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PM Final > PM Final > Flashcards

PM Final Flashcards

1
Q

Type of data needed for PERT analysis

A

Optimistic, pessimistic, average time for a task, Ts, critical paths?

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2
Q

PV

A

planned value of time anticipated

On gantt will have 0% until started and 100% when finished

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3
Q

EV

A

Earned value
0/100 rule–gives credit when work is completed (used for short duration projects)
50/50 rule–give 50% of value when started and 50% when finished (popular for short projects)
monitoring gates–gives points during stage process

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4
Q

AC

A

actual cost of work performed

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5
Q

BAC

A

total planned value of a project

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6
Q

CV

A

cost variance

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7
Q

CPI

A

cost performance index which is a measure of cost efficiency

most commonly accepted index

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8
Q

TCPI

A

To complete performance index

How much each dollar must create in value to stay in budget

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9
Q

SV

A

scheduled variance. negative number means work that was supposed to be finished has not been
but only true measure of variance is to compare project network to network schedule

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10
Q

SPI

A

scheduled performance index which is used to measure schedule efficiency

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11
Q

CP

A

critical path.

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12
Q

PCIB

A

what percentage of completed work has been on budget. shows how much of the project has been completed more or less

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13
Q

PCIC

A

what percentage has been completed based on revised estimates of total project costs
uses more accurate and up to date information

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14
Q

EACf

A

Forecasted estimate cost at completion

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15
Q

VAC

A

forecasted cost variance at completion. Positive means project will be completed under budget, negative over budget

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16
Q

VACe

A

revised estimate cost variance. positive means under, negative over budget

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17
Q

Types of resource issues

A

People
Materials
Equipment

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18
Q

Two types of scheduling problems

A

Time-constrained projects–must be done by a certain date

Resource constrained project–level of resource cannot go over a certain level

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19
Q

Leveling

A

delay noncritical activities by using up positive slack

Used for time constrained projects

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20
Q

Heuristics

A

Not always gives optimal result but is good for complex networks
Parallel method is widely used

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21
Q

Alternative to heuristics

A

Using linear programming to solve resource scheduling–hard to do due to large amount of data needed

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22
Q

Heuristic priorities

A
  1. minimum slack
  2. smallest duration
  3. lowest activity ID
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23
Q

Splitting

A

splits continuous work by interrupting work and sending resource to another task.
Bad when tasks have large start up or shutdown costs, interrupts people’s mental state

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24
Q

Time-phased budget baseline

A

A budget that breaks tasks into time and cost

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25
Q

CCPM

A

Critical chain project management
Use 50/50 estimate to discourage parkinsons law, student syndrome and self protection
Need to include buffers like (project, feeder and resource)

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26
Q

Tracking gantt chart

A

shows progress

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27
Q

Project baseline

A

Shows what deviations from the plan are

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28
Q

Project baseline

A

Shows what deviations from the plan are

29
Q

Project control process

A

data gathering, management and analytical processing to understand time and cost of a project

30
Q

Control issues with projects

A

Scope creep–do more than the project requires
baseline changes–minimize the need for changes which can be good or bad
Cost and data acquisition problems–getting data is costly in time and money

31
Q

Crashing

A

Shortening an activity

Do this by the smallest increase in cost per unit

32
Q

Crash time

A

Shortest possible time an activity can be finished in

33
Q

Crash cost

A

cost of shortening a cost

34
Q

crash point

A

maximum time an activity can be compressed

35
Q

Cost slope

A

(crash cost-normal cost)/(normal time-crash time)

36
Q

How to choose which activity to crash

A

generally choose cheapest method first
also look at risk involved in crashing each activity
Timing can impact the schedule
can result in over allocation of resources
Impact on morale and motivation

37
Q

Alternatives to crashing

A

reduce scope
have owners take more responsibility–put on customer
Outsource activity/project
Brainstorm cost saving options

38
Q

Agile PM

A

Relies on incremental cycles
Ideal for exploratory projects
Focus on active collaboration
Not suitable for all projects, often used for software
Traditional needs upfront planning and predictability

39
Q

Waterfall vs. Iterative

A

Go step by step forward

Present something, improve it on and on until finished

40
Q

Pros of Agile PM

A

Used for critical breakthrough tech.

Continues integration

41
Q

Agile Methods

A

Scrum is most popular but there are others

42
Q

Scrum development

A

Starts with features you want and their priority (aka product backlog)
Select features
Test, analyse, design and build them,
Set Sprints for activities in perscribed days or months or hours
Monitor through burndown charts
Keep adding features and keep on going on

43
Q

Parts of a status report

A

% complete, EV, AC, PV, SC, CV,

44
Q

Project risk cannot be eliminated even with planning…

A

Always unexpected problems that can arise

we can only minimize risk

45
Q

Whats the significance of risk probability and costs associated with it changing over the life of the project…

A

Likelihood of risks occurring are highest at project beginning
The bigger handle you have on risk in the beginning the less risk you will have overall in the project

46
Q

Difference between risk avoidance and acceptance…

A

You have a plan in place

By avoiding risk you are taking steps to mitigate the overall impact of risk or risk on its own

47
Q

Difference between mitigating a risk and contingency plan….

A

Mitigating means we are reducing the probability of risk

Contingency is having a plan in place if the risk occurs `

48
Q

How are the WBS and change control connected….

A

Change controls checks changes in project scope

Any change in WBS changes change control

49
Q

Likely outcome if change control is not used ….

A

Budget and plan will get off track quickly

Tracking change gives control and accountability

50
Q

Difference of managing positive and negative risks….

A

Managed in the same way but risks are mitigated while opportunities are enhanced

51
Q

Resource scheduling tied to project priority….

A

Resources are limited therefore there needs to be some type of priority as to what work is done first

52
Q

Resource scheduling reduce flexibility in managing projects….

A

Often eats up available slack which increases risks and minimizes options

53
Q

6 reasons scheduling is important…

A

Checks if existing resources are OK
See if resources are available
Decides which resources have priorit
Assesses the impact if another project is added to the pool
Sees what happens to the risk of being late if slack is used up developing a schedule.

54
Q

How can outsourcing work alleviate the 3 most common problems for multiproject resource scheduling….

A

Can reduce slippage
Improve use of critical resources
Help avoid bottlenecks

55
Q

Explain risks associated with leveling or crashing….

A

Flexibility is reduced
Room for error is reduced
Risk increased

56
Q

Why critical to develop time phased baseline…

A

Allows you to measure how much you get for money spent

57
Q

5 common reasons for crashing a project…

A 
Incentive contract
Early to market incentive
Free up work for other projects
Make up for lost time
Save on overhead costs
58
Q

Pros and Cons of reducing project scope to accelerate a project….

A

Pros: time and cost savings
Con: reduce value of finished project

59
Q

Problem of relying on overtime to get project back on task…

A

Your workers can become stressed, tired leading to higher turnover

60
Q

4 indirect costs of a complex project…..

A 
Consultant fees
Supervision cost
Accounting processing
Info processing
Public relationships management
61
Q

How can a cost duration graph be used…

A

Comparisons of alternative options

Pros/cons of changes to the schedule

62
Q

Differences between 5 stage model of team development and punctuated equilibrium model….

A

5 stages: forming, storming, norming, performing, ending

Punctuated is that each group is unique and they are shaped by the restraints of the projects

63
Q

4 elements of effective project vision…..

A

SCIP

Strategy, communication, inspiration, passion

64
Q

Should project manager prioritize group or individual rewards….

A

Group over individual as working as a team and encourages collaboration
Hard to tell which individuals of a group are stellar

65
Q

Functional vs. dysfunctional conflict….

A

Cannot always tell at the time it is occurring

Functional pushes project forward while dys. hinders project

66
Q

When time to hold a formal team building session….

A

When the team is approaching some type of transistion

67
Q

Unique challenges of managing a virtual team….

A

Developing trust and communication

68
Q

What can a PM do to avoid pitfalls of a cohesive team….

A

Be aware that there are some
Encourage activity with others outside the team
Encourage conflict
Reinforce connection to parent company

69
Q

Calculating variance for PERT

A

need to square )(b-a)/6) formla–not done on formula sheet for some reason?

PM Final (1 decks)

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