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Project+ > Overall Project+ Material > Flashcards

Overall Project+ Material Flashcards

1
Q

What is a chart of accounts?

A

IDs that represent each level in WBS outline form

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2
Q

Purpose of Functional Requirement?

A
  • Characteristics needed for project to perform
  • Behavioral, performance-oriented; descriptive
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3
Q

What is a business case?

A

Document to show benefit/reward of potential project

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4
Q

Executing:

A

Deliverables produced/verified

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5
Q

What is PV?

A

Planned Value:

  • PART OF EARNED VALUE MANAGEMENT
  • Cost of authorized work that’s budgeted for a specific schedule activity or WBS component during a given time period or phase.
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6
Q

What is RACI?

A

Chart to show

Responsible/Accountable/Consulted/Informed

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7
Q

What are the key project charter elements?

A
  • Purpose of project
  • Goals/objectives
  • Deliverables
  • Requirements
  • Milestones
  • Budget
  • Assumptions
  • Constraints/risks
  • PM
  • Sponsor
  • Project approval criteria
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8
Q

What is SS?

A

Start-to-Start

Predecessor must start before successor.

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9
Q

What does a PERT do?

A

Program Evaluation Review Technique

  • (optimistic + pessimistic + (4 × most likely)) / 6
  • Calculates expected value (weighted average) of critical path tasks IOT determine project duration by using three estimates:
    • Most likely
    • Pessimistic
    • Optimistic
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10
Q

Purpose of Non-Functional Requirement?

A

Describe the characteristics of the functional requirements. They are not performance or behavioral based.

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11
Q

Who is in Agile team?

A
  • Scrum Master
  • Product Owner
  • Stakeholders
  • Team Members
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12
Q

What is a predecessor activity?

A

An activity that comes before another activity.

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13
Q

Purpose of Business Requirement?

A

To satisfy business goals/strategic perspectives

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14
Q

What is a CPM used for?

A

Critical Path Method

  • Determines task float time
  • Calculating the overall time from start to finish to complete the project and identifying tasks on the critical path
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15
Q

What does CPM stand for?

A

Critical Path Method

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16
Q

What is ETC and it’s purpose?

A
  • Estimate to Complete
  • Can be used for burn rate determination
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17
Q

What is the purpose of a Run chart?

A

Displays data observed or collected over time as plots on a line

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18
Q

What type of clarity does Scope Management Plan provide?

A
  • Defines preperation process for scope statement/WBS.
  • Documents process that manages/changes project scope
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19
Q

What are quality gates and when are they used?

A

Used for quality checks @ certain milestones

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20
Q

What are the different Task Duration Estimating Techniques?

A
  • Analogous Estimating
  • Expert Judgement
  • Parametric Estimating
  • Program Evaluation and Review Technique (PERT)
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21
Q

What is CV and it’s formula?

A

Cost Variance:

  • CV = EV - AC
  • Tells you whether costs are higher than budgeted or lower than budgeted
  • Measures the actual performance to date against what’s been spent.
  • Positive = lower than budgeted
  • Nagative = higher than budget
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22
Q

What are the key scope management elements?

A
  • Scope change request process
  • Deliverables acceptance/validating definition
  • WBS creation/maintaining/approving process
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23
Q

What are the functions of a PMO?

A
  • PM project quality guidance
  • Maintain project standards, processes, and templates
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24
Q

What does IPECAC stand for?

A

Initiating Planning Executing Controlling And Closing

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25
Q

What is AC?

A

Actual Cost

  • PART OF EARNED VALUE MANAGEMENT
  • Actual cost of completing work component in a given time period
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26
Q

What is a RAM?

A

Responsibility Assignment Matrix (RASI):

Maps WBS elements to required resources

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27
Q

Planning:

A
  • Project schedule/WBS created
  • Requirements identified
  • Budget defined
  • Communications, procurement, change management plan developed
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28
Q

What is a PDM?

A

Precedence Diagramming Method (Activity on node)

A network diagramming method that places activities on nodes, which connect to dependent activities using arrows.

  • Boxes = project/node activities
  • Arrows = Connect boxes & show dependencies
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29
Q

What does a business case include?

A

Business need/justification; shows high-level estimated budget/timelines

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30
Q

Monitoring and Controlling:

A
  • Performance measures/reporting
  • Quality control
  • Request for change/corrective actions occur
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31
Q

What is established after lowest WBS level is established?

A
  • Times/cost estimates
  • Resource assignments
  • Work package
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32
Q

What is EVM?

A

Earned Value Management:

Performance measurement technique that compares what your project has produced to what you’ve spent by monitoring the planned value, earned value, and actual costs expended to produce the work of the project.

  1. Cost Variance: EV – AC
  2. Cost Performance Index : EV/AC
  3. Schedule Variance: EV – PV
  4. Schedule Performance Index: EV/PV
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33
Q

What is FF?

A

Predecessor must finish before successor finishes.

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34
Q

Parametric estimating formula:

A

[Quantity of work] x [Productivity rate]

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35
Q

What is SV and it’s formula?

A

Schedule Variance

  • Compares activity’s actual progress to date vs. estimated progress
  • Represented in terms of cost
  • Tells you whether the schedule is ahead of or behind what was planned for this period
  • SV = EV - PV
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36
Q

What is CPI and it’s formula?

A

Cost Performance Index:

  • Measures completed work’s value against actual cost
  • EV / AC = CPI
  • Shows cost efficiency
  • CPI < 1 = Spending less than anticipated
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37
Q

What is RFP and when is it used?

A

Request for Proposal:

  • Submitted when you are ready to procure and begin the work.
  • Submit SOW
  • Receive bids from vendors/suppliers
  • Evaluate responses/make selection.
38
Q

What does EVM stand for?

A

Earned Value Management:

  1. Cost Variance: EV – AC
  2. Cost Performance Index : EV/AC
  3. Schedule Variance: EV – PV
  4. Schedule Performance Index: EV/PV
39
Q

What is analogous estimating?

A

(AKA “Top-down” Estimating)

  • Uses duration based on similar tasks on from previous projects.
  • Typically done in early stages of planning
  • LEAST ACCURATE
40
Q

Initiating:

A
  • Authorization to begin/proceed project/next phase
  • Creates project charter, business case, and scope definition
41
Q

What is a SOW and it’s purpose?

A

Statement of Work:

  • Details of goals/services that are wanted to be produce
42
Q

What is Fishbone Diagram AKA?

A

Ishikawa Diagram

43
Q

What is a RBS?

A

Resource Breakdown Structure:

  • Type of hierarchical chart that breaks down the work of the project according to the types of resources needed.
44
Q

Closing:

A
  • Transition to Ops. or maintenance/support
  • raining support personnel - Closing contract
45
Q

What is the main purpose of the scope statement ?

A

To define project objectives, deliverables, and work

46
Q

What is the formula for CPI?

A

Cost Performance Index

CPI = EV / AC

47
Q

What is the purpose of a Pareto chart?

A

Displayed as histograms that rank-order the most important factors by their frequency over time

48
Q

Who publishes, signs, and approves a project charter?

A

Project Sponsor

49
Q

Who is the risk owner?

A

Person responsible for monitoring the project to determine whether the potential for this risk event is high and for implementing the risk response plan should it occur.

50
Q

What is RFQ and when is it used?

A

Request for Quotation:

  • Used when you need to gather more information about the goods or services you need to procure. - Used when the costs are unknown to you and you need an estimate for the goods or services. (Interchangeable with RFI)
51
Q

What is the formula for three-point estimating?

A

(a) + (b) + (c) / 3

52
Q

What is the formula for SPI?

A

Schedule Performance Index

SPI = EV / PV

53
Q

What is bottom-up estimating and it’s formula?

A
  • Assigns cost estimates to each work package
  • Determines work effort
    • WORK EFFORT x productivity rate = total cost
54
Q

What is a Project Process Phases

A
  • Processes to apply project management to meet project requirements
  • 5 Phases (groups):
    • Initiating
    • Planning
    • Executing
    • Controling
    • Closing
55
Q

What is a critical path task?

A

Tasks with same early/late start & finish dates

56
Q

What is the purpose of a Network Diagram?

A
  • To manage sequence activities
  • Shows interrelationships between project activities
57
Q

What is a code of accounts?

A

Collection of chart of accounts

58
Q

What is the formula for Lines of Communication?

A

n(n-1) / 2

59
Q

What is a successor activity?

A

An activity that comes after the activity in question

60
Q

What is the purpose of an Ishikawa diagram?

A

AKA Fishbone Diagram:

  • Cause-and-effect diagram
  • Shows relationship between the effects of problems and causes.
  • Depicts every potential cause of a problem and effect each proposed solution will have on the problem.
61
Q

What is SF?

A

Predecessor activity must start before successor. (Used seldom)

62
Q

What are the Business Case validation properties?

A
  • Justification
  • Alignment to company’s strategic plan
  • Alternative solutions
  • Recommended solution
  • Feasibility study
63
Q

What are governance gates and when are they used?

A
  • Go/no-go decision points
64
Q

What is MOU and it’s purpose?

A

Memorandum of Understanding:

  • Agreement that may outline specific performance criteria or other actions between two or more parties. - Used when a legal agreement can’t be created between the parties
65
Q

What is three-point estimating?

A

Average of:

  1. Most likely
  2. Optimistic
  3. Pessimistic

(a) + (b) + (c) / 3

66
Q

What are the different cost estimating techniques?

A
  • Analogous Parametric
  • Bottom-up
  • Three-Point Estimate
67
Q

What is NDA?

A

Nondisclosure Agreement

68
Q

What is an OBS?

A

Organizational Breakdown Structure

69
Q

What is PERT and it’s formula?

A

Program Evaluation and Review Technique

  • (optimistic + pessimistic + (4 × most likely)) / 6
70
Q

What are the different types of logical relationships?

A
  • Finish to Start (FS)
  • Start to Finish (SF)
  • Finish to Finish (FF)
  • Start to Start (SS)
71
Q

What is a solicitation?

A

Process of getting vendor to respond for SOW project work.

72
Q

What is AC?

A

Actual Cost:

Actual cost of completing the work component in a given time period.

73
Q

What is SPI and it’s main purpose?

A

Schedule Performance Index/Indicator (SPI)

  • Progress from to date vs planned
74
Q

What are the categories of project documenting requirements?

A
  1. Business Requirements
  2. Functional Requirements
  3. Non-Functional Requirements
75
Q

What is RFI and when is it used?

A

Request for Information:

  • Used when you need to gather more information about the goods or services you need to procure. - Used when the costs are unknown to you and you need an estimate for the goods or services. (Interchangeable with RFQ)
76
Q

What technique do Waterfall and Scrum both use?

A

Iterative approach

77
Q

What is FS?

A

Finish to Start (FS):

  • Successor activity cannot start until processor activity completed. (Most common)
78
Q

What does SMP stand for?

A

Scope Management Plan

79
Q

PERT formula:

A

Program Evaluation and Review Technique:

  • (optimistic + pessimistic + (4 × most likely)) / 6
80
Q

What is a scope definition?

A

Describes:

  • project objectives
  • high-level deliverables
  • reason for the project
81
Q

What is a Work breakdown structure (WBS) dictionary

A

Document that describes:

  • deliverables and their components
  • Code of accounts identifier
  • Estimates
  • Resources
  • Criteria for acceptance
  • Any other information that helps clarify the deliverable
82
Q

What is a KPI?

A

Key performance indicators (KPIs):

Help you determine whether the project is on track and progressing as planned by monitoring the project against predetermined criteria.

83
Q

What is scope planning?

A

The process of defining the scope management plan, the scope statement, and the WBS and WBS dictionary

84
Q

What is a Contingency reserve

A

An amount of money or time set aside and dedicated to the project to be used to cover unforeseen costs or time that was not identified as part of the planning process.

85
Q

What is the range that probability is expressed?

A

Between 0.0 and 1.0

86
Q

What is a gantt chart?

A

Graphical representation of:

  • Milestones
  • Deliverables
  • All activities including durations, start and end dates
  • Resources assigned to the task
  • Typically display task using a horizontal bar chart format across a timeline
87
Q

What are the EVM Techniques?

A

Earned Value Management

  1. Cost Variance: EV – AC
  2. Cost Performance Index : EV/AC
  3. Schedule Variance: EV – PV
  4. Schedule Performance Index: EV/PV

(Cost = Actual Cost); (Schedule = Planned Value)

REMEMBER:

  • All formulas start with EV
  • Variances = subtraction
  • Indexes = division
  • ONLY difference between respective related formulas are the operators (i.e. EV-AC vs EV/AC)
88
Q

What’s included in a WBS dictionary?

A
  • Code of accounts ID
  • Work compnonet description
  • Responsible party
  • Resources
  • Cost Estimates
  • Criteria for acceptance
89
Q

What is work effort?

A

Total time it will take for a person to complete the task if they do nothing else from the time they start until the task is complete

90
Q

What is the difference between a RAM vs RBS?

A
  • RAM (responsibility assignment matrix) is a matrix-based chart that maps WBS elements to the required resources.
  • RBS (resource breakdown structure) is a type of hierarchical chart that breaks down the work of the project according to the types of resources needed.
91
Q

What is the difference between risk mitigation vs. risk transference?

A

Risk transference is a risk-response planning technique used to shift threat impact to a third party, together with ownership of the response to it. It shifts threat impact to a third party, together with ownership of the response to it.

Risk acceptance is the practice of accepting a given risk resulting from, for example, a business decision that weighs its cost versus the benefit of dealing with it in another way. It’s viewed as the cost of doing business.

92
Q

What are elements of the change management process?

A

Identify and document the change request.

Track requests in the change request log.

Evaluate the impact and justification of the change.

Disposition the request at the change control board and approve or deny.

Implement the change.

Validate the change and perform a quality check.

Update the project management plan, update the appropriate project documents, and apply version control.

Coordinate and communicate with the appropriate stakeholders.

Project+ (5 decks)

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