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PFMC Flashcards

PFMC Exam 1

1
Q

What is centered on a vision to guide change. The art and science of influencing other towards to attainment of goals. It moves followers to action and ensures that followers behavior is purposeful, and goal directed.

A

Leadership

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2
Q

The practice of adjusting our brain depending on task that is needing accomplished. Focused on important and relevant information. Filtering out unrelated information to the critical task.

A

Strategic attention

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3
Q

Seemingly unrelated data points coming together to create new ideas. Deconstructing conclusions to create new ones.

A

Integrated reasoning

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4
Q

The capacity to be aware, to control, express feelings, and handle our interpersonal relationship judicially and empathetically. Better understanding yourself and people around you, and what you feel.

A

Emotional Intelligence

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5
Q

What are the 2 competencies of Emotional intelligence?

A
  1. Intra (personal) competency
  2. Inter (social) competency
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6
Q

What makes up Intra competency?

A
  1. Self-awareness
  2. Self-managment
  3. Motivation
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7
Q

What makes up Inter competency?

A
  1. Social awareness (skills)
  2. Relationship Management (Empathetic)
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8
Q

What are some characteristics of critical thinkers?

A

Reasonable, reflective, and aligned with intellectual standards

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9
Q

What are some traits of good critical thinkers?

A

They raise vital questions, gathers & assesses relevant information, effectively comes to well-reasoned conclusions, thinks open minded, and communicated effectively

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10
Q

What are the characteristics of a “Vision”

A

o Defines the optimal desire future/provide guidance and inspiration as to what and organization is focused on achieving.
o What all employees understand their work every day ultimately contributes

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11
Q

What are characteristics of a “Mission”

A

o Defines the present state or purpose of the organization
o What it does, for who and how it does it

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12
Q

What does a “Goal” provide?

A

o Desired future state in a particular area or theme

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13
Q

What is the SAF/FM Mission?

A

Maximize Resources for our Nation’s Air Force

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14
Q

What is the SAF/FM Vision?

A

Right Resources - Right Place, Right Time, Every Time

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15
Q

What are the 5 steps of the decision making model discussed in class?

A
  1. Identify the Issue
  2. Analyze the Issue
  3. Develop Alternatives
  4. Evaluate the Alternatives
  5. Make a Recommendation
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16
Q

What is the most important step of decision support?

A

Identify the Issue

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17
Q

What is the function of the “Identify the Issue” step?

A

-Ensures decision makers and decision support teams are working towards same objective
-Structures the problems
-Sets the Stage for success

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18
Q

What are the tools associated with the “Identify the Issue” step?

A

o Brainstorming
o Fish Bone (Cause & Effect)
o Five Wise (Why’s)

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19
Q

What is the purpose of Part 1 of the “Analyze the Issue” step?

A

Breaks issues down to better understand its parts / Simplifies complex issues

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20
Q

What is the deliverable of Part 1 of the “Analyze the Issue” step?

A

“Issue Environment” - Relevant Facts, Necessary Assumptions, Valid Limitations, and defined / weighted evaluation criteria

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21
Q

What are the tools associated with Part 1 of the “Analyze the Issue” step?

A
  • Affinity Diagram (Brainstorming, Random Facts)
  • Relations Diagram (Cause and Effect, Expands on Affinity)
  • Q-Box (5 Whys + How) X Importance Factors
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22
Q

What is the purpose of Part 2 of the “Analyze the Issue” step?

A

o Develop Evaluation Criteria
o Reveals and documents preferences
o Evaluates the “Good”
* What do we have to work with?
* Context
* Priorities
* Intent

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23
Q

Why do you define evaluation criteria prior to developing alternatives?

A

To mitigate bias

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24
Q

What are the characteristics of good alternatives?

A

Good alternatives are:
o Broadly constructed
o Feasible
o Genuine
o Reasonably numerous

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25
Q

What is benchmarking and why would you use it?

A

Benchmarking IDs/Applies “Best practices”
Used to:
* Improve performance
* ID opportunities for improvement
* Reduce risk
* Potentially save resources

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26
Q

What are the components of a SWOT analysis?

A

o Strengths
o Weaknesses
o Opportunities
o Threats

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27
Q

What does the “Evaluate the Alternatives” step determine?

A

The best set of criteria to evaluate alternatives based on issue identification and desired end state

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28
Q

What are the two levels of measurement?

A

Quantitative and Qualitative

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29
Q

What level of measurement provides an interval difference between numbers?

A

Quantitative

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30
Q

What level of measurement is nominal or of no particular order, or provides ordinal-ranked?

A

Qualitative

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31
Q

What are the elements of a decision brief?

A
  • Focus Presentation w/ issue statement
  • BLUF (Bottom line up front)
  • Body: Describe the issue environment (relevant facts, assumptions, valid limitations)
  • Evaluation criteria and their weighting
  • Clearly define alternatives
  • Explain why unethical, illegal, or infeasible if necessary
  • Closing: Make a recommendation/ask for a decision
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32
Q

What should you focus on when preparing for a decision brief?

A
  • ABCs - Accurate, Brief, Clear
  • Know your purpose/understand the context
  • ID key participants / stakeholders
  • Be prepared
  • Look for holes in data
  • ID uncertainties/trouble shoot
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33
Q

Heart of leadership:

A

influence.

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34
Q

Strategic Attention:

A

allows focus while filtering out unimportant info for decision making.

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35
Q

Integrated Reasoning:

A

-Taking two unrrealted data points together to create novel ideas or new concepts (novel concepts).
-ability to alter direction when new info arises.

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36
Q

What is critical thinking?

A

Thinking about your thinking. (Using our intelligence and knowledge to reach objective and rational viewpoints.)

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37
Q

Emotional Intelligence:

A

-uses our awareness of emotions to help manage our behavior and decisions.
-the capacity to be aware of to control, and express feelings, and to handle interpersonal relationships judicially and empathetically.

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38
Q

Good Critical Thinking

A

is reasonable, reflective, and aligned with intellectual standards.

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39
Q

bias:

A

Is an inclination or prejudice for or against one person or group, especially in a way considered to be unfair.

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40
Q

Fallacy:

A

Is a mistaken belief, especially one based on unsound argument.
-Flaw defect in argument

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41
Q

anchoring:

A

(Cognitive Bias) the tendency, in making judgments, to rely on the first piece of information encountered or information that comes most quickly to mind.

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42
Q

Sunk Costs:

A

-Continuing a project off past decisions. Looked at as invesment. Not able to admit a mistake.
-Are costs that are made in the past and cannot be recovered.

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43
Q

Data Quality:

A

Is the key to data analytics.

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44
Q

What are Heuristics?

A

-a mental shortcut that allows people to solve problems and make judgments quickly and efficiently
-Educated guess, Intuition, best judgement, or common sense.

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45
Q

Heuristics is a mental

A

shortcut… that allows problem solving and judgement to occur quicker.

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46
Q

Step 1 of decision making process

A

Identify the Issue

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47
Q

Step 2 of decision making process

A

Analyze the Issue

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48
Q

Step 3 of decision making process

A

Develop Alternatives

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49
Q

Step 4 of decision making process

A

Evaluate Alternatives

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50
Q

Step 5 of decision making process

A

Make A Recommendation

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51
Q

PLUS model:

A

Policies, Legal, Universal, Self.

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52
Q

policies:

A

Is it consistent with org policies, procedures, and guidelines?

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53
Q

legal:

A

Is it permitted by law and regulation?

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54
Q

universal:

A

Does it conform to universal values (e.g. patience, ‘golden rule’, etc.)?

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55
Q

self:

A

Does it satisfy your personal morals/ethics? (Is it right, good, and fair?)

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56
Q

Decision support is define as:

A

enabling decision makers to make informed decisions that best use resources and improve mission effectiveness.

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57
Q

Decision Support Steps:

A
  1. Identify the issue;
  2. Analyze the issue;
  3. Develop alternatives;
  4. Evaluate the alternatives;
  5. Make a recommendation.
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58
Q

Purpose of ‘Identify the Issue’:

A

provides structure to the problem and ensures everyone’s going in the same direction for the goal.

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59
Q

Deliverables of Step 1. Identify the Issue:

A

Issue Statement.

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60
Q

Purpose of ‘Analyze the Issue”

A

to break down or simplify.

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61
Q

Deliverables of Step 2. Analyze the Issue:

A

-Relevant facts;
-Necessary assumptions;
-Valid limitations;
-defined & weighted criteria.

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62
Q

Purpose of ‘Develop Alternatives’:

A

to provide a set of broadly constructed, feasible, genuine, and reasonably numerous alternatives.

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63
Q

Deliverables of Step 3. Develop Alternatives:

A

3 to 5 “good” alternatives.

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64
Q

Purpose of ‘Evaluate Alternatives’:

A

methodically evaluate alternatives based on a set of weighted criteria to rank the alternatives.

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65
Q

Deliverables of Step 4. Evaluate Alternatives:

A

rank ordered alternatives & justification for ranking via a prioritization matrix.

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66
Q

Purpose of ‘Make a Recommendation’:

A

to get a decision.

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67
Q

Deliverables of Step 5. Make a Recommendation:

A

the number one alternative we can recommend.

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68
Q

5 “Wise”:

A

Asking why, at least 5 times, to help get to the real root cause and help identify an issue.

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69
Q

Which step does the 5 ‘Wise’ support?

A

Step 1. Identify the Issue.

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70
Q

Prioritization Matrix:

A

shows how each alternative meets criteria, which provides fidelity due to multiple criteria and assigns a rank to order them.

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71
Q

Q box:

A

(Analyze the issue) A matrix using “Question Words” and “Important Qualities”; matrix intersections help you formulate relevant questions; organized and focused approach.

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72
Q

Mission Statement:

A

Is a statement of the organization’s purpose - what it wants to accomplish in the larger environment.

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73
Q

Vision Statement:

A

defines the optimal desired future, provides guidance and inspiration to org goals, and acts as the ‘north star’ to employees.

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74
Q

SAF/FMB:

A

does budget and execution.

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75
Q

SAF/FMF:

A

does financial ops; ensures audit readiness, develops management policy, FM Systems, disbursing, pay, and quality assurance.

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76
Q

SAF/FMC:

A

Does cost and economics

77
Q

SAF/FME:

A

does support for education, training, and workforce; responsible for communication to DAF community.

78
Q

Values of analysis:

A

process value & results value.

79
Q

Process value:

A

provides feasibility and testing in analysis.

80
Q

Results value:

A

provides actionable, thorough, and relevant results from analysis.

81
Q

PPBE Objective:

A

provides the best mix of forces, equipment, manpower, and support attainable within fiscal constraints in a fair/equitable manner.

82
Q

Goal of PPBE:

A

to achieve defense objective established by the President and SECDEF. The ultimate product is the President’s Budget.

83
Q

4 Phases of PPBE:

A
  • Plannning;
  • Programming;
  • Budgeting;
  • Execution.
84
Q

Planning Phase of PPBE:

A

this is where we identify our capability requirements and translate that into meaningful plans for developing a program for FYDP (fiscal years defense program).

85
Q

Programming Phase of PPBE:

A

this is where we match requirements and resources; providing options.

86
Q

Budgeting Phase of PPBE:

A

this is where we translate programs into budget proposals.

87
Q

Execution Phase of PPBE:

A

this is where we expend resources ($) and evaluate how we achieved desired capabilities.

88
Q

Cost Analysis/Estimating:

A

collecting and analyzing historical data and applying quantitative models, techniques, and other analytical processes to predict future costs and provide the best estimates given our purpose and any constraints.

89
Q

What are the basic characteristics of credible cost estimates?

A

-Comprehensive
-Well-documented
-Accurate
-Credible

90
Q

5 Methodologies of Cost Analysis:

A

-Analogy;
-Parametric;
-Engineering;
-Actual costs;
-Expert opinion.

91
Q

Parametric in cost analysis is:

A

-Cost estimating relationship.
-Uses an established relationship with one or two independent variables.
-cost estimating based on parameters.

92
Q

Expert Opinion in cost analysis:

A

-In conjunction with another method
-getting more than one expert opinion.

93
Q

Risk is:

A

variability of outcomes for a given variable.

94
Q

Sensitivity Analysis:

A

examines how sensitive the cost estimate is to change and input variables. (E.g. What happens if the assumed value changes?)

95
Q

What assesses negative potential impacts to some characteristics of value?

A

Risk Analysis.

96
Q

Uncertainty is:

A

Imperfect/unknown information that causes indefiniteness about the outcome.

97
Q

Define good for alternatives:

A

Broadly constructed, feasible, genuine, and reasonably numerous.

98
Q

At which step do you identify how well each alternative meets your priorities?

A

Step 4. Evaluate the Alternatives.

99
Q

What is broken up into “intra” and “inter” social competencies?

A

Emotional Intelligence.

100
Q

What cost estimating methodology is used when similar items are being compared?

A

Analogy.

101
Q

What enables decision makers to make informed decisions?

A

Decision support.

102
Q

What thinking trap might cause a person to continue a project that is over cost and behind schedule?

A

Sunk costs.

103
Q

What statement best defines the present state or purpose of an organization?

A

Mission Statement.

104
Q

What is the most important step of the Decision Support Model?

A

Identify the issue is the most important step.

105
Q

Which deliverable from Step 2 of the DS Model helps avoid and mitigate bias?

A

Defined and weighted evaluation criteria.

106
Q

What involves imperfect information that causes indefiniteness about an outcome?

A

Uncertainty.

107
Q

The PLUS model is a method for integrating ethical considerations into the decision support process. Within that model, the “P” best describes what?

A

Policy considerations.

108
Q

Which SAF Directorate is best suited to represent the Air Force in education discussions?

A

SAF/FME.

109
Q

At which stage of the PPBE process does the Air Force evaluate how well it achieve its objective?

A

Execution process.

110
Q

Which SAF Directorate delivers credible objective analyses?

A

SAF/FMC.

111
Q

What is the process by which one influences others toward the attainment of a goal?

A

Leadership.

112
Q

Which SAF Directorate is best suited to represent the Air Force in discussions regarding audit readiness?

A

SAF/FMF

113
Q

A plan of action or policy designed to achieve a major or overall aim is called a/an:

A

strategy.

114
Q

What does the R stand for in the acronym ACRAT?

A

Replicable. A reviewer can follow the same process.

115
Q

What does the first A stand for in the acronym ACRAT?

A

Accurate

116
Q

What does the C stand for in the acronym ACRAT?

A

Comprehensive

117
Q

What cost estimating methodology involves a detailed, bottoms up approach?

A

Engineering

118
Q

What does the second A stand for in the acronym ACRAT?

A

Auditable

119
Q

What does the T stand for in the acronym ACRAT?

A

Traceable

120
Q

What cost estimating methodology involves costs derives from costs happening now?

A

Actual Costs

121
Q

4 fundamental leadership skills:

A

-influence;
-communication;
-self awareness;
-learning agility.

122
Q

Name the four strategy documents:

A

-NSS, NDS, NMS, DPG.

123
Q

Types of Heuristics:

A

-Emotion
-Availability
-Familiarity
-Scarcity
-Stereotyping
-Trail and Error

124
Q

Emotion (Heuristics)

A

Choices are influenced by emotion felt. (I.e. someone is in a positive mood, they see decisions as having higher benefits and lower risks)

125
Q

Availability (Heuristics)

A

Choices are influenced based on the ease with which something is recalled. (I.e. noticed a lot of air travel incidents lately; therefore, air travel must be inherently more dangerous (incorrect).

126
Q

Familiarity (Heuristics)

A

Choices are influenced by how well known they are to the decision-maker. Tend to favor known experiences vs new ones.

127
Q

Stereotyping (Heuristics)

A

Choices are influenced by comparing the present situation to the most representative mental prototype.

128
Q

Scarcity (Heuristics)

A

belief that things which are scarce or less available are inherently more valuable than others

129
Q

Trail and Error (Heuristic)

A

Trying a variety of solutions until you find one that works best.

130
Q

List of Common Fallacies

A

-Ad hominem
-Slippery Slope
-Red Herring
-Starw Man
-False Dilemma

131
Q

Ad Hominem

A

Attack the person

132
Q

Slippery Slope

A

Rejecting alternatives because it may lead to something else

133
Q

Red Herring

A

Diverting attention away from the issue

134
Q

Straw Man

A

Oversimplification of an argument, which makes it easier to refute

135
Q

False Dilemma

A

Presenting only two options to an issue when there are more complexities

136
Q

The National Security Strategy (NSS) is authored by:

A

POTUS/NSC

137
Q

The National Defense Strategy author:

A

SECDEF

138
Q

The National Military Strategy author:

A

Chairman, Joint Chief of Staff

139
Q

Defense Planning Guidance (DPG) author:

A

SECDEF

140
Q

Financial Managers must be like what to meet the analytical needs of the Air Force?

A

-Timely
-Capable
-Reputable

141
Q

“Speed of Relevance”….engage early/while leadership is….

A

Timely

142
Q
A
143
Q

Financial mangers must be like what to meet the analytical needs of the Air Force?

A

-Timely
-Capable
-Reputable

144
Q

Speed of relevance…..engage early/while leadership cares

A

Timely

145
Q

Trained and have guidance to efficient/effectively perform analysis

A

Capable

146
Q

Known for producing timely, relevant, high-quality analysis that adds value for the decision maker

A

Reputable

147
Q

A sensitive analysis focuses on changing 2+ parameters at a time to study the impact on the recommendation (True/False)

A

False. It’s one at a time.

148
Q

In this class, there are two definitions of critical thinking (True/False)

A

True

149
Q

The four levels of measurement are:

A
  1. Nominal
  2. Ordinal
  3. Interval
  4. Ratio
150
Q

2 Types of data are:

A

Qualitative and Quantative

151
Q

Qualitative is:

A

Descriptive or conceptual

152
Q

Quantitive is:

A

Be counted or measured

153
Q

No particular order, Mutually exclusive:

A

Nominal measurement

154
Q

Ranking, ordered, order matters but differences between values unknown

A

Ordinal measurement

155
Q

Differences between numbers; Zero does not mean the absence of a variable. thermometer

A

Interval measurement

156
Q

All same properties as interval, except when variable= 0 none of the variable, Speedometer

A

Ratio measurement

157
Q

What are the 4 measurements:

A

Nominal, Ordinal, Interval, Ratio

158
Q

SPPBE stands for:

A

Strategy, Planning, Programming, Budgeting, Execution

159
Q

Any methodology which weighs cost, benefit, and uncertainty fall under AFMAN 65-506 (TRUE/FALSE)

A

True

160
Q

What are the 3 criterion of Economic Analysis:

A

-Cost
-Benefit
-Uncertainty

161
Q

What are the 4 types of Comparative Analysis discussed:

A

-Analysis of Alternatives
-Economic Analysis
-Cost Benefit Analysis
-Business Case Analysis

162
Q

Four types of reasoning are:

A

Deductive, Inductive, Abductive, and Backwards

163
Q

The data science roadmap:

A
  1. Frame the Problem
  2. Understand the data
  3. Extract the features
  4. Model and ANalyze
  5. Present results/deploy code
164
Q

Starts with general statements (hypothesis) and examines possibilities to reach a specific, logical conclusion. (Reasoning)

A

Deductive reasoning

165
Q

Makes broad generalizations from specific observations. (Reasoning)

A

Inductive reasoning

166
Q

Starts with an observation or a set of observations and then seeks to find the simplest and most likely explanation for the observations. (Reasoning)

A

Abductive reasoning

167
Q

Starts from your goal and works backwards. (Reasoning)

A

Backwards reasoning

168
Q

What are the sources of risk and uncertainty in a cost estimate?

A

-unknown unknowns
-methodology
-schedule/technical
-requirements

169
Q

The 4 components of influences are:

A

-Positional Power
-Emotion
-Expertise
-Nonverbal signals

170
Q

4 Steps of the decision support model, evaluation techniques include

A

-Pros and Cons
-Trade off Table
-Prioritization Matrix

171
Q

Focus on obtaining information about a larger group from a smaller sample group.

A

Inferential

172
Q

Summarize large amounts of raw data into meaningful information.

A

Descriptive

173
Q

What are two types of Statistics?

A

Inferential and Descriptive

174
Q

List the common fallacies:

A

-Ad Homonem
-Slippery Slope
-Red Herring
-Straw Man
- False Dilemma

175
Q

Attacking a person

A

Ad Homonem

176
Q

Rejecting an alternative because of what it could lead to.

A

Slippery slope

177
Q

Diverting attention away from the issue.

A

Red Herring

178
Q

Oversimplifying an issue.

A

Straw Man

179
Q

Giving to possible options to an issue when it’s more complex.

A

False Dilemma

180
Q

Which documents are vital to the SPPBE process?

A

-NSS
-NDS
-NMS

181
Q

What are the Airmen Leadership qualities:

A

-Executing the Mission
-Leading people
-Managing resources
-Improving the unit

182
Q

List the Traps:

A

-Status Quo
-Confirming Evidence
-Over-confidence
-Time Constraints
-Endowment
-Sunk Costs

183
Q

A predisposition to perpetuate the current situation.

A

Status Quo

184
Q

Idea that people prefer what they have now.

A

Endowment

185
Q

Your confidence blinds you.

A

Over confidence

186
Q

Making a decision and then getting support after.

A

Confirming evidence

187
Q

Never having time to do things.

A

Time Constraints

188
Q

Cognitive Biases

A

-Confirmation Bias
-Self serving bias
-False Consensus bias
-Halo Effect
-Misinformation effect
-Optimism bias
-anchoring bias
-Actor-observer bias
-Hindsight bias

189
Q

Analysis techniques

A

Affinity diagram
Relations diagram
Q Box

PFMC (2 decks)

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