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Project Management > PM Midterm > Flashcards

PM Midterm Flashcards

1
Q

Laissez-Faire

A

hands-off, where the project team is left to making their own decision

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2
Q

Transactional

A

focus on goals

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3
Q

Servant Leader

A

puts team first, where the project team is left to making their won decision

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4
Q

Transformational

A

empower through motivation

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5
Q

Charismatic

A

high-energy

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6
Q

Interactional

A

combination of other leadership styles

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7
Q

Positional/Formal power

A

comes with job organization

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8
Q

Informational power

A

control by knowledge

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9
Q

Referent power

A

admirations from credit

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10
Q

Charismatic power

A

power through charm and/or attraction

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11
Q

Relational power

A

power through networking

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12
Q

Expert power

A

skills based power

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13
Q

Persuasive power

A

argumentative

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14
Q

Situational power

A

power developed from a unique situation, like a crisis scenario

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15
Q

Ingratiating power

A

power through flattery

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16
Q

Pressure-based power

A

Limit freedom of choice or movement to gain compliance

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17
Q

Guilt-based power

A

power that creates a sense of duty

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18
Q

Avoiding power

A

refusing to participate

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19
Q

Reward-Oriented power

A

Ability to give praise, monetary or other desired items

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20
Q

Coercive power

A

Ability to invoke discipline or negative consequences

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21
Q

Organic/Simple structure

A

this is a common model for small company or office, where each engineer will support project needs as they arise and as capacity allows

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22
Q

Functional/Centralized structure

A

a project may require different disciplines with work allocated to a functinonal manager

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23
Q

Multi-divisional structure

A

similar to functional/centralized, but larger group with repetition in roles for each product or process has replicated resources of team members

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24
Q

Matrix structure

A

This is common (in not informal) model to see, where technical experts are shared across multiple projects. This model comes with many challenges

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25
Project-Oriented structure
This is common (in not informal) model to see, where technical experts are shared across multiple projects. This model comes with many challenges
26
Virtual structure
this is (or was) uncommon in most cases but occurs with large projects pulling in production staff or technical experts from different offices/geographies
27
Hybrid structure
Combination of other structure types
28
Enterprise Environment Factors (EEF)
Conditions not under the immediate control of the team, that influence, constrain, or direct the project program or portfolio. This can be internal or external; * Marketplace Conditions * Existing and new products * legal requirements * industry standard terms * unique local requirements * financial accounting systems
29
Organizational Process Assets (OPA)
plans processes policies procedures and knowledge bases that are specific to and use by the performing organization * Standard templates * Prior reports proposals * Prior project files * Lessons Learned * Project Performance Records * Customized Software
30
RFP
request for proposal
31
RFQ
request for qualifications
32
IFB
invitation for bid
33
DB | DBB
Design build, design bid build
34
IDIQ
Indefinite Delivery/ Indefinite quantity; IDIQ contract follows some of the conditions typical of adaptive delivery methods, with an unknown initial scope often with a max budget and timeframe
35
BABBL
Baseless Assertions Bankrupt Blather; not really saying anything (no metrics)
36
Billing rate
what you can expect to charge your client (for an hourly project) to maintain profitability; Billing rate = Employee rate:+ benefits and overhead + Profit
37
Analogous estimation
only works if you have great data to back it up ◦ an efficient way to consider how to price a new project that shares similarities with prior work ◦ required good record of performance from completed job
38
Parametric estimating
◦ leverages statistical methods of cost estimating based on prior data ◦ appropriate for projects that can isolate variables such as unit costs as square footage of a building, length of a pipeline ◦ accuracy can be very good
39
Bottom up estimation
◦ preferred for accuracy but can be a lot of work ◦ this method considers small components of the scope of work where the budget can be better estimated ◦ this requires significant efforts and references the work breakdown structure (WBS) to consider all components
40
Three point estimates
◦ consider the estimates for the project which may come from different individuals project references or other to include ‣ most likely (cM) ‣ optimistic (cO) ‣ pessimistic (cP)
41
Planned Value (PV)
The work and budget established with the cost management plan
42
Earned Value (EV)
work performance as % completed work relative to budget (BAC)
43
Actual Costs (AC)
the actual cost of the work performed; it is bad when AC exceeds planned budget
44
Cost Variance (CV)
measures the earned value compared to the actual cost ◦ CV = EV - AC ◦ this number should be greater than or equal to 0 to demonstrate positive cost performance
45
CPAF
Cost + award fee (highest risk for buyer, lowest risk for seller)
46
CPIF
Cost + Incentive fee ◦ actual costs +- percentage of difference + incentive fee ( performance based, split based on over/under costs)
47
CPFF
Cost + Fixed fee
48
T&M
Time and material
49
FP-EPA
Fixed price with economic price adjustment ◦ agreed upon price+ method to adjust based on market
50
FPIF
fixed price +incentive fee ◦ incentive fee performance based
51
FFP
Firmed fixed price ◦ contracted price (Lowest risk for Buyer, Highest risk for seller)
52
Least cost
◦ best for predictable effort and stander practices ◦ may require shortlisting from quals
53
Qualifications only
◦ best if considering credibility expertise specialization
54
Quality based
◦ evaluated first in quality then selected for negotiation on financials
55
Quality and Cost Based
◦ both technical and cost factors are scored
56
Sole source
◦ considers only a single source, cost is negotiated
57
Fixed Budget
◦ buyer advertises the total budget seller modifies scope /approach based on budget
58
Owner Perspective (buyer)
◦ the owner/client is looking to procure services to design a new roadway. They are seeking proposals from qualified engineering firms
59
Consultant Perspective (seller)
◦ a consultant provides the buyer with a proposal for the requested service ‣ a consultant may also engage in procurement activities to acquire services that are not offered from the firm
60

Project Management (2 decks)

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