PMP cert test Flashcards
5 Phases of Project Management
- Conception & Initiation (project charter, project initiation)
- Definition & Planning (Scope&budget, WBS, Gantt chart, Comm Plan, Risk Mgmt)
- Launch or Execution (Status & tracking, KPIs, Quality, Forecasts)
- Performance & Control (validate Objectives, Quality Deliverables, Effort & Cost Tracking, Performance)
- Project Close (Post Mortem, project punch list, reporting)
What is the Iron Triangle of Project Management? Keeps quality sound.
Schedule, Budget, Scope
What are the top 3 conflicts in projects?
- Schedules
- Project priorities
- Resources
What is IRR?
Internal IRR is the expected compound annual rate of return that will be earned on a project or investment. The return is expressed as a percentage rather than a dollar amount. IRR is especially useful when determining alternate investment choices and facilitates prioritization of Deployment.
What are operating expenses and capital expenses?
Operating expenses refers to the day-to-day expenses incurred in the normal course of business. Typically related to the ongoing operations and maintenance to a business. Expenses refers to significant investments and assets that provide long-term benefits to the company. These expenditures are capitalized and depreciated (P&L) over their useful life.
What is revenue?
Revenue is income generated by the project. It is a top line of the companies, income statement and represent state inflow of cash, receivables, or other assets, resulting from the seller products or services.
What are cost of good sold (COGS)?
Includes all cost directly associated with the production freight storage or acquisition of goods that projects deliver.
What is MAP?
Marketing, advertising, and promotional expense
What is selling?
Sales expense
What is G&A?
General and administrative (majority of technology spend/savings)
What is net cash flow?
Total amount of cash that flows in and out of a business due to the project.
What is discounted cash flows?
Adjust net cash flows for time value of money (future value and today’s terms)
What is included in Payback?
Incremental revenue, cost of good sold standard inventory variable, cost of good sold standard inventory fixed, distribution, other cost of goods sold.
What is included in gross profit?
Map, selling, G&A?
What are the five process groups in project management?
- Initiate.
- Plan.
- Execute.
- Monitor.
- Close.
What are the 10 knowledge areas in project management?
- Integration.
- Scope.
- Schedule
- Cost.
- Quality.
- Resources
- Communications.
- Risk.
- Procurement.
- Stakeholder.
What is a project?
Temporary endeavor to create a unique product service or result.
What is operations?
Opposite of projects, they deal with day-to-day work of business
What is progressive elaboration?
Involves discovering greater levels of detail as a project moves towards completion. “ rolling wave planning”
What is project management?
Application of knowledge, skills, tools, and techniques to meet project requirements.
What are project approaches?
- predictive - traditional waterfall
- Agile - adaptive or change-driven
- Hybrid - when organization combines the use of predictive and agile methods.
What is the value of projects?
Derived value from the output of the project
What are processes?
Inputs, tools and techniques, that are combined to execute a specific activity on a project and create a specific output.
What is a phase?
A division with an a project where extra control is needed to affectively manage the completion of one or more deliverables.
What are phase gates?
Held at the end of each phase to determine if a project is meeting goals and if a project should continue.
What is a deliverable?
Part of the product that is presented to the customer or stakeholders for acceptance.
What is a process group?
Used to group a set of processes the PM may do at a certain time.
What are knowledge areas?
Certain set of processes that are usually defined by knowledge needed to manage that area.
What is the initiating?
Getting authorization to start that phase or project
What are the outputs of project initiation?
Project charter and stakeholder register
What are some key things done and the initiating phase of a project?
Authorized project to get started with project charter, assign and set the authority for the project manager, identify project stakeholders, determine business cases to justify why the project is needed, identify high level estimates for time and cost, determine high-level risk that can affect the project schedule/budget, and identify high-level constraints and assumptions.
What project stage comes after initiating?
Planning
What is the main output of planning stage in a project?
To create the PMs plan which specifies how the project will be executed, monitored, controlled and closed. Planning has 24 processes across all 10 knowledge areas. Processes are iterative and ongoing until the plan is created. It identifies the effort and objectives needed to create the project deliverables.
What are some key things to do in the planning stage of a project?
- Create and all of its subsidiary plans
- create the three base lines of scope, time, and cost.
- Collect requirements from stakeholders.
4.Identify risk and create the correct responses to it.
5.Determine what components need to be obtained from outside sellers.
6.Plan to meet the quality requirements.
7.obtain approval of the plan from designated stakeholders
What comes after the planning stage of a project?
Executing
What does executing phase of a project mean?
This is about getting the project work done.
What are some key things about the executing phase of a project?
- In this process group, you aquire a project team and bring it together.
- Is the process group that usually requires the most time and resources to complete.
- Main output of executing is the deliverable.
- It only has 10 processes, but it carries more weight and questions and planning does.
- The processes in executing fall under human resources.
What are the main things accomplished in the executing phase of a project?
- Satisfy project specificifications
- Implement all change request, which include corrective and preventive actions and effect repairs.
- Select acquire the project team.
- Development manage the project team.
- Management resolve conflicts amongst stakeholders.
- Conduct quality assurance for overall process improvement.
- Communicate project status with stakeholders.
- Selective vendor, and award them a contract.
- Engaged to stakeholders on the project so they are aware of what’s happening.
- Implement the responses to any risk identified for the project.
- Capture lessons learned.
What stage is the project comes after the executing stage?
Monitor and control
How many processes are there in the monitor and control phase of a project?
12
What happens in the monitor and control phase of a project?
This phase ensures the project stays on plan. It is about measuring, inspecting, monitoring, verifying, reviewing, and comparing the actual work to the plan work. This process group the PM looks at the work that is getting done and compares it against the plan to see if they match. If the project is off scope, behind schedule or over budget, then the PM will have to take corrective actions (pull levers) or initiate change request to fix the project.
What are things that are done in the monitor and control process group?
- Check the project to ensure that it is within scope, and on budget.
- Check to make sure the quality requirements are met.
- Risk to ensure it does not derail the project.
- Ensure stakeholders are actually being engaged, as stated in the plan.
- And vendors are completing the work (per contract).
- If there are internal deviations from the stated plan, then the PM should make corrections.
- Get deliverables, formally accepted.
- Manage changes to ensure they are approved/denied.
Which two project phases are conducted in parallel?
Executing and monitoring and controlling our parallel, simultaneous processes. After you have planned your project, then you execute and monitor and control at the same time. This ensures the project stays on plan.
What project phase comes after monitor and control?
Close
What happens in the Closing phase of a project?
This happens after the customer and sponsor have accepted the deliverables. Once the deliverables are accepted, the PM will still need to do additional work, such as ensuring the contracts are closed out, and lessons learned are documented. The PM will also have to handover the completed deliverables to the project. Customers are sponsors.
What happens in the Closing phase of a project?
This happens after the customer and sponsor have accepted the deliverables. Once the deliverables are accepted, the PM will still need to do additional work, such as ensuring the contracts are closed out, and lessons learned are documented. The p.m. will also have to handover the completed deliverables to the project. Customers are sponsors.
What are some items done in the closing phase of a project?
- Contract closure/documentation
- Archive project records.
- Update templates and knowledge basis.
- Transition deliverables to customers and sponsors.
- Create a final report on the project outcome.
Across the 49 processes, there are 665 inputs, tools and techniques, and outputs. How many specific inputs, tools and techniques, and outputs are there?
239 inputs, 245 tools and techniques, and 181 outputs.
What are common inputs with project management?
Enterprise environmental factors (EEF), organization, process assets, project documents, and PM plan.
What are common tools and techniques within project management (process)?
Expert judgment, data gathering, data, analytics, decision-making, data representation, interpersonal, and team skills, meeting, and PM information system.
What are common outputs within project management?
Change request, work performance, data, work performance info, work performance report, and updates.
What is EEF?
Enterprise environmental factors, this is one of the most commonly used inputs. It is an input to almost all planning processes. These factors are not under control of the project team. EEF can have a positive or negative effect. Includes, but not limited to organizational culture, structuring, governance, govern or industry standards, infrastructure, personnel, and the way the company manages them, stakeholder, risk, tolerances, company work authorization system, and IT software that company would use to manage the project.
What is OPA?
Organization process assets, which is most commonly used for planning process. OPA’s are the plans, processes, policies, procedures, and knowledge bases that are used by the organization; they typically divide into processes, procedures, and knowledge. Things that help to manage the project more easily (template or plan from past project). OPA includes but is not limited to previous project plans, templates, historical information, lessons learned, knowledge, basis, software tools, organization, procedures, and policies, and project management databases/files for previous projects, project documents, can include documents that are related to the project, this is a common input for many of the 49 processes
What are the knowledge areas for project management?
Schedule management, integration management, cost management, resource management, communication management, scope management, quality management, risk management, and stakeholder management.
How many project documents is there in project management?
33
What is the single most important document for the entire project?
Project management plan.
What is the single most important document for the entire project?
Project management plan.
Describe the project management plan and it’s importance.
This defines how the project is executed, monitored and controlled, and closed. The project management plan is made up of 18 components which will be used to guide the project manager on different processes that will be executed in the project. This is an input for many of the 49 processes. It is made up of 18 components.
What is one of the most common tools in the planning process?
Expert judgment, which includes hiring an expert or subject matter expert to help you plan a process or conduct a process. Experts can be people with specialized knowledge or training in particular process and your technology. You don’t know how to develop a project charter so you hire an expert to help you create the document.
What is one of the most common tools in the planning process?
Expert judgment, which includes hiring an expert or subject matter expert to help you plan a process or conduct a process. Experts can be people with specialized knowledge or training in particular process and your technology. You don’t know how to develop a project charter so you hire an expert to help you create the document.
What is a tool where you collect info about a particular process that you’re working on?
Data gathering, which includes brainstorming, interviews, focus, groups, checklist, questionnaires, or surveys.
What is a tool used to analyze data that has been gathered?
Data analysis, which includes alternative analysis, root causes analysis, variance analysis, and trend analysis.
What is a tool used to illustrate different ways that data could be shown to stakeholders?
Data representation which includes methods generally included in the use of charts, matrixes, and diagrams. Certain processes have unique method to represent their data.
What is a tool that’s used to come to a decision that will best serve the project?
Decision-making, which includes data analysis, and data representation. This includes voting, multi criteria, decision, analysis, and autocratic decision-making.
What is it to PM need to have to have good interpersonal and team skills to manage different stakeholders and team members? The author says this is the most important tool of all.
Interpersonal and team skills, which include active listening, conflict, management, facilitation, and meeting management.
What is a tool That includes automated system that is used to help the PM optimized the schedule/documents/deliverables from project?
Project management information system (PMIS). It is usually the computer system a company/organization uses to manage projects that should include the work authorization system of the configuration management system.
What is the tool that includes a change management system and ensure the product gets the right settings and configuration?
Configuration management system (CMS). This ensures that changes to a project or document attract and authorized or denied.
What is the tool used very often and all 49 processes… can be conducted face-to-face or virtually?
Meetings… Have an agenda and distribute to all attendees before the meeting, have a timer, including having set and stars finish times for topics and then entire meeting, make sure that the meeting always stays on topic, and sure that all attendees have input on topics, and distribute detailed meeting minutes when the meeting is complete.
What is one of the most common outputs in executing monitoring and controlling and closing?
Change request… A request to add a remove work from scope, finish the project faster/miss deadline, increase/reduce cost, a CR implements, a corrective action, preventive action, or defect repair.
What is a common output that includes raw data?
Work performance data… the status of the work that was done but did not have any analysis applied. Usually an output of executing process. Example is a task was done in two days and they charge $550.
What is an output where information about the work that was performed is compared to the plan? This is the actual status of the deliverable.
Work performance information and is usually an output of monitoring and controlling.
What is an output that gives Eaves overall status report of the actual project which takes all the work performance information and put it together into one comprehensive document?
Work performance report… You take the work performance data and compare it against the plan to come up with a work performance information. Then you take all the WPI and create the work performance reports.
What is an output when you complete many of the processes, you will need to update various documents and processes. This is a catch all term tool.
Updates to documentation
What is the person overseas managing the team to complete the project work and deliver the final product service or result?
Project manager… PMs usually get involved during the initiation phase of the project. Most stakeholders tend to only see or interact with the project manager. This means the PM cards, good communication and soft skills. This role may be different depending on the organization. Some organizations have a p.m. that is incomplete control the project while others may have a manager that has more dependent on PMO. to complete the work given by constraints of project, time, cost, scope, and quality. They also have to manage conflicts. This can be disputes on how the work gets done or stakeholders disputing requirements.
What are common project management skills?
Creating a schedule, creating a budget, etc..
This refers to skills related to the business and how to make decisions on a project that will benefit the business. Knowing the product sold by the business and who the competitors are. Understanding the mission of the business and the strategy needing to accomplish that mission.
Strategic and business management skills
What skill involves dealing with people?
Leadership… If a PM fails to lead the project team, then the failure of the project is eminent. Good leadership, skills, involve negotiating, communicating, solving problems, and having good interpersonal skills. The more people in the project, the more complex leadership becomes. A bigger project team may lead to more conflict. Managing relationships, amongst stakeholders, such as building trust and finding consensus. Communication amongst Allstate holders, including giving feedback. Being respectful of all stakeholders. Learning continuously. Prioritizing and work that needs to be done. Being able to do critical thinking to ensure problems or solved correctly. Keep it in mind there is a difference between leadership and management. Management is more about directing people and getting work done and maintaining what is there already. Leadership is more about guiding and influencing people to accomplish a certain task while so mutinously developing new processes and procedure procedures.
What are the leadership styles and their definitions?
- Laissez Faire-the p.m. is hands off, allowing the team to make their own decisions.
- Transactional-the p.m. is more focused on the goals of the project and how to award team members.
- Servant leader- the p.m. focuses on removing obstacles from the team and giving the team what is needed in order to complete the work.
- Transformational - the p.m. tries to empower the team by motivating and inspiring them.
- Charismatic- the PM has high energy, is very enthusiastic, influences people around them.
- Interactional - this is a combination of different leadership style, such as charismatic and transactional
What is the under umbrella term that is used to referred to different types of nature development? Methods include scrum, extreme programming,, lean development, and a few others.
Agile
What are the 12 agile principles?
- Customer satisfaction by early and continuous delivery of valuable software.
- Welcome changing requirements, even in late development.
- Deliver working software frequently (weeks versus months).
- , close Daily cooperation between business people, and developers.
- Projects are built around motivated individuals who should be trusted.
- Face-to-face conversations is the best form of communication.
- Working software is a primary progress.
- Sustainable development, able to maintain a constant pace.
- Continuous attention to technical excellence and design.
- Simplicity, the art of maximize the amount of work not done is essential.
- Best architecture, requirements, and designs emerge from self organizing teams.
- Regularly, the team reflects on how to become more effective and adjust accordingly.
What are more agile principles?
- Since agile is about people collaborating, consistent communication is necessary. this is usually done and standup meetings daily with team members and meetings with customers during iteration reviews. This allows everyone to have a voice.
- Projects are built around trust and motivation by the agile p.m. and team members.
- Give customer updates. The customer will track the rules of your project as a primary means of measurement.
- Try to ensure the team is able to maintain a pace that is sustainable and predictable. Teams are expected to deliver at a pace and follow the technical excellent and design.
- Her self organizing and self-directed. They are not dictated or managed by a project manager. The PM is seen as a facilitator for the team.
At the end of the complete retrospective which can be done on a monthly basis to reflect on what went well or what wrong. This allows them to improve on the next iteration.
What are more agile principles?
- Since agile is about people collaborating, consistent communication is necessary. this is usually done and standup meetings daily with team members and meetings with customers during iteration reviews. This allows everyone to have a voice.
- Projects are built around trust and motivation by the agile p.m. and team members.
- Give customer updates. The customer will track the rules of your project as a primary means of measurement.
- Try to ensure the team is able to maintain a pace that is sustainable and predictable. Teams are expected to deliver at a pace and follow the technical excellent and design.
- Her self organizing and self-directed. They are not dictated or managed by a project manager. The PM is seen as a facilitator for the team.
At the end of the complete retrospective which can be done on a monthly basis to reflect on what went well or what wrong. This allows them to improve on the next iteration.
Within an agile project who is a designated person that represents the customer?
Product owner
In an agile project who manages and facilitates the project?
Agile PM/scrum master
In an agile project, what are the project requirements from the customer?
Product backlog
In an agile project, what meeting is done by the agile team to the terming what features will be planned for the next release?
Sprint planning meeting
In an agile project, what is the work the team select to get done in the next sprint?
Sprint backlog
In an agile project what is the short iteration on where the teams work to complete the work in the backlog?
Sprint 1-4 weeks
In an agile project, what is a quick meeting each day to discuss the project statuses, led by the agile p.m. that lasts around 15 minutes?
Daily standup meeting
An agile project what is an inspection done at the end of the sprint by customers?
Sprint review