PMP Study From Coursera - 3 Flashcards
Refers to starting with a final task or milestone and moving backwards through the schedule to determine the shortest path
Backward Pass
The dollar amount used to measure against to find out whether a project is on track or not and to measure the success of the project
Baseline
The act of creating a fixed reference point of spending to measure and compare a project’s progress against
Baseline a Budget
Thinking about all the parts of a project from the beginning to the end–including making a list of anything that comes with an associated cost–and adding all of it together
Bottom-up Approach
The estimated monetary resources needed to achieve the project’s goals and objectives
Budget
A situation where a budget is set before the project begins
Budget Pre-Allocation
The possibility that the costs of a project will increase due to poor planning or expanding the project’s scope
Budget Risk
Extra time added to the end of a task or project to account for unexpected slowdowns or delays in work progress
Buffer
The amount of work that the people or resources assigned to the project can reasonably complete in a set period of time
Capacity
Refers to the act of allocating people and resources to project tasks and determining whether the necessary resources required to complete the work on time have been acquired
Capacity Planning
Capital expenses; refers to expenses which businesses incur to create a benefit in the future
CAPEX
The inflow and outflow of cash on a project
Cash Flow
A visual that shows the possible causes of an event or risk; also known as a fishbone diagram
Cause-and-Effect Diagram
The flow of information; includes everything that’s shared, how it’s shared, and with whom
Communication
A document that organizes the process, types, and expectations of communications for a project
Communication Plan
Money that is included to cover potentially unforeseen events that aren’t accounted for in a cost estimate
Contingency Budget
Money added to the estimated project cost to manage identified risks
Contingency Reserves
Costs that are incurred to prevent issues with products, processes, or tasks
Cost of Quality
The ratio of the percentage complete to the actual costs
Cost Performance Index (CPI)
The difference between the amount of budget expected to be spent on versus what is actually spent for work completed at a point in time
Cost Variance (CV)
The list of project milestones that must be reached in order to meet the project goal on schedule, as well as the mandatory tasks that contribute to the completion of each milestone
Critical Path
A flowchart that helps visualize the wider impact of a decision on the rest of a project
Decision Tree
A relationship between two project tasks, where the start or completion of one depends on the start or completion of the other
Dependency
A visual representing the dependencies in the flow of work during a project
Dependency Graph
Costs that occur directly in a project
Direct Costs
In the critical path method, the earliest possible date on which a task (or the project itself) can begin
Earliest Start Date
In the critical path method, the earliest possible date on which a task (or the project itself) can begin
Earliest Start Date
A technique where a project’s performance or actuals for budget and schedule are regularly monitored against the planned budget and schedule
Earned Value Management (EVM)
A prediction of the amount and difficulty of active work required to complete a task
Effort Estimation
A person’s ability to relate to the thoughts and feelings of others
Empathy
An issue that may cause a person to make unethical choices
Ethical Trap
In this type of dependency relationship, the first task must be completed before the second task can be completed
Finish-to-Finish (FF)
In this type of dependency relationship, the first task must be completed before the second task can start
Finish-to-Start (FS)
FA visual that shows the possible causes of an event or risk; also known as a cause-and-effect diagram
Fishbone Diagram
A contract that is paid for when certain milestones are reached
Fixed Contract
Costs that won’t change over the course of a project
Fixed Costs
The date on which work on a task must start in order to achieve a goal
Fixed Start Date
The amount of time that can be waited to begin a task before it impacts the project schedule and threatens the project outcome
Float
A cost estimate or prediction over a period of time
Forecast
Refers to starting at the beginning of a project task list and moving forward towards the end of the project
Forward Pass
A horizontal bar chart that visually maps out a project schedule and tasks, with clear breakdowns of who’s responsible for the work and when those tasks are due
Gantt Chart
A risk that is serious and can affect the overall success of a project; requires direct communication with stakeholders to go over plans to mitigate and address
High-level Risk
The damage a risk could cause, if it occurs; determined on a scale of high, medium, or low
Impact
Costs that can’t be linked directly to a project
Indirect Costs
The measure of a risk, calculated by its probability and impact
Inherent Risk
A known and real problem that can affect the ability to complete a task
Issue
A visual tool used to manage tasks and workflows
Kanban Board
A corruption scheme where a certain percentage of an awarded contract is offered to an official who can ensure that their company wins the bid
Kickback
A way of ensuring that project data can be accessed in the future by others who need it for informing decisions or planning similar projects
Knowledge Management
In the critical path method, the latest possible date on which a task (or the project itself) can begin
Latest Start Date
Refers to gathering experts’ insights to do something more effectively
Leverage Experts
A risk that may not greatly impact the project and may have a low probability of occurring, so a project manager may or may not communicate it to stakeholders
Low-level Risk
A percentage of the budget set aside for unknown risks
Management Reserves
A risk that requires direct communication with stakeholders and should be treated as urgent, as it will most likely impact the project
Medium-level Risk
An important point within the project schedule that indicates progress and usually signifies the completion of a deliverable or phase of the project
Milestone
Telling someone facts they need to know at the time they need to know them, and nothing more
Need-to-Know Basis
A visual that sequences project tasks in order of dependencies
Network Diagram
Document that keeps confidential information within the organization
Non-Disclosure Agreement (NDA)
A question that cannot be answered with a yes or no
Open-Ended Question
Refers to expenses which are required for day-to-day tasks within the company
OPEX (operating expenses)
When a person believes that they are unlikely to experience a negative event
Optimism Bias
Tasks that can happen at the same time as other tasks
Parallel Tasks
Information that could be used on its own to directly identify, contact, or precisely locate an individual; includes email addresses, mailing addresses, phone numbers, precise locations, full names, and usernames
Personally Identifiable Information (PII)
Describes people’s tendency to underestimate the amount of time it will take to complete a task, as well as the costs and risks associated with that task
Planning Fallacy
The second phase of the project life cycle; includes the schedule, the budget, and the risk management plan
Planning Phase
A tool used to prioritize project risks
Probability and Impact Matrix
The likelihood that a risk will occur
Probability
Obtaining all of the materials, services, and supplies required to complete the project
Procurement
The estimated monetary resources needed to achieve the project’s goals and objectives
Project Budget
Extra time tacked onto the end of a project
Project Buffer
The first meeting in which a project team comes together to ground everyone in a shared vision, gain a shared understanding of the project’s goals and scope, and understand each person’s individual roles within the team
Project Kick-off Meeting
Project management baseline (PMB): A clearly-defined fixed starting point for your project that includes the scope, budget, and schedule
Project Management Baseline (PMB)
A document that records the scope, tasks, milestones, and overall activities of a project; generally contains these five basic elements: tasks, milestones, people, documentation, and time
Project Plan
A document that records the scope, tasks, milestones, and overall activities of a project; generally contains these five basic elements: tasks, milestones, people, documentation, and time
Project Plan
An activity that needs to be accomplished within a set period of time
Project Task
Creating a separate revised budget based on how a project is tracking
Reforecast
Document that outlines the details of a project
Request for Proposal (RFP)
A method to check for remaining project resources
Reserve Analysis
The cost of a resource
Resource Cost Rate
A potential event which can occur and impact a project
Risk
The willingness of an organization to accept the possible outcomes of a risk
Risk Appetite
The stage of risk management where qualities of a risk are estimated or measured
Risk Assessment
The process of identifying and evaluating potential risks and issues that could impact a project
Risk Management
A living document that contains information regarding the identified risks, estimates of their probability and impact, and the mitigation plans for those risks
Risk Management Plan
A table or chart that contains a list of risks
Risk Register
The initial cause of a situation that introduces a risk
Root Cause
The project timeline, which includes the start date, the end date, and dates for events in between
Schedule
The ratio of the percentage of work complete to the planned budget for the planned work
Schedule Performance Index (SPI)
The difference between the amount of work expected to have been completed and the amount actually completed at a given point in time
Schedule Variance (SV)
The possibility that a project won’t produce the results outlined in the project goals
Scope Risk
Tasks that must be completed in a specific order
Sequential Tasks
A risk that has the potential to be catastrophic and halt work across a project
Single Point of Failure
The amount of time that a task can be delayed past its earliest start date without delaying the project
Slack
Personal characteristics that help people work effectively with others
Soft Skills
When a company restricts the bidding process to one supplier, preventing competition
Sole-supplier sourcing
When a company restricts the bidding process to one supplier, preventing competition
Sole-supplier sourcing
In this type of dependency relationship, the first task must begin before the second task can be completed
Start-to-Finish (SF)
In this type of dependency relationship, the first task must begin before the second task can be completed
Start-to-Finish (SF)
In this type of dependency relationship, the second task can’t begin until the first task begins
Start-to-Start (SS)
A document that clearly lays out the products and services a vendor or contractor will provide for the organization
Statement of Work (SoW)
Smaller tasks that are required to complete a larger task
Subtasks
A team member with a deep understanding of a particular job, process, department, function, technology, machine, material, or type of equipment
Subject Matter Expert (SME)
A header at the top of a project plan that describes a collection of subtasks
Summary task
