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PM > PM Exam 2 > Flashcards

PM Exam 2 Flashcards

1
Q

Cost Plus Fixed Fee

A

the buyer reimburses the seller for the seller’s allowable costs plus a fixed amount of profit.

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2
Q

Gold Plating

A

done intentionally or knowingly for some strategic purpose. That by adding the extra features, future projects could be accepted

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3
Q

How to calculate stakeholder communication channels

A

((# of Stakeholders + PM) * (# of Stakeholders + PM – 1))/2

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4
Q

When are Project Deliverables Defined?

A

scope planning

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5
Q

Risk Exploitation

A

meant for positive situations.

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6
Q

Risk Mitigation

A

where you have a strategy to either reduce the risk impact or probability

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7
Q

Risk Acceptance

A

there is nothing you can do about situations not in your control

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8
Q

Balanced Matrix

A

Power resides equally distributed between the functional and project manager.

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9
Q

Weak Matrix

A

is more like a Functional Organization where the project manager has almost no authority.

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10
Q

In What type of management structure are the lines of authority clearly defined?

A

Functional

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11
Q

What are the parts of the management quality audit process?

A

Quality Audits

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12
Q

When does Define Activities take place?

A

Refinement Stage

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13
Q

What does the project quality management process address?

A

management of the project and the product. It improves project management as well as the quality of the product

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14
Q

Schedule Network Diagram

A

visualizes the sequential and logical relationship between tasks in a project setting

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15
Q

Backward Pass

A

Used to calculate the Late Start and Late Finish of all the activities in the network diagram.

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16
Q

Forward Pass

A

Early Start and Early Finish,

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17
Q

Work Authorization System

A

It defines how work will be authorized and how work will be done at the right time and in the right sequence.

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18
Q

Calculating Estimate at Completion

A

EAC = Actual Cost + (Budgeted AC - Estimated Value)

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19
Q

Earned Value Analysis

A

used to measure performance based on Scope, Schedule, and Cost.

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20
Q

Who Came Up With Continuous improvement

A

Deming Cycle – PDCA(Plan Do Check Act)

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21
Q

WBS Dictionary

A

Provides detailed deliverable, activity and schedule information of each component in the WBS

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22
Q

Qualitative Risk Analysis

A

Identifying Risks, How likely they are to happen and potential impacts if they do.

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23
Q

Quantitative Risk Analysis

A

Assign numerical value to each risk based on data collected by the project team.

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24
Q

Resource Breakdown Structure

A

Shows various resources, both human and mechanical, needed for the project.

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25
Q

Fast Tracking

A

schedule compression technique of performing activities in parallel ( may result in increased risk and rework)

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26
Q

Statement of Work

A

An SOW is a description of products to be delivered to the project by the vendor

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27
Q

Develop Schedule

A

Analyzing-
Activity Sequences
Constraints
Durations
Requirements

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28
Q

Delphi Technique

A

anonymously information gathering technique

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29
Q

Achievement Theory of Motivation

A

States there are three types of motivational needs: need for achievement, need for authority, and power, and need for affiliation.

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30
Q

Theory X

A

people generally do not like to work and are not motivated to work

31
Q

Theory Y

A

people want to work and enjoy it, and management does not need to “hover” and constantly supervise

32
Q

Monitor Stake Holder Engagement

A

it will maintain or increase the efficiency and effectiveness of stakeholder engagement activities as the project evolves and the environment changes

33
Q

Critical Path

A

The Path with the longest duration is the critical path.

34
Q

Responsibility Assignment Matrix (RAM)

A

details the different tasks for the members in the project.

35
Q

Salience Model

A

classifies stakeholders based on their authority, urgency and legitimacy.

36
Q

Team Charter

A

Defines; work hours, how teams make decisions, manage conflicts, core values

37
Q

Parametric Estimation

A

(Use when cost per units are available) uses the relationship between variables to determine cost or duration.

38
Q

Special Cause

A

Data point in a control chart that requires investigation

39
Q

T Shaped Skills

A

Skilled in one deep area and broad ability in the rest of the skills.

40
Q

Crashing

A

Technique used to shorten schedule by adding resources

41
Q

Herzberg Hygiene Theory

A

Helps avoid dissatisfaction

42
Q

Three Points Estimation Technique

A

(Most Basic Average) (O+P+M)/3

43
Q

What does Validate Scope do?

A

validating what was delivered and what was required

44
Q

Why is verification and validation of the deliverables required?

A

To meet the business needs and project requirements

45
Q

TCPI(To Complete Project Index)

A

measure of the ratio of the work remaining to the funds remaining

46
Q

Parts of Quality Planning

A

Benchmarking, Cost of Quality, Mind Mapping

47
Q

Control Quality Process

A

review the deliverable, verify requirements, suggest improvements

48
Q

Management Reserves

A

Unknown Risks

49
Q

Contingency Reserves

A

Known Risks

50
Q

Float Formula

A

Late Start – Early Start = Float

51
Q

Project Scope Statement

A

Description of the:
Assumptions
Constraints
Scope
Major Deliverables

52
Q

When can a PM make changes to the project without the Change Control Board?

A

When there is no impact to the project baseline

53
Q

Control Account

A

Point in project where actuals are measured against earned value.

54
Q

TCPI = ( BAC - EV ) / ( BAC - AC )

A

is to be used when the project is within budget. In this case, the CPI value is less than 1, so the project is not within budget.

55
Q

TCPI= ( BAC - EV ) / ( EAC - AC )

A

is to be used when the project is over budget.

56
Q

Negative Cost Variance

A

Over Budget

57
Q

Positive Cost Variance

A

Under Budget

58
Q

What always precedes Corrective Action?

A

Non Conformity

59
Q

What never precedes preventative action?

A

Non Conformity

60
Q

Defects to what need to undergo change control

A

Deliverables, Corrective and Preventative Actions

61
Q

Define Risk Acceptance

A

When there is nothing you can do about situations not in your control

62
Q

Define Risk Exploitation

A

meant for positive situations

63
Q

Define Risk Mitigation

A

reduce the risk impact or probability

64
Q

Define Risk Transfer

A

Someone else will be responsible for handling the risk

65
Q

What are the main components of the quality management process?

A

Planning, Assurance, Control and Continuous Improvement

66
Q

Name some tools and techniques of the manage quality process

A

Data Gathering, Analysis, Decision Making, Audits, Design for X, Problem Solving.

67
Q

What is the purpose of a quality audit?

A

To confirm that project activities conform to policies and procedures

68
Q

What is an activity network diagram used for?

A

Scheduling

69
Q

When would you use a process decision program charts?

A

Anticipate Immediate Steps

70
Q

What is a process analysis used for?

A

Identify problems and their cause, and develop preventative action.

71
Q

SWOT

A

Strengths Weakness Opportunities and Threats

72
Q

What is XP Metaphor

A

A simple non-technical way to describe project scope.

73
Q

What is Variance Analysis?

A

Comparing target dates with the actual or forecast start and finish dates

PM (2 decks)

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