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APM > Notes > Flashcards

Notes Flashcards

1
Q

What does it mean if your standard deviation for PERT estimating is within 2 deviation?

A

95% accuracy.

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2
Q

What does it mean if your standard deviation for PERT estimating is within 1 deviation?

A

you are 68% accurate.

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3
Q

What is a con of bottom up estimating?

A

takes a long time to do.

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4
Q

What is a con of analogous/top down estimating?

A

cost assignment is difficult.

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5
Q

What are constraints to consider when estimating activity durations?

A

law of diminishing returns, number of resources to use, theory of constraints/bottleneck, advances in tech, motivation of staff.

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6
Q

What are enablers

A

illustration of work associated with the task.

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7
Q

A checklist can be used for what in the schedule process?

A

To format the work package document

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8
Q

What should a work package document include?

A

describe work, quality check, completion measures.

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9
Q

4 things needed to create the schedule

A

schedules of people/vendors working the project
times they are unavailable and vacation time for project staff,
conflicting projects your team members are working,
schedules for materials and resources.

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10
Q

What are control accounts?

A

The first level of the WBS and are composed from the project charter.

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11
Q

What should be included in the project benefits management plan?

A

strategic alignment, timeframe for seeing benefits, benefit owner, success measures, metrics, assumptions, risks

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12
Q

How is 86% of a bell shaped curve represented

A

halfway between the top of the bell curve and the worst-case scenario.

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13
Q

What is Parkinson’s Law

A

statistical observation of economics. The demand expands to match the supply.

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14
Q

What are the 4 dependency types?

A

mandatory/hard logic, discretionary/soft logic, external, and internal.

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15
Q

What is the best practice dependency type to use?

A

discretionary/soft logic

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16
Q

What are the 4 types of predecessor relationships?

A

Finish to start
Finish to finish
Start to start
Start to finish

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17
Q

Define a finish to start predecessor relationship

A

must finish one task before another can begin.

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18
Q

define a finish to finish predecessor relationship

A

2 or more activities need to finish before the next starts

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19
Q

define a start to start predecessor relationship

A

when one activity finishes, 2 or more activities can begin

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20
Q

define a start to finish predecessor relationship

A

successor activity cannot finish until the predecessor has started.

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21
Q

True or false: an activity’s Total Float can either be greater than or equal to Free Float

A

true

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22
Q

True or False: free float can be larger than its value for total float?

A

False. Free Float can never be larger than its value for Total Float

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23
Q

What does it mean if the total float is negative?

A

the project cannot be finished at the desired time without changing the logic or durations

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24
Q

Another name for a Gantt chart

A
  • Logic bar chart
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25
Q

What is a summary schedule?

A

reflects the work package level summary of resource days

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26
Q

What is a hammock schedule?

A

displays at the control account level

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27
Q

What is a last resort for solving bottlenecks in the schedule?

A

break the critical path

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28
Q

What does VVBs stand for?

A

validation/verification bodies

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29
Q

What is the role of VVBs?

A

qualified, independent third-party auditors who are experts in the scope or technical area they audit.

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30
Q

What is VBS?

A

Value Breakdown Structure

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31
Q

What is the critical chain method?

A

looks mainly at bottlenecks and probable interrelated risks. Uses resource buffers to these areas of concern and leaves a buffer at the end of the project.

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32
Q

2 methods to account for contingencies in the schedule

A

either add 10-15% to each step OR add time for the entire due date.

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33
Q

Input to create the scope baseline

A

The WBS. Scope baseline is the aggregate of all work packages

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34
Q

What should be included in a team charter?

A

statement of team values, agreements, and practices. Guidelines for communication, communication tools, decisions making process, conflict resolution process, and meeting schedule.

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35
Q

RAM chart

A

responsibility assignment matrix

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36
Q

RACI/RICA

A

RAM chart with intelligence

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37
Q

What does a RACI chart map?

A

charts responsibility, accountable, consulted, informed.

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38
Q

A RACI can also be used to…

A

Evaluate if each component is needed for the project.

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39
Q

4 types of cost

A
  1. Direct
  2. Indirect
  3. Fixed
  4. Variable
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40
Q

Example of variable cost

A

labor and materials

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41
Q

Internal Rate of Return definition

A

interest rate at which the cash inflow and cash outflow of the project equal zero

42
Q

2 points about internal rate of return

A
  • being higher indicates a more desirable project.
  • calculated via iterative methods.
43
Q

What are burdened costs?

A

your employee’s cost for hours worked.

44
Q

Name 4 tools for estimating costs

A

estimation methods, SME’s, analogous estimating, parametric estimating, 3-point estimating, bottom-up budget, top-down budget, alternatives analysis, reserve analysis, cost quality, PMIS, decision making, voting, computerized.

45
Q

Output of budget creation

A

project funding requirements

46
Q

Chart of accounts

A

account codes used by accounting department to charge to a budget broken down by the functional environment structure.

47
Q

The cost baseline should not include what type of reserve?

A

management reserves

48
Q

Metrics for cost forecasting not in earned value management

A

ROI, IRR, NPV, Payback, BCR, opportunity cost

49
Q

What are 6 tools for establishing quality measures?

A

benchmarking, brainstorming, interviews, cost benefit analysis, cost of quality, multicriteria decisions analysis, flowcharts, logical data modeling, matrix diagrams, mind mapping, checklists, affinity diagrams, Paredo diagram.

50
Q

8 quality methods

A

Demings, ISO, TQM, Six Sigma, LEAN, FMEA, VOC, COQ

51
Q

What is burn rate in an Agile environment?

A

an estimating technique that indicates how well a project is, or is not, staying within the project budget.

52
Q

Configuration management

A

identifying, tracking and protecting a project’s deliverables or products from unauthorised change.

53
Q

Difference between project management and configuration management

A

project management controls changes related to project management plans, processes, and baselines. Configuration management you manage changes related to product scope

54
Q

Output of a well controlled configuration management process

A

confidence that the current version of any configuration item is known; and.
documented traceability between versions of each configuration item.

55
Q

5 pillars of configuration management

A

Planning and Management. Identification. Change Management. Status Accounting. Verification and Audit.

56
Q

Primary benefit of configuration management

A

consistency of systems and software.

57
Q

A configuration management plan is a subset of what other plan?

A

project quality management plan

58
Q

Output of configuration identification step

A

configuration baseline

59
Q

Input to identify probability of risk occurrence

A

expert judgement or historical information from past projects

60
Q

PESTLE analysis

A

Audit that examines Political, Economic, Sociological, technical, legal, and environmental to maximize opportunities and minimize risk.

61
Q

Demings quality standard method attributes

A

plan, do check, act cycle

62
Q

What is ISO

A

organization for standardization

63
Q

TQM

A

total quality management

64
Q

FMEA

A

failure mode and effect analysis

65
Q

VOC

A

voice of the consumer

66
Q

COQ

A

cost of quality

67
Q

What is the fitness for youth quality methodology?

A

customers set quality, not creators.

68
Q

What is the Kaizen quality methodology?

A

continuous improvement resolving low hanging fruit each time there is a review.

69
Q

2 other names for a cause and effect diagram

A

Fishbone diagram/Ishikawa

70
Q

2 non event risks

A

variability risk and ambiguity risk

71
Q

Variability risk

A

uncertainty about activity or decision.

72
Q

Tool to address variability risk

A

Monte Carlo simulations

73
Q

ambiguity risk

A

uncertainty due to imperfect knowledge

74
Q

Tools for addressing ambiguity risk

A

incremental development methodology, prototyping, simulation

75
Q

3 risk types

A

pure, speculative, business risk
OR
known, predictable, unpredictable

76
Q

pure risk

A

2 outcomes. Bad occurred or nothing happened

77
Q

speculative risk

A

3 outcomes. Positive, negative, or nothing happened

78
Q

2 risk characteristics

A

uncertainty and loss

79
Q

what is a loss risk characteristic

A

unwanted consequences

80
Q

Example of political risks

A

if the sponsor controls the stakeholders, influence from negative stakeholders, communication quality with stakeholders.

81
Q

PESTLE

A

political, economic, social, technological, legal, environmental.

82
Q

TECOP

A

technical, environmental, commercial, operational, political.

83
Q

VUCA

A

volatility, uncertainty, complexity, ambiguity

84
Q

input to risk register aka risk report aka risk identification list

A

SWOT analysis, SME’s, data

85
Q

Tool for qualitative risk analysis

A

probability and impact matrix aka risk assessment chart

86
Q

tools for quantitative risk analysis

A

SME’s, data gathering, interviews, simulations, sensitivity analysis, influence diagrams, decision tree analysis, Monte Carlo, tornado diagrams.

87
Q

Tornado diagram

A

based on sensitivity and shows potential impact.

88
Q

Evaluation decision making tools

A

Expected Monetary Value, decision tree diagram, PERT

89
Q

inputs into decision tree diagram

A

PERT calculations and EMV

90
Q

What should a risk response plan include?
aka contingency plan

A

how will you know when an event has happened, what alarms will look like, when to act, who is responsible, who needs to be informed, what additional resources are needed, what will happen when event occurs, response actions to the event, consequences the risk event creates

91
Q

1 tool for developing a risk response

A

SME, data gathering, interviews, strategies for threats, strategies for opportunities, contingent response strategy, alternative analysis, cost benefit analysis, multicriteria decision analysis, risk burn down graph.

92
Q

what is the negative response strategy of mitigation?

A

minimize

93
Q

MOAs

A

memoranda of agreements

94
Q

SLAs

A

service level agreements

95
Q

MSA

A

master service agreements

96
Q

2 scope of work approaches

A

design and functionality

97
Q

5 components of contracts

A

capacity, consideration ,offer, legal purpose, acceptance

98
Q

Who has the most risk in a Fixed Price aka lump sum contract?

A

seller

99
Q

Who has the most risk in a time and materials contract?

A

buyer

100
Q

Who has the most risk in a cost reimbursement contract?

A

buyer

APM (3 decks)

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