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PMP > PMP3 > Flashcards

PMP3 Flashcards

1
Q

Who is responsible for obtaining funding, committing resources, and approving deliverables?

A

Project sponsor

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2
Q

What is a Hybrid life cycle

A

Combines predictive and adaptive aspects. Elements that ar well-known or have fixed requirements follow predictive. Evolving elements follow adaptive

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3
Q

What are the 5 tiers to Maslow’s Hierarch of Needs?

A

Physiological, safety, belonging, esteem, self-actualization

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4
Q

What is the nominal group technique for managing stakeholders?

A

enhances brainstorming by allowing users to rank the most useful ides

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5
Q

What is a pre-mortem meeting?

A

Look at possible things that can cause failure during a project before they take place

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6
Q

What is an Artifact?

A

Template, document, output, or deliverable. Quantifiable

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7
Q

What are the 4 steps in the Change Control Process?

A

Assess the change > identify options for implementing the change > approve or reject the change (change control board (ccb)) > record the change

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8
Q

From a communication perspective, what are the 3 key activities that must occur during the Initiate and Plan processes?

A

Identify stakeholders and their needs, create a project communication plan, identify project performance metrics

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9
Q

What are 3 ways of collaboration in an Agile methodology?

A

Pairing, Swarming, and Mobbing

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10
Q

What is Decision Tree Analysis

A

Lists various options with their benefit or cost. lists outcomes with their probability of occurrence. Choose the least cost and least probability impactSquare represents a decision, circle is a chance of an event occurring

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11
Q

Define: appraisal costs, internal failure cost, and sunk cost

A

AC = cost of auditing/checking workIFC = defects before releaseSC = wasted money.

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12
Q

A project has a baseline schedule of 180 days and a budget of $250,000. After 21 days, the project has spent US $60,000 and earned a value of $75,000. What is the CPI for this project?

A

75000 / 60000 > 1, so under budget

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13
Q

When a change is requested, who does the PM talk to first before implementing?

A

Change Control Board, not the product owner, sponsor or development team

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14
Q

What is the Hawthorne effect?

A

the act of measuring something that makes people take notice and adjust their behavior

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15
Q

What are the 5 stages of a retrospective?

A

Set the stage, gather data, generate insights, decide what to do, close the retro

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16
Q

What is Discrete Effort?

A

Activity that can be linked to a specific WBS output

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17
Q

What is a project business case?

A

Explains why a project is needed with analysis of costs and benefits (also called an economic feasibility study)

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18
Q

What is a vanity metric?

A

Measure that shows data but does not provide useful information for making decisions

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19
Q

What is Agile Unified Process (AgileUP)?

A

Accelerated cycles and less heavyweight processes than Unified Process

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20
Q

Regarding stakeholders, what are power/interest grids, power/influence grids, and impact/influence grids?

A

Graph of the two components from low to high along two axis. Low power, low interest = monitorLow power, high interest = informHigh power low interest = satisfyhigh power, high interest = manage closely

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21
Q

What is the Schedule Performance Index? What does the number mean?

A

Shows how the schedule is progressing against the plan. Less than 1 = behind, greater than 1 = ahead

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22
Q

What are the 5 stages of team development in a Tuckman Ladder Model? List key characteristics of each and PM’s involvement

A

Forming (new team, behave independently; PM directs), Storming (trust and conflict arise; PM coaches), Norming (team begins to achieve goals; PM supporting), Performing (team is autonomous and makes decisions independently; PM delegates), Adjourning (team dissolves)

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23
Q

What is Design of Experiments (DOE) in terms of quality?

A

Statistical process for identifying variables that can most impact quality

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24
Q

What is Student Syndrome?

A

Wait until last minute to get the work done

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25
Q

What is quality control?

A

Analyze and evaluation the project deliverables against the requirements

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26
Q

What is the Project Procurement Plan?

A

Includes management and control processes for developing and administering agreements, such as contracts, PO’s, memorandum of agreement (MOAs), or SLAs. Does no include negotiation authority (that’s in the project charter)

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27
Q

Who is responsible for writing user stories?

A

Product owner

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28
Q

What model did Virginia Satir develop?

A

How people cope with change

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29
Q

What is the difference between resource leveling and resource smoothing?

A

Resource Leveling = start and finish dates are adjusted to accommodate critical resources, including changing the project start and end dates. Uses available float (slack)Resource Smoothing = Used after resource leveling to optimize resources when you cannot extend the schedule. Tries to move around activities

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30
Q

Regarding specialization and generalization, what are I-Shaped, T-Shaped, and Broken Comb/Paint Drip models?

A

I-Shaped = 1 specializationT-Shaped = 1 specialization, but good collaboration skills Broken Combe/Paint Drip = many specializations. Diverse knowledge

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31
Q

What are the 3 approaches to project work of a servant leader (in order)

A

Purpose (define why) > people (encouragement) > process (do not follow perfect process; look for results)

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32
Q

In Agile, what is Shu Ha Ri?

A

Concept that describes the path to mastery. Shu = follow rules, Ha = move away from rules to break free. Ri = unconsciously finding an individual path, to go beyond/transcend

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33
Q

What are the four phases of the product life cycle?

A

introduction, growth, maturity, retirement

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34
Q

Why would a sprint be canceled? Who can cancel it?

A

Goal of the sprint is obsolete. PO

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35
Q

Project-oriented project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

High/total, full-time, high/total, project manager

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36
Q

What is Earned Value (EV)? How is it calculated?

A

Measures the actual work complete (as opposed to plan) against the budget. EV = actual percent complete x budgetIf the actual percent complete is 25% and the task budget is $10,000, the amount spent should be $2500

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37
Q

What is the Halo Effect

A

Cognitive bias in which our overall impression of a person influences how we feel and think about their character

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38
Q

What is parametric estimating for scheduling?

A

Two or more parameters are used in an algorithm to determine schedule, like 1000 sqft/painter/day

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39
Q

What is Expected Monetary Value (EMV) analysis?

A

Calculates average outcome when future scenarios may or may not happen. Decision tree analysis or make-or-buy analysisE.g. Develope New or Improve Existing -> Develop New ($300k), Improve Existing ($100k)Develop New = 75% success at $800k, 25% at -$100kImprove = 90% success at $300k, 10% failure at -$50k

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40
Q

What is Earned Value Management (EVM)?

A

Takes the EVA (the numbers) and uses them to show trends and forecasts

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41
Q

What are Test-Driven Development (TDD) or Behavior Driven Development (BDD)

A

Automated tests written before product

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42
Q

Define Deliverable

A

A unique and verifiable product, service, or result

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43
Q

What is included in the Final Report?

A

After a project is formally closed, the final report provides a summary of the project performance and any products, services, or results that were delivered

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44
Q

In Agile, what is a Spike?

A

Timeboxed research or experiment. If PO is unsure of dependencies, PO can request the team to spike the feature to understand risks. Architectural spike = proof of concept. Risk-based spike - reduce or eliminate risk

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45
Q

Define work performance data, information, and report

A

Data = measurement on project work (KPI’s, story points); information = information collected from the data (like the velocity); report = generate decisions or raise issues

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46
Q

Define the following risk terms: Project ResilienceRisk AppetiteRisk ToleranceScenarioData AnalysisQuantitative Risk AnalysisSecondary RiskResidual RisksBubble ChartTornado Chart

A

Project Resilience - emerging risk is becoming clearRisk Appetite - level of uncertainty an organization is willing to take on. Documented in Risk Management PlanRisk Tolerance - amount of risk an organization is willing to takeScenario - scenarioData Analysis - root cause analysis, assumption and constraint, SWOT, etc.Quantitative - used for large projectsSecondary - risk in response to another riskResidual Risk - left over risks after a planned response has been executedBubble Chart - displays 3 dimensions of dataTornado Chart - compares and prioritizes relative impact of different risks (sensitivity analysis)

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47
Q

What is Mclelland’s 3 need theory?

A

achievement, power, affiliation

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48
Q

Define the following agile terms: 1. Ideation 2.02. Kano analysis3. Highest paid person’s opinion (HIPPO)4. Design the product box5. Affinity estimating

A
  1. New approaches to solutions you encounter in your daily routine2. Classify customer satisfaction into: exciters, satisfiers, dissatisfiers, and indifferent3. Decision making where people agree with the highest paid person4. Stakeholders provide the most valuable features (the ones you’d put on the product box)5. T-shirt sizing
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49
Q

Matrix Weak project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Low, part-time, low, functional manager

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50
Q

What are the 4 directions of influence regarding the project?

A

Upwards (management, steering committee), downwards (project team), outwards (shareholders, governments, etc.), sidewards (peers)

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51
Q

What is the most important indicator of a successful project?

A

Value

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52
Q

Define Crashing

A

Adding more resources to a project

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53
Q

What is a Change Management Plan

A

Document describing the process for submitting, evaluation, and implementing changes. How does a request start, who does it go to

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54
Q

What is a Resource Breakdown Structure?

A

Hierarchical list of team and physical resources related by category and resource type (project > personnel/material/equipment; Personnel = Role 1/2/3; Role 1 = Level 1/2)

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55
Q

When should stakeholders be identified?

A

As soon as the project charter is approved

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56
Q

What is the agile methodology?

A

Both iterative and incremental, meaning feedback is regularly given on work and there are multiple small deliverables

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57
Q

What is bottom-up estimating for determining a schedule?

A

Work from the lowest items on the WBS on up. Time consuming but accurate

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58
Q

What are the 9 types of project organization/authority?

A

Organic/Simple, Functional/Centralized, Multi-divisional, Matrix Strong, Matrix Weak, Matrix Balanced, Project-oriented, virtual, hybrid

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59
Q

Define Risk Management Plan

A

Includes a risk budget, risk resources, risk tolerance levels, and how to implement risk response

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60
Q

What is a multicriteria decisions analysis?

A

Uses a decision matrix to provide a systematic analytical approach. Basically listing features and analyzing which/how much to implement (phone price, screen size, storage space, appearance). May use a voting process

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61
Q

What is Acceptance Test-Driven Development (ATDD)

A

entire team gets together to discuss the acceptance criteria in order to drive defects down

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62
Q

In Agile, what is Little’s Law?

A

Cycle times are proportional to queue lengths. Can predict lead time based on production rate and amount of work in process

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63
Q

List project management process groups

A

Initiating, Planning, Executing, Monitoring and Controlling, Closing. These are not project phases

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64
Q

What is a Pareto Chart (80/20 rule)?

A

Frequency of defects and cumulative impact. Identify areas to focus on first in process improvement. Histogram. 20% of the cause problems when addressed eliminate 80% of the current challenges

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65
Q

What is Large Scale Scrum (LeSS)

A

Framework for organizing several development teams towards a common goal

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66
Q

What is the Definition of Done

A

Establishes the quality criteria for a delivery. When can we show the product to the product owner?

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67
Q

Who attends a sprint review? Retro?

A

Literally anyoneTeam

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68
Q

What is a “weighted shortest job first (WSJF)” model used for?

A

A mathematical model used to objectively prioritize projects

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69
Q

Define the following three risk evaluation parameters:Data Quality AssessmentProbability AssessmentImpact Assessment

A

Degree to which the data is accurateLikelihood a risk will occurImpact if a risk does occur on schedule, cost, quality

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70
Q

What are the four steps in an iterative life cycle?

A

Analyze > analyze/design (prototype loop) > build test (refine loop) > deliver

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71
Q

What is the difference between iterative and incremental methodologies?

A

Iterative allows feedback on unfinished work and delivers a single product at the end of the cycle. Incremental provides finished deliverables that the customer may use immediately (frequent, small deliveries). Both are good for unpredictable scope, but incremental is better when speed is important

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72
Q

What happens in the Monitoring and Controlling process?

A

Project performance is monitored, measured, and verified (also reporting). Runs in parallel with the Executing process.

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73
Q

What is the To-complete performance index (TCPI)?

A

Future projects cost efficiency to complete the project within the project budget. Based on the Budget at Completion (BAC): (BAC - EV) / (BAC - AC)To calculate future cost performance: (Remaining work) / (Remaining Funds) - (BAC - EV) / (BAC - AC)

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74
Q

Define Risk Register

A

List of potential obstacles

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75
Q

When is a time and materials (T&M) contract most suitable?

A

Scope of work is not well-defined and contractor duration is not fixed

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76
Q

Define Issue Log

A

List of real obstacles faced or facing

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77
Q

What is the Cost Performance Index (CPI)? What does the number mean? How is it calculated?

A

Measure financial performance. Less than 1 = over budget. Over 1 = under budget. CPI = Earned Value (completed features value to date; EV) / actual costs to date (AC)

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78
Q

What is a Configuration Management System?

A

Established methods, system, and procedures to control the change process (like SharePoint for version management)

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79
Q

What is Gulf of Evaluation?

A

What one person describes is often different from how another interprets

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80
Q

Define cadence

A

Rhythm of activities conducted throughout the project.

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81
Q

What are the different components that make up a project budget (the breakdown of a project budget)?

A

Project Budget = Cost Baseline + Management ReserveCost Baseline = total of control accountsControl accounts = work package costs + contingencyWork package costs = activity costs + activity contingencyContingency reserves = identified risksManagement reserves = unidentified risks

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82
Q

When should you escalate issues to the sponsors or management

A

For the exam: (usually) NEVER reach out to management. Escalate to sponsor if: problem impacts funding, resources, or project success, lacks support in organization. A decision requires authorization to change scope

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83
Q

What is the output of stakeholder identification?

A

Stakeholder register

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84
Q

What is the Definition of Ready?

A

Checklist of what needs to be done to a product backlog item before the team can start implementing in the next sprint

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85
Q

What is hybrid team feedback?

A

Feedback is required on regular and continuous basis. Shorted the feedback cycle as much as possible

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86
Q

Define the following types of risks: Event RiskNon-Event RiskVariability RiskAmbiguity RiskEmergent Risk

A

Event - possible event, identified riskNon-Event - uncertain future event that may or may not occur (includes next 3)Variability - set number of outcomes, don’t know which one. Use Monte Carlo analysisAmbiguity - results from lack of knowledge or understandingEmergent - emerges from blind spot. Unknowable unknowns

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87
Q

What happensin the Planning process?

A

Objectives are determined and how to reach those objectives with given contraints

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88
Q

What are the 5 scrum values?

A

Commitment, Courage, Focus, Openness, Respect

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89
Q

What is a Design for Excellence (DfX) in terms of quality?

A

Prioritize specific aspect of the design like reliability cost, safety, etc

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90
Q

Define Stakeholder Engagement Plan

A

Documents how involved and influential the stakeholders are. Includes communication plan and how much information will be delivered

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91
Q

From a communication perspective, what is the key activity that must occur during the Closing processes?

A

Communicate project results

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92
Q

What is a requirements document?

A

Defines what is needed from the product

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93
Q

Define the 3 types of PMO

A

Supportive - resource for projects. Provides templates, best practices, training, lessons learned. Repository. Low control | Controlling - provides support but requires compliance (specific frameworks or methodologies, specific templates or tool). Moderate control. | Directive - directly manages the projects

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94
Q

What are some key differences between a project charter and a project management plan?

A

The charter is a high-level summary of the project outlining the goal, authority, and possible success metrics. Developed by the PM. It authorizes the project. The project management plan outlines the scope, timelines, budget, and methodology to be used. Developed with the project sponsors

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95
Q

Define project governance

A

provides direction, establishes decision-making procedures, defines metrics for evaluation project.

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96
Q

What is a Flow Charts?

A

Shows the process from start to finish, including decision points and people, departments and systems involved

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97
Q

Virtual project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Low to moderate, full-time, low to moderate, mixed

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98
Q

What is a Precedence Diagramming Method (PDM) or Activity On Node (AON)

A

Graphical tool for scheduling activities in a project plan (typical workflow diagram)

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99
Q

What are the four questions asked during a Kanban standup?

A

What do we need to do to advance this piece of work? Is anyone working on anything not on the board? What do we need to finish as a team? Are there any bottlenecks or blockers?

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100
Q

What are the 7 steps to developing a Scope Baseline?

A

Create a WBS > define the project scope (I guess this comes after because you need to see what work you can handle or something?) > create scope statement > get WBS/dictionary and scope statement approved > baseline is ready > create scope management plan to monitor scope > create change management plan to control changes

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101
Q

What is a stakeholder communication channel calculation?

A

Number of potential communication channels in a project. Increases as the number of stakeholders grows

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102
Q

What is included in the Procurement Management Plan?

A

How procurement works, timetable, metrics, responsibilities, assumptions and constraints, legal jurisdiction, and currency

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103
Q

What is Brooks’ Law (scheduling)?

A

Adding more people later in a project can actually push out the date further due to increased coordination costs

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104
Q

What is the difference between start-to-start (SS) and start-to-finish (SF) scheduling methods?

A

SS = similar to FF. Activities can run in parallel, but B can’t start until A does (you can’t level concrete until the foundation has been poured, but it doesn’t have to be all the way poured to start)SF = Task A cannot finish until task B starts. Like cutting over a new system - you can’t close out the legacy system until the new system is online. Not commonly used

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105
Q

Key words associated with: Executing Phase/Process

A

Manage/conduct/implement

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106
Q

What are the three broad categories of stakeholders?

A

Internal, connected (shareholders), external (government, etc.)

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107
Q

On the PMP exam, what are clues for either a triangular estimate or PERT/Beta estimate?

A

Triangular: new projects, no experience, not much reliable dataPERT/Beta: team of experts, similar to triangular, but need more accurate estimate (since it uses weights)

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108
Q

What is “Stale Sandwich”

A

Using outdated and inappropriate feedback mechanisms

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109
Q

What are the primary goals of the following approaches: Predictive, Iterative, Incremental, Agile

A

Manage cost, correctness of solution, speed, customer value via frequent deliveries and feedback

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110
Q

What is the correlation between a scope statement, WBS, work package, and activity list?

A

Decomposed into Scope Statement > WBS > Work Package > Activity List

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111
Q

What are the three types of fixed-price contracts?

A

Firm fixed price (FFP) - one lump sum. All risks with sellerFixed price incentive fee (FPIF) - seller is offered performance based incentive for meeting targetFixed price with economic price adjustments (FPEPA) - Cost is adjusted over long periods of time

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112
Q

What is the difference between a Work Breakdown Structure and a WBS Dictionary?

A

The WBS provides a breakdown of the work packages (groups of related tasks). The dictionary assigns responsibility and dates

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113
Q

What is the OSCAR model?

A

Outcome, situation, choices, actions, review. Adapt leadership style to support individuals for personal growth. Whittlworth and Gilbert

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114
Q

Define the two types of schedule compression

A

Fast-tracking: activities are performed in parallel. May increase risk of rework, but does not inherently increase cost. This is used before crashingCrashing: Additional resources added to project. Always increases cost and may increase risk. Use this when there is extra money (CPI is greater than 1). This could be overtime.

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115
Q

What is a RACI Assignment Matrix?

A

Matrix of people vs activities. Lists who is responsible, accountable, consulting, and informing. Only one person should be accountable.

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116
Q

What is Resource Optimization?

A

Method of flattening the schedule when resources are over-allocated or allocated unevenly. Resource Leveling and Resource Smoothing

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117
Q

What types of rewards can a PM provide?

A

Maslow’s hierarchy of needs: monetary, development and growth, acknowledgement and recognition

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118
Q

What are the 12 agile principles?

A
  1. Highest priority to satisfy the customer through early and continuous delivery2. Welcome changing requirements; harness for competitive advantage3. Deliver working software frequently4. Buisiness people and developers work together daily5. Build projects around motivated individuals6. Face to face conversations7. Working software is the primary measure of progress8. Agile processes promote sustainable development. Maintain a constant pace9. Continuous attention to technical excellence and good design10. Simplicity - maximize the amount of work not done11. Self organizing teams12. Regular reflection
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119
Q

From a communication perspective, what are the 4 key activities that must occur during the Control and Execute processes?

A

Gather/analyze status, compile status, disseminate status, monitor stakeholder information needs

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120
Q

List various data representation techniques used for quality control (various types of charts, etc.)

A

Control charts, flow charts, logical data model, matrix diagrams, mind mapping, cause and effect diagrams, histogram, affinity diagrams, scatter diagrams

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121
Q

What is Value Stream Mapping and Value Stream Analysis?

A

Shows where the value delivery is slowing down and exposes opportunities to create better alignment. Analysis examines the steps to take a product or service from the beginning to end.

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122
Q

What is a Ishikawa or Fishbone or Cause and Effect diagram?

A

Identification of problems as well as their origins. Used in conjunction with a Pareto chart

123
Q

What is Cost Variance? How is it calculated?

A

Shows if the budget is deficit or surplus. CV = EV - ACIf the actual percent complete is 25% and the task budget is $10,000, the amount spent should be $2500. If the actual costs were $2000, then: CV = $2500 - $2000 = $500 surplus

124
Q

What is the requirements management plan?

A

Outlines all steps the project will take to collect, measure, test, and verify requirements

125
Q

What is a Cost Constructive Model?

A

People are 11 times more efficient that tools and processes

126
Q

What is the Configuration Management Plan?

A

Identifies items that require formal change control, i.e. items that affect the budget, schedule, scope, or work breakdown structure. Used to rebaseline project once change is executed.

127
Q

What is the difference between validate scope and control scope?

A

Validate scope is concerned with acceptance by the client. Control scope is used check correctness/quality. Control happens before validate

128
Q

Review the following procurements and contracts terms

A

Procurements and contracts is a method where you plan incremental releases of a productMulti-tiered structure (flexible multiple documents)Emphasize value deliveredFixed price incrementsNot to exceed time and materials (fixed overall budget)Graduated time and materials (shared financial risk approach)Early cancellation optionDynamic scope optionTeam augmentation (fund teams instead of scope)Full-service suppliers

129
Q

What is the Planned Value (PV)? How is it calculated?

A

Shows the budget that should have been spent against the planned schedule. PV = Planned Percent Complete x BudgetIf a project is 20% complete and the budget is $10,000, $2000 should have been spent

130
Q

What is the difference between product scope and project scope?

A

Product scope focuses on the end result (i.e. what needs to be done). Project scope is all the work needed for the project (i.e. how it will be done).

131
Q

What is the leading principal of Kanban?

A

It is more important to complete work that to start work

132
Q

What is Earned Value Analysis (EVA)?

A

Compares the performance measurement baseline to the actual schedule and cost performance

133
Q

Key words associated with: Monitor and Control Phase/Process

A

Monitor/control/validate

134
Q

What is Estimate at Completion (EAC)

A

Earned value management measure forecasts the expected total cost of completing all work

135
Q

What is the difference between grade and quality?

A

Grade is a category assigned to products that have the same functional use but different technical characteristics. Usually refers to the number of featuresQuality is the degree to which the product meets the customer or end-user requirements

136
Q

In Agile, what is Team Velocity?

A

Average story points per iteration

137
Q

What is a risk audit?

A

Routine review of risks. PM ensures audit is performed at appropriate frequency. Defined in risk managements plan

138
Q

What are the 4 steps of deliverable acceptance?

A

Control (quality testing) > Verified deliverables > Validate scope > accept deliverables (basically first check quality against requirements, then verify that it meets all acceptance criteria)

139
Q

What is a project benefits management plan?

A

A document defining processes for creating, maximizing, and sustaining benefits, such as target benefits, timeframe for realizing benefits, metrics, assumptions and risks

140
Q

What are Resource Buffers?

A

Additional time buffers where scarce resources are needed

141
Q

What is sandbagging?

A

Holding a complete work until the true due date arrives

142
Q

When staffing issues arise, who should the project manager involve?

A

Senior management

143
Q

What is the Procurement Strategy?

A

Procurement delivery methods, type of agreements, phases

144
Q

What is Schedule Variance? How is it calculated?

A

Measures schedule performance. SV = EV - PVIf the actual percent complete is 25% and the task budget is $10,000, the amount spent should be $2500. If the planned work complete is 20% (so ahead of schedule), then the PV would be $2000SV = $2500 - $2000 = $500

145
Q

What are the the 5 possible actions for an opportunity (risk)?

A

Exploit (ensure it is realized), Enhance (increase impact), Accept (no action), Share (transfer ownership to 3rd party), escalate (outside of scope; management notified)

146
Q

What is Estimate to Complete (ETC)

A

Earned value management measure that forecasts the expected cost to finish all remaining project work

147
Q

What is Smoke Testing?

A

process to make sure the build is testable

148
Q

What is Parkinson’s Law?

A

A person will spend all available time to complete a task regardless of the task’s size. Project scheduling is the main driver to mitigate this law

149
Q

What is expectancy theory?

A

People behave based on what they expect as a result of their behavior

150
Q

What are crystal methodologies?

A

Focus on individuals and their interactions as opposed to tools.

151
Q

That is three-point estimating (Triangular/PERT/Beta) for scheduling?

A

Gives three estimates: Most likely, optimistic, pessimistic. For Triangular, sum these and divide by 3 to get the average. For PERT or Beta, the M gets weighted by 4 (4M + O + P) / 6

152
Q

What is “development approach”?

A

Method of creating and evolving a product, service, or result. Basically picking predictive, iterative, inremental, adaptive, or hybrid approach

153
Q

Define Communications Plan

A

Identifies how important information will be communicated to stakeholders (who/how/when/how often)

154
Q

What are Cost of Conformance and Cost of Non-Conformance in terms of quality

A

CoC = money spent to avoid failures. CoNC = money spent because of failures

155
Q

What are the 4 questions asked in an Agile project charter?

A

Why are we doing the project? Who benefits and how? What does done mean for the project? How are we going to work together?

156
Q

What is the difference between Checklist and Checksheet in terms of quality?

A

Checklist = verify compliance. Checksheet = tabulating test results

157
Q

What is the Actual Cost (AC)? How is it calculated?

A

The actual cost of work performed for an activity (no calculation - literally just a sum of what was spent)

158
Q

What is the predictive or waterfall methodology?

A

Traditional approach with upfront planning, single-pass execution, and single delivery

159
Q

When are cost-reimbursable contracts most suitable?

A

Work is evolving, likely to change, or not well defined

160
Q

Lessons learned should include both explicit knowledge (charts, words, pictures) and tacit knowledge (belief, experience). True or false?

A

True

161
Q

What is Herzberg’s Theory of Motivation

A

Hygiene agents (what factors influence satisfaction at work) are expected by and can only demotivate if they are not present. Motivating agents provide opportunities to exceed and advance

162
Q

In Agile, what is a Project Tweet?

A

Brief way to describe the project goal in 140 characters or less

163
Q

What role can functional managers play in a project besides providing resources?

A

Provide functional expertise

164
Q

What are the 5 possible actions for a threat (risk)?

A

Avoid (eliminate cause of risk), accept (no action taken), mitigate (reduce impact), transfer (3rd party takes ownership), escalate (to management; usually outside threat)

165
Q

What is Monochronic vs Polychronic

A

One thing at a time vs multitasking

166
Q

Whose needs should be prioritized by a project: the customer or the business?

A

Customer

167
Q

Define the following risk characteristics:UrgencyProximityDormancyManageabilityControllabilityDetectabilityConnectivityStrategic ImpactPropinquity

A

Urgency - how quickly do you need to respond should the risk occurProximity - time period before it impacts a project objectiveDormancy - period of time for impact of a risk to become apparentManageability - the ease to which a risk can be managedControllability - degree to which the outcome can be controlledDetectability - ease of which risk can be identifiedConnectivity - degree of interconnectedness between risksStrategic Impact - impact on strategic goalsPropinquity - degree to which a stakeholder perceives a risk to be significant

168
Q

What is the transition model of change?

A

Bridges. Understanding of what occurs to individuals psychologically when an organizational change takes place

169
Q

What is the ADKAR model terms change?

A

Hiatt. Model of change: awareness > desire > knowledge > ability > reinforcement

170
Q

What is a requirement traceability matrix (RTM)?

A

Links the requirements to deliverables to prove that requirements are met. This outlines a use case, test case, and status (approved or not)

171
Q

What is a stakeholder engagement assessment matrix?

A

Lists stakeholders as unaware, resistant, neutral, supportive, or leading. Lists current and desired for each stakeholder

172
Q

What are the four tenants of the PMI Code of Ethics

A

Responsibility, respect, fairness, honesty

173
Q

What is the difference between finish-to-start (FS) and finish-to-finish FF) scheduling methods?

A

FS = typical A -> BFF = A and B can run in parallel, but A can’t finish until B finishes (you can edit a paper while it is being written, but can’t finish editing until it completely written)

174
Q

What are some of the key elements of the Kanban approach?

A

Flow-based agile. No sprints. Work is pulled from the backlog then moved to done, then another item is pulled. Limit Work in Progress. Features are released as soon as they are complete. Works well for a more support model (bug fixes) when not developing a large-scale product (due to limited planning). Just in time - important features are delivered first. Items are prioritized based on what is needed next.

175
Q

What is dropping the baton?

A

Poor coordination

176
Q

What is a Records Management System (RMS)?

A

Stores contracts

177
Q

Define Issue Log, Change Log, and Assumption Log

A

Issue log = tracks problems which are or could impact the project. Created after the risk happens; Change log = summarizes key details about changes (status); Assumption log = place to track the validity of each assumption

178
Q

What is a Change Request Form?

A

Identify requirements for change (scope, time, organization, etc) > submit to project manager. Includes description, reasons, benefits, costs, impacts, supporting documentation, approvals

179
Q

List various components of Root Cause Analysis (RCA)

A

PM si responsible for evaluating cost of rework. Ishikawa/fishbone diagram is used to show cause/effect relationships. Auditing performed by outside team (always ask for criteria or requirements before making decisions). Test criteria should be agreed upon by stakeholders. Requirements and acceptance criteria should be agreed upon before work starts.

180
Q

What is a bidder conference?

A

Held to ensure that there is a clear understanding of procurement among all prospective bidders so no one has an advantage

181
Q

What is an affinity diagram?

A

Groups ideas based on themes or relationships

182
Q

What is the crawford slip method for managing stakeholders?

A

manages large amount of inputs from multiple sources

183
Q

What is the triple constraint of a project? What does this affect/control?

A

Scope, Schedule, Cost –> Quality (quality is in the center of the triangle)

184
Q

What happens in the Closing process?

A

The project and various phases are brought to a formal end

185
Q

What is Disciplined Agile (DA)

A

Integrates several agile best practices into a comprehensive model: people first, learning oriented, full delivery life cycle, goal driven, enterprise awareness, scalable

186
Q

Define the following stakeholder terms: 1. stakeholder cube2. salience model3. prioritization4. stakeholder analysis matrix

A
  1. 3D graph of representation2. Venn diagram of power, legitimacy, and urgency3. quadrant of grid4. Assess stakeholder on interest, rights, ownership, knowledge, and contribution
187
Q

What is Dynamic System Development Method (DSDM)?

A

Based on the principle that any project must be aligned to clearly defined strategic goals and focus upon early delivery of real benefits to the business

188
Q

What are the four Agile value-driven delivery principles?

A

Define positive value, avoid potential downsides, prioritization, incremental development

189
Q

What are the 3 bid documents?

A

Request for information (RFI), request for quote (RFQ) and request for proposal (RFP)

190
Q

List the PMO’s authority, role, resource availability, and who manages the project

A

High/total, full-time, high/total, project manager

191
Q

What is Variance Analysis?

A

Explanation (cause, impact, actions) for cost (CV = EV - AC), schedule (SV = EV - PC), and variance at completion (VAC = BAC = EAC)

192
Q

What does “Remembered the Future” mean?

A

Stakeholders look to the future and imagine back to what made the project a success. Used to define success criteria

193
Q

Matrix Strong project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Moderate/High, full-time, moderate-high, project manager

194
Q

What is Net Present Value (NPV)?

A

The difference between the value of cash now and the value of cash at a future date. Pick the value with the highest dollar amount - the years are taken into consideration. Complicated formula using discount rate.

195
Q

Organic/Simple project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Little, part-time, little, owner/operator

196
Q

When a new project manager takes over a project, where should they look to understand the project?

A

Project charter and lessons learned

197
Q

What is a benefits management plan?

A

Includes target benefits, including NPV calculations, timeframes for realizing benefits. Describes how and when benefits will be delivered

198
Q

What is the most expensive approach to quality management?

A

Letting the customer find the defects (warranty issues, recalls, rework)

199
Q

Functional/Centralized project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Little, part-time, little, functional manager

200
Q

What is Sashimi (scrum)

A

Every phase of development cycle is in a sprint (analysis, planning and design, development, testing, documentation, product displayed)

201
Q

When are fixed-price contracts most suitable?

A

When the work is predictable and well-defined

202
Q

Define enterprise environmental factors (EEF)

A

Conditions not under the control of the project team that impact project. May be internal or external

203
Q

What are adaptability and resilience?

A

Ability to respond to changing conditions, recover from setbacks, and advance the work of a project

204
Q

If a new project manager takes over a project, what should they first do?

A

Continue monitoring the project before taking any action (like changing the budget)

205
Q

Key words associated with: Planning Phase/Process

A

Plan/estimate/define

206
Q

What are Opportunities/Threats?

A

Positive and negative risks respectively

207
Q

What are “Dangle”

A

Loosely-tied activities in a project schedule that don’t have defined start or end dates

208
Q

What are the 3 C’s of user stories?

A

Card, conversation, confirmation

209
Q

Define the following procurement terms:Pre-approved seller listsSeller proposalsClaimCompleted procurementControl procurement

A
  1. List of vetted sellers2. acquired before the PM can negotiate and select seller3. contested charge4. formal notice that work is complete5. monitoring payments to sellers
210
Q

What is a resource management plan?

A

Includes information on rates, travel costs, etc.

211
Q

User stories should INVEST. What does this stand for?

A

Independent, negotiable, valuable, estimable, small, testable

212
Q

Matrix Balanced project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Low to moderate, part-time, low-moderate, mixed

213
Q

What are the 4 types of cost-reimbursable contracts?

A

Cost plus fixed fee (CPFF) - work expenses plus fixed profitCost plus incentive fee (CPIF) or Cost plus award fee (CPAF) (very similar)Cost plus fee or cost plus percentage of costs (CPF or CPPC) - Buyer pays work expenses plus award

214
Q

Multi-divisional project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Little, part-time, little, functional manager

215
Q

What are the six styles of leadership?

A

Visionary (clear direction)Coaching (long-term strength)Affiliative (motivate in stressful times)Democratic (consensus/get input)Pacesetting (expect quick results; negative)Commanding (demand compliance, crisis; negatvie)

216
Q

What are the three dimensions of comoplexity?

A

System behavior - interdependencies of components and systemsHuman behavior - interplay between diverse individuals and groupsAmbiguity - uncertainty of merging issues and lack of understanding

217
Q

What is the difference between Lead and Lag times?

A

Lead is the overlap of tasks (like A finishes on Day 5 and B starts on Day 4, so overlap of 1 day). Lag is the delay from A finishing to B beginning

218
Q

What is Feature-Driven Development (FDD)

A

Developing and designing software models every two weeks. Primary roles: project manager, chief architect, development manager, chief programmer, class owner, domain expert

219
Q

What are the three questions asked during a scrum standup?

A

What have I completed since last standup? What am I planning to complete between not and the next standup? What are my impediments?

220
Q

If you are an outside provider managing a project, what is a key step prior to closing the project?

A

Local team accepts and signs the transition plan

221
Q

What is a Control Chart?

A

It’s a graph that shows the number of defects over time. Helps track performance against expectation. Shows if the project is in control or out of control. Perform data analysis if: 7 or more points above the center line, 5 or more points in direction, or any point outside of limits

222
Q

What is the 8-step process for change? Don’t need to list the steps. Just the idea

A

Kotter. Top down approach to changing organizations

223
Q

What does the acronym BAC stand for?

A

Budget at completion

224
Q

What is the Team Charter or Social Agreemtn?

A

Establishes values, agreements, and guidelines for the team to lay out clear expectations and behaviors. Created by the team. PM should not challenge the team to do things, but stand up for their views

225
Q

What is the difference between a Scope Statement and a Scope Management Plan?

A

Scope statement documents the scope, acceptance criteria, deliverables, and exclusions. Scope Management outlines how the scope will be defined, developed, validated, monitored, controlled. This impacts how the schedule will be developed. It includes the scope statement, requirements, and deliverablesEssentially the scope statement outlines what is included/excluded and acceptance criteria. The Scope Management Plan takes this and adds requirements and deliverables.

226
Q

What are the 5 techniques for resolving conflict?

A

Collaborate/Problem solve (win-win; usually best)Force/Direct (pick one viewpoint; win-lose)Compromise/reconcile (temporary resolution; lose-lose)Smooth/Accommodate (downplay and ignore)Withdraw/Avoid (delay the issue)

227
Q

What is wideband delphi?

A

Consensus-based estimation technique for estimating effort, such as questionnairs

228
Q

Define Project gate

A

Review of a project or program at the end of a phase with a decision made as whether to continue, modify, or end it

229
Q

In Agile, what happens in Iteration 0 and Iteration H?

A

0 = get ready for the project, nothing builtH = end to clean up code/produce documentation

230
Q

What are the six principles of kanban?

A

Visualize the workflow, limit work in progress, manage flow, make policies explicit, implement feedback loops, improve collaboratively

231
Q

What is the sentence format for a user story?

A

As a [user] I [want/need] [goal] so that [value]

232
Q

What is another term for “slack”?

A

Float

233
Q

What is Value Analsysis?

A

Attempts to decrease cost while maintaining the same scope

234
Q

What is the ESVP framework in retro?

A

Explorer (eager to discover new ides), Shopper (look over available information and go home with one useful idea), Vacationer (aren’t interested in a retrospective, but are happy to be away from the daily grind), and Prisoner (feel they have been forced to attend and would rather be doing something else). Measures team engagement.

235
Q

What is “systems thinking”?

A

Recognize evaluation and respond to the dynamics within and around the project in a holistic manner to positively affect the project’s success

236
Q

What is the difference between Predictive Scope and Agile Scope?

A

Predictive scope is created at the beginning of the project. Agile Scope is created at the beginning of each iteration

237
Q

Hybrid project organization, list PM Authority, PM Role, Resource Availability, and who manages the project

A

Mixed, mixed, mixed, mixed

238
Q

What are two examples of quality improvement methods?

A

Plan-do-check-act (PDCA) and Six Sigma

239
Q

Define Organizational Process Assets (OPA)

A

Plans, processes, policies, procedures, and knowledge bases specific to and used by the organization. May include schedules, risk data, and earned value data. Basically anything and everything about the project, kind of like lessons learned but all the rest of the crap

240
Q

What is an Operations Manager’s role?

A

Manage business operations efficiently

241
Q

What is Lead Time in Kanban?

A

How long something takes to go through the entire process

242
Q

In Agile, what is an Information Radiator or Big Visible Chart (BVC)?

A

Big chart of project information kept in plain sight

243
Q

What is Scaled Agile Framework (SAFe)

A

Used to organize a whole organization

244
Q

Define Project Phase

A

Group of logically realted activities that culminate in the delivery of one or more deliverables. Phase exit criteria happens at end. E.g. feasiblity study

245
Q

What is the formula to calculate communication channels?

A

n = number of stakeholdersn (n-1) / 2Essentially, each stakeholder can talk to every other stakeholder, so grows as you add more

246
Q

What is the difference between Design Build (DB) and Design Big Build (DBB) contracts?

A

DB includes both design and construction under one contractor. DBB is separate contracts

247
Q

What is the Scrum 3-5-3 rule?

A

3 roles (PO, SM, Dev)5 activities (Sprint, Sprint Planning, Daily Scrum, Sprint Review, Retro)3 Artifacts (product backlog, spring backlog, shippable increment)

248
Q

What happens in the Executing process?

A

Actual project work. Mostly about resources. Runs in paraellel with Monitoring and Controlling

249
Q

Define Risk Report

A

Summary of identified risks, which have occurred, responses implemented, and overall risk exposure to the project

250
Q

What are the three areas of the PMI Triangle?

A

Ways of Working (technical project management), Power Skills (leadership), Business Acumen (strategic and business management)

251
Q

List the 5 steps in the Lessons Learned process

A

Identify recommendations, document and share findings, analyze and organize, store in a repository, retrieve for use on current projects

252
Q

What is top-down/analogous estimating for determining a schedule?

A

Uses estimates from prior projects (assuming compared to top-level deliverables or milestones)

253
Q

Define Lessons Learned

A

Positive and negative experiences of a project

254
Q

What are McGregor’s Theory X, Y, and Z?

A

x = bad. People must be micromanaged.y = good. self-led, motivated, proactivez = increased loyalty at the workplace. Emphasizes well-being of employees both at work and outside. Encourages stead employment. Developed by Ouchi. **On test

255
Q

Examples of Adaptive Lifecycle

A

Agile, iterative, or incremental

256
Q

In Agile, what are escaped defects?

A

Defects that make it to the customer

257
Q

What is the process control theory that Scrum is based on?

A

Empirical. asserts that knowledge comes from experience and making decisions based on what is observed. Transparency, Inspection, Adaptation (TIA)

258
Q

What is a Project Management Plan?

A

Formal, approved document that defines how the porject is executed, monitored, and controlled

259
Q

What is Stewardship?

A

Stewards are responsible for performing activities with integrity, care, and trustworthiness while adhering to internal and external guidelines

260
Q

In Scrum, define Epics, Themes, and User Stories

A

Epics are large amounts of work that need to be broken down. Themes are groups of similar epics. User stories are created by the team and ordered by priority. They are used to estimate work

261
Q

Define Project Lifecycle

A

Series of phases that a project passes through from start to completion. Can be predictive (waterfall) or adaptive (agile)

262
Q

In Agile, what is a Fishbowl Window vs Remote Pairing?

A

Video conferencing (probably the camera of the entire room)Virtual conferencing tools

263
Q

Given a Salience Model venn diagram listing stakeholder power, legitimacy, and urgency, who gets the highest, medium, and least priority?

A

Highest = directive (represent all three)Medium (any two attributes; dominant (power and legit), dangerous (power and urgent), dependent (legit and urgent))Least - single attribute (power = dormant, legit = discretionary, urgent = demanding)

264
Q

In Agile, what is Kill Point?

A

Stage gate/decision to end the project or continue

265
Q

How is quality management performed in agile projects vs traditional projects?

A

Agile: By all team membersTraditional: specific team

266
Q

What is a Cumulative Flow Diagram (CFD)?

A

Shows work in progress on a board. Used in Kanban

267
Q

What are the seven wastes of lean manufacturing?

A

Overproduction, extra processing, transportation, waiting, motion, defects, inventory

268
Q

What are the 5 steps in a predictive life cycle?

A

Analyze > Design > build > test > deliver

269
Q

What are feeder buffers?

A

Buffers added to the schedule where non-critical paths merge with the critical path

270
Q

What are the 4 key values of the Agile Manifesto?

A

Individuals and interactions over processes and toolsWorking software over comprehensive documentationcustomer collaboration over contract negotiationResponding to change over following a plan

271
Q

What happens in the Initiating process?

A

Project is authorized. Only projects aligned with strategic objectives are authorized. Business case, benefits, and stakeholders are considered

272
Q

How is quality data gathered?

A

Checklists, check sheets, statistical sampling, questionnaires, surveys

273
Q

List and define the 6 project manager leadership styles

A

Laissez fair (hands off) Servant Leader (#1 on test; serves the teams and project goals. Helps team to design solutions. Shield from interruptions)Charismatic (high energy, strong belief, self-confident)Transactional (implements rules, focuses on goals, feedback)Transformational (inspires teams with a shared vision)Interactional (combination of transactional, transformational, and charismatic)

274
Q

What is the benefit cost ration (BCR)?

A

Summarizes the relationship between a project cost and benefits. If greater than 1, the benefits outweigh the cost. If less than 1, costs outweigh benefits. Pick revenue over profit when calculating

275
Q

What is Cycle Time in Kanban?

A

how long something takes to go through part of the process. Formula is WIP/Throughput

276
Q

What is the Statement of Work?

A

Description of a procurement item, specifications, quality, requirements, and performance metrics. Collateral. Acceptance criteria. quality. Warranty

277
Q

When defining scope, how do the project charter and scope statement correlate?

A

The project charter is a high-level outline of the scope which is used to guide the scope statement, which is a detailed description of the scope

278
Q

Define Stakeholder Register

A

Index of the project stakeholders and their essential attributes. Create early and update

279
Q

Define Project Steering Group Committee (PSG)

A

Advisory group that helps set direction, scope, goals, budgets, and timelines

280
Q

What is Perform Integrated Change Control?

A

PM reviews all change requests to analyze and implement changes. Changes may be submitted by any stakeholder. Approved changes may require new cost estimates, schedule, etc. If there are no impacts to the baseline, then it is not a change request

281
Q

What is a Project Charter?

A

Starts a project or phase. Objectives, scope, responsibilities, approximate schedule, budget estimate, anticipated risks, key stakeholders

282
Q

What is a risk probability matrix?

A

Compares Impact (negligible to catastrophic) and Probability (rare to almost certain)

283
Q

Provide the definitions/use, formulas, and explanation of results for the following:

Budget at Completion
Earned Value
Planned Value
Cost Performance Index
Schedule Performance Index
Cost Variance
Schedule Variance
Estimated Cost at Completion
To Complete Performance Index

A

BAC = budget

Earned Value = value of work completed to date. EV = % complete x BAC (or % of actual work complete x budget to get the value by that point in time)

Planned Value = expected value earned to date. PV = % schedule x BAC (how far along you are times the budget)

CPI = is the comparison between the earned value and the actual cost. CPI = EV / AC. >1 = good (more value earned than spent).

SPI = comparison between value earned and value expected. Since earned value and planned value ($) are calculated directly against time (e.g. $ per day), the two compared can be used to demonstrate schedule. SPI = EV / PV. >1 good (earned more than planned, so ahead of schedule)

CV = difference between what was earned and what was actually spent. CV = EV - AC. If EV is greater than cost, that’s good. Result = actual $ earned or lost

SV = difference between what has been earned and what you planned to spent. SV = EV - PV. If EV is greater than expected value, that’s good. Result is kind of arbitrary unless you divide it back by the dollars per day, then you can see how far ahead/behind schedule you are

EAC = estimate while work is in progress of the total cost at the end of the project based on the actual costs already expended, the current earned value of the work, and the remaining work to be done. If rate of efficiency remains the same, EAC = BAC / CPI. If remaining work will be done according to budget, EAC = AC + (BAC - EV) (actual cost plus the remaining value to be earned). Or estimate remaining costs

TCPI = rate of performance required for the remaining work to be complete within budget/BAC. TCPI = (BAC - EV) / (BAC - AC) (remaining value to be earned divided by the remaining budget). New efficiency must meet index to complete within budget

284
Q

Given the following scenario, give the BAC, EV, AC, PV, CPI, SPI, CV, SV, EAC, TCPI:

You need to paint 10 houses in 10 days for $2000. On day 5, you have painted 3 rooms and spent $1000 in labor and materials.

A

BAC = $2000 (total budget)
EV = (3 rooms / 10 total rooms) * $2000 budget = $600 (30% done)
PV = (5 days into project / 10 total project days) * $2000 budget = $1000 (50% through schedule)
AC = $1000 (literally the actual cost)
CPI = EV / AC = 600 / 1000. <1 so bad, earned less than spent
SPI = EV / PV = 600 / 1000 (just happen to be the same given the example). <1 so bad
CV = EV - AC = 600 - 1000 = -400 so $400 behind budget
SV = EV - PV = 600 - 1000 = -400 so behind schedule (to determine days, you can divide by dollars per day)
EAC = BAC / CPI = $2000 budget / 0.60 = $3333 (if velocity/efficiency remains consistent, low in this case) OR EAC = AC + (BAC - EV) = $1000 + ($2000 - $600) = $2400 (if velocity/efficiency goes back to 1)
TCPI = (BAC - EV) / (BAC - AC) = (2000 - 600) / (2000 - 1000) = 1.40

285
Q

What is a triple constraint analysis?

A

Examine impact on scope, time and cost

286
Q

What are the 4 x 2 MBTI classifications?

A

Eighty SeveN Tax-Free Japanese-Products

Extrovert/Introvert
Sensing/Intuition
Thinking/Feeling
Judging/Perceiving (structure and firm decisions vs flexibility and adaptive)

287
Q

What is Disciplined Agile?

A

Framework that puts individuals first and offers only lightweight guidance. Similar to the Crystal method

288
Q

What are the six different life cycles within disciplined agile?

A

Agile, Lean, CD Agile, CD Lean, Exploratory, Large-team

289
Q

Define the following disciplined agile life cycles:

Agile
Lean
Continuous Delivery
Lean
Exploratory
Program

A

Agile = three phased project lifescycle based on scrum. Inception (Sprint 0), Construction, Transition (release)
Lean = three phased project lifecycle based on kanban
CD Agile = Agile based that support continuous flow of work resulting in incremental releases (typically weekly)
CD Lean = lean-based project lifecycle that support continuous flow of work
Exploratory - experimentation-based lifecycle based on lean startup. Addresses the parallel development of MVP
Program = lifecycle for coordinating a team of teams

290
Q

Define the following terms:

Payback period
Net Present Value
Roi
Internal Rate of Return

A

Payback Period = time required to break even
Net Present Value = difference between the value of cash now and the value of cash at a future date. Used to determine if the anticipated financial gains will outweigh the current investment
ROI = return on your investment. Profit
Internal Rate of Return = Discount rate for which the NPV is 0 (when time-adjusted future cash flows equal the initial investment)

291
Q

Rate the following methodologies based on degree of change and frequency of delivery:

Agile
Iterative
Predictive
Incremental

A

Agile = high change, high frequency of delivery
Iterative = high change, low frequency of delivery
Predictive = low change, low frequency of delivery
Incremental = low change, high frequency of delivery

292
Q

What is the difference between Attribute Sampling and Variable Sampling?

A

In attribute sampling, data is in the “attribute” form, and the result either conforms or does not conform. It is a method of measuring quality that consists of noting the presence or absence of some characteristic (attribute) in each of the units under consideration. Attribute sampling checks whether an item is defective or not. It’s a yes or no answer.

In variable sampling, data is in the “variable” form, and the result is rated on a continuous scale that measures the degree of conformity. Variable sampling is about checking “how much”, “how good”, or “how bad”.

Let’s say you need to provide the average adult male and female height by country. Obviously you cannot measure the height of every adult in every country. So, you’ll take a sample of males and females from each country, measure their height and provide the statistics. The actual height of adults in that sample would be variable data, but whether an adult is above 6 ft tall or not, is attribute data.

293
Q

What is the Responsibility Assignment Matrix (RAM)?

A

A RAM shows the project resources assigned to each work package. It is used to illustrate the connections between work packages, or activities, and project team members. It is a T&T for the ‘Plan Resource Management’ process.

294
Q

What is the difference between an affinity diagram and a mind map?

A

Mind maps are visual representations of ideas and concepts and can be used to brainstorm, organize, and plan projects. Mind mapping involves taking a central idea and creating a branch for each related idea.

The affinity diagram organizes a large number of ideas into their natural relationships. It is the organized output from a brainstorming session.

Mind mapping doesn’t require items to be in specific categories.

295
Q

What is Design of Experiment?

A

Design of experiment enables the project manager to learn about what happens when factors interact, thus providing a more accurate evaluation of quality. Project managers can use the data from a well-designed experiment in their Quality planning

296
Q

What is the rough order of magnitude (ROM) and its range?

A

A Rough Order of Magnitude is the initial estimate that is often done before a project is started. The Project Management Body of Knowledge (PMBOK) suggests that the ROM estimate should have an accuracy of - 25 percent to + 75 percent

297
Q

What is the difference between a control chart, a pareto chart, and a scatter diagram?

A

A Pareto highlights most important factors that usually cause the most frequent reasons for problems.

A control chart is designed to detect variations within the project and alert you when the values go beyond preset control limits.

A scatter diagram is a graph that shows the association between two variables for a collection of numerical data. It depicts the link between a process component on one axis and the quality fault on the other to help with process optimization

298
Q

What is Monte Carlo Analysis? Sensitivity Analysis?

A

After finding your best case, worst case, and probable case for durations of each activity, you run the simulation to find permutations and combinations to gauge probabilities for the project.

Sensitivity analysis helps determine how changes in one input affect the output. “What if interest rates are increased by 1%”?

299
Q

Using a decision tree analysis, solve:
A $60,000 project has a 90% chance of returning $100,000 and a 10% chance of returning $50,000. What is the possible outcome?

A

0.9 x 100,000 = 90,000
0.1 x 50,000 = 5000
Outcome = 95,000 which is greater than the $60k cost to do the project

300
Q

In terms of quality, what is the difference between cost conformance and cost non-conformance?

A

Cost conformance = proactive (like training). Cost non-conformance = reactive (like warranty work)

301
Q

What are the three phases of disciplined agile?

A

Inception, Construction, Transition

302
Q

What are the three primary types of contracts?

A

Fixed Price
Time and Materials
Cost Reimbursement

303
Q

What are the following types of contracts?

FFP
FPIP
FPAF
FPEPA
CR
CPF
CPPC
CPFF
CPIF
CPAF
T&M or UPC

A

Firm fixed price
Fixed Price Incentive Fee - performance based incentive dependent on one or more project metrics
Fixed Price Award Fee - If the performance exceeds expectations, additional amount paid
Fixed Price Economic Price Adjustment - long projects with fixed price adjusted for market price

Cost Reimbursement
Cost Plus Fee - seller will get total cost plus a fee. Benefits seller
Cost Plus Percentage of Costs - seller will get total cost plus percentage. Benefits seller
Cost Plus Fixed Fee - Seller is paid a fixed amount agreed upon before work commences. Cost is reimbursed on top of fee.
Cost Plus Incentive Fee - Performance based incentive
Cost Plus Award Fee - Seller gets a bonus

Time and Materials or Unit Price Contracts - paid per hour. Common for freelancers. Benefits seller

304
Q
A

PMP (3 decks)

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