-working periods also. Both are expressed as work days, work weeks, etc.
Project Team vs Project Management Team
A Project Team is comprised of the project manager, project management team, and other team members. Project Management Team includes a subset of Project Team members who are directly involved in project management activities.
Lead vs Lag
Lead is the acceleration of a successor activity, whereas Lag is the delay of a successor activity.
Code of Account vs Control Account
Code of Account is any numbering system used to uniquely identify each component of the WBS. Control Account is a management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement. Control Accounts are strategically placed at various points on the WBS.
Control Account vs Work Package
Control Account is a management control point in the WBS where Earned Value measurements take place. Work package is a unit of work or deliverable at the lowest level of each branch on the WBS. A Control Account may contain multiple Work Packages, but a Work Package can only be associated to one Control Account.
Planning Package vs Control Account
Planning Package is a logical group of work within a Control Account that is identified and budgeted in early planning, but is not yet sub-divided into Work Packages. Control Account is a management control point in the WBS where Earned Value measurements take place. The Planning Package is below the Control Account, but above the Work Packages in the WBS.
Planning Package vs Work Package
Planning Package is a logical group of work within a Control Account that is identified and budgeted in early planning, but is not yet sub-divided into Work Packages. Work Package is a unit of work at the lowest level of each branch of the WBS. The Planning Package is below the Control Account, but above the Work Packages in the WBS.
Contingency Reserve vs Management Reserve
Contingency Reserve accounts for “known-unknowns” or simply “knowns”. It covers the “residual risks” on the project. Management Reserve accounts for “unknown-unknowns” or simply “unknowns”.
Verified Deliverable vs Accepted Deliverable
Verified deliverables are the deliverables that have been checked for correctness by the Control Quality process. They are an input to Validate Scope process. Accepted Deliverables are the deliverables that meet the acceptance criteria and have been formally signed off by the customer through the Validate Scope process.
Estimate vs Budget
Estimate is a quantitative assessment of the likely amount or outcome. It is usually applied to project costs, resources, effort, and durations. An “approved” cost estimate for a project or a work component is known as Budget.
Estimate At Completion (EAC) vs Estimate to Complete (ETC)
EAC is the expected total cost of the project or work component, whereas ETC is the expected cost of the “remaining” work. Note that both are “forecasts”.
Internal Failure vs External Failure
Internal Failure is the failure found by the project and External Failure is the failure found by the customer.
Specification Limits vs Control Limits
Specification Limits are set by the customers, whereas Control Limits are set by the project manager and appropriate stakeholders based on the organization’s quality standards. Control Limits are usually stricter than and within the Specification Limits.
Prevention vs Inspection
Prevention keeps errors out of the process, whereas Inspection keeps errors out of the hands of the customer.
Histogram vs Pareto Diagram
A Pareto Diagram is a specific type of Histogram, ordered by frequency of occurrence. It shows how many defects were generated by type or category of the identified cause, and helps the project team focus on the causes creating the greatest number of defects.
Quality Audit vs Inspection
Quality Audit is a structured review of the project to determine whether it’s complying with policies, processes and procedures. Inspection is the process to check whether deliverables conform to standards. Audit is a QA function, whereas Inspection is a QC function. Audit is not just about finding problems, but also good practices of the project. Inspection is mostly for finding problems.
Responsibility Assignment Matrix (RAM) vs Responsible, Accountable, Consult, And Inform (RACI)
The RACI is just one type of RAM.
Tool vs Technique
A Tool is something tangible, like a template or a software program, that is used to perform an activity to produce a deliverable. Technique is a procedure performed by a human to perform an activity to produce a deliverable. A Technique may employ many Tools.
Threat vs Opportunity
Threat (or negative risk) is a risk of a loss, whereas Opportunity (or positive risk) is a risk of a gain.
Avoid vs Mitigate
Avoid is to eliminate the threat entirely, whereas Mitigate is to reduce the probability of occurrence or the impact of the threat.
Exploit vs Enhance
Exploit is to ensure that the opportunity definitely happens, whereas Enhance is to increase the probability of occurrence or the impact of the opportunity.
Logical Relationship vs Precedence Relationship
A Logical Relationship is a dependency between two schedule activities or a schedule activity and a schedule milestone. In Precedence Diagramming Method (PDM), a Logical Relationship is called a Precedence Relationship.
Master Schedule vs Milestone Schedule
A Master Schedule is a high level schedule that identifies the key deliverables and key milestones. A Milestone Schedule is a high level schedule that only identifies key milestones. So, Milestone Schedule can be considered as a subset of Master Schedule.
Planned Value vs Earned Value
Planned Value is the estimated (monetary) value of the work “planned” to be done, whereas Earned Value is the estimated (monetary) value of the work “actually” done.
Earned Value vs Actual Cost
Earned Value is the “estimated” (monetary) value of the work actually done, whereas Actual Cost is the “actual” cost incurred for the work done.
Cost Plus Fixed Fee (CPFF) contract vs Cost Plus Incentive Fee (CPIF) contract
In both these contracts, the seller is reimbursed for the allowable costs of project work. However, in CPFF, the seller fee is fixed and is not tied to the seller’s performance, whereas in CPIF, the seller fee is tied to the seller’s performance.
Cost Plus Incentive Fee (CPIF) contract vs Cost Plus Award Fee (CPAF) contract
In CPIF, the criteria for determining seller fee is defined in objective terms, whereas in CPAF, the criteria is subjective.
Single Source vs Sole Source
In Single Source procurement, the buyer decides to award the contract to a preferred seller (even though there may be other sellers in the market), without going through the procurement process. In Sole Source procurement, there is only one seller in the market for the item to be procured.
Corrective Action vs Preventive Action
Corrective Action is undertaken “after” a problem (or risk) has occurred, whereas Preventive Action is undertaken to reduce the probability and/or impact of a problem (or risk) “before” it occurs. Former is reactive, whereas latter is proactive.
Project Cost Baseline vs Project Cost Budget
Project Cost Baseline = Project Cost Estimates + Contingency Reserves Project Cost Budget = Project Cost Baseline + Management Reserves
Weighting System vs Screening System
Weighting systems are used to rank sellers according to the score assigned to them based on various criteria. Screening systems are used to shortlist sellers, i.e. eliminate those who do not meet certain minimum requirements.
Brainstorming vs Brain Writing
Brainstorming is a general data-gathering and creativity technique that elicits input from groups such as team members or subject matter experts. Brain Writing is a refinement of brainstorming that allows individual participants time to consider the question(s) individually before the group creativity session is held.
Procurement Statement of Work (SOW) vs Terms of Reference (TOR)
Procurement SOW is a description of the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results. It includes specifications, quantity desired, quality levels, performance data, period of performance, work location, etc. Terms of Reference (TOR) is similar to SOW, but used when contracting for services.
In group decision-making, what’s the difference between majority and plurality?
In Majority, the option that receives more than 50% votes is selected. In Plurality, the option that receives the highest number of votes is selected.
In a basic communication model, what is the difference between Acknowledgement and Response?
Acknowledgement means that the receiver has received the message, whereas Response means that receiver has decoded, understands and is replying to the message.
What is the difference between Business Risks and Pure Risks?
Business Risks provide an opportunity of profit or loss, whereas Pure (or Insurable) Risks only provide a chance for a loss.
What is the difference between NPV and ROI?
NPV measures the cash flow of an investment, whereas, ROI measures the efficiency of an investment. NPV is expressed in currency value, whereas ROI is a ratio or percentage.
What are the five conflict resolution techniques?
- Withdraw/Avoid - Smooth/Accommodate - Compromise/Reconcile - Force/Direct - Collaborate/Problem Solve.
What is generally the best conflict resolution technique?
Problem Solve
Which is generally the second best conflict resolution technique after Problem Solve?
Compromise
Which conflict resolution technique usually results in a lose-lose situation?
Compromise
Which conflict resolution technique generates a win-lose situation?
Force/Direct
What is Problem Solve technique for conflict resolution?
A conflict resolution technique that involves solving the root cause of the conflict so that the conflict is permanently resolved. It leads to a win-win situation.
Which conflict resolution technique generates a win-win situation?
Collaborate/Problem Solve
What is the other name for Collaborate (technique for conflict resolution)?
Problem Solve
Which technique is generally regarded as the worst conflict resolution technique?
Force/Direct
Which type of conflict resolution technique is usually reserved for resolving emergency situations?
Force/Direct
What are the best practices for resolving conflicts?
Conflict should be addressed early and usually in private, using a direct, collaborative approach. The parties involved in the conflict have the initial responsibility of resolving the conflict. Project manager should intervene only if the conflict escalates.
What is the Withdraw technique for conflict resolution also known as?
Avoid
What is the Smooth technique for conflict resolution also known as?
Accommodate
The _____________ is the longest path to complete the project.
The <u>Critical Path</u> is the longest path to complete the project.
Give three examples of techniques to crash a schedule.
- Applying additional man-power to a critical path activity. - Hiring new machinery to expedite a critical path activity. - Devising a more efficient way to perform a critical path activity.
Name a common scheduling methodology used in project management?
Critical Path Method
Can a schedule network have more than one Near-Critical Path?
Yes. Any path with low total float is a near critical path. A schedule network may have more than one path with low total float.
Resource leveling usually causes a(n) ___________ (increase or decrease) in the original critical path.
Resource leveling usually causes an <u>increase</u> in the original critical path.
What is the Schedule Variance (SV) at the end of a completed project?
Zero
What does a negative (-) Schedule Variance (SV) indicate?
The project is behind schedule.
What does a positive (+) Schedule Variance (SV) indicate?
The project is ahead of schedule.
What are the three Earned Value Management (EVM) types used for measuring work performance?
- Apportioned Effort - Discrete Effort - Level of Effort (LOE)
What does a negative (-) Cost Variance (CV) indicate?
The project is over budget.
What does a positive (+) Cost Variance (CV) indicate?
The project is under budget.
What is the Cost Variance (CV) at the end of a project?
BAC minus Actual amount spent
What does a Schedule Performance Index (SPI) value of less than 1 indicate?
The project is behind schedule.
What does a Schedule Performance Index (SPI) value of more than 1 indicate?
The project is ahead of schedule.
What does a Cost Performance Index (CPI) value of less than 1 indicate?
The project is over budget.
What does a Cost Performance Index (CPI) value of more than 1 indicate?
The project is under budget.
What is typically the shape of EV data curve of a project when plotted against time?
S-curve
What is the cost forecast indicator in Earned Value Management?
Estimate At Completion (EAC)
What does Variance at Completion (VAC) tell about a project?
It tells how much over or under budget the project is expected to be at the end.
What does Estimate to Complete (ETC) tell about a project?
It tells how much the remaining work on the project is expected to cost.
What does Cost Performance Index (CPI) indicate?
Cost efficiency of the project
What is the simple average or triangular distribution formula for activity duration estimate?
E = ( O + M + P ) / 3 where E is the Three-Point estimate, O the optimistic estimate, M the most likely estimate and P the pessimistic estimate of the activity.
What is the weighted average or beta distribution formula for activity cost estimate?
cE = ( cO + 4*cM + cP ) / 6 where cE is the weighted average activity cost estimate, cO the optimistic estimate, cM the most likely estimate and cP the pessimistic estimate of the activity cost.
What is the formula for Total Float?
Total Float = LF - EF or Total Float = LS - ES where LF is Late Finish, EF is Early Finish, LS is Late Start and ES is Early Start. Either formula can be used.
What is the formula for Free Float of an activity?
Free Float = ES of successor activity - EF of this activity where ES is Early Start, and EF is Early Finish
What are the number of potential communication channels for a team with ‘n’ stakeholders?
No. of communication channels = n * (n - 1) / 2 where ‘n’ is the number of stakeholders in the project.
What is the formula for Target Price on a contract?
Target Price = Target Cost + Target Fee
What is the formula for Target Cost on a contract?
Target Cost = Target Price - Target Fee
What is the formula for activity standard deviation?
σ = (P - O) / 6 where σ is the standard deviation, P the pessimistic estimate and O the optimistic estimate of the activity.
What is the formula for activity variance?
Variance = σ^2 or ((P - O) / 6) ^ 2 where σ is the standard deviation, P the pessimistic estimate and O the optimistic estimate of the activity.
What is the formula for activity duration estimate range?
Range = E ± σ where E is the estimated activity duration, and σ is the activity standard deviation.
In a normal distribution, what percentage of data values fall within 1 σ (standard deviation) of the mean?
68.27 %
In a normal distribution, what percentage of data values fall within 2 σ (standard deviation) of the mean?
95.45 %
In a normal distribution, what percentage of data values fall within 3 σ (standard deviation) of the mean?
99.73 %
In a normal distribution, what percentage of data values fall within 6 σ (standard deviation) of the mean?
99.99 %
What is the formula for Mean?
The mean of n values (x1, x2, x3, .. , xn) is: (x1 + x2 + x3 + .. + xn) / n
What is the formula for Median?
Middle value (for odd number of values) OR Mean of the two middle values (for even number of values)
What is the formula for Mode?
Mode is the most frequently occurring value in a data set. To get the Mode of a data set, count the frequency of each item, and pick the one with the maximum frequency.
What is the formula for schedule variance using Earned Schedule (ES) method?
Schedule variance using ES method is ES - AT, where ES is the Earned Schedule and AT is the Actual Time.
What is the formula for schedule performance index using Earned Schedule (ES) method?
Schedule performance index using ES method is ES/AT, where ES is the Earned Schedule and AT is the Actual Time.
What is the fundamental difference between the EVM and ES methods?
EVM measures performance in terms of cost, whereas ES measures in terms of time.
What are the components of Project Cost Baseline?
Project Cost Baseline = Project (Work Package) Cost Estimates + Contingency Reserves
What are the components of Project Cost Budget?
Project Cost Budget = Project Cost Baseline + Management Reserves
Which estimate is weighed more heavily in the beta distribution estimating?
The Most Likely estimate. It has 4 times more weightage than the Optimistic and Pessimistic estimates using beta distribution. The formula for expected cost using beta distribution is: cE = ( cO + 4*cM + cP ) / 6 where cE is the expected cost, cO the optimistic estimate, cM the most likely estimate and cP the pessimistic estimate of the activity.
Approximately what percentage of communication is non-verbal?
55%
Approximately what percentage of project manager’s time is spent communicating?
90%
What is the formula for Cost Variance (CV)?
CV = EV - AC
What is the formula for Cost Performance Indicator (CPI)?
CPI = EV / AC
What is the formula for Schedule Variance (SV)?
SV = EV - PV
What is the formula for Schedule Performance Indicator (SPI)?
SPI = EV / PV
What is the formula for Estimate at Completion (EAC) when the original estimate is fundamentally flawed or is no longer valid due to change in circumstances (for example change in scope)?
EAC = AC + Bottom-up ETC
What is the formula for Estimate at Completion (EAC) when the current cost performance is expected to continue in the future?
EAC = BAC / CPI
What is the formula for Estimate at Completion (EAC) when the current cost performance is atypical for future project work, and the future cost performance is expected to be in line with the original estimate?
EAC = AC + (BAC - EV)
What is the formula for To-Complete Performance Index (TCPI) based on Budget At Completion (BAC)?
TCPI = (BAC - EV) / (BAC - AC)
What is the formula for To-Complete Performance Index (TCPI) based on Estimate At Completion (EAC)?
TCPI = (BAC - EV) / (EAC - AC)
What is the formula for Estimate to Complete (ETC)?
ETC = EAC - AC or Reestimate the remaining work from the bottom-up
What is the formula for Variance at Completion (VAC)?
VAC = BAC - EAC
What is the formula for Point of Total Assumption (PTA)?
PTA = ((Ceiling Price - Target Price) / Buyer’s Share Ratio) + Target Cost
What is an Activity Code?
A set of numeric or alpha-numeric characters that categorize the schedule activity. It allows for filtering and ordering of activities within reports.
What is Actual Duration?
The length of time between the actual start date and the data date for in-progress activities, or between the actual start date and the actual finish date for completed activities.
What is an Application Area?
A category of projects that have common elements not present in all projects. It is usually defined in terms of either the product (i.e., by similar technologies or production methods) or the type of customer (i.e., internal versus external, government versus commercial) or industry sector (i.e., utilities, automotive, aerospace, information technologies, etc.). Application areas can overlap.
What is Authority?
The right to apply project resources, expend funds, make decisions, or give approvals.
What is a Baseline?
The approved version of a work product that can be changed only through formal change control procedures and is used as a basis for comparison to actual results.
What is a Budget?
The approved (cost) estimate for a project, WBS component or a schedule activity.
What is Change Control?
The process of identifying, documenting, approving or rejecting changes to project documents, deliverables, or baselines (scope, schedule, cost, etc.).
What is a Change Control Board (CCB)?
A formally constituted group of stakeholders responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating the decisions taken.
What is a Claim?
A request, demand, or assertion of rights by a seller against a buyer, or vice versa, for consideration, compensation, or payment under the terms of a legally binding contract, such as for a disputed change.
What is the definition of Constraint?
A limiting factor that affects the execution of a project, program, portfolio, or process.
Define Contingency.
An event or occurrence that could affect the execution of the project that may be accounted for with a reserve.
Define Control.
Comparing actual performance with planned performance, analyzing variances, assessing trends to effect process improvements, evaluating possible alternatives, and recommending appropriate corrective action as needed.
What are Control Limits?
The area within three standard deviations on either side of the mean on a control chart that reflects the expected variation in the data.
What is a Corrective Action?
An intentional activity that realigns the performance of the project work with the project management plan.
What is Cost of Conformance?
It is the term to describe the total prevention and appraisal costs (such as costs associated with quality planning, quality control, and quality assurance activities) on the project.
What is Cost of Non-Conformance?
It is the term to describe the failure costs (such as costs associated with rework, scrap, loss of business, and warranty) on the project.
What is a Cost Plus Fixed Fee (CPFF) Contract?
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee).
What is a Cost Plus Incentive Fee (CPIF) Contract?
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria.
What is a Cost-Reimbursable (CR) Contract?
A type of contract where the buyer reimburses the seller for the seller’s actual costs, plus a fee representing the seller’s profit.
What is a Decision Tree?
A decision support tool that uses a tree-like graph or model of decisions and their possible consequences.
What is Defect Repair?
An intentional activity to modify a nonconforming product or product component.
What is the definition of Execute as per the PMBOK® Guide, 6th Edition?
Directing, managing, performing, and accomplishing the project work, providing the deliverables, and providing work performance information.
What is Expected Monetary Value (EMV) Analysis?
A statistical technique that calculates the profit or loss of an outcome (e.g. a project) based on different scenarios, by taking into consideration the probability of occurrence and the expected profit or loss from each scenario. It is commonly used in Decision Tree Analysis.
What is a Finish-to-Finish (FF) dependency?
The logical relationship where the successor (“to”) activity cannot complete until the predecessor (“from”) activity completes.
What is a Finish-to-Start (FS) dependency?
The logical relationship where the successor (“to”) activity cannot start until the predecessor (“from”) activity completes.
What is a Firm-Fixed-Price (FFP) Contract?
A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller’s costs.
What is a Fixed-Price-Incentive-Fee (FPIF) Contract?
A type of contract where the buyer pays the seller a set amount (as defined by the contract), and an additional amount (fee or profit) if the seller meets defined performance criteria.
What is Forward Pass?
A Critical Path Method (CPM) technique for calculating the early start and early finish dates by working forward from the project’s start date, in the network diagram.
What is Free Float?
The amount of time an activity can be delayed without delaying any successor activity or violating a schedule constraint.
What is Grade?
A category assigned to a product or a service that has the same functional use but different technical characteristics.
What is an Imposed Date?
A fixed date imposed on a schedule activity or schedule milestone, usually in the form of a “start no earlier than” and “finish no later than” date.
What is an Invitation for Bid (IFB)?
A type of procurement document used to request a total price to do all the work, from prospective sellers. It is generally used in FP contracts.
What is a Logical Relationship?
A dependency between two activities, or between an activity and a milestone. The four possible types are: Finish-to-Start; Finish-to-Finish; Start-to-Start; and Start-to-Finish.
What is meant by Monitor?
Collecting performance data, measuring performance, preparing and distributing performance reports.
What is a Network Path?
A sequence of activities connected by logical relationships in a project schedule network diagram.
What is a Node?
A point at which dependency lines connect on a schedule network diagram.
What is an Opportunity?
An uncertain event (or risk) that will impact the project positively, if it occurs.
What is Path Convergence?
A relationship in which a schedule activity has more than one predecessor.
What is Path Divergence?
A relationship in which a schedule activity has more than one successor.
What is a Predecessor Activity?
An activity that logically comes before a dependent activity in a schedule. In other words, it’s the “from” activity of a logical relationship in a schedule network.
What is Product Scope Description?
The documented narrative description of the product scope.
What is Project Communications Management?
A Project Management Knowledge Area that includes the processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project information.
What is Project Cost Management?
A Project Management Knowledge Area that includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.
What is Project Resource Management?
A Project Management Knowledge Area that includes the processes to identify, acquire, and manage the resources needed for the successful completion of the project.
What is Project Initiation?
Launching a process that can result in the authorization of a new project.
What is Project Integration Management?
A Project Management Knowledge Area that includes the processes and activities needed to identify, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups.
What is Project Management?
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
What is a Project Management Team?
The members of the project team who are directly involved in project management activities.
What is a Project Phase?
A logical group of work within a project, usually resulting in a major deliverable. For example, phases for an IT project could be requirements, design, development, testing and implementation. Note: Project phases are NOT the same as Project Management Process Groups.
What is Project Procurement Management?
A Project Management Knowledge Area that includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team.
What is Project Quality Management?
A Project Management Knowledge Area that includes the processes for incorporating the organization’s quality policy regarding planning, managing, and controlling project and product quality requirements, in order to meet stakeholders’ expectations.
What is Project Risk Management?
A Project Management Knowledge Area that includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.
What is Project Scope?
All the “work” that goes in producing project deliverables (products, services or results).
What is Project Scope Management?
A Project Management Knowledge Area that includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully.
What is a Project Team Directory?
A documented list of project team members, their project roles, and communication information.
What is Project Schedule Management?
A Project Management Knowledge Area that includes the processes required to manage the timely completion of a project.
What is the definition of Quality?
The degree to which a set of inherent characteristics fulfills requirements.
What is a Request for Information (RFI)?
A type of procurement document used by the buyer to solicit information (about a product or a service or seller’s capability) from a prospective seller. It is generally used “before” the actual procurement document (RFP, RFQ or IFB) is sent out.
What is a Request for Proposal (RFP)?
A type of procurement document used to request detailed proposals from prospective sellers, with information such as how the work will be done, who will do it, where will they do it, and how much will it cost, seller’s past experience in this field, etc. It is generally used in CR contracts.
What is a Request for Quotation (RFQ)?
A type of procurement document used to request price quotations from prospective sellers for standard items or services, or price per unit of measure. It is generally used in T&M contracts.
Define Requirement.
A condition or capability that is required to be present in a product, service, or result to satisfy a business need.
What is a Requirements Traceability Matrix?
A grid that links product requirements from their origin to the deliverables that satisfy them.
What is a Reserve?
A buffer in the Project Management Plan to account for cost and/or schedule risk.
What is a Residual Risk?
A risk that remains after risk responses have been implemented.
What is a Resource Breakdown Structure?
A hierarchical structure of project resources by resource category and type.
What is a Resource Calendar?
A calendar of working and nonworking days of a particular resource.
What is a Resource Histogram?
A bar chart showing the amount of time that a resource is scheduled to work on a project over a given period of time.
Define Risk.
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
What is a Risk Category?
A group of potential causes of risk. Examples include technical, external, organizational, environmental, or project management.
Define Role.
A function that a person is assigned to perform. For example, a project manager’s role is to manage a project and achieve its objectives.
Define Scope.
The sum of the products, services, and results to be provided as a project.
What is a Scope Baseline?
The approved version of a scope statement, work breakdown structure (WBS), and its associated WBS dictionary, that can be changed using formal change control procedures and is used as a basis for comparison to actual results.
What is Scope Creep?
The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.
What is an S-Curve?
A graphical display of cumulative costs, labor hours, percentage of work, or other quantities, plotted against time. The S-shape of the curve results from the fact that factors such as cost and work completed are flat (low) at the beginning of a project, increase steadily as the project progresses, and then decline rapidly and become flat toward the end of the project.
What is a Secondary Risk?
A new risk that emerges as a result of applying risk responses.
What is Simulation?
It translates the uncertainties in activity duration or cost into their potential impact on overall project objectives such as total project duration or cost. Project simulations use computer models and estimates of risk, usually expressed as a probability distribution of possible costs or durations at a detailed work level, and are typically performed using Monte Carlo technique.
Define Specification.
A precise statement of the needs to be satisfied and the essential characteristics that are required. Examples are: requirement specification, design specification, product specification, and test specification.
What are Specification Limits?
The area on either side of the mean on a control chart that reflects the customer’s requirements for a product or service. This area may be greater than or less than the area defined by the control limits.
What is a Team Management Plan?
A component of the resource management plan that describes when and how project team members will be acquired and how long they will be needed.
Define Stakeholder.
A person, group, or organization (e.g., customer, sponsor, performing organization, or the public) that is actively involved in a project, or whose interests may be positively or negatively affected by the project.
Define Standard.
A document established by an authority, custom, or general consent as a model or example.
What is a Start-to-Finish (SF) dependency?
A logical relationship in which the predecessor (“from”) activity cannot finish until the successor (“to”) activity has started.
What is a Start-to-Start (SS) dependency?
A logical relationship in which a successor (“to”) activity cannot start until a predecessor (“from”) activity has started.
What is a Statement of Work (SOW)?
A narrative description of products, services, or results to be delivered by the project.
What is Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis?
An information gathering technique used in risk management to increase the breadth of the risks considered, and devise contingency plans, by examining the project’s strengths, weaknesses, opportunities, and threats.
What is a Threat?
An uncertain event (or risk) that will negatively impact a project, if it occurs.
What is a Threshold?
The point beyond which an event or risk becomes unacceptable and a response should be triggered.
What is a Time and Material (T&M) Contract?
A type of contract that is a hybrid of cost reimbursable (CR) and fixed price (FP) contracts.
What is Total Float?
The amount of time an activity can be delayed without delaying the project or violating a schedule constraint.
What is a Trigger Condition?
Warning sign or symptom that indicates that a risk is about to occur.
What is Variance?
The difference between the actual (measured) value (of scope, schedule, cost, quality, etc.) and the baseline value.
What is Voice of the Customer (VOC)?
The term to describe the stated and unstated customer needs or requirements.
What is a Work Authorization?
A process for sanctioning project work to ensure that the work is done by the person or organization, at the right time, and in the proper sequence.
What is a Work Breakdown Structure Component?
An element at any level of the WBS.
What is a Work Package?
The work defined at the lowest level of the work breakdown structure for which cost and duration are estimated and managed.
What is What-If Scenario Analysis?
A technique used to develop and control project schedule by assessing the feasibility of project schedule under various scenarios. It works by asking questions such as “what if scenario X happens?”.
What is Accuracy in the context of quality management?
An assessment of correctness.
Define Competence.
The skill and capacity required to complete assigned activities within the project constraints.
What is Conformance in the context of quality management system?
A general concept of delivering results that fall within the limits that define acceptable variation for a quality requirement.
What is Conformance Work?
The work done to compensate for imperfections that prevent organizations from completing planned activities correctly as essential first-time work. It consists of actions that are related to prevention and inspection.
What is a Cost Plus Award Fee (CPAF) Contract?
A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit.
Define Customer.
The person(s) or organization(s) that will pay for the project’s product, service, or result.
Define Customer Satisfaction in the context of quality management.
A state of fulfillment in which the needs of a customer are met or exceeded for the customer’s expected experiences as assessed by the customer at the moment of evaluation.
What is Autocratic Decision Making?
One individual makes the decision for the group.
Define Emotional Intelligence.
The ability to identify, assess, and manage the personal emotions of oneself and other people, as well as the collective emotions of groups of people.
Define Fee.
Represents profit as a component of compensation to a seller.
What is a Fixed Price with Economic Price Adjustment (FP-EPA) Contract?
A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.
What is a Fixed-Price (FP) Contract?
An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.
What are Decision-Making Techniques?
Techniques used to select a course of action from different alternatives.
What is a Guideline?
An official recommendation or advice that indicates policies, standards, or procedures for how something should be accomplished.
What is an Incentive Fee?
A set of financial incentives related to cost, schedule, or technical performance of the seller.
What constitutes a Majority?
Support from more than 50 percent of the members of the group.
What is meant by Most Likely Duration?
An estimate of the most probable activity duration that takes into account all of the known variables that could affect performance.
What is Nonconformance Work?
The work done to deal with the consequences of errors and failures in doing activities correctly on the first attempt. In efficient quality management systems, the amount of nonconformance work will approach zero.
What is meant by Optimistic Duration?
An estimate of the shortest activity duration that takes into account all of the known variables that could affect performance.
What are Performance Reviews?
A technique that is used to measure, compare, and analyze actual performance of work in progress on the project against the baseline.
What is meant by Pessimistic Duration?
Estimate of the longest activity duration that takes into account all of the known variables that could affect performance.
What is Plurality in the context of decision-making?
Decisions made by the largest block in a group, even if a majority is not achieved.
Define Policy.
A structured pattern of actions adopted by an organization such that the organization’s policy can be explained as a set of basic principles that govern the organization’s conduct.
What is Precision in the context of quality management?
A measure of exactness.
Define Procedure.
A sequence of steps that is used to execute a process in order to accomplish a consistent performance or result.
What are Procurement Audits?
The review of contracts and contracting processes for completeness, accuracy, and effectiveness.
What is Project Stakeholder Management?
A Project Management Knowledge Area that includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution.
What is a Project Team?
A set of individuals who support the project manager in performing the work of the project to achieve the project’s objectives.
What is a Quality Management System?
The organizational framework whose structure provides the policies, processes, procedures, and resources required to implement the Quality Management Plan. The typical project Quality Management Plan should be compatible to the organization’s quality management system.
What is meant by Quality Policy?
A policy specific to the Project Quality Management Knowledge Area, it establishes the basic principles that should govern the organization’s actions as it implements its system for quality management.
What is a Quality Requirement?
A condition or capability that will be used to assess conformance by validating the acceptability of an attribute for the quality of a result.
Define Responsibility.
An assignment that can be delegated within a Project Management Plan such that the assigned resource incurs a duty to perform the requirements of the assignment.
What is meant by Risk Appetite?
The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.
What is meant by Risk Threshold?
The level of risk exposure above which risks are addressed and below which risks may be accepted.
What is Soft Logic?
Another name for Discretionary Dependency.
What is a Stakeholder Engagement Plan?
A component of the project management plan that identifies the strategies and actions required to promote productive involvement of stakeholders in project or program decision making and execution.
What is the definition of Tolerance?
The quantified description of acceptable variation for a quality requirement.
What is Unanimity in the context of decision-making?
Agreement by everyone in the group on a single course of action.
What are Verified Deliverables?
Deliverables that have successfully passed the Control Quality process.
Define Data.
Discrete, unorganized, unprocessed measurements or raw observations.
What is Development Approach in the context of project management?
The method used to create and evolve the product, service, or result during the project life cycle, such as predictive, iterative, incremental, agile, or a hybrid method.
What is Explicit Knowledge?
Knowledge that can be codified using symbols such as words, numbers, and pictures. In simple terms, knowledge that can be documented is known as explicit knowledge.
Define Information.
Organized or structured data, processed for a specific purpose to make it meaningful, valuable, and useful in specific contexts.
Define Knowledge.
A mixture of experience, values and beliefs, contextual information, intuition, and insight that people use to make sense of new experiences and information.
What is Organizational Learning?
A discipline concerned with the way individuals, groups, and organizations develop knowledge.
What is a Phase Gate?
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a project or program.
What is Procurement Documentation?
All documents used in signing, executing, and closing an agreement. Procurement documentation may include documents predating the project.
What is a Procurement Strategy?
The approach by the buyer to determine the project delivery method and the type of legally binding agreement(s) that should be used to deliver the desired results.
What is a Quality Report?
A project document that includes quality management issues, recommendations for corrective actions, and a summary of findings from quality control activities and may include recommendations for process, project, and product improvements.
Who is a Resource Manager?
An individual with management authority over one or more resources.
What is Risk Exposure?
An aggregate measure of the potential impact of all risks at any given point in time in a project, program, or portfolio.
Who is a Risk Owner?
The person responsible for monitoring the risks and for selecting and implementing an appropriate risk response strategy.
What is a Risk Report?
A project document developed progressively throughout the Project Risk Management processes, which summarizes information on individual project risks and the level of overall project risk.
What is a Risk Review?
A meeting to examine and document the effectiveness of risk responses in dealing with overall project risk and individual project risks.
What is a Self-Organizing Team?
A team formation where the team functions with an absence of centralized control.
What is a Service Level Agreement (SLA)?
A contract between a service provider (either internal or external) and the end user that defines the level of service expected from the service provider.
What is a Team Charter?
A document that records the team values, agreements, and operating guidelines, as well as establishes clear expectations regarding acceptable behavior by project team members.
What is an Update?
A modification to any deliverable, project management plan component, or project document that is not under formal change control.
What is Variance At Completion (VAC)?
A projection of the amount of budget deficit or surplus, expressed as the difference between the Budget at Completion (BAC) and the Estimate at Completion (EAC).
What is a Benefits Realization Plan?
A document outlining the activities necessary for achieving the planned benefits. It identifies a timeline and the tools and resources necessary to ensure the benefits are fully realized over time.
What is Tailoring in the context of project management?
Determining the appropriate combination of processes, inputs, tools, techniques, outputs, and life cycle phases to manage a project.
What are Kill Points?
Phase-end reviews in which the key stakeholders (such as management, sponsor or customer) decide whether it’s worth continuing the project. There may be several reasons for killing or terminating a project. For example, if the project performance is below par, or the need for the project no longer exists, the project may be terminated.
What are project’s Triple Constraints?
Traditionally, this term referred to project’s Scope, Time and Cost. Later it was expanded to include Quality, Risk, and Customer Satisfaction. A change to one of these factors must be evaluated for impact to all the other factors, as part of integrated change control process.
What is a Burnup Chart?
A graphical representation of how much work is done. The total work is tracked on the vertical axis, with time along the horizontal. It allows progress to be tracked independently of scope changes. Though commonly used in Agile software development, these charts can be applied to any project containing measurable progress over time.
What is a Burndown Chart?
A graphical representation of work left to do versus time. The outstanding work (or backlog) is often on the vertical axis, with time along the horizontal. It is useful for predicting when all of the work will be completed. Though commonly used in Agile software development, these charts can be applied to any project containing measurable progress over time.
What is Value Analysis?
A technique of analyzing the functions of an item, assigning values to those functions, and providing the functions at the lowest overall cost without loss of performance. In simple words, value analysis is about doing the same work at lesser cost.
What is a Mandatory Dependency?
A relationship that is contractually required or inherent in the nature of the work. Example - Foundation needs to be laid before the building can be erected. It is also known as Hard Logic or Hard Dependency.
What is a Discretionary Dependency?
A relationship that is established based on knowledge of best practices within a particular application area or an aspect of the project where a specific sequence is desired, even though there may be other acceptable sequences. Example - The building construction should start after the rainy season is over. It is also known as Preferred Logic, Preferential Logic, or Soft Logic.
What is an External Dependency?
A relationship between project activities and non-project activities. Such a dependency is usually outside the project team’s control. Example - The building construction can start only after the government permit is obtained.
What is Padding?
The amount of unreasonable extra time added to the estimate, just to feel confident with the estimate.
What is an Internal Dependency?
A relationship between/among project activities. Such a dependency is usually within the project team’s control. Example - Developers need to complete coding the application before testers can test it.
What is Parkinson’s Law?
Work expands to fill the time available for its completion.
What is Control Threshold?
An agreed-upon amount of variation to be allowed before some action needs to be taken.
What are Indirect Costs?
Costs that cannot be directly attributed to a specific project, such as management costs and general administration costs.
What is Life Cycle Cost?
The cost of a product over its entire life (including cost of development, acquisition, operation, support and disposal), and not just the project cost.
What is a Definitive Estimate?
A detailed estimate developed from well defined information. It is in the range of -5% to +10%.
What is a Rough Order of Magnitude (ROM) estimate?
A cost estimate based on high level requirements and expert judgment.
What are Direct Costs?
Costs that can be directly attributed to a specific project.
What is Earned Schedule (ES)?
The duration from the beginning of the project to the date on which the PV should have been equal to the current value of EV. On the EVM chart, it is the date on which the horizontal line through the current value of EV intersects the PV curve.
What is Gold Plating?
Giving customer extras like extra functionality, high quality, better performance than what is part of the project requirements.
What is the Rule of Seven?
Seven consecutive data points fall on the same side of the mean (either above or below the mean) on a control chart.
What is a Metric?
A verifiable measure.
What is a Histogram?
A bar chart used to plot the frequency of occurrence of a particular problem or situation. It can show the number of defects per deliverable, a ranking of the cause of defects, the number of times each process is noncompliant, or other representations of project or product defects in graphical form.
What is JIT Manufacturing?
A process in which raw materials are delivered just in time for use, thus eliminating costs associated with inventory handling, maintenance and even inspection.
What is Total Quality Management (TQM)?
The process of ensuring that the end result will meet the quality expectations of the customer.
What are Internal Failures?
Failures found by the project (team).
What are External Failures?
Failures found by the customer.
What is Halo Effect?
Judging a person to be good or bad in a particular area, depending upon his/her performance in another area. For example, if Miriam is a good designer, she would make a good project manager too (which may not necessarily be the case).
What is Accountability?
It is the acceptance of success or failure.
What is Horizontal Communication?
Communication among peers.
What is Vertical Communication?
Communicating up and down the levels of the organization.
Who is a Negative Stakeholder?
A stakeholder whose interests are negatively impacted by the project, or who is not interested in the success of the project. Such stakeholders may work to make the project a failure.
What is Political Awareness?
The recognition of power relationships, both formal and informal, and also the willingness to operate within these structures.
What is Cultural Awareness?
An understanding of the differences between individuals, groups, and organizations and adapting the project’s communication strategy in the context of these differences.
What is Project Reporting?
The act of collecting and distributing project information.
What is a Business Risk?
A risk that provides an opportunity of profit or loss. The risk may be a threat or an opportunity.
What are Management Reserves?
The time and cost reserves that account for “unknown-unknowns” or simply “unknowns”.
What is a Contingency Plan?
A plan specifying the actions to be taken when a risk event (positive or negative) occurs.
What is a Fallback Plan?
A plan specifying the alternative set of actions to be taken if the primary plan is not effective in dealing with a risk event.
What are known unknowns?
Known unknowns are things we know that we don’t know. These are the risks that are identified in risk management, but have no suitable response strategy. In other words, these are the residual risks on the project. Known unknowns are managed by using Contingency Reserves.
What are unknown unknowns?
Unknown unknowns are things we do not even know that we don’t know. These are risks that are not even identified during risk management. Unknown unknowns are managed by using Management Reserves.
What is risk urgency?
The period of time within which a response to the risk is to be implemented in order to be effective.
What is risk proximity?
The period of time before the risk might have an impact on one or more project objectives.
What is risk dormancy?
The period of time that may elapse after a risk has occurred before its impact is discovered.
What is risk manageability?
The ease with which the risk owner (or owning organization) can manage the occurrence or impact of a risk.
What is risk controllability?
The degree to which the risk owner (or owning organization) is able to control the risk’s outcome.
What is risk detectability?
The ease with which the results of the risk occurring, or being about to occur, can be detected and recognized.
What is risk connectivity?
The extent to which the risk is related to other individual project risks.
What is risk strategic impact?
The potential for the risk to have a positive or negative effect on the organization’s strategic goals.
What is risk propinquity?
The degree to which a risk is perceived to matter by one or more stakeholders.
What is Variability Risk?
Uncertainty about some key characteristics of a planned event or activity or decision.
What is Ambiguity Risk?
Uncertainty arising from lack of knowledge or understanding of certain aspects of the project.
What is Overall Project Risk?
It is the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.
What is Ceiling Price?
The maximum price that a buyer is willing to pay. It includes Target Price plus buyer’s share of the cost overrun.
What is Sharing Ratio?
The ratio that describes how the buyer and the seller share cost savings or cost overruns. It is usually expressed as X:Y, where X is the percentage share of the buyer, and Y is that of the seller.
What is Target Cost?
It is the “goal” set for the total cost of the project which the seller should aim to keep within. It does not include seller’s profit.
What is Force Majeure?
A provision in a contract that excuses the parties involved from any liability or contractual obligations because of acts of God, wars, terrorism, or other such events.
What is Target Fee?
Seller’s Fee or Profit.
What is a User Story?
It is one or more sentences in the everyday or business language of the end user or user of a system that captures what a user does or needs to do as part of his or her job function. It is commonly used in Agile-based software development projects to capture requirements.
What is Storyboarding?
A prototyping technique showing sequence or navigation through a series of images or illustrations.
What are Retrospective Reviews?
Scheduled reviews to record lessons learned.
What is an Iteration Burndown Chart?
A chart that tracks the work that remains to be completed in the iteration backlog.
What is a Pull System?
It is a lean manufacturing strategy used to reduce waste in the production process. It creates a workflow where work is pulled only if there is a demand for it.
What is a Product Backlog?
An ordered list of user-centric requirements that a team maintains for a product.
What is a Kanban Board?
A tool to visually depict work at various stages of process.
Define Impediments.
Situations, conditions, and actions that slow down or hinder progress.
Define Obstacles.
Barriers that are movable, avoidable, or able to be overcome with some effort or strategy.
Define Blockers.
Events or conditions that cause stoppages in the work or any further advancement.
Define Vision.
A desired end state, often described as a set of desired objectives and outcomes.
What are Personas?
Fictitious characters used to represent the users of a future product.
What is Ideal Time?
A unit for estimating product backlog items used on agile projects based on how long an item would take to complete if it were the only work being performed, there were no interruptions, and all resources necessary to complete the work were immediately available. It is also called Ideal Days or Ideal Hours.
What is Timeboxing?
The technique of using a fixed duration, short cycle time of development work.
What is Lean?
Lean (or Lean thinking) is used to describe the system known as the <b>Toyota Way</b> developed by Toyota. Lean is a broad system that applies to the entire <i>enterprise</i>, including product development, production, sales, service and HR.
What is Scrum?
A single-team process framework used to manage product development.
What is Osmotic Communication?
Absorbing information subconsciously by overhearing useful discussions of other colocated team members.
What is meant by Fail Fast in agile?
An agile practice of experimenting (iterating) freely and often in order to learn from the mistakes and achieve the desired outcomes quickly.
What is a Key Performance Indicator (KPI)?
A set metric used to evaluate a team’s performance against the project vision and objectives.
What is the Smooth technique for conflict resolution?
A conflict resolution technique that emphasizes agreements rather than differences. It does not solve a problem, but merely brushes it under the carpet. It is also known as Accommodate technique.
What is the Compromise technique for conflict resolution?
A conflict resolution technique that involves finding a “common ground” that brings some degree of satisfaction to all the parties involved in the conflict. It results in a lose-lose situation.
What is the Collaborate technique for conflict resolution?
A conflict resolution technique that involves incorporating multiple viewpoints in order to come to a consensus.
What is the Force technique for conflict resolution?
A conflict resolution technique that pushes one particular viewpoint at the expense of others. It generates a win-lose situation.
What is the Withdraw technique for conflict resolution?
A conflict resolution technique that involves retreating away from or avoiding a conflict. It does not solve the problem and just “postpones” it. It usually isn’t the best technique for conflict resolution. It is also known as Avoid technique.
What is Backward Pass?
A Critical Path Method (CPM) technique to calculate the late finish dates and late start dates by working backwards through the schedule model from the project end date.
What is Critical Path Activity?
Any activity on a critical path in a project schedule.
Define Critical Path.
In a project schedule network diagram, it is the longest path and corresponds to the shortest duration to complete the project. Its duration determines the duration of the project.
What is Early Finish Date (EF)?
In the critical path method, the earliest possible date on which a schedule activity can finish without violating any schedule constraint.
