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Project Management > PMF I > Flashcards

PMF I Flashcards

1
Q

Mechanics of control systems

A

measurement methods, measurement frequency & magnitude, authority, feedback

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2
Q

Runaway projects

A

Large, complex, well-behind due date, considerably over budget, little hope to succeed

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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)

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4
Q

PM Role in project closure

A

Prepare closing technical report, review final financial reports, provide info on other closing reports

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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

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6
Q

Steps to Project Closure

A
  1. Client satisfaction
  2. Project conclusion meeting (recap, lessons learned, wins and losses)
  3. Admin wrap-up (file docs: project notebook and final report)
  4. Equipment return & housekeeping
  5. Support & resource allocation
  6. Contract close out
  7. Project team disbandment
  8. Performance review
  9. Team recognition
  10. Close out report
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7
Q

Project planning hierarchy

A

Statement of work –> project charter –> WBS –> Project schedule

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8
Q

Project selection criteria & models

A

Methods to choose among possible project alternatives

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9
Q

Project mission

A

What is planned to be done and for whom

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10
Q

Project objectives

A

Intended specific outcomes

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11
Q

Project purpose

A

Why project exists

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12
Q

Knowledge v. Proficiency

A

Knowledge: accumulation of info
Proficiency: application

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13
Q

PDCA

A

Plan, Do, Check, Act
Flow diagram for learning and improvement (mostly pilots)

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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

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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

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16
Q

Opportunity cost

A

Cost of your next best alternative that you sacrifice when you make a decision

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17
Q

Sunk cost

A

Costs that are not relevant

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18
Q

Relevant costs

A

Useful for decision-making

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19
Q

Period/Recurring Costs

A

Identified with time periods

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20
Q

Direct material

A

When project team members build new product prototypes, etc.

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21
Q

Direct labor

A

Costs traceable to performance of project work

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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)

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23
Q

non-recurring cost

A

One-time costs (training, customer surveys, external audits)

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24
Q

Cost driver

A

Any activity that causes a company to spend money

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25
Q

Monitoring progress

A

Ask questions such as who will measure and how often

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26
Q

Cost performance index (CPI)

A

Conformance of actual work completed to actual cost incurred

EV/AC = CPI, expressed in terms of cents to dollar

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27
Q

Schedule performance index (SPI)

A

Measure of conformance of actual progress to planned progress

EV/PV = SPI, less than 1 is undesirable

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28
Q

Estimate to Complete (ETC)

A

How much money needed to complete

Total cost expected - cost incurred = ETC

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29
Q

Estimate at Completion (EAC)

A

How much power money generates;

budget at completion (BAC) = how much you expect to pay

BAC/CPI = EAC

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30
Q

Schedule variance (SV)

A

How project progresses regarding performance to plan

EV-PV = SV

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31
Q

Audit process

A
  1. Define audit objectives and scope
  2. Review previous audit reports
  3. Prepare audit plans
  4. Create audit team
  5. Conduct audit
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32
Q

Cost variance (CV)

A

Determine how money is spent on completed work compared to what was expected

EV-AC = CV

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33
Q

EVPM methods

A

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)

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34
Q

Earned Value Variance Analysis

A

Includes CV, SV, CPI, SPI, EAC, ETC

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35
Q

Actual cost

A

Actual $ spent on project

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36
Q

Earned Value (EV)

A

Actual performance based on budgeted or standard cost

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37
Q

Planned Value (PV)

A

Expected performance based on budgeted or standard cost

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38
Q

Management by exception

A

Focus on what is critical and what is not

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39
Q

Project performance measurements

A

Managing by fact instead of hunches and emotions

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40
Q

Assumption Log

A

Acquire, record, and assess accuracy of all assumptions made in the project (shared with team)

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41
Q

Situational leadership

A

Flexible way of working with people and enabling control

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42
Q

Empowerment

A

Power is given to employees who then experience a sense of ownership and control over their job duties (should not be forced, natural pace)

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43
Q

Project Account

A

Specific job cost accounts for a project

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44
Q

Project Work Packages

A

Self-contained shell made up of several tasks

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45
Q

Project Pilot

A

Small-scale, short-term experiment that enables you to gain insight regarding how project will turn out

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46
Q

Visible management support & commitment

A

Obvious engagement and actions that are in best interest of project

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47
Q

Steering committee

A

Oversees, monitors, encourages, supports process of establishing learning environment for continual quality increase

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48
Q

Purchase Orders

A

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

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49
Q

Configurement management plan

A

Monitors requests for changes and determines impact from start to finish

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50
Q

Cost management plan

A

Identifies mechanisms used to manage costs to original project estimates

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51
Q

Quality plan

A

Identifies how project will meet expectations for conformance to requirements

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52
Q

Risk management plan

A

Identify method used to determine and address risks

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53
Q

Human resource plan

A

Identifies project personnel roles and responsibilities, project organization sheet, HR utilization

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54
Q

Reporting plan

A

Identify written and verbal communication process for project

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55
Q

Interface plan

A

Identifies activities between project and its environment

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56
Q

Supply management plan

A

Identifies non-human resources needed and how to obtain them

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57
Q

Project Schedule

A

Sequenced tasks that can be completed in a given time with available resources

Gantt chart, PERT/CPM, AON

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58
Q

Precedence Diagram methods

A

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

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59
Q

Gantt Chart

A

Scheduling presented to top management, high level overview of progress and plan

60
Q

2 Methods of WBS

A
  1. Flow/graphical (top management and stakeholders)
  2. Indented/outline (large projects, team members)
61
Q

Encoding & Decoding

A

Creating and interpreting messages

62
Q

Planning premises

A

Document assumptions, company policies, and existing company plans

63
Q

Contingency plan

A

Provides advanced planned decisions and responses for alternative future possibilities

Plan B

64
Q

Strategic fit of project

A

Requirement for projects to support an organization’s strategy

65
Q

Work Breakdown Structure (WBS)

A

Shows what project encompasses to communicate work and processes involved

Bridges SOW & Charter with schedule and control plan, develop schedule

66
Q

Project Charter

A

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
Q

Statement of Work (SOW)

A

Identified objectives and provides details of work requirements that provide desirable deliverables; Clear, concise, complete

Comes from customer, provide assistance writing if necessary

68
Q

3 Types of Project Management organization

A

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
Q

Critical Success Factor (CSF)

A

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
Q

Effectiveness

A

Doing the right thing

71
Q

Efficiency

A

Doing things right

72
Q

Internal Environmental factors of planning

A

CSFs

Criteria:
- Historical
- Normative (what should be)
- Competitive - do as well as average and strive to perform better than the best

73
Q

External Environmental factors of planning

A

Tech, social & cultural factors, economics, legal & political factors, competition

74
Q

Environmental factors of project planning

A

Factors that influence a project

75
Q

SWOT Analysis

A

Strengths (Internal)
Weaknesses (Internal)
Opportunities (External)
Threats (External)

76
Q

Earned Value Performance Measurement (EVPM)

A

Integrated, structured, and quantitative method to jointly assess performance of project scope and schedule based on time

77
Q

Statusing

A

Snapshot of a project at a specific time

78
Q

Variance

A

Deviation from plan

79
Q

Activity-based costing (ABC)

A

Method to identify cost-drivers

80
Q

Capital Budgeting

A

Involves purchase of large assets

81
Q

Zero-based budgeting

A

“Blank Sheet” - justify all costs

82
Q

Perpetual budget

A

Rolling 12-month periods; drop completed and add new

83
Q

Top-Down budgeting

A

Developed by management forcing down allocations among project categories

84
Q

S-Curve

A

Visuall tracks and displays money spent over time

85
Q

Change request

A

Way to formally initiate project change

86
Q

Change Control Board

A

Handles configuration management associated with change request

87
Q

Bottom-up budgeting

A

Developed based on using lower level project management tasks

88
Q

Budget

A

Detailed plan for future expressed in terms of money

89
Q

Net Present Value (NPV)

A

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
Q

Cost classification

A

Direct labor and material, overhead, period/recurring costs, non-recurring costs, variable costs, fixed costs, relevant costs, sunk costs, opportunity costs, NPV

91
Q

Best Alternative to Negotiation Agreement (BATNA)

A

What you’ll do if you don’t secure negotiation agreement

92
Q

PIOC Approach

A

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
Q

7 Step Problem-Solving

A
  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
Q

Organizational politics and conflict

A

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
Q

Root Cause Analysis

A

Getting to the heart of the problem

96
Q

Breakthrough thinking

A

“Outside the box” thining that increases creativity

97
Q

Brainstorming

A

Spontaneously produce many ideas in a short period of time

98
Q

Brainwriting

A

Large groups of participants without speaking. Create lists of ideas, then circulate the lists

99
Q

Affinity Diagram

A

The Sticky Note Method

Create ideas using sticky notes and group them into similar ideas and discuss

100
Q

Nominal Group Technique (NGT)

A

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
Q

Kickoff Meeting

A

Represents beginning of a project’s implementation phase

Also: All Hands on Deck

102
Q

Allness

A

(Fallacy) Occurs when stereotyping; similar people as alike, missing the meaning of the message

103
Q

House of Quality

A

QFD process

104
Q

Quality Function Deployment (QFD) matrix

A

Customer (need) –> sales (how to meet need)–> tech (how customer evaluates organization based on filling their need)—>marketing (what competition is doing) –> Customer

105
Q

Stakeholder

A

Enables existence of project

106
Q

Quality Function Deployment (QFD)

A

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
Q

Deliverables

A

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
Q

Deliverables Chain

A

Multi-step process beginning with customer and ending with distribution

customer –> marketing –> research & dev –> manufacturing & engineering –> Purchasing –> production –> distribution

109
Q

Project team challenges

A

Lack of common goals
Unrealistic expectations
Putting “me” ahead of team
Inadequate team building

110
Q

Elements of project team

A

Common goals
Mutual support and assistance
Role definitions
Identification with each other
Stability
Rewards and recognition

111
Q

Responsibility Assignment Matrix (RAM)

A

Table that lists various tasks and identifies team members assigned to work on them

112
Q

RACI chart

A

Responsibility
Accountability
Consulted
Informed

Expanded version of RAM for task delegation

113
Q

Team-building

A

Any activity that helps a group of people see the value of working together

114
Q

PM roles & responsibilities

A

Define team mission
Prepare project plan
Obtain resources
Set standard for performance
Delegate

115
Q

PM Skills and Competencies

A

Leadership
Team building
Stress management
Interpersonal skills
Administrative skills
Business skills

116
Q

PM Challenges

A

Lack of authority and power
Poor fit for job
Inadequate resources
Lack of clear goals
Interdepartmental conflicts
Unrealistic schedules

117
Q

Control techniques

A

Budgets, charts, audits

118
Q

Types of control

A

Feedback, screening, feedforward

119
Q

Problems with control process

A

Difficult to develop standards
Measurements are difficult
Standards may measure wrong activity
Standards may sacrifice long run for short
Reporting may be biased

120
Q

Control process steps

A
  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
Q

Effective control systems

A

Reliable, prompt, legitimate, focused, cost-effective, compatible, adaptable

122
Q

Control benefits

A

Assess productivity
Detect early warning signs
Assess risks
Enact reality checks
Determine ownership and teamwork
Facilitate learning

123
Q

Control

A

Getting the results you expect

124
Q

Prerequisites for control

A

Develop a plan
Specify organization responsibility
Be objective and flexible

125
Q

SCRUM

A

Framework used for agile

126
Q

Agile

A

Adaptive change that occurs continuously over a project’s duration

127
Q

Scope creep

A

Stakeholder requests additional features or functions

128
Q

Estimating

A

Predict outcomes in terms of their occurrence, impact, extent, and cost

129
Q

Limiting Factor

A

Represents greatest constraint when planning a project

130
Q

Triple Constraint

A

Iron Triangle

Time, cost, scope

131
Q

Basic planning steps

A
  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
Q

Management by objective

A

Employees and superiors come together to identify common goals, employees set their goals to be achieved

Agreeing on objectives

133
Q

Outcome

A

Drives your actions and is result of planning efforts

134
Q

Strategy

A

Preferred means to meet your objectives

135
Q

Resource

A

Requirements to implement your strategy

136
Q

Tactic

A

Action that supports your strategy and stays within boundaries of your resources

137
Q

4 Fundamental elements of a plan

A

Outcome (drive actions)
Strategy (Identify preferred means to reach objective)
Resources and costs
Tactics (actions that support your strategy)

138
Q

AAA Method

A

Analyze, Advice, Act

Tool for framing thinking as a PM for any project

139
Q

PMBOK

A

Guide to the PM Body of Knowledge

Traditional practices & innovative practices emerging

Published and unpublished, generally recognized as good practices

140
Q

PMP

A

PM Professional Certification

Requires GED and PM Experience and PM-Specific classroom education

141
Q

PMI

A

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
Q

CAPM

A

Certified Associate in PM certification

Requires GED + 23 hours PM-specific education

143
Q

Task

A

Unit of work in a project

144
Q

Project

A

A problem scheduled for a solution

145
Q

PM Principles

A

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
Q

Project Management

A

Making decisions, applying planning, organizing, scheduling, leading, controlling that meet unique customer and organizational expectations, given performance, time, and cost objectives

Project Management (1 decks)

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