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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
Q

Project-Oriented 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

26
Q

Virtual structure

A

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
Q

Hybrid structure

A

Combination of other structure types

28
Q

Enterprise Environment Factors (EEF)

A

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
Q

Organizational Process Assets (OPA)

A

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
Q

RFP

A

request for proposal

31
Q

RFQ

A

request for qualifications

32
Q

IFB

A

invitation for bid

33
Q

DB | DBB

A

Design build, design bid build

34
Q

IDIQ

A

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
Q

BABBL

A

Baseless Assertions Bankrupt Blather; not really saying anything (no metrics)

36
Q

Billing rate

A

what you can expect to charge your client (for an hourly project) to maintain profitability; Billing rate = Employee rate:+ benefits and overhead + Profit

37
Q

Analogous estimation

A

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
Q

Parametric estimating

A

◦ 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
Q

Bottom up estimation

A

◦ 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
Q

Three point estimates

A

◦ 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
Q

Planned Value (PV)

A

The work and budget established with the cost management plan

42
Q

Earned Value (EV)

A

work performance as % completed work relative to budget (BAC)

43
Q

Actual Costs (AC)

A

the actual cost of the work performed; it is bad when AC exceeds planned budget

44
Q

Cost Variance (CV)

A

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
Q

CPAF

A

Cost + award fee
(highest risk for buyer, lowest risk for seller)

46
Q

CPIF

A

Cost + Incentive fee
◦ actual costs +- percentage of difference + incentive fee ( performance based, split based on over/under costs)

47
Q

CPFF

A

Cost + Fixed fee

48
Q

T&M

A

Time and material

49
Q

FP-EPA

A

Fixed price with economic price adjustment
◦ agreed upon price+ method to adjust based on market

50
Q

FPIF

A

fixed price +incentive fee
◦ incentive fee performance based

51
Q

FFP

A

Firmed fixed price
◦ contracted price
(Lowest risk for Buyer, Highest risk for seller)

52
Q

Least cost

A

◦ best for predictable effort and stander practices
◦ may require shortlisting from quals

53
Q

Qualifications only

A

◦ best if considering credibility expertise specialization

54
Q

Quality based

A

◦ evaluated first in quality then selected for negotiation on financials

55
Q

Quality and Cost Based

A

◦ both technical and cost factors are scored

56
Q

Sole source

A

◦ considers only a single source, cost is negotiated

57
Q

Fixed Budget

A

◦ buyer advertises the total budget seller modifies scope /approach based on budget

58
Q

Owner Perspective (buyer)

A

◦ the owner/client is looking to procure services to design a new roadway. They are seeking proposals from qualified engineering firms

59
Q

Consultant Perspective (seller)

A

◦ 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
Q
A

Project Management (2 decks)

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