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Amy's PMP > Module 2 > Flashcards

Module 2 Flashcards

1
Q

Project Management Plan Componets

A
  1. Baselines
  2. Subsidiary Plans
  3. Life Cycles
  4. Project Processes
  5. Work Explanation
  6. Agile Project Plan
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2
Q

Time & Material Contracts (T&M)

A

Hybrid contracts containing both cost-reimbursable and fixed fee contracts. (Best used when SOW cannot be quickly prescribed)

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3
Q

Cost Plus Fixed Fee (CPFF)

A

Type of cost reimbursable contract where buyer reimburses the seller for seller’s costs plus a fixed fee amount of profit fee.

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4
Q

Cost Plus Incentive Fee (CPIF)

A

Type of cost reimbursable contract where buyer reimburses the seller for seller’s costs plus seller earns a profit if team performs well.

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5
Q

Cost Plus Award Fee (CPAF)

A

Type of cost reimbursable contract where buyer reimburses the seller for seller’s costs plus seller earns a profit fee plus award fee.

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6
Q

Firm Fixed Price (FFP)

A

Type of fixed fee contract where buyer pays set amount regardless of costs.

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7
Q

Fixed Fee Price Incentive Fee (FFPIF)

A

Type of fixed fee contract where buyer pays set amount but can earn additional money.

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8
Q

Fixed Fee Price with Economic Price Adjustment (FFEPA)

A

Type of fixed fee contract fixed fee contact but allows for inflation changes or cost increases due to market.

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9
Q

Bidder Conferences

A

Meetings conducted by the buyer after issuing an RFP but prior to submissions of a bid or proposal by the vendors.

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10
Q

Source Selection Criteria

A

A set of attributes desired by the buyer which a seller is required to meet or exceed to be selected for a contract. (The standards)

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11
Q

SOW (Statement of Work)

A

Describes the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results.

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12
Q

Make-or-Buy Anaylsis

A

The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product.

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13
Q

SAFe (Scales Agile Framework)

A

Method where knowledge is shared and cultivated across the organization. it’s used to promote alignment, collaboration, and delivery across large numbers of agile teams.

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14
Q

Scrum of Scrum (SoS)

A

A method where two or more scrum based agile projects send representatives to an oversight scrum team organization in order to be knowledgeable of and coordinated to each other’s efforts and progress. (Meet daily to ensure all teams are effective)

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15
Q

Statistical Sampling

A

Defined as choosing part of a population of interest for inspection. (polling)

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16
Q

Pareto Chart

A

A histogram that is used to rank causes of problems in hierarchical format. (The goal is to focus the energy and efforts on tackling the most significant source of variance)

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17
Q

Control Charts

A

Graphs used to analyze and communicate the variability of a process or project activity over time. (Shows the capability of the process to produce similar products)

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18
Q

Cost of Quality (CoQ)

A

Refers to all costs incurred over the life of the product by investment in preventing non-conformance to requirements, appraisal of the product or service for conformance to requirements, and failure to meet requirements. (Used to evaluate the most effective proportion between prevention, inspection, reward)

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19
Q

Quality Audit

A

A structured independent process to determine if project activities comply with organizational and project policies, processes, and procedures.

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20
Q

Verify Deliverables

A

Deliverables presented to and accepted by the customer resulting in accepted deliverables.

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21
Q

Validated Deliverables

A

All project deliverables must be validated based on quality standards or acceptance criteria.

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22
Q

Earned Value Management (EVM)

A

A performance measurement technique used to help determine if the schedule variance is potentially detrimental to the project and if corrective actions are needed to ensure on-time deliverables.

23
Q

Hybrid Methodologies

A

Combine some elements from both predictive (waterfall) and adaptive (agile) approaches.

24
Q

Agile Life Cycles

A

Iterative or incremental and also can be referred to as change-driven or adaptive. (Work well in environment with high level of change and ongoing stakeholder involvement in a project)

25
Q

Incremental Life Cycle

A

An adaptive project life cycle in which the deliverable is produced through a series of iterations that successively add functionality with in a predetermined time frame.

26
Q

Iterative Life Cycle

A

A project life cycle where the project scope is generally determined early in the project life cycle but time and cost estimates are routinely modified as the project team’s understanding of the product increases.

27
Q

Predictive Life Cycle

A

A project life cycle in which the project scope, time, and cost are determined in the early phases of the life cycle.

28
Q

Context Diagram

A

A visual depiction of the product scope showing a business system (process, equipment, computer system, etc.) and how people and other systems interact with it.

29
Q

Requirements Management Plan

A

A component of the project management plan that describes how requirements will be analyzed, documented, and managed. (Provides guidance on how the process of collecting requirements will be managed)

30
Q

Affinity Diagram

A

A technique that allows large numbers of ideas to be classified into groups for review and analysis.

31
Q

Scope Management Plan

A

A component of the project management plan that describes how the project scope will be defined, developed, monitored, controlled, and validated.

32
Q

Focus Group

A

An elicitation technique that brings together pre-qualified stakeholders and subject matter experts to learn about their expectations and attributes about a proposed product, service, or result.

33
Q

Benchmarking

A

The comparison of actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.

34
Q

Acceptance Criteria

A

A set of conditions that is required to be met before deliverables are accepted.

35
Q

Project Scope Statement

A

The description of the project scope, major deliverables, assumptions, and constraints..

36
Q

Requirements Traceability Matrix

A

A grid that links product requirements from their origin to the deliverables that satisfy them. (Used to justify each requirement and link it to the business objective)

37
Q

User Stories

A

Frame the need or desire of who is to benefit from the work of the team. Frames the user’s desire as a story rather than a detailed list.

38
Q

Code of Accounts

A

A numbering system used to uniquely identify each component of the WBS. (Uses unique identification code to help identify areas of performance, reporting, and costs)

39
Q

Planning Package

A

A WBS component below the control account with known work content but without detailed schedule activities. (A placeholder for work that is yet to be determined by a requirement)

40
Q

Control Account

A

A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.

41
Q

WBS Dictionary

A

A document that provides detailed deliverable, activity, and scheduling information about each component in the WBS.

42
Q

Work Package

A

The work defined at the lowest level of the WBS for which cost and duration are estimated and managed. (Work that can be broken down and assigned to an individual or group)

43
Q

WBS (Work Breakdown Structure)

A

Defines the total scope of work required to complete the project. A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.

44
Q

Agile Release Planning

A

Process where you determine the number of iterations or sprints that are needed to complete each release the features that each iteration will contain and the target dates of each release.

45
Q

Critical Path

A

The sequence o activities that represents the longest path through a project which determines the shortest possible duration.

46
Q

Milestone Chart

A

Provides a summary level view of the a projects schedule in terms of its milestones.

47
Q

4 Types of Precedence Relationships

A
  1. Finish-to-Start (FS): one activity must finish before another can start
  2. Finish-to-Finish (FF): one activity must finish before another can finish
  3. Start-to-start (SS): one activity must start before another can start
  4. Start-to-Finish (SF): one activity cannot finish until another has started. (ex: ticket sales don’t end until concert has started)
48
Q

Funding Limit Reconciliation

A

The process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between funding limits and the planned expenditures.

49
Q

Rough Order Magnitude (ROM)

A

Made early in the project. Developed without basis of detailed data and often based on high-level historical data, expert judgment, or a costing model. Accuracy 25% to 75%.

50
Q

3 Point Estimating

A

Incorporates three types of estimates into a singular cost estimate scenario: most likely, optimistic, and pessimistic

51
Q

Bottom-up Estimating

A

Estimates the cost of individual activities then “rolls up” to higher levels.

52
Q

Parametric Estimating

A

Relies on statistical relationship that exists between historical information and variables so as to arrive at an estimate for parameters such as duration and cost.

53
Q

Analogous Estimating

A

Uses the cost of a previous project with similar scope or activities to predict the cost of future activities.

54
Q

Definition of Done

A

A teams checklist of all the criteria required to e met so that a deliverable can be considered ready for customer use.

Amy's PMP (5 decks)

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