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PMP > Predictive Vocab > Flashcards

Predictive Vocab Flashcards

1
Q

Project

A

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

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2
Q

Project Initiation Context

A

initiated in response to business factors broken down into
four categories; regulatory/legal, stakeholder needs, business change/tech strategies, build/improve products, processes, or services

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3
Q

Project Management

A

application of knowledge, skills, tools, techniques, to project
activities to meet project requirements effectively and efficiently while integrating PM processes

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4
Q

Program

A

a group of related projects coordinated to allow for more control

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5
Q

Portfolio

A

a collection of projects and programs aligned to achieve strategic
business objectives

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6
Q

Phases

A

a group of related project activities allowing for more control and often completes major deliverables; may leverage a phase gate at the end to validate performance and progress

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7
Q

Organizational Project Management (OPM)

A

the alignment of projects, programs, and portfolios and aligning them to strategic organizational goals

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8
Q

Project and Development Life Cycles

A

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

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9
Q

Tailoring

A

selection of the appropriate processes, inputs, tools, techniques, outputs and life cycles to best fit the unique needs of each project

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10
Q

Performance Measurement Baseline

A

the original approved plan plus/minus all approved changes; the current approved version of the plan. the combined scope, schedule, and cost baselines

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11
Q

System

A

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

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12
Q

Progressive Elaboration

A

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

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13
Q

Historical Information

A

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

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14
Q

Enterprise Environmental Factors

A

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

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15
Q

Organizational Process Assets

A

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

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16
Q

Functional Organization Structure

A

a departmentalized structure where employees work for only one manager; project manager has little or no power

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17
Q

Matrix Organization Structure

A

employees report to both a functional manager and a
project manager (power is shared); in a weak matrix the PM has little power, in a balanced matrix the PM has moderate power, and in a strong matrix the PM has nearly full power and authority

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18
Q

Project-oriented Organization Structure

A

employees work directly for and report only to the project manager; project manager has full power and authority

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19
Q

Stakeholder

A

a person or organization 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

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20
Q

Business Case

A

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

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21
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

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22
Q

Project Integration Management

A

specific to Project Managers whereas other knowledge areas may be managed by subject specialists

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23
Q

Agile/Adaptive Environments

A

detailed product planning and delivery may be delegated to the team as the PM focuses on building a collaborative decision-making environment

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24
Q

Project Management Plan

A

a formal, approved document that defines how the project
is executed, monitored, and controlled

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25
Q

18 PM Plan Components

A

Change Management Plan,
Configuration Management Plan,
Scope Management Plan,
Schedule Management Plan,
Cost Management Plan,
Quality Management Plan,
Resource Management Plan,
Procurement Management Plan,
Communications Management Plan,
Risk Management Plan,
Stakeholder Engagement Plan,
Requirements Management Plan,
Scope Baseline,
Schedule Baseline,
Cost Baseline,
Performance Measurement Baseline,
Project Life Cycle Description,
Development Approach

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26
Q

Project Charter

A

formally authorizes the project to exist, establishes the project
manager’s authority, and documents high-level requirements, milestones, budget, risks, and success criteria

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27
Q

Lessons Learned

A

things learned on the current or previous projects used to improve
current or future project performance and may be tracked in the Lessons Learned Register

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28
Q

Work Authorization Systems

A

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

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29
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

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30
Q

Issue

A

a point or matter in question, in dispute, or over which there are disagreements

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31
Q

Preventive Actions

A

actions taken to ensure future project work is aligned with the project management plan (prevent/minimize impact of potential problems)

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32
Q

Corrective Actions

A

actions taken to realign project work with the project management
plan

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33
Q

Project vs. Product Scope

A

product scope is the features and functions the final product must have or be;
Project scope is the work required to deliver the final product

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34
Q

Scope Completion is measured against?
Project vs Product Scope

A

project scope is measured against the project management plan
while product scope is measured against project requirements

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35
Q

Detail on Predictive and Agile “to do’s”

A

adaptive life cycles use backlogs (represented as product requirements and user stories) whereas predictive projects would use a WBS and
WBS dictionary;
scope may not be clear or may dynamically change and therefore
backlogs, releases, and prototypes are used as requirements emerge over time

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36
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 the tool and technique of Product Analysis

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37
Q

Data Gathering Techniques

A

Brainstorming (group creativity), Focus Groups, Benchmarking, Document Analysis, Observation/Conversation

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38
Q

Data Representation

A

Idea and Mind Mapping, Affinity Diagrams (grouping into categories)

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39
Q

Group Decision Making

A

Nominal Group Technique (voting and ranking ideas), Multicriteria Decision Analysis

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40
Q

Group Decision - Making Techniques

A

Unanimity (all agree),
Majority (over 50%),
Plurality (largest block),
Autocratic (one person decides),
Consensus (all agree to go along,
even if it’s not their first choice),
Delphi Technique (blind/anonymous)

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41
Q

Delphi Technique

A

blind/anonymous

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42
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

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43
Q

Decomposition

A

the process of continually breaking down project deliverables into small
parts to the point where activity costs and durations can be reliably estimated and managed

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44
Q

WBS

A

a hierarchical decomposition of the work to be completed on a project; each lower level represents an increasingly detailed definition of the work; lowest level is the work package; each node has a unique identifier

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45
Q

WBS Dictionary

A

provides a detailed description of each
WBS component

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46
Q

Scope Baseline includes…

A

includes the WBS, WBS Dictionary, Project Scope Statement, Work Packages, and Planning Packages

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47
Q

Project Scheduling

A

represents how and when the project will deliver services,
products, and results defined in the project scope and aids with performance reporting and communications

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48
Q

Schedule Model

A

comprised of Scheduling Method (such as Critical Path Method),
Scheduling Tool, and Project Information resulting in a project schedule

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49
Q

Agile/Adaptive Considerations

A

often short cycles are used to start work allowing for rapid feedback and manifest as on-demand (such as Kanban) and iterative schedules (with a backlog)

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50
Q

Project Schedule Network Diagram

A

a graphical depiction of the relationships among project activities

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51
Q

Precedence Diagramming Method

A

a network diagramming method using rectangles (nodes) to represent
activities and arrows to show logical relationships between
the activities; also known as Activity-On-Node (AON)

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52
Q

Types of Dependencies

A

used for dependency determination; Mandatory (hard logic),
Discretionary (preferred, arbitrary, soft logic), External and Internal

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53
Q

Mandatory Dependency

A

hard logic

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54
Q

Discretionary Dependency

A

preferred, arbitrary, soft logic

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55
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)

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56
Q

Lead

A

starting an activity prior to the completion of the preceding activity; getting a head-start on an activity

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57
Q

Lag

A

delaying the start of an activity after the completion of a preceding activity; delaying an activity

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58
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

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59
Q

Analogous Estimating

A

using a previous project or activity as a starting point to estimate activity costs or activity durations

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60
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 servers = duration of 80 hours; cost example: $100 cost per square foot x 2,000 square feet = $200,000 construction cost

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61
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; Beta Distribution Formula (PERT): ( O + 4xML + P ) / 6; Triangular Distribution Formula: (O + M + P) / 3

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62
Q

Reserve Analysis

A

contingency reserves used to account for schedule or cost uncertainty (risks)

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63
Q

Critical Path

A

the path of activities along 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 the least amount of float (normally zero)

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64
Q

Total Float (Slack)

A

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

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65
Q

Free Float

A

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

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66
Q

Critical Path Method

A

a schedule analysis method calculating the shortest path for
the project, float for each activity, and possible start and finish dates for each activity

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67
Q

Schedule Compression Techniques

A

used to shorten the project schedule; two-methods: Crashing (adds extra resources, results in higher costs) or Fast-tracking (doing activities in parallel, which increases risk)

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68
Q

Agile Release Planning

A

high-level agile schedule (usually 3-6 month view) based on a
roadmap depicting number of iterations (sprints) needed to deliver releasable product

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69
Q

Resource leveling

A

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

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70
Q

Resource smoothing

A

used to adjust the activities within the schedule to keep resources
from exceeding limits; with resource smoothing, the completion date is not delayed

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71
Q

What-if Scenario Analysis

A

a statistical analysis method used to predict the schedule
based on various possible scenarios; or simulations such as Monte Carlo Analysis

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72
Q

Monte Carlo Analysis

A

a computer-based simulator which conducts thousands of random scenarios to predict likely possible outcomes

simulates the combined effects of individual project risks to evaluate their potential impact on achieving project objectives

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73
Q

Milestone List

A

list of significant points or events in the project; may denote milestone
types such as optional (e.g., historical information) or mandatory (e.g., required by contract)

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74
Q

Schedule Baseline

A

the accepted and approved version of the project schedule

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75
Q

Cost Management

A

primarily focused on costs of resources needed to complete project work

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76
Q

Earned Schedule (ES)

A

an extension of EVM leveraged in conjunction with actual time (AT). ES is used to calculate an alternate form of Schedule performance index and Schedule variance using ES ÷ AT and ES - AT respectively

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77
Q

Agile/Adaptive Considerations

A

If scope is not fully defined or the project faces a high degree of uncertainty alternatives to detailed cost calculations such as lightweight methods for high-level forecasts and detailed estimates for short-term “just in time” needs can be used.

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78
Q

Cost Estimates

A

estimation of cost of all resources applied and presented in either
summary or detail form, may be represented as a range at varying levels of confidence and may include contingency and management reserves

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79
Q

Funding Limit Reconciliation

A

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

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80
Q

Financing

A

acquiring funds (internally and/or externally) for the project

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81
Q

Cost Baseline

A

authorized, time-phased, total project budget, excluding management
reserves, which is used to measure, monitor & control cost performance

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82
Q

Variance Analysis

A

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

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83
Q

Earned Value Management (EVM)

A

an objective mathematical approach to measure cost and schedule performance

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84
Q

Contingency Reserves

A

amounts set aside by PM to cover known risks and are included in the baselines (can take the form of time and money)

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85
Q

Management Reserves

A

amounts management sets aside to cover unknown risks and
are not included in the baseline (can take the form of time and money)

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86
Q

Net Present Value (NPV)

A

present value of a future income stream, offset against initial
investment amount

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87
Q

Benefit Cost Ratio

A

compares financial yield to the cost of doing the project

88
Q

Payback Period

A

amount of time needed to recoup the project’s investment

89
Q

Quality Management

A

the processes for incorporating the orgainzation’s quality policy,
used by the project to ensure the deliverables meet the stakeholders’ objectives

90
Q

Quality vs. Grade

A

Quality is the ability for the item to do what it was designed to do;
Grade is a category used to label different products or services that compete to meet the same needs of the end user

91
Q

Grade

A

a category used to label different products or services that compete to meet the same needs of the end user

92
Q

Quality

A

the ability for the item to do what it was designed to do

93
Q

Prevention over inspection

A

prevention is keeping errors our of the process; inspection is keeping errors out of the hands of the customer

94
Q

Attribute sampling

A

pass/fail testing

95
Q

Variable sampling

A

testing with a range of acceptable results

96
Q

Tolerance

A

specified range of acceptable results

97
Q

Control limits

A

boundaries of common variance

98
Q

Most effective quality management occurs when

A

quality is planned into the project and supported by a company culture committed to quality

99
Q

Five Levels of Effective Quality Management

A
  1. Let the customer find the defects (most expensive approach)
  2. Detect and correct the defects before the deliverables are in the customer’s hands
  3. Use quality assurance to examine and correct the process itself, not just special defects
  4. Incorporate quality into the planning and designing of the project and product
  5. Create a culture throughout the organization that is aware and committed to quality processes and products
100
Q

The Three Quality Processes

A

Plan: Plan Quality Management; Create the plan

Do: Manage Quality; Asks the question,
“Are we doing the procedures, processes and actions we planned?

Check/Act: Control Quality; Follows the plan, checks deliverables and takes action to correct identified defects

101
Q

Cost of Quality -
Conformance vs. Non-Conformance

A

Conformance:
Prevention Costs - Training, Document processes, Equipment, Time to do it right
Appraisal Costs - Testing, Destructive testing, Inspection

Non-Conformance:
Internal Failure Costs - Rework, Scrap
External Failure Costs - Liabilities, Warranty work, Lost business

102
Q

Precision

A

the values of repeated measurements are clustered and have little scatter

103
Q

Accuracy

A

the measured value is very close to the true value

104
Q

Cost-Benefit Analysis

A

helps determine if the quality activities are cost effective, high
quality results in less rework, higher productivity, lower costs and increased profitability

105
Q

Mutually Exclusive

A

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

106
Q

Statistical Independence

A

the occurrence of one event makes it neither more nor less
probable that the other occurs; past coin flips of heads do not change the probability of the next coin flip being heads

107
Q

Statistical Sampling

A

choosing a small random sample, and the sample’s properties
should represent the entire group

108
Q

Control Chart

A

displays process stability and performance

109
Q

Rule of 7

A

seven consecutive data points on a control chart, all on one side of the mean; signifies the process is out of control

110
Q

Benchmarking

A

comparing your project or process to a known standard

111
Q

Flowcharting

A

visual depiction of a process

112
Q

Design of Experiments (DOE)

A

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

113
Q

Pareto Chart

A

a type of chart containing 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; focus on…

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

114
Q

Scatter Diagram

A

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

115
Q

Cause and Effect Diagram

A

shows how various factors might be linked to potential problems or effects (also known as an Ishikawa or Fishbone diagram)

116
Q

Kaizen

A

Japanese word for “continuous improvement”; uses the Plan Do Check Act cycle

117
Q

ISO

A

a quality management certification that requires documenting and following processes

118
Q

W. Edwards Deming

A

developed the 14 points of Quality Management; stated that poor
quality is a result of management problems 85% of the time
the father of Total Quality Management (TQM)

119
Q

Joseph Juran

A

defined quality as “fitness for use”; promoted conformance and quality
by design, promoted the use of the 80/20 rule, developed management’s responsibility

120
Q

Philip Crosby

A

believed in conformance to requirements; zero defects; cost of quality

121
Q

Standard Deviation

A

represented with the variable σ; it is used
to understand variation (dispersion) from the average (mean);
formula: Standard Deviation = (Pessimistic - Optimistic) / 6

122
Q

Confidence Intervals

A

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)
6 Sigma = 99.999% (3.4 defects per million)

123
Q

Control Chart

A

Mean———————–

Lower Limit

*dots scattered throughout

124
Q

Influence Diagram

A

flowchart style diagram detailing where influence derives

125
Q

Pareto Chart

A

histogram that is used to rank causes of problems in a hierarchical
format

Used to focus corrective actions on the problems having the greatest
effect on overall quality performance

126
Q

Scatter Diagram

A

A graph that shows the relationship between two
variables

Demonstrates a relationship between any element
of a process, environment, or activity on one axis
and a quality defect on the other axis

127
Q

Process Flowchart

A

visio style flowchart

128
Q

Fishbone Diagram

A

why-why diagrams, or Ishikawa diagrams

Breaks down the causes of the problem statement identified into discrete branches, helping to identify the main or root cause of the problem

129
Q

Resource Management Key Concepts

A

The knowledge area covers both physical and human resources.
* The project manager must have different skills to manage the two above categories.
* The PM should function as a leader and at times a manager when acquiring, managing,
motivating and empowering team members.
* The development of team skills and competence, as well as motivation, is the responsibility
of the PM.
* Physical resource management is focused on efficient and effective means of resource
allocation and utilization.

130
Q

Maslow’s Hierarchy of Needs

A

people can only ascend to a higher level after fulfilling each of the lower levels

5 levels are:
-Physiological (food water, shelter),
-Safety (security, stability, freedom from harm),
-Social (friends, family, love),
-Esteem (self-respect, self-confidence),
-Self-Actualization (optimal performance, growth, learning)

131
Q

Herzberg’s Hygiene Theory

A

certain factors in the workplace cause job satisfaction, while a separate set of factors could cause dissatisfaction;
Hygiene factors (status, job security, salary and fringe benefits) do not cause satisfaction, but if they are missing it could cause dissatisfaction

132
Q

McClelland’s Theory of Needs

A

people are motivated by either (1) achievement,
(2) affiliation, or (3) power and are managed accordingly

133
Q

McGregor’s Theory X-Y

A

Theory X managers (authoritarian) believe people dislike work and employees must be watched closely; Theory Y managers (participatory) believe people are self-motivated and can be trusted to work hard on their own

134
Q

Expectancy Theory

A

employees are motivated by the expectation of realistic positive
outcomes and related rewards; they remain motivated as long as rewards meet expectations

135
Q

Responsibility Assignment Matrix (RAM)

A

a grid showing the relationship between work packages (rows) and team members (columns)

136
Q

RACI Chart

A

Responsible (does the work), Accountable (ensures the work is done),
Consult (input required from SME), Inform (updated on status); a type of RAM

137
Q

Forms of Power

A
  • Formal/Legitimate (power based on position or title),
  • Expert (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)
138
Q

Conflict Resolution (5 Types)

A
  • Collaborating/Problem Solving (examine various perspectives;
    win-win),
  • Compromising/Reconciling (both parties give something up; win-some/lose-some),
  • Forcing/Directing (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)
139
Q

Conflict Resolution - Collaborating/Problem Solving

A

examine various perspectives; win-win

140
Q

Conflict Resolution - Compromising/Reconciling

A

both parties give something up; win-some/lose-some

141
Q

Conflict Resolution - Forcing/Directing

A

pushing one’s viewpoint at the expense of others; win-lose

142
Q

Conflict Resolution - Smoothing/Accommodating

A

emphasis on areas of agreement, but ignore the true problem; lose-lose

143
Q

Conflict Resolution - Withdraw/Avoiding

A

retreating from conflict; lose-lose

144
Q

Team Development (Tuckman ladder) - 5 Types

A
  • Forming (team is shy),
  • Storming (not seeing eye-to-eye),
  • Norming (begin to work together),
  • Performing (well-oiled machine),
  • Adjourning (team disbands)
145
Q

Interpersonal Skills

A

leading, influencing, effective decision-making; aka soft skills

146
Q

Tuckman ladder - Forming

A

team is shy, new team forms

147
Q

Tuckman ladder - Storming

A

not seeing eye-to-eye, test team charter

the team begins to address the project work, technical decisions, and the project management approach. If team members are not collaborative or open to differing ideas and perspectives, the environment can become counterproductive

148
Q

Tuckman ladder - Norming

A

begin to work together, standards are set

team members begin to work together and adjust their work habits and behaviors to support the team. Team members learn to trust eachother

149
Q

Tuckman ladder - Performing

A

well-oiled machine

Teams that reach this stage function as a well-organized unit. They are independent and work through issues smoothly and effectively

150
Q

Tuckman ladder - Adjourning

A

team disbands

the team completes the work and moves on from the project. Staff is released from the project as deliverables are completed or as a part of close project or phase

151
Q

Communication Management - Key Concepts

A
  • Communication is the process of exchanging information. Communications, however, describes the means by which information can be sent or received. Project Communications Management not only addresses how communication will take place during the project but
    also how artifacts will be archived.
  • Effective communication is clear and concise, and allows all stakeholders whose difference will generally have an impact or influence on the project success to share information in order to achieve understanding.
  • Communication activities include internal and external, formal and informal, written and oral.
152
Q

Communication - Up, Down, Horizontal

A
  • Communication can be sent to individuals above the project (Sponsor) this is referred to as “up”,
  • “down” when directed at the project team members.
  • “horizontally” when directed at peers.
153
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

154
Q

Communication Methods - 3 Types

A

Interactive (multi-directional, such as a meeting),
Push (one-way outbound, such as an email),
Pull (one-way inbound, such as a download from a website; self-service)

155
Q

Communication Methods - Interactive

A

multi-directional, such as a meeting

156
Q

Communication Methods - Push

A

one-way outbound, such as an email

157
Q

Communication Methods - Pull

A

one-way inbound, such as a download from a website; self-service

158
Q

Risk Management - Key Concepts

A
  • Every project has risk. Organizations choose to take project risk in order to create value, while balancing risk and reward.
  • Project Risk Management aims to identify and manage risks not covered by other project management processes.
  • Project Risk Management processes are conducted iteratively because risks can be discovered during the lifetime of the project.
  • The project manager and team must be aware of the organization’s thresholds for risk in order to manage risk effectively during the project.
159
Q

Two levels of project risk

A
  • Individual project risk
  • Overall project risk
160
Q

Individual project risk

A

an uncertain event which could have a positive or negative effect on the project objectives

161
Q

Overall project risk

A

the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.

162
Q

Risk

A

uncertainty; an unknown future event; positive risks are opportunities, negative risks are threats

163
Q

Residual Risk

A

any risk remaining after the risk response strategy is implemented; left-over risk

164
Q

Secondary Risk

A

a risk that arises from the execution of a risk response plan

165
Q

Qualitative Risk Analysis

A

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

166
Q

Probability and Impact Matrix

A

used to rank two variables; 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

167
Q

Hierarchical Charts

A

used to display risk using three or more variables (Bubble Charts)

168
Q

Expected Monetary Value (EMV)

A

formula: EMV = Probability X Impact

169
Q

Sensitivity Analysis

A

shows the variance in risk within the different risk categories on the
project (best case vs. worst case scenario)

determines which individual project risks have the most potential impact on project outcomes

170
Q

Tornado Diagram

A

uses the results of a sensitivity analysis to graphically show which
variables have the greatest impact on the project (top level is…)

171
Q

Threat Strategies

A
  • Escalate (risk is above the threshold of risk the PM is authorized and the risk event must be reported, then managed at the program/portfolio level),
  • Avoid (change something so the threat no longer exists),
    -Transfer (shift the risk to a third party, perhaps via a contract),
  • Mitigate (increase or decrease the probability and/or impact, an alternate plan),
  • Accept (includes passive and active approaches)
172
Q

Opportunity Strategies

A
  • Escalate (risk is above the threshold of risk the PM is authorized and the risk event must be reported then managed at the program/portfolio level),
  • Exploit (change something to ensure the opportunity occurs),
  • Share (share with a third party, perhaps via a joint venture),
  • Enhance (increase or decrease the probability and/or impact, an alternate plan),
  • Accept (includes passive and active approaches)
173
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

174
Q

Procurement Management - Key Concepts

A
  • The project manager should be familiar with the procurement process for the organization in order to make informed decisions regarding contracts and contractual relationships.
  • Procurement involves agreements describing the relationship between a buyer and a seller.
  • Agreements can be complex and the procurement approach discussed in the procurement management plan should reflect the degree of complexity.
  • Agreements must comply with local, national, and international laws regarding contracts. It can be a contract, a service-level agreement, an understanding, a memorandum of agreement, or a purchase order.
  • The role of the project manager is to ensure all procurements meet the needs of
    the project, usually using a SOW and reviews of the vendor’s performance; also, ensuring organizational policies are followed; to do this the PM is assessed by procurement specialists.
  • The legally binding nature of an agreement is why many parts of this knowledge area are led by a procurement specialist to ensure the agreement is in compliance with the laws and regulations regarding procurements.
  • A complex project may involve multiple contracts. The buyer-seller relationship may exist at many levels and between organizations.
  • Contract types are used to shift risks.
175
Q

Procurement Documentation - Items

A

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

176
Q

Procurement Statement of Work

A

provided seller with clearly worded goals, requirements and outcomes

177
Q

Independent Cost Estimates

A

from uninterested party used as a sanity check to compare against actual bids from interested parties

178
Q

Source Selection Criteria

A

weights or evaluation criteria in order to evaluate the different proposals

179
Q

Fixed Price - risk level

A

risk is high for the seller (also called vendor or contractor)

180
Q

Fixed Price - types

A

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);

181
Q

Cost-Plus - risk level

A

buyer assumes some risk (risk is high for the organization too)

182
Q

Cost Plus - types

A

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)

183
Q

Time & Materials - risk level

A

risk is closer between the buyer & seller, but the buyer has slightly more

184
Q

Time & Material - define

A

T&M = Time & Material (hybrid, moderate risk to buyer, often used for staff
augmentation and consultants)

185
Q

Stakeholder Management - Key Concepts

A
  • Every project has stakeholders, both positive or negative. With varying amounts of
    influence on the project work.
  • The project manager and team’s ability to identify and appropriately engage with all of the stakeholders can mean the difference between project success and failure.
  • Stakeholder identification and engagement should be conducted as soon as possible when the project manager has been assigned and the team begins to form, usually after the charter has been signed.
  • Effective stakeholder engagement is a focus on appropriate and timely communication with all stakeholders. Stakeholder satisfaction should be identified and managed as a key project objective.
  • The process of identifying and engaging stakeholders is iterative, particularly when
    the project begins a new phase, or if there are changes to the organization or external stakeholders.
186
Q

Stakeholder Register

A

lists stakeholders and relevant details for each

187
Q

Stakeholder Engagement Plan

A

outlines strategies for managing various stakeholders’ expectations/involvement

188
Q

Issue Log

A

tracks disagreements and/or unresolved matters and outlines plan for resolving

189
Q

Change Log

A

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

190
Q

Stakeholder Engagement Assessment Matrix

A

used to identify gaps between current engagement of a stakeholder and desired engagement of that stakeholder

191
Q

Issue Log

A

documents issues over which there is disagreement, and monitor who is responsible for resolving specific issues by a target date

192
Q

Cost of Quality: Conformance - Prevention Costs

A

Training, Document processes, equipment, time to do it right

193
Q

Cost of Quality: Conformance - Appraisal Costs

A

Testing, Destructive Testing, Inspection

194
Q

Cost of Quality: Non Conformance - Internal Failure Costs

A

Rework, Scrap

195
Q

Cost of Quality: Non Conformance - External Failure Costs

A

Liabilities, Warranty work, Lost business

196
Q

Mind Mapping

A

Data Representation used to visually organize information about stakeholders and their relationship to each other and the org

197
Q

Affinity Diagram

A

Data Representation technique that allows large numbers of ideas to be classified into groups for review and analysis. Capture, group, label

198
Q

special cause variance

A

variations that were not observed previously and are unusual, non-quantifiable variations

All Special Cause variations are addressed by the Operator

199
Q

Roll Out Plan

A

documents procedures for moving into production

document the knowledge transfer, training, and readiness activities required to implement the business change

200
Q

Watchlist

A

where you note risks that don’t have a high enough probability or impact to make it into the risk register, yet still need to be monitored

201
Q

project overview statement

A

a short document (ideally one page) that concisely states what is to be done in the project, why it is to be done, and what business value it will provide to the enterprise when completed

202
Q

Decision Tree

A

a diagramming and calculation technique for evaluating the implications of a chain of multiple options

203
Q

Regression Analysis

A

an analytical technique where input variables are examined in relation to output variables to develop a statistical relationship

204
Q

Claims administration

A

the process of processing, adjudicating and communicating contract claims

205
Q

Project Phases

A

Feasibility
Design
Develop
Deploy

206
Q

Transactional Leadership

A

Focus on goal setting
Management by exception (what happened/didn’t happen)

207
Q

Transformational Leadership

A

Empowered by the leaders behaviors
Leadership by example

208
Q

Power/Interest Grid

A

groups stakeholders on the basis of their authority and interest in the project

209
Q

Power/Influence Grid

A

A classification model that groups stakeholders on the basis of their levels of authority and involvement in the project

210
Q

Stakeholder Cube

A

Stakeholder cube model - Degree of interest, Power/Influence, Attitude (Backer/Blocker)

211
Q

Salience Model

A

Classification model that groups stakeholders on the basis of their level of authority, their immediate needs, and how appropriate their involvement is in terms of the project

212
Q

Kano Model

A

an approach to prioritizing features on a product roadmap based on the degree to which they are likely to satisfy customers
*used for user experience
-exciters
-indifferent
-satisfiers
dissatisfiers

213
Q

MoSCoW

A

a popular prioritization technique for managing requirements
*used for Min Viable Product (bike example)
-must-have
-should-have
-could-have
-won’t-have, or will not have right now

214
Q

100 Points Method

A

a voting scheme of the type that is used in brainstorming exercises.
Each stakeholder is given 100 points that he or she can use for voting in favor of the most important requirements. The 100 points can be distributed in any way that the stakeholder desires
*useful for large groups

215
Q

Paired Comparison

A

Used to compare multiple criteria against each other in order to find the ranked order of importance
*useful for Min Business increment of the MVP

216
Q

Risk Appetite, Threshold, Tolerance

A

Risk Appetite is a tendency towards risks
Risk Tolerance is an acceptable variance
Risk Threshold is a quantified limit beyond which you will not accept the risk

217
Q

Risk Breakdown Structure (RBS)

A

The RBS describes risk categories and the lowest level can be used as a checklist to help identify risks.
Risk owners are not assigned from the RBS; they’re assigned during the Plan Risk Response process

PMP (5 decks)

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