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Project Management Professional (PMP) > PM Overview - Concepts > Flashcards

PM Overview - Concepts Flashcards

1
Q

Knowledge Areas

A 
Integration
Scope
Time
Cost
Quality
Human resources
Communication
Risk
Procurement
Stakeholder Management
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2
Q

Project Scope Management Process

A
  1. Plan Scope Management
  2. Collect Requirements
  3. Define Scope
  4. Create WBS
  5. Validate Scope
  6. Scope Control
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3
Q

Forward Pass

A

Early Finish = early start + duration

if multiple predecessor, use LATEST EF

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4
Q

Backward Pass

A

Late Start = late finish - duration

If multiple successors, use EARLIEST LS

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5
Q

Total Float

A

Total float = late finish - early finish

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6
Q

Variance - triangular distribution

A

V = [(A-B)^2 + (M-A)(M-B)] / 18

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7
Q

Standard Deviation

A

S = square root of the variance

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8
Q

Weighted-Average or Beta/PERT Distribution

A 
Mean = (O + 4ML + P) / 6
SD = (P-O) / 6
O=optimistic 
ML=most likely
P=pessimistic
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9
Q

Planned Value

A

The budget or portion of the approved cost estimate planned to be spent during a given period.

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10
Q

Actual Cost

A

The total direct and indirect costs incurred in accomplishing work during a given period.

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11
Q

Earned Value

A

The budget for the work accomplished in a given period.

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12
Q

Equations for Earned Value Management

A

Cost Variance = EV - AC
Schedule Variance = EV - PV
Cost performance index = EV / AC
Schedule performance index = EV / PV

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13
Q

Performance Domains::Process Groups

A 
Initiating
Planning
Executing
Monitoring and Controlling
Closing
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14
Q

Estimate at Completion (EAC)

A

Expected total project cost on completion and as of the “data date” (time now)

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15
Q

New Estimate for EAC

A

Original estimate fundamentally flawed/no longer accurate.

EAC = AC + new estimate for remaining work

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16
Q

Original Estimate (EAC)

A

Actual variance seen as the exception. Original estimates seen as more accurate than what’s been seen.
EAC = AC + (BAC - EV)
B = budgeted

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17
Q

Performance Estimate Low (EAC)

A

Future variance likely like current variance.

EAC = BAC / CPI

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18
Q

Performance Estimate High (EAC)

A

Project over budget and schedule impacts work remaining

EAC = AC + (BAC - EV) / (CPI)(SPI)

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19
Q

Remaining Budget

A

Remaining Planned Value

BAC - EV

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20
Q

Estimate to Complete (ETC)

A

Estimate for completing the remaining work for a scheduled activity.

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21
Q

New Estimate (ETC)

A

Entirely new estimate

22
Q

Atypical Past Variance (ETC)

A

ETC = BAC - EV

23
Q

Typical Variance (ETC)

A

ETC = (BAC - EV) / CPI

24
Q

Communication Channels

A

[n(n-1)] / 2

25
Q

Rule of Seven

A

If seven or more observations occur in one direction or on one side of the mean, even if within the control lines; they should be investigated for an assignable cause.

26
Q

Project Constraints

A 
Scope
Quality
Budget (cost)
Resources (cost, time)
Schedule (time)
Risk
27
Q

What is the purpose of Portfolio Management?

A

Balancing scarce resources, costs, benefit, long-term and short-tem risks and goals

28
Q

What are some Project Management Office Pros?

A
  • Emphasis on project management career paths
  • Less anxiety between PMs about next assignments at completion
  • Centering PM competencies
  • Stardization of PM systems
  • Centralized management
29
Q

What are some Project Management Office Cons?

A
  • Extra layer of hierarchy
  • Adverse aspects of matrix org
  • Adverse aspects of a projectized org
  • Lack of application knowledge by the PMs
30
Q

What are interpersonal skills of a project manager?

A
  • Leadership
  • Team building
  • Motivation
  • Communication
  • Influencing
  • Decision making
  • Political and cultural awareness
  • Negotiation
  • Trust Building
  • Conflict Management
  • Coaching
31
Q

What makes up an organizations culture/style?

A

Vision, values, regulations, risk tolerance, and work ethic

32
Q

What are some Functional Organization Pros?

A
  • Flexible staff use
  • Availability of experts for multiple projects
  • Grouping of specialists
  • Technological continuity
  • Normal advancement path
33
Q

What are some Functional Organization Cons?

A
  • Client is not the focus
  • Function rather than problem oriented
  • No one fully responsible for project
  • Slow response to the client
  • Tendency to suboptimize
  • Fragmented approach to the project
  • Normal advancement path
34
Q

What are some Matrix Organization Pros?

A
  • Project is the point of emphasis
  • Access to tons of technical talent
  • Less anxiety about team future at completion of project
  • Quick client response
  • Better firm-wide balance of resources
  • Minimizes overall staff fluctuations
  • Normal advancement path
35
Q

What are some Matrix Organization Cons?

A
  • 2-boss syndrome
  • More time to acquire team members
  • Fxn’l managers won’t share top performers
  • Careful project monitoring required
  • Political infighting among project managers
  • Tendency to suboptimize
  • Fragmented approach to the project
  • Normal advancement path
36
Q

What are some Projectized Organization Pros?

A
  • One boss
  • PM has great deal of independence and authority
  • Team members often co-located
  • Team members treated as “insiders”
  • Most resources are involved in project work
  • Better firm-wide balance of resources
  • Minimizes overall staff fluctuations
  • Normal advancement path
37
Q

What are some Projectized Organization Cons?

A
  • If not tracked closely, hourly costs may bcome inflated while specialists are waiting between assignments or on call
  • Bureaucracy, standards, procedures, and documentation may result in an abundance of red tape
38
Q

Phases of the Project Life Cycle

A

Concept, Development/Planning, Implementation/Execution, Termination/Close

39
Q

What is the purpose of Portfolio Management?

A

Balancing scarce resources, costs, benefit, long-term and short-tem risks and goals

40
Q

What are some Project Management Office Pros?

A
  • Emphasis on project management career paths
  • Less anxiety between PMs about next assignments at completion
  • Centering PM competencies
  • Stardization of PM systems
  • Centralized management
41
Q

What are some Project Management Office Cons?

A
  • Extra layer of hierarchy
  • Adverse aspects of matrix org
  • Adverse aspects of a projectized org
  • Lack of application knowledge by the PMs
42
Q

What are interpersonal skills of a project manager?

A
  • Leadership
  • Team building
  • Motivation
  • Communication
  • Influencing
  • Decision making
  • Political and cultural awareness
  • Negotiation
  • Trust Building
  • Conflict Management
  • Coaching
43
Q

What makes up an organizations culture/style?

A

Vision, values, regulations, risk tolerance, and work ethic

44
Q

What are some Functional Organization Pros?

A
  • Flexible staff use
  • Availability of experts for multiple projects
  • Grouping of specialists
  • Technological continuity
  • Normal advancement path
45
Q

What are some Functional Organization Cons?

A
  • Client is not the focus
  • Function rather than problem oriented
  • No one fully responsible for project
  • Slow response to the client
  • Tendency to suboptimize
  • Fragmented approach to the project
  • Normal advancement path
46
Q

What are some Matrix Organization Pros?

A
  • Project is the point of emphasis
  • Access to tons of technical talent
  • Less anxiety about team future at completion of project
  • Quick client response
  • Better firm-wide balance of resources
  • Minimizes overall staff fluctuations
  • Normal advancement path
47
Q

What are some Matrix Organization Cons?

A
  • 2-boss syndrome
  • More time to acquire team members
  • Fxn’l managers won’t share top performers
  • Careful project monitoring required
  • Political infighting among project managers
  • Tendency to suboptimize
  • Fragmented approach to the project
  • Normal advancement path
48
Q

What are some Projectized Organization Pros?

A
  • One boss
  • PM has great deal of independence and authority
  • Team members often co-located
  • Team members treated as “insiders”
  • Most resources are involved in project work
  • Better firm-wide balance of resources
  • Minimizes overall staff fluctuations
  • Normal advancement path
49
Q

What are some Projectized Organization Cons?

A
  • If not tracked closely, hourly costs may bcome inflated while specialists are waiting between assignments or on call
  • Bureaucracy, standards, procedures, and documentation may result in an abundance of red tape
50
Q

Phases of the Project Life Cycle

A

Concept, Development/Planning, Implementation/Execution, Termination/Close

Project Management Professional (PMP) (2 decks)

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