PMF I Flashcards
1
Q
Mechanics of control systems
A
measurement methods, measurement frequency & magnitude, authority, feedback
2
Q
Runaway projects
A
Large, complex, well-behind due date, considerably over budget, little hope to succeed
3
Q
Avoiding runaway projects
A
Establish early warning system, create role of exit champion (alternate view), Focus on quality of decision and not outcome, schedule regular, independent review of projects, provide fail-safe options (C-B analysis)
4
Q
PM Role in project closure
A
Prepare closing technical report, review final financial reports, provide info on other closing reports
5
Q
Project closure report
A
Overview of project consisting of
- Revisions to original plan
- summary of major accomplishments
- achievements compared to original objectives
- final financial accounting
- Evaluation of admin and management performance, team performance
6
Q
Steps to Project Closure
A
- Client satisfaction
- Project conclusion meeting (recap, lessons learned, wins and losses)
- Admin wrap-up (file docs: project notebook and final report)
- Equipment return & housekeeping
- Support & resource allocation
- Contract close out
- Project team disbandment
- Performance review
- Team recognition
- Close out report
7
Q
Project planning hierarchy
A
Statement of work –> project charter –> WBS –> Project schedule
8
Q
Project selection criteria & models
A
Methods to choose among possible project alternatives
9
Q
Project mission
A
What is planned to be done and for whom
10
Q
Project objectives
A
Intended specific outcomes
11
Q
Project purpose
A
Why project exists
12
Q
Knowledge v. Proficiency
A
Knowledge: accumulation of info
Proficiency: application
13
Q
PDCA
A
Plan, Do, Check, Act
Flow diagram for learning and improvement (mostly pilots)
14
Q
Project closure overview
A
Inputs: Project charter, plan and schedule, accepted deliverables, agreements
Outputs: lessons learned, transition plan, final report
Tools & Techniques: Expert judgment, data analysis, meetings
15
Q
Discounted Cash Flow (DCF)
A
Opposite of interest earned; Time valued in terms of money, used with NPV to evaluate investment proposal; Estimated value of an investment using expected future cash flow
16
Q
Opportunity cost
A
Cost of your next best alternative that you sacrifice when you make a decision
17
Q
Sunk cost
A
Costs that are not relevant
18
Q
Relevant costs
A
Useful for decision-making
19
Q
Period/Recurring Costs
A
Identified with time periods
20
Q
Direct material
A
When project team members build new product prototypes, etc.
21
Q
Direct labor
A
Costs traceable to performance of project work
22
Q
Overhead
A
Costs charged to a project that you cannot directly trace (indirect labor, indirect materials, utility and property taxes, general and admin costs, insurance, facility)
23
Q
non-recurring cost
A
One-time costs (training, customer surveys, external audits)
24
Q
Cost driver
A
Any activity that causes a company to spend money
25
Monitoring progress
Ask questions such as who will measure and how often
26
Cost performance index (CPI)
Conformance of actual work completed to actual cost incurred
EV/AC = CPI, expressed in terms of cents to dollar
27
Schedule performance index (SPI)
Measure of conformance of actual progress to planned progress
EV/PV = SPI, less than 1 is undesirable
28
Estimate to Complete (ETC)
How much money needed to complete
Total cost expected - cost incurred = ETC
29
Estimate at Completion (EAC)
How much power money generates;
budget at completion (BAC) = how much you expect to pay
BAC/CPI = EAC
30
Schedule variance (SV)
How project progresses regarding performance to plan
EV-PV = SV
31
Audit process
1. Define audit objectives and scope
2. Review previous audit reports
3. Prepare audit plans
4. Create audit team
5. Conduct audit
32
Cost variance (CV)
Determine how money is spent on completed work compared to what was expected
EV-AC = CV
33
EVPM methods
Percent complete (EV)
50/50 (50% done at end of day 1, 50% at end)
20/80 (20% credited at start, 80% at end)
0/100 (not credited until completion)
Milestone (work performed earns value based on successful completion of milestones)
Completed units (based on what is finished)
34
Earned Value Variance Analysis
Includes CV, SV, CPI, SPI, EAC, ETC
35
Actual cost
Actual $ spent on project
36
Earned Value (EV)
Actual performance based on budgeted or standard cost
37
Planned Value (PV)
Expected performance based on budgeted or standard cost
38
Management by exception
Focus on what is critical and what is not
39
Project performance measurements
Managing by fact instead of hunches and emotions
40
Assumption Log
Acquire, record, and assess accuracy of all assumptions made in the project (shared with team)
41
Situational leadership
Flexible way of working with people and enabling control
42
Empowerment
Power is given to employees who then experience a sense of ownership and control over their job duties (should not be forced, natural pace)
43
Project Account
Specific job cost accounts for a project
44
Project Work Packages
Self-contained shell made up of several tasks
45
Project Pilot
Small-scale, short-term experiment that enables you to gain insight regarding how project will turn out
46
Visible management support & commitment
Obvious engagement and actions that are in best interest of project
47
Steering committee
Oversees, monitors, encourages, supports process of establishing learning environment for continual quality increase
48
Purchase Orders
Record order date, description, price, delivery date, payment terms, shipping and general T&V, Discounts, warranty, liability
*MUST be accepted in writing for contract to officially exist
49
Configurement management plan
Monitors requests for changes and determines impact from start to finish
50
Cost management plan
Identifies mechanisms used to manage costs to original project estimates
51
Quality plan
Identifies how project will meet expectations for conformance to requirements
52
Risk management plan
Identify method used to determine and address risks
53
Human resource plan
Identifies project personnel roles and responsibilities, project organization sheet, HR utilization
54
Reporting plan
Identify written and verbal communication process for project
55
Interface plan
Identifies activities between project and its environment
56
Supply management plan
Identifies non-human resources needed and how to obtain them
57
Project Schedule
Sequenced tasks that can be completed in a given time with available resources
Gantt chart, PERT/CPM, AON
58
Precedence Diagram methods
Program Evaluation and Review Technique/Critical Path Method (PERT/CPM): Identify and manage critical relationships between activities
Activity-on-Node (AON): flowchart displaying critical path
59
Gantt Chart
Scheduling presented to top management, high level overview of progress and plan
60
2 Methods of WBS
1. Flow/graphical (top management and stakeholders)
2. Indented/outline (large projects, team members)
61
Encoding & Decoding
Creating and interpreting messages
62
Planning premises
Document assumptions, company policies, and existing company plans
63
Contingency plan
Provides advanced planned decisions and responses for alternative future possibilities
Plan B
64
Strategic fit of project
Requirement for projects to support an organization's strategy
65
Work Breakdown Structure (WBS)
Shows what project encompasses to communicate work and processes involved
Bridges SOW & Charter with schedule and control plan, develop schedule
66
Project Charter
Requires in-depth thouhgt from key inputs (SOW, Contractual conditions, company and industry, culture, strategic plan)
Establish formal authority for PM
Includes Executive Summary, objectives, strategy, scope, activity, contract (maybe) work authorizatoin
67
Statement of Work (SOW)
Identified objectives and provides details of work requirements that provide desirable deliverables; Clear, concise, complete
Comes from customer, provide assistance writing if necessary
68
3 Types of Project Management organization
Arrangement of people to support a project
1. Functional: ongoing work
2. Matrix: PM and team members included to create checks and balances
3. Projected: large, long-term projects with their own functional departments
69
Critical Success Factor (CSF)
Integrate systems, culture, financial planning, operations, tech
Attribute measurements - is desired feature present?
Effectiveness measurement - how well does feature meet objective?
Efficiency measurement - are objectives met with minimum cost and effort?
70
Effectiveness
Doing the right thing
71
Efficiency
Doing things right
72
Internal Environmental factors of planning
CSFs
Criteria:
- Historical
- Normative (what should be)
- Competitive - do as well as average and strive to perform better than the best
73
External Environmental factors of planning
Tech, social & cultural factors, economics, legal & political factors, competition
74
Environmental factors of project planning
Factors that influence a project
75
SWOT Analysis
Strengths (Internal)
Weaknesses (Internal)
Opportunities (External)
Threats (External)
76
Earned Value Performance Measurement (EVPM)
Integrated, structured, and quantitative method to jointly assess performance of project scope and schedule based on time
77
Statusing
Snapshot of a project at a specific time
78
Variance
Deviation from plan
79
Activity-based costing (ABC)
Method to identify cost-drivers
80
Capital Budgeting
Involves purchase of large assets
81
Zero-based budgeting
"Blank Sheet" - justify all costs
82
Perpetual budget
Rolling 12-month periods; drop completed and add new
83
Top-Down budgeting
Developed by management forcing down allocations among project categories
84
S-Curve
Visuall tracks and displays money spent over time
85
Change request
Way to formally initiate project change
86
Change Control Board
Handles configuration management associated with change request
87
Bottom-up budgeting
Developed based on using lower level project management tasks
88
Budget
Detailed plan for future expressed in terms of money
89
Net Present Value (NPV)
Future-oriented financial concept
Difference between present value of cash inflow and present value of cash invlow
Used with DCF to evaluate investment proposal
90
Cost classification
Direct labor and material, overhead, period/recurring costs, non-recurring costs, variable costs, fixed costs, relevant costs, sunk costs, opportunity costs, NPV
91
Best Alternative to Negotiation Agreement (BATNA)
What you'll do if you don't secure negotiation agreement
92
PIOC Approach
Negotiation method - People, Interests, Options, Criteria
Sepearate PEOPLE from problems, focus on INTERESTS, generate a variety of OPTIONS, insist results are based on objective CRITERIA
93
7 Step Problem-Solving
1. Recognize need for decision
2. Establish decision criteria using qualitative or quantitative variables
3. Establish priorities and identify limiting factor
4. Identify alternatives and assign each a weigh, score options
5. Evaluate alternatives (Priority x weight x score = points in calculation of criteria)
6. Select
7. Implement and monitor
94
Organizational politics and conflict
Political behavior and organizational politics are both aimed at gaining power for an individual or project subset
Constructive conflict supports success by resolving differences and emphasizing similarities
95
Root Cause Analysis
Getting to the heart of the problem
96
Breakthrough thinking
"Outside the box" thining that increases creativity
97
Brainstorming
Spontaneously produce many ideas in a short period of time
98
Brainwriting
Large groups of participants without speaking. Create lists of ideas, then circulate the lists
99
Affinity Diagram
The Sticky Note Method
Create ideas using sticky notes and group them into similar ideas and discuss
100
Nominal Group Technique (NGT)
A way to produce a list of ideas faster than brainwriting
Participants create an idea sheet, ask each participant to share one idea and record, once all collected ask for feedback and expansion
101
Kickoff Meeting
Represents beginning of a project's implementation phase
Also: All Hands on Deck
102
Allness
(Fallacy) Occurs when stereotyping; similar people as alike, missing the meaning of the message
103
House of Quality
QFD process
104
Quality Function Deployment (QFD) matrix
Customer (need) --> sales (how to meet need)--> tech (how customer evaluates organization based on filling their need)--->marketing (what competition is doing) --> Customer
105
Stakeholder
Enables existence of project
106
Quality Function Deployment (QFD)
System of interrelated processes and decisions
Iterative process that increases probability that deliverables in every stage meet internal and external expectations created through system of interrelated processes
107
Deliverables
Outputs of a project that are typically planned and expected (tangible or non-tangible)
Internal: Lessons learned, relationships created, work experience
External: for customers
108
Deliverables Chain
Multi-step process beginning with customer and ending with distribution
customer --> marketing --> research & dev --> manufacturing & engineering --> Purchasing --> production --> distribution
109
Project team challenges
Lack of common goals
Unrealistic expectations
Putting "me" ahead of team
Inadequate team building
110
Elements of project team
Common goals
Mutual support and assistance
Role definitions
Identification with each other
Stability
Rewards and recognition
111
Responsibility Assignment Matrix (RAM)
Table that lists various tasks and identifies team members assigned to work on them
112
RACI chart
Responsibility
Accountability
Consulted
Informed
Expanded version of RAM for task delegation
113
Team-building
Any activity that helps a group of people see the value of working together
114
PM roles & responsibilities
Define team mission
Prepare project plan
Obtain resources
Set standard for performance
Delegate
115
PM Skills and Competencies
Leadership
Team building
Stress management
Interpersonal skills
Administrative skills
Business skills
116
PM Challenges
Lack of authority and power
Poor fit for job
Inadequate resources
Lack of clear goals
Interdepartmental conflicts
Unrealistic schedules
117
Control techniques
Budgets, charts, audits
118
Types of control
Feedback, screening, feedforward
119
Problems with control process
Difficult to develop standards
Measurements are difficult
Standards may measure wrong activity
Standards may sacrifice long run for short
Reporting may be biased
120
Control process steps
1. Identify characteristics
2. Set a standard
3. Collect info
4. Measure performance
5. Compare performance to standard
6. Take corrective action
7. Review actions taken
121
Effective control systems
Reliable, prompt, legitimate, focused, cost-effective, compatible, adaptable
122
Control benefits
Assess productivity
Detect early warning signs
Assess risks
Enact reality checks
Determine ownership and teamwork
Facilitate learning
123
Control
Getting the results you expect
124
Prerequisites for control
Develop a plan
Specify organization responsibility
Be objective and flexible
125
SCRUM
Framework used for agile
126
Agile
Adaptive change that occurs continuously over a project's duration
127
Scope creep
Stakeholder requests additional features or functions
128
Estimating
Predict outcomes in terms of their occurrence, impact, extent, and cost
129
Limiting Factor
Represents greatest constraint when planning a project
130
Triple Constraint
Iron Triangle
Time, cost, scope
131
Basic planning steps
1. Be aware of problems and opportunities
2. Establish objectives (SMART)
3. Develop planning premises
4. Determine strategies (alt courses of action)
5. Evaluate strategies
6. Select a strategy (agile, SCRUM, timeboxing)
132
Management by objective
Employees and superiors come together to identify common goals, employees set their goals to be achieved
Agreeing on objectives
133
Outcome
Drives your actions and is result of planning efforts
134
Strategy
Preferred means to meet your objectives
135
Resource
Requirements to implement your strategy
136
Tactic
Action that supports your strategy and stays within boundaries of your resources
137
4 Fundamental elements of a plan
Outcome (drive actions)
Strategy (Identify preferred means to reach objective)
Resources and costs
Tactics (actions that support your strategy)
138
AAA Method
Analyze, Advice, Act
Tool for framing thinking as a PM for any project
139
PMBOK
Guide to the PM Body of Knowledge
Traditional practices & innovative practices emerging
Published and unpublished, generally recognized as good practices
140
PMP
PM Professional Certification
Requires GED and PM Experience and PM-Specific classroom education
141
PMI
Project Management Institute
Leading project, portfolio, and program management organization in the world
Purpose: contributing to organization and individual success through advocacy, collaboration, education, professional certification
142
CAPM
Certified Associate in PM certification
Requires GED + 23 hours PM-specific education
143
Task
Unit of work in a project
144
Project
A problem scheduled for a solution
145
PM Principles
Universal applicatoin
Situational approach - recognizing differences between projects and adjusting plan
Change - PM creates change (& anyone who encounters it) Projects require change
GM basics: setting objectives, effectively applying planning, organizing, leading, controlling
146
Project Management
Making decisions, applying planning, organizing, scheduling, leading, controlling that meet unique customer and organizational expectations, given performance, time, and cost objectives
