More Flashcards
BAC
Budget at Completion - BAC is the budget set in the beginning of the project
EAC
Estimate at Completion - EAC is the estimate of what we now expect the project to cost based on the current numbers
CPI
Cost Performance Index - CPI is a measure of how well the project is doing in terms of spending the project budget
A CPI<1 means the project is over budget for the work completed at this point in the project
SV
Schedule Variance SV=EV-PV
A negative variance means the project is behind.
SPI
Schedule Performance Index = EV/PV
An SPI<1 means less work than planned has been completed at this point in the project
What are the 3 characteristics of a project?
distinct end and beginning, aims to produce a product or service, finished when specific objectives are met.
What are the 3 characteristics of ongoing work?
ongoing, repetitive, objectives change
Progressive elaboration
Iterative approach where planning occurs in cycles rather than upfront. Projects that use it typically do some planning, some execution, some monitoring and controlling, and then repeat the cycle
Scope creep
the addition of features to a project; caused by perfectionism, misunderstandings, placating stakeholders, and unexpected scope related issues
Value analysis or value engineering
This technique asks “How can we decrease cost on the project while maintaining the same scope or quality?”
CV
Cost Variance CV=EV-AC
The difference between what you budgeted and what you have spent so far.
A CV < 0 means costs are higher than budgeted.
EV
Earned Value EV=BAC*Work Completed/Total work Planned
EV=cost of the planned work completed as of a reporting date
AC
Actual costs CV=EV-AC
AC=cost of the actual work completed as of a reporting date
Portfolio
Collection of programs, projects, and ongoing work. The projects may not be related
Program
Group of related projects and ongoing work
Project
temporary body of work that produces a unique product or service and has a definitive end point.
Difference between a functional and an operations manager
Functional managers provide management oversight of a functional (finance, HR, IT) or business unit where operational managers focus on ensuring business operations are efficient. Operations managers aren’t required but are often used in production lines to increase efficiency.
Strong vs. Weak vs. Balanced matrix
in a strong matrix organization power rests with the PM, in a weak one power rests with the functional manager (ex. engineering manager). In a balanced matrix power is shared equally between both individuals.
knowledge vs. competency vs. performance
Knowledge = what you know (keyword is "aware" or "know") Competency = what kind of person you are (keyword is "able") Performance = what can you do (keyword="have")
process group vs. phase
PMI defines 5 process groups that help organize the 42 processes of program management. Every process is assigned a process group according to whether the purpose is initiating, planning, executing, monitoring & controlling, or closing the project. A phase is a grouping of project activities that may be organized as such so the project can be evaluated. Phases are separated by exit gates or kill points where someone evaluates whether the project should proceed to the next phase.
Perform Quality Planning vs. Perform Quality Assurance vs. Perform Quality Control
Perform Quality Planning is focused on defining quality for the project and how we will achieve it. Perform Quality Assurance is an executing process that focuses on ensuring the team is following the planned PROCESS. Perform Quality Control examines WORK RESULTS & DELIVERABLES to make sure they are correct and meet the planned level of quality.
Monitor & Control Process Group
Measures the work results against the plan and makes adjustments if variances exist
Charter
The document that formally starts the project. It is typically issued by the sponsor and names the PM. It usually contains high level project reqts, high level milestones, summary level preliminary budget. It authorizes the PM to expend organizational resources to accomplish the project objective.
Project Scope
All the work to be performed in the project. It is documented in the Project Scope statement and the WBS.
Plurality
Largest group, but not large enough to be a majority (>50%)
Configuration management
managing changes to the deliverables of a project; involves version control
Configuration status accounting
tracking the status of the project at all times; most PMs use PM software or a log to do this.
Decomposition
A technique for progressively breaking down the scope into smaller and smaller components. It is performed on the WBS and typically stops when the decomposed components are small enough to be assigned and estimated for time and cost. These components are later decomposed into schedule activities.
Project Scope Statement
A broad written description of the project aimed at stakeholders. It contains a description, deliverables, product acceptance criteria, project constraints, project assumptions, and project exclusions.
Requirements Documentation
Docs that describe how individual requirements meet the business need for the project. They can start vague, but before they can be baselined they need to be unambiguous (measurable, testable), traceable, complete, consistent, and acceptable to stakeholders. There are tons of these: ex. stakeholder and communication reqts, reporting reqts, acceptance criteria, etc.
Organizational Process Assets
All historical info or knowledge a company has at its disposal that can be used to help future projects. Ex. templates, forms, research results, WBS, quality standards, benchmarks, contracts, lessons learned, software tools, KBs, etc. Anything your company owns or has developed that can help you on a current or future project.
Work Breakdown Structure (WBS)
A hierarchical breakdown of the projects scope, including all components of the work that must be done. It shows the relationship between deliverables and work packages. You develop the WBS progressively during rolling wave planning and the projects cost estimate is also refined progressively as well.
WBS dictionary
A document in which every detail of the WBS is described in detail. It contains work descriptions, milestones, resource reqts, dependencies, etc.
Perform Integrated Change Control
Monitoring and Controlling process where all requested change requests and unrequested changes are reviewed according to the change control system. It focuses on changes to the product or service as well as organizational process assets that endure past the project.
Enterprise Environmental Factors
Any factor outside the project’s control that influences the project. Ex. organizational attitudes, org structure, culture, reporting relationships, govt, the economy, laws, characteristics of stakeholders, organizations appetite for risk, etc.
Project Management Plan
The plan for how the project will be managed. It is a formal approved doc composed of other planning management docs. aka Project Plan
Work Performance Information
Performance data collected during various controlling processes, analyzed in context and integrated based on relationships across areas. Among other things, WPI includes deliverable status, implementation status of change reports, forecasted estimates to complete.
Scope baseline
Scope baseline=
Project Scope Statement+WBS+WBS dictionary
Risk register
Doc containing all identified risks relevant to the project. It is a component of the project plan, contains info about each risk and is updated throughout the project.
Requirements Traceability Matrix
A grid that links product reqts from their origin to the deliverables that satisfy them. Grid typically lists the reqt, then columns for Business needs/opportunities/goals/objectives, WBS, Project objectives, test case, Product design, product development.
Earned Value Management (EVM)
The cost accounting technique of measuring work completed (earned value) against the plan (planned value).
To-Complete Performance Index (TCPI)
Index that indicates the performance the project would need to achieve to end on target. 1 is bad since you have to over-perform against your estimates to hit your target.
Contingency vs. Management Reserves
Money buffers built into the budget to help keep the budget on track. They are anticipated, but you don’t know how big they will be. They go into the cost baseline and the project budget. Management contingency reserves is money built into the budget for scope or cost changes (ex. emergency). Not put into the cost baseline, but they are put into the overall budget.
Bottoms-up cost estimating
Involves making separate estimates of the cost for each work package in the WBS. To determine the estimate you have to break the work packages down into activities, estimate the costs and then roll them up for each activity.
Baseline
original plan plus all approved changes
