PM Exam 2 Flashcards
Cost Plus Fixed Fee
the buyer reimburses the seller for the seller’s allowable costs plus a fixed amount of profit.
Gold Plating
done intentionally or knowingly for some strategic purpose. That by adding the extra features, future projects could be accepted
How to calculate stakeholder communication channels
((# of Stakeholders + PM) * (# of Stakeholders + PM – 1))/2
When are Project Deliverables Defined?
scope planning
Risk Exploitation
meant for positive situations.
Risk Mitigation
where you have a strategy to either reduce the risk impact or probability
Risk Acceptance
there is nothing you can do about situations not in your control
Balanced Matrix
Power resides equally distributed between the functional and project manager.
Weak Matrix
is more like a Functional Organization where the project manager has almost no authority.
In What type of management structure are the lines of authority clearly defined?
Functional
What are the parts of the management quality audit process?
Quality Audits
When does Define Activities take place?
Refinement Stage
What does the project quality management process address?
management of the project and the product. It improves project management as well as the quality of the product
Schedule Network Diagram
visualizes the sequential and logical relationship between tasks in a project setting
Backward Pass
Used to calculate the Late Start and Late Finish of all the activities in the network diagram.
Forward Pass
Early Start and Early Finish,
Work Authorization System
It defines how work will be authorized and how work will be done at the right time and in the right sequence.
Calculating Estimate at Completion
EAC = Actual Cost + (Budgeted AC - Estimated Value)
Earned Value Analysis
used to measure performance based on Scope, Schedule, and Cost.
Who Came Up With Continuous improvement
Deming Cycle – PDCA(Plan Do Check Act)
WBS Dictionary
Provides detailed deliverable, activity and schedule information of each component in the WBS
Qualitative Risk Analysis
Identifying Risks, How likely they are to happen and potential impacts if they do.
Quantitative Risk Analysis
Assign numerical value to each risk based on data collected by the project team.
Resource Breakdown Structure
Shows various resources, both human and mechanical, needed for the project.
Fast Tracking
schedule compression technique of performing activities in parallel ( may result in increased risk and rework)
Statement of Work
An SOW is a description of products to be delivered to the project by the vendor
Develop Schedule
Analyzing-
Activity Sequences
Constraints
Durations
Requirements
Delphi Technique
anonymously information gathering technique
Achievement Theory of Motivation
States there are three types of motivational needs: need for achievement, need for authority, and power, and need for affiliation.
Theory X
people generally do not like to work and are not motivated to work
Theory Y
people want to work and enjoy it, and management does not need to “hover” and constantly supervise
Monitor Stake Holder Engagement
it will maintain or increase the efficiency and effectiveness of stakeholder engagement activities as the project evolves and the environment changes
Critical Path
The Path with the longest duration is the critical path.
Responsibility Assignment Matrix (RAM)
details the different tasks for the members in the project.
Salience Model
classifies stakeholders based on their authority, urgency and legitimacy.
Team Charter
Defines; work hours, how teams make decisions, manage conflicts, core values
Parametric Estimation
(Use when cost per units are available) uses the relationship between variables to determine cost or duration.
Special Cause
Data point in a control chart that requires investigation
T Shaped Skills
Skilled in one deep area and broad ability in the rest of the skills.
Crashing
Technique used to shorten schedule by adding resources
Herzberg Hygiene Theory
Helps avoid dissatisfaction
Three Points Estimation Technique
(Most Basic Average) (O+P+M)/3
What does Validate Scope do?
validating what was delivered and what was required
Why is verification and validation of the deliverables required?
To meet the business needs and project requirements
TCPI(To Complete Project Index)
measure of the ratio of the work remaining to the funds remaining
Parts of Quality Planning
Benchmarking, Cost of Quality, Mind Mapping
Control Quality Process
review the deliverable, verify requirements, suggest improvements
Management Reserves
Unknown Risks
Contingency Reserves
Known Risks
Float Formula
Late Start – Early Start = Float
Project Scope Statement
Description of the:
Assumptions
Constraints
Scope
Major Deliverables
When can a PM make changes to the project without the Change Control Board?
When there is no impact to the project baseline
Control Account
Point in project where actuals are measured against earned value.
TCPI = ( BAC - EV ) / ( BAC - AC )
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.
TCPI= ( BAC - EV ) / ( EAC - AC )
is to be used when the project is over budget.
Negative Cost Variance
Over Budget
Positive Cost Variance
Under Budget
What always precedes Corrective Action?
Non Conformity
What never precedes preventative action?
Non Conformity
Defects to what need to undergo change control
Deliverables, Corrective and Preventative Actions
Define Risk Acceptance
When there is nothing you can do about situations not in your control
Define Risk Exploitation
meant for positive situations
Define Risk Mitigation
reduce the risk impact or probability
Define Risk Transfer
Someone else will be responsible for handling the risk
What are the main components of the quality management process?
Planning, Assurance, Control and Continuous Improvement
Name some tools and techniques of the manage quality process
Data Gathering, Analysis, Decision Making, Audits, Design for X, Problem Solving.
What is the purpose of a quality audit?
To confirm that project activities conform to policies and procedures
What is an activity network diagram used for?
Scheduling
When would you use a process decision program charts?
Anticipate Immediate Steps
What is a process analysis used for?
Identify problems and their cause, and develop preventative action.
SWOT
Strengths Weakness Opportunities and Threats
What is XP Metaphor
A simple non-technical way to describe project scope.
What is Variance Analysis?
Comparing target dates with the actual or forecast start and finish dates
