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PMP - 2021 > Module 2 > Flashcards

Module 2 Flashcards

1
Q

Focus groups

A

A data gathering or elicitation technique where a group of stakeholders and subject matter experts are brought together. A trained moderator guides the group through an interactive discussion designed to be conversational

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2
Q

SMART Objectives

A

Acronym which stands for Specific, Measurable, Attainable, Realistic, and Timely. It is one of the most effective methods to measure project stages and outcomes.

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3
Q

Predictive life cycles

A

A form of project life in which the scope, deadline and cost are determined as soon as possible in the project life cycle

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4
Q

Agile life cycles

A

A project life cycle that is iterative or incremental. Also referred to as change-driven or adaptive.

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5
Q

Iterative life cycles

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.

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6
Q

Incremental life cycles

A

An adaptive project life cycle in which the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.

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7
Q

Hybrid methodology

A

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

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8
Q

Traceability Matrix

A

A tool that helps your project or Quality Assurance (QA) teams capture and measure the accuracy of projects in relation to stakeholder or business needs. It analyzes the requirements of a client to ensure that there is no defect in the deliverables.

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9
Q

Agile estimating

A

Agile projects use a “top-down” estimating approach, using gross-level estimation techniques on feature sets, then employing progressive elaboration and rolling-wave planning methods to drill down to the task level on a just-in-time basis, iteratively uncovering more and more detail each level down.

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10
Q

Product backlog

A

A list of the expected work to deliver the product.

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11
Q

Scope Management Plan

A

A component of the project management plan or program management plan that describe how the scope will be defined , developed, monitored, controlled, and validated

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12
Q

Affinity diagramming

A

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

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13
Q

Context Diagram

A

Visual tools that depict the scope of the product showing the business system (process, equipment, computer system, etc) and how it relates with people and other systems.

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14
Q

Requirements Management Plan

A

A component of the project or program management plan that describes how requirements will be analyzed, documented, and managed.

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15
Q

Project Scope Statement

A

The description of the project scope, major deliverables, assumptions and constrains

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16
Q

WBS

A

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.

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17
Q

WBS dictionary

A

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

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18
Q

Scope baseline

A

Approved version of a scope statement, 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.

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19
Q

Control accounts

A

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

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20
Q

Planning package

A

A WBS component below the control account with known work content but without detailed schedule activities.

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21
Q

Code of accounts

A

A numbering system used to uniquely identify each component of the WBS

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22
Q

Work Package

A

The work defined ar the lowest level of the work breakdown structure for which cot and duration are estimated and managed

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23
Q

User stories

A

A brief description of a deliverable value for a specific user. It is a promise for a conversation to clarify details

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24
Q

Sprint backlog

A

A list of work items identified by the Scrum team to be completed during the Scrum sprint

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25
Q

Definition of done (DoD)

A

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

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26
Q

Acceptance criteria

A

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

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27
Q

Analogous estimating

A

A technique for estimating the duration or cost of an activity on a project using historical data from a similar activity or project

28
Q

Parametric estimating

A

An estimating technique in which and algorithm is used to calculate cost or duration based on historical data and project paramethers

29
Q

Rough order of magnitude (ROM)

A

Rough order of magnitude (ROM) refers to an initial estimate of the cost of a project or parts of a project. It has an expected accuracy of -25% to +75% according to the PMBOK

30
Q

Bottom up estimating

A

A method of estimating project duration or cost by aggregating the estimates of the lower level components of the WBS.

31
Q

three-point estimating

A

A technique used to estimate the cost or duration by applying an average or weighted average of optimistic, pessimistic, and most likely estimates when there is a uncertainty with the individual activity estimates

32
Q

T-shirt sizing

A

Am method of estimating assigning small, medium or large labels for each engineering initiative to indicate its complexity.

33
Q

Velocity

A

The measure of the productivity rate of the project team with respect to the produced, validated and accepted deliverables.

34
Q

EVM (Earned Value Management)

A

Earned Value Management. A methodology tat combines scope, schedule and resource measurements to assess project performance and progress

35
Q

EAC (Estimate at completion)

A

The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete

36
Q

Cost baseline

A

The approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results.

37
Q

Schedule baseline

A

One of the main project management documents that should be created before the project starts. It sets out the project execution strategy, key project deliverables, activity planned dates and milestones. Activities are grouped under different work breakdown structure levels

38
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 the funding limits and the planned expenditures.

39
Q

Story estimates

A

Story points are units of measure for expressing an estimate of the overall effort required to fully implement a product backlog item or any other piece of work. While estimating story points, we assign a point value to each story. Relative values are more important than the raw values. A story that is assigned 2 story points should be twice as much as a story that is assigned 1 story point. It should also be two-thirds of a story that is estimated 3 story points.

40
Q

Task estimates

A

Tasks estimated in hours, created to deliver user stories

41
Q

Relative estimating

A

Consists of estimating tasks or user stories, not separately and in absolute units of time, but by comparison or by grouping of items of equivalent difficulty.

42
Q

Burn down Chart

A

A graphical representation of the remaining tasks or activities during a certain period.

43
Q

Burn up charts

A

A tool used in Scrum projects. It is a visual representation of a team’s work process. It displays the scope of a project and the work completed. Using a burn-up chart, a team can easily track their progress as they work towards completion of a sprint.

44
Q

Precedence relationship

A

A logical dependency used in the precedence diagramming methods. Finish to Start (FS), Start to Finish (SF), Start to Start (SS), Finish to Finish (FF)

45
Q

Milestone charts

A

Provides the summary level view of a project’s milestones. Uses icons or symbols. Useful for upper management, who are not interested in fine details.

46
Q

Critical path

A

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

47
Q

CPM – Critical Path Method

A

A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model

48
Q

Agile release planing

A

A process in which you determine the number of iteration or Sprints that are needed to complete each release, the features that each iteration will contain, and the target dates of each release.

49
Q

Cost of quality

A

All costs incurred over the life of the product by investment in preventing nonconformance to requirements, appraisal of the product or service for conformance to requirements, and failure to meet requirements.

50
Q

Benchmarking

A

The comparison of a project schedule to a schedule for a similar product or service produced elsewhere.

51
Q

Quality audit

A

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

52
Q

Verify deliverables

A

Output from project tasks that meets by quality control measures as specified in Quality Management Plan; an output of the Control Quality (Project Quality Management)

53
Q

Validate deliverable

A

Products and outputs are measured against the quality standards set by the project.

When quality standards are neither met nor within acceptable ranges,corrections and controls are put into action.

Project team performs the validation and deliverables are verified by the customer, which equates to validated deliverables.

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

54
Q

Control Chart

A

A graphical display of data over time and against established control limits that has a center line that assists in detecting a trend of plotted values toward either control limits.

55
Q

Pareto Chart

A

A histogram that is used to rank causes of problems in a hierarchical format.

56
Q

Statistical sampling

A

choosing part of a population of interest for inspection

57
Q

Project Plan documents vs. Project Documents

A

Project Documents:
These documents are used to manage the information which is not part of Project Management Plan. These documents are prepared by the Project Manager for his own needs. Out of these documents only charter, contracts and statement of work are shown to the Project sponsor and is of interest to them.

Project Management Plan:
This document consists of all the plans, milestones, dates, cost etc. and will be approved by senior management or project sponsor.

Project Management Plan:

  1. All baselines:
    a. Scope baseline – Scope baseline contains Scope Statement, WBS, WBS Dictionary
    b. Schedule baseline – This is the approved schedule
    c. Cost baseline – This is the time phased project budget
  2. All management plans:
    a. Scope management plan – This describes how we will plan, implement, validate and control scope.
    b. Requirements management plan – This describes how we will manage requirements throughout the project including changes to the requirement.
    c. Schedule management plan – This describes how we will plan, implement, and control schedule.
    d. Cost management plan – This describes procedures for cost estimation, budgeting and controlling costs.
    e. Quality management plan – This describes how Quality Policy will be implemented and how Manage Quality and Control Quality will be performed.
    f. Resource Management plan – This describes Roles and Responsibilities, Project organization chart and Staffing management plan
    g. Communications management plan – This describes communication requirements of the stakeholders, communication methods and communication technology.
    h. Risk management plan – This describes the approach and methodology we will use for risk management processes, time and budget, roles and responsibilities for risk activities, risk category, tracking system, probability and impact matrix.
    i. Procurement management plan – This describes the procedure for conducting, controlling and closing procurement
    j. Stakeholder engagement plan – This describes strategies to ensure appropriate engagement of the stakeholders.
    k. Configuration management plan – This describes how configuration management will be performed. It defines those items that are configurable, those that require formal change control, and the process for controlling changes to such items.
    l. Change management plan – This is focused on identifying, documenting and controlling changes to the project and the project baselines.
    m. Performance measurement baseline – This is the combination of Scope baseline, Cost baseline and Schedule baseline
    n. Project lifecycle description – This is a series of phases that a project passes through.
    o. Development Approach – This describes what approach is finalized – Predictive, Incremental & Itertative and Adaptive.

Project Documents: All other documents resulted from initiation and planning but not placed under project management plan and documents resulting from execution and monitoring & controlling:

  1. Activity Attributes – This contains detailed information about each activity
  2. Activity List – This contains the list of all activities.
  3. Assumption log – This contains the assumption we have made during project execution.
  4. Basis of estimates – This contains the information based upon which we made the estimates.
  5. Change log – This contains all changes requested in the project.
  6. Cost estimates – This contains the estimation of cost of activities
  7. Cost forecasts – This contains the prediction of costs to complete the project.
  8. Duration estimates – This contains the estimation of duration of activities.
  9. Issue log – This contains the list of ongoing and closed issues.
  10. Lessons learned register – This contains the information gained during the project execution.
  11. Milestone list – Milestone is the last activity of each phase. It contains the list of all such milestones.
  12. Physical resource assignments – This contains the materials, supplies, locations and other physical resources used on the project.
  13. Project calendars – It indicates the days, dates and time the project team is working or planned to be working.
  14. Project communications – This contains the information that is distributed to the stakeholders during project.
  15. Project schedule – This contains start and end dates, milestones that must be met to complete project on time.
  16. Project schedule network diagram – This contains the sequence of the activities being performed on the project.
  17. Project scope statement – This contains what all work is required to be done on the project.
  18. Project team assignments – This contains the information of who all are working over the project and over what.
  19. Quality control measurements – This is the measurement which is generated after deliverables are inspected.
  20. Quality metrics – It is the description of the attributes of the product or project.
  21. Quality report – This is the report which includes quality management issues escalated by the team; recommendations for improvements and corrective action recommendations.
  22. Requirements documentation – This contains all requirements which describes how each requirement meets the business needs of the project.
  23. Requirements traceability matrix – This contains the information that links product requirements from their origin to the deliverables that satisfy them.
  24. Resource breakdown structure – Resources are organized in the hierarchical fashion and are broken down into categories types for better management of resources.
  25. Resource calendar – This indicates the days, dates and time a particular resource (human resources/machines/etc.) will work.
  26. Resource requirements – This contains the type, quantity, and skills required by the resources on the project.
  27. Risk register – It contains all risks identified on the project.
  28. Risk report – This is a summary of project risks and opportunities, the latest status of treatment actions, and an indication of trends in the incidence of risks.
  29. Schedule data – This contains all project specific schedule information.
  30. Schedule forecasts – This is the estimates of future schedule based on information and knowledge available at the time the schedule is calculated.
  31. Stakeholder register – This contains the list of all stakeholders.
  32. Team charter – This is the document that describes team direction, ground rules, etc.
  33. Test and evaluation documents – This contains the overall structure and objectives of the Test & Evaluation for the project.
58
Q

Project Management Plan Components

A

Baselines • Scope baseline • Schedule baseline • Cost baseline • Performance measurement baseline Subsidiary plans • Scope management plan • Requirements management plan • Schedule management plan • Cost management plan • Quality management plan • Resource management plan • Communications management plan • Risk management plan • Procurement management plan • Stakeholder engagement plan • Configuration management plan • Change management plan • Compliance management plan Lifecycle Project processes • Project management processes • Level of implementation • Tools and techniques • How the selected processes will be used to manage Work explanation Agile project plan

59
Q

Scrum of scrums

A

A technique to operate Scrum at scale for multiple teams working on the same product, coordinating discussions of progress on their interdependencies, and focusing on how to integrate the delivery of software, especially in areas of overlap

60
Q

SAFe (Scaled Agile Framework)

A

A knowledge base of integrated patterns for enterprise-scale lean-agile development.

61
Q

Make-or-buy analysis

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.

62
Q

Statement of work (SOW)

A

A narrative description of the products and services to be supplied to a client, as well as a description of the contractor’s needs and requirements to properly perform the delivery of such products and services under contract.

63
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.

64
Q

Bidder conferences

A

Meetings conducted by the buyer prior to submissions of a bid or proposal by the vendors.

The buyer explains the requirements, proposed terms, and conditions, and the buyer clarifies the vendors’ queries.

Buyer ensures all prospective vendors have a clear and common understanding of the technical and contractual requirements of the procurement.

Also known as vendor conferences, pre-bid conferences, pre-proposal conferences, and contractor conferences.

65
Q

Types of fixed price contracts

A

Firm Fixed Price (FFP) The FFP is the most commonly used contract type and is favored by most organizations because the price is set and is not subject to change unless the scope of work changes. Any cost increases due to adverse performance would be the responsibility of the seller.

Fixed Price Incentive Fee (FPIF) A FPIF contract gives the buyer and seller some flexibility in that it allows for deviation from performance, with a financial incentive for achieving certain metrics. Generally the incentives are related to cost, schedule, or the technical performance of the seller. A price ceiling is set and any costs above that ceiling are the responsibility of the seller.

Fixed Price with Economic Price Adjustment (FP–EPA) FP-EPA contracts are used for long-term contracts and they allow for pre-defined adjustments to the contract price due to changed conditions. This could include inflation changes or increased or decreased costs for specific commodities. The contract is intended to protect both the buyer and seller from external conditions over which they have no control.

66
Q

Types of cost reinbursable contracts

A

Cost Plus Fee (CPF) or Cost Plus Percentage of Costs (CPPC)

The seller will get the total cost they incurred during the project plus a percentage of the fee over cost; this is always beneficial for the seller.

Cost Plus Fixed Fee (CPFF)

The seller is paid a fixed amount that is agreed upon before work commences. The cost incurred on the project is reimbursed on top of this, regardless of project performance.

Cost Plus Incentive Fee (CPIF)

A performance-based incentive fee will be paid to the seller over and above the actual cost they have incurred on the projects. With this type of contract, the incentive is a motivating factor for the seller to meet or exceed the project’s performance metrics.

Cost Plus Award Fee (CPAF)

The seller will get a bonus amount (the award fee) plus the actual cost incurred on the projects; this type of contract is very similar to a CPIF contract.

67
Q

Time and material contracts

A

A type of contract that is a hybrid contractual arrangement containing aspects of both cost-reimbursable and fixed-price contracts. • Combines a negotiated hourly rate and full reimbursement for materials. • Include not-to-exceed values and time limits to prevent unlimited cost growth. • Suited for projects when a precise statement of work cannot be quickly prescribed.

PMP - 2021 (4 decks)

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