Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

PMP > PMP Definitions > Flashcards

PMP Definitions Flashcards

1
Q

Project

A

A temporary endeavor undertaken to create a unique product, service, or result.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Program

A

A group of related projects that are coordinated allowing for more control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Portfolio

A

A collection of projects and programs that are aligned to achieve strategic business objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Phases

A

A group of related project activities that allows for more control and often completes a major deliverable.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Project Life Cycle

A

A group of project phases defined by an organization into a framework allowing for more control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Baseline

A

The original approved plan plus/minus all approved changes; the current approved version of the plan.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

System

A

A set of formal policies, procedures, rules, or processes that defines how things are done.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Progressive Elaboration

A

An iterative approach to planning; plans are created in multiple passes rather than all at once.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Historical Information

A

Documents or data from previous projects which are used to assist in future project decisions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Enterprise Environmental Factors (EEF)

A

The environment you work in that can impact your project; corporate culture, industry standards, infrastructure, political climate, market conditions, etc.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Organizational Process Assets (OPA)

A

Any documented processes and procedures; corporate knowledge base (e.g. project archives).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Functional Organization Structure

A

A departmentalized structure where employees work for only one manager; the project manager has little to no power.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Matrix Organization Structure

A

Employees report to both a functional manager and a project manager (power is shared). Weak Matrix: The PM has little power Balance Matrix: The PM has moderate power Strong Matrix: The PM has nearly full power and authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Projectized Organization Structure

A

Employees work directly for and report only to the project manager; The project manager. has full power and authority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Stakeholder

A

A person or organization who is actively involved in the project, or whose interests may be positively or negatively impacted by the project, or who might exert influence over the project.

A stakeholder grid show interest level versus power level.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Business Case (reason s to do a project)

A

market demand, business need or strategic opportunity, customer request, technological advance, legal requirement, ecological impact, social need.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Project Expeditor

A

Staff assistant to the executive who has responsibility for the project. - can make few if any decisions - primary responsibility lies in assuring the timely arrival of resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Project Coordinator

A

Reports to a higher level in the hierarchy. - has authority to assign work to individuals - lacks full authority of a project manager

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Project Manager

A

Tasked with achieving the project objectives. - lead person responsible for communicating with all stakeholders including sponsor - may report to a functional manager or program or portfolio manager

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Project Charter

A

Formally authorized the project to exist, establishes the project manager’s authority, and documents high-level requirements, milestones, budge, risks, and success criteria.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Project Management Plan

A

A formal, approved document that defines how the project is executed, monitored & controlled. Project Management Plan Components: - Change Management Plan - Configuration Management Plan - Scope Management Plan - Schedule Management Plan - Cost Management Plan, - Quality Management Plan - Process Improvement Plan - Human Resources Plan - Communications Management Plan, - Risk Management Plan - Stakeholder Manan Plan - Procurement Management Plan - Requirements Management Plan - Scope Baseline - Schedule Baseline - Cost Performance Baseline

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Lessons Learned

A

Things learned on the current or previous project that can be used to improve current or future project performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Work Authorization Systems

A

Defines how project work will be authorized to ensure that work is done by the right organization, at the right time, and in the right order.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Change Request

A

A formal request for a change to the project; can be a change to scope, cost/budget, schedule, policies, procedures, processes, or to any of the project plans.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Issue

A

A point to matter in question, in dispute, or over which there are disagreements.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Preventive Actions

A

Take actions to reduce the probability of negative impacts associated with project risks (prevent/minimize impact of potential problems).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Correctie Actions

A

Take actions to align expected future project outcomes to the project management plan (correct the problem).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Value Engineering

A

An approach used to optimize project life cycle costs, save time, increase profits, improve quality, expand market share, solve problems, and/or use resources more efficiently; see Product Analysis Tool & Technique.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Group Creativity Techniques

A
  • Brainstorming - Nominal Group Technique (voting and ranking ideas) - Delphi Technique (Blind/anonymous) - Idea and MinMapping - Affinity Diagrams (grouping into categories)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Group Decision Making Techniques

A
  • Unanimity (all agree) - Majority (over 50% agree) - Plurality (Larges block agrees) - Dictatorship (one person decides) - Consensus (all agree to go along, even if it’s not their first choice)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Project Scope Statement

A

Describes in detail the project’s deliverables and the work required to create those deliverables; it contains explicit project inclusions and exclusions, acceptance criteria, assumptions, and constraints

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Project vs. Product Scope

A

Project scope is measured against the project management plan. Product scope is measured against product requirements.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

Decomposition

A

The process of continually breaking down project deliverables into all parts to the loin where activity cots and drains ca b reliably estimate and managed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

WBS Work Breakdown Structure

A

A deliverable-oriented hierarchy decomposition of the work to be completed on a project. Each lower level representats an i increasingly detailed definition of the work; lowest level is the work package; each node has a unique identifier; WBS Dictionary - provides a detailed descriptions of each WBS component.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Scope Baseline

A

Includes the WBS, WBS Dictionary, and Project Statement.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Project Schedule Network Diagram

A

A graphical depiction of dependencies among project activities. A visual representation of the project schedule.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Precedence Diagramming Method (PDM)

A

A network diagramming method that uses rectangles (notes) to represent activities and arrows to show logical relationships between the activities; also known as Activity-On-Node (AON).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Types of Dependencies

A

Mandatory (hard logic) Discretionary (preferred, arbitrary, soft logic) External Internal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

Logical Relationships

A

Dependencies between two activities where one activity must be started or finished before the other can be started or finished. Four Types: Finish-to-Start (FS) Finish-to-Finish (FF) Start-to-Start (SS) Start-to-Finish (SF)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

Lead

A

Starting an activity prior to the completion of the preceding activity, getting a head-start on an activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Lag

A

Delaying the start of an activity after the completion of a preceding activity, delaying an activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

Bottom-Up Estimating

A

Breaking a project or activity down into smaller components that are easier to estimate, then aggregating (rolling-up) those costs or durations. This is the most accurate and expensive estimating technique.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

Analogous Estimating

A

Using a previous project (historical information) as a starting point to estimate activity costs or activity durations; also known as top-down estimating. This is the least accurate, but quickest method.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

Parametric Estimating

A

Using a statistical relationship to calculate cost or duration; typically involves multiplying the number of units by a cost or duration per unit. Time example: 4 hours per server x 20 server = duration of 80 hours Cost example: $100 cost per square foot x 2,000 square feet = $200,000 construction cost.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

Three-Point Estimating

A

A weighted average method used to increase estimation accuracy; uses Optimistic, Pessimistic, and Most Likely estimates to calculate the estimated activity cost or duration. Triangle Distribution Formula: (O + M + P)/3 Beta Distribution Formula (PERT): (O + 4xM + P)/6

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Reserve Analysis

A

Contingency reserves buffers) used to account for schedule or cost uncertainty (risks).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Critical Path

A

The path of activities alone which any delays will cause the project to be delayed; the longest duration path through the schedule network diagram; the chain of tasks which all have 0 float.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

Total Float (Slack)

A

The amount of time an activity can be delayed without delaying the project completion date.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

Free Float

A

The amount of time an activity can be delayed without delaying the following (successor) activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Critical Path Method

A

A schedule analysis method that calculates the critical path for the project, float for each activity, and possible start and finish dates for each activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Critical Chain Method

A

Takes the Critical Path Method and factors in resource constraints and schedule buffers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Schedule Compression

A

Used to shorten the project schedule. Two Methods: Crashing - Adds extra resources, results in higher costs. Fast-Tracking - Doing activities in parallel, which increases risk.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

Resource Leveling

A

Used to adjust the resource schedule when resources have been over-allocated; ;often lets the schedule slip in order to smooth out resource utilization. A histogram (bar chart) is the tool used to do this.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

What-if Analysis

A

A statistical analysis method used to predict the schedule based on various possible scenarios. Examples include: Monte Carlo Analysis which is a computer software that attempts thousands of random scenarios to predict likely possible outcomes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Milestone Schedule

A

A summary schedule which only shows key points in the project.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Grantt Chart

A

A type of bar chart used to display the project schedule with bar lengths representing activity durations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

Schedule Baseline

A

The accepted and approved version of the project schedule.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Funding Limit Reconciliation

A

Adjustments made to project expenditures to account for funding limits (e.g. quarterly budgets).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Cost Baseline

A

Authorized, time-phased, total project Budget used to measure, monitor and control cost performance of the project; appears as an S-curve on a graph.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

Variance Analysis

A

Measuring the difference between planned and actual (used for both costs and durations).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Earned Value Management (EVM)

A

An objective mathematical approach to measure cost and schedule performance.

62
Q

Contingency Reserves

A

Amounts set aside by the PM to cover known risks (known-unknowns) and is included in the Cost Baseline.

63
Q

Management Reserves

A

Amounts management sets aside to cover unknown risks (unknown-unknowns) and is NOT included in the Cost Baseline.

64
Q

Net Present Value (NPV)

A

Present value of a future income stream, offset against the initial investment amount. NPV = Sum of [Future Cash Flows / (1 + i)^N] - Initial Costs NPV = Sum of [PV for Each year] - Initial Costs PV = FV / (1 + i)^N

65
Q

Benefit Cost Ratio

A

Compares financial yield to the cost of doing the project.

66
Q

Payback Period

A

The amount of time needed to recoup the project’s investment.

67
Q

Customer Satisfaction

A

Keep customer happy by conformance to requirements (ensure the project produces what it’s supposed to) and fitness for use (the product must satisfy real needs).

68
Q

Prevention over Inspection

A

It’s usually less expensive to prevent mistakes than it is to fix them.

69
Q

Precision

A

The values of repeated measurements are clustered and have little scatter.

70
Q

Accuracy

A

The measured value is very close to the true value.

71
Q

Quality Assurance

A

Looking to see if we are using the quality procedures as planned; Auditing the Process. QA = Audit

72
Q

Control Quality

A

Testing the quality of the product or deliverable. CQ = Inspection

73
Q

Cost-Benefit Analysis

A

High quality results in less rework, higher productivity, lower costs, and increased stakeholder satisfaction.

74
Q

Cost of Quality (COQ)

A

Includes all costs over the life of the project. Includes two categories: Conformance & Nonconformance. Cost of Conformance: - Prevention Costs: - Training - Time to do it right - Document processes - Equipment (state of the art) - Appraisal Costs: - Testing - Destructive testing loss - Inspections Cost of Non-Conformance: - Internal Failure Costs: - Rework - Scrap - External Failure Costs: - Liabilities - Warranty work - Lost business

75
Q

Cost of Conformance

A

Money spent during the project to avoid failures. Two categories: Prevention and Appraisal. Cost of Conformance: - Prevention Costs (Build a quality product) - Training - Allow enough time to do it right - Document processes - Maintaining equipment - Appraisal Costs (Assess the quality) - Testing - Destructive testing loss - Inspections

76
Q

Cost of Non-Conformance

A

Money spent during and after the project because of failures. Cost of Non-Conformance: - Internal Failure Costs (Failures found by the project) - Rework - Scrap - External Failure Costs (Failures found by the customer) - Liabilities - Warranty work - Lost business

77
Q

Design of Experiments (DOE)

A

A statistical technique that analyzes several variations (product bundles or feature combinations) at once.

78
Q

Kaizen

A

Japanese word for “continuous improvement” A type of Plan Do Check Act (PDCA) cycle

79
Q

W. Edwards Deming

A

Developed the 14 points of Total Quality Management (TQM), & said quality is a management problem 85% of the time.

80
Q

Joseph Juran

A

Defined quality as “Fitness for Use” & promoted conformance and quality by design.

81
Q

Philip Crosby

A

Believed in conformance to requirements and Zero Defects.

82
Q

ISO 9000

A

A quality management certification that requires documenting and following processes.

83
Q

Quality vs. Grade

A

Low Grade is OK - Grade has to do with amount of features Low Quality is ALWAYS BAD - Quality has to do with the product itself

84
Q

Standard Deviation

A

Also known as sigma; represents variation (dispersion) from the average (mean). SD = (Pessimistic - Optimistic) / 6 1 Sigma = 68.26 % (317,500 defects per million) 2 Sigma = 95.46% (45,000 defects per million) 3 Sigma = 99.73% (2,700 defects per million) 4 Sigma = 99.999% (3.4 defects per million)

85
Q

Probability Distributions

A

Graphical representation of probabilities. 1σ = 68.26 % (317,500 defects per million) 2σ = 95.46% (45,000 defects per million) 3σ = 99.73% (2,700 defects per million) 4σ = 99.999% (3.4 defects per million)

86
Q

Normal Probability Distribution (Bell Curve)

A
87
Q

Mutually Exclusive

A

Two events can’t occur at the same time (if one event occurs, then the other event cannot).

88
Q

Statistical Independence

A

The occurrence of one event makes it neither more note less probable that the other occurs; past coin flips of heads do not change the probability of the next coin flip being heads.

89
Q

Statistical Sampling

A

Choosing small random sample, and the sample’s properties should represent the entire group.

90
Q

Rule of 7

A

Seven consecutive data points on a control chart on one side of the mean signifies that the process is headed out of control.

91
Q

Benchmarking

A

Comparing your project or process to a known standard.

92
Q

Flowcharting

A

Visual depiction of a process.

93
Q

Types of Variances

A

Special Cause - Also known as Assignable Cause, is not inherent in the system, not predictable, and is intermittent. Includes non-random data points or points outside the control limits. Common Cause - Also known as Random Cause, is inherent in the system and predictable, normal or not unusual, includes random patterns within the control limits.

94
Q

Pareto Chart

A

A type of chart that contains both bars and a line graph, where individual values are represented in descending order by bars, and the cumulative total is represented by the line. 80/20 rule says 80% of problems are from 20% of the causes, and dictates you should focus most of your attention on those top few causes.

95
Q

Scatter Diagram

A

Plots data points to show the relationship between 2 variables (X,Y)

96
Q

Cause and Effect (Ishikawa or Fishbone) Diagram

A

Shows how various factors might be linked to potential problems or effects.

97
Q

Maslow’s Hierarchy of Needs (triangle)

A

People can only ascend to a higher level after fulfilling each of the lower levels. Physiological - Food, water, shelter Safety - security, stability, freedom from harm Social - friends, family, love Esteem - respect, appreciation Self-Actualization optimal performance, growth, learning.

98
Q

Herzberg’s Motivation-Hygiene Theory

A

Certain factors in the workplace cause job satisfaction, while a separate set of a factors cause dissatisfaction. Hygiene factors including status, job security, salary, and fringe benefits do NOT cause satisfaction, but if they are missing they cause Dissatisfaction.

99
Q

McGregor’s Theory-X

A

People dislike work, and thus employees must be watched closely.

100
Q

McGregor’s Theory-Y

A

People are self-motivated, and thus can be trusted to work hard on their own.

101
Q

Fiedler’s Contingency Theory

A

Effectiveness of a leader’s management style (task-orients vs. relationship-oriented) is dependent on the situation.

102
Q

McClelland’s Theory of Needs

A

People are motivated by either (1) achievement, (2) affiliation, or (3) power, and need to be managed accordingly.

103
Q

Expectancy Theory

A

Employees are motivated by the expectation of realistic positive outcomes and related rewards.

104
Q

Responsibility Assignment Matrix (RAM)

A

A grid that shows the relationship between work packages (rows) and team members (columns).

105
Q

RACI Chart

A

A RACI Chart is a type of RAM that shows who is responsible for the work, accountable for the work, who needs to be consulted, and who needs to be kept informed. Responsible - does the work Accountable - ensures the work is done Consult - input required from SME Inform - updated on status

106
Q

Staffing Management Plan

A

Includes information on staff acquisition & release, resource calendars, recognition & rewards, compliance (unions, regulation, legal, etc), and safety (training, policies, and procedures).

107
Q

Constructive Team Roles

A

Clarifiers, Encouragers, Information Givers, Information Seekers, Initiators, Gate Keepers, Harmonizers, and Summarizers.

108
Q

Destructive Team Roles

A

Aggressors, Blockers, Dominators, Devil’s Advocate, Recognition Seekers, Topic Jumpers, Withdrawers.

109
Q

Forms of Power

A

Formal/Legitimate - power based on position or title Expert - BEST; power based on knowledge or expertise such as a SME Reward - You reward desirable behavior with incentives, aka the carrot method. Referent - power based on respect or adornment Punishment/Penalty - WORST; threats of punishment, aka the stick method

110
Q

Methods of Conflict Resolution

A

Collaborating - examine various perspectives, cooperate Compromising - both parties give something up Forcing - pushing one’s viewpoint at the expense of others (win-lose) Smoothing/Accommodating - emphasis on areas of agreement, but ignore the true problem (lose-lose) Withdraw/Avoiding - retreating from conflict (lose-lose)

111
Q

Team Development (Tuckman’s Ladder)

A

Forming - team is shy Storming - not seeing eye-to-eye Norming - begin to work together Performing - well-organized Adjourning - team disbands

112
Q

Interpersonal Skills

A

Aka soft skills. Leading Influencing Effective Decision-Making

113
Q

Primary Sources of Conflict

A

Schedule, Resources, and Priorities account for 50% of project conflicts.

114
Q

Communications Management Plan

A

Documents: - who sends info - who receives info - what info is sent - how info is sent - when and how often info is sent

115
Q

Number of Communication Channels

A

n(n-1) / 2

116
Q

Communication Methods

A

Interactive - multi-direction (meetings) Push - one-way outbound (email) Pull - one-way inbound (share point)

117
Q

Communication Types

A

Formal Written - complex problems, project management plans, memos, contracts Formal Verbal - presentations, speeches Informal Written - email, handwritten notes Informal Verbal - meetings, conversations

118
Q

NonVerbal Communications

A

body language, posture, facial expressions, hand motions, etc.

119
Q

Para-lingual

A

Pitch and tone of your voice to convey emphasis and importance.

120
Q

Risk

A

Uncertainty, an unknown future event. Positive risks are opportunities. Negative risks are threats.

121
Q

Residual Risk

A

Any risk that remains after the risk response strategy has been implemented; left-over risk.

122
Q

Secondary Risk

A

Risks that occur as a result of implementing a risk response strategy.

123
Q

Qualitative Risk Analysis

A

A quick and easy risk assessment method that combines the probability and impact to assign a risk score.

124
Q

Quantitative Risk Analysis

A

A more rigorous risk assessment which numerically analyzes the effect of identified risks on overall project objectives.

125
Q

Probability and Impact Matrix

A

A matrix used during qualitative risk analysis that multiplies the risk probability (high, medium, or low) by the impact to come up with a risk score, which is then used to create a prioritized list of risks.

126
Q

Expected Monetary Value (EMV)

A

EMV = Probability x Impact

127
Q

Sensitivity Analysis

A

Graphically shows which variable have the greatest impact on the project. - Tornado Diagram

128
Q

Threat Strategies

A

ATM-A - Avoid - change something so that the threat no longer exists - Transfer - shift the risk to a third party, perhaps via a contract - Mitigate - reduce the probability or impact, an alternate plan - Accept - live with it

129
Q

Opportunity Strategies

A

SEE-A - Share - share with a third party, perhaps via a joint venture - Exploit - change something to ensure the opportunity occurs - Enhance - increase the probability or impact, an alternate plan - Accept - live with it

130
Q

Workarounds

A

Used only when an unidentified (unknown-unknown) risk event occurs.

131
Q

Reserves

A

Money or time set aside in case a risk occurs; contingency reserves are for identified risks, management reserves are for unidentified risks.

132
Q

Procurement Documents

A

RFP = Request for Proposal RFB = Request for Bid RFQ = Request for Quote RFI = Request for Information IFB = Invitation for Bid

133
Q

Point of Total Assumption (PTA)

A

The point where the seller has to pay of any further cost overruns. PTA = Target Cost + ((Ceiling Price - Target Price) / Buyer’s Share Ratio) PTA = TC + ((CP-TP)/BSR)

134
Q

Teaming Agreements

A

A standardized contract between two parties to simplify procurements; aka master service agreements.

135
Q

Type of Contracts

A

Fixed Price (seller bears all risk): FFP = Firm Fixed Price - most common, seller covers any cost increases. FPIF = Fixed Price Plus Incentive Fee - includes an extra performance bonus. FP-EPA = Fixed Price with Economic Price Adjustment - used on long-term projects, buyer covers inflation costs. Cost Plus (Buyer assumes some risk) CPPC = Cost Plus Percentage of Cost - seller reimbursed for costs, plus a % commission. CPFF = Cost Plus Fixed Fee - seller reimbursed for costs, plus a fixed $ commission. CPIF = Cost Plus Incentive Fee - seller reimbursed for costs, plus an objective bonus. CPAF = Cost Plus Award Fee - seller reimbursed for costs, plus a subjective bonus. T&M = Time & Materials - hybrid, moderate risk to buyer, often used for staff augmentation and consultants.

136
Q

Stakeholder Register

A

Lists stakeholders and relevant details for each.

137
Q

Stakeholder Management Plan

A

Outline strategies for managing various stakeholders’ expectations/involvement.

138
Q

Issue Log

A

Tracks disagreements and/or unresolved matters and outlines plan for resolving.

139
Q

Change Log

A

Shows all changes made during a project along with their impact on various constraints.

140
Q

Analytical Techniques

A

Ways of predicting/assessing potential outcomes in light of various project variables.

141
Q

Planned Value (PV)

A

Budgeted value of work planned to be done.

142
Q

Earned Value (EV)

A

Budgeted value of work completed.

143
Q

Actual Cost (total) (AC)

A

Actual cost of work completed.

144
Q

Budget at Completion (BAC)

A

Cost Baseline

145
Q

Estimate at Completion (EAC)

A

Expected total cost (forecast). EAC = AC + Bottom-Up ETC - (most accurate) EAC = AC + (BAC - EV) - (ATYPICAL - AC plus work remaining, use budget rate) EAC = BAC / CPI - (TYPICAL - Assumes same rate of spending will continue) EAC = AC + [(BAC-EV)/(CPI*SPI)] - (Assumes poor cost performance & schedule performance will continue)

146
Q

Estimate to Complete (ETC)

A

Expected remaining cost (from now until end), the Value of work remaining. ETC = EAC - AC

147
Q

Variance at Completion (VAC)

A

Expected variance over/under budget. VAC = BAC - EAC Negative is bad, Positive is good.

148
Q

Cost Variance (CV)

A

CV = EV - AC Negative is bad, Positive is good.

149
Q

Schedule Variance (SV)

A

SV = EV - PV Negative is bad, Positive is good.

150
Q

Cost Performance Index (CPI)

A

CPI = EV / AC Under 1 is bad, Over 1 is good.

151
Q

Schedule Performance Index (SPI)

A

SPI = EV / PV Under 1 is bad, Over 1 is good.

152
Q

To Complete Performance Index (TCPI)

A

TCPI = [(BAC-EV)/(BAC-AC)] - (Optimal rate to complete within budget) TCPI = [(BAC-EV)/(EAC-AC)] - (Assumes original budget cannot be achieved)

PMP (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions