Review of Chapters 1 through 7 Flashcards
Measures the project based on its financial performance. The formula is EV/AC
Cost performance index (CPI)
This plan defines what quality means for the project, how the project will achieve quality, and how the project will map to organizational procedures pertaining to quality.
Quality management plan
A benefit comparison model to determine a future value of money. The formula to calculate future value is FV = PV(1 + I)n, where PV is present value, I is the given interest rate, and n is the number of periods.
Future value
The management and selection of projects that support an organization’s vision and mission. It is the balance of project priority, risk, reward, and return on investment. This is a senior management process.
Project portfolio management
Defines the product or service that will come about as a result of completing the project. It defines the features and functions that characterize the product.
Product Scope
An estimating technique for each activity that requires optimistic, most likely, and pessimistic estimates to be created. Based on these three estimates, an average can be created to predict how long the activity should take.
Three-point estimate
A WBS companion document that defines all of the characteristics of each element within the WBS.
WBS dictionary
The scope verification and completeness auditing of project or phase deliverables to ensure that they are in alignment with the project plan.
Configuration verification and auditing
The organization of the product materials, details, and prior product documentation.
Configuration status accounting
A numbering system for each item in the WBS. The PMBOK is a good example of a this, as each chapter and its subheadings follow a logical numbering scheme. For example, PMBOK 5.3.3.2 identifies an exact paragraph in the PMBOK.
Code of accounts
This system communicates the process for controlling changes to the project deliverables. This system works with the configuration management system and seeks to control and document proposals to change the project’s product.
Change control system (CCS)
The tone, structure, and formality of the message being sent should be in alignment with the audience and the content of the message.
style
A project selection method to determine the likelihood of success. These models include linear programming, nonlinear programming, dynamic programming, integer programming, and multiobjective programming.
Mathematical model
Knowledge that can be quickly and easily expressed through conversations, documentation, figures, or numbers, is easily communicated.
Explicit knowledge
Defines three areas of PDUs for PMI certified professionals to maintain their certification. Includes technical project management, leadership, and strategic and business management.
PMI Talent Triangle
A diagram that visualizes the flow of the project activities and their relationships to other project activities.
Project network diagram
These models use a common set of values for all of the projects up for selection. For example, values can be profitability, complexity, customer demand, and so on.
Scoring models
Conditions that affect how the project manager may manage the project. Come from within the project, such as policy, or they be external to the organization, such as law or regulation.
Enterprise environmental factors
This is a table that maps the requirements throughout the project all the way to their completion.
Requirements traceability matrix (RTM)
This document authorizes the project. It defines the initial requirements of the project stakeholders. It is endorsed by an entity outside of the project boundaries.
Project charter
These include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, human resource management, standards and regulations, and information technology.
General management skills
This is the total time an activity can be delayed without delaying project completion.
Total float
Calendars that identify when project resources are available for the project work.
Resource calendars
This clearly states what is included with the project and what’s excluded from the project. This helps to eliminate assumptions between the project management team and the project customer.
Project boundaries
Project Integration Management - Monitoring and Controlling
Monitor and Control Project WorkPerform Integrated Change Control
A person who has proven project management experience and has qualified for and then passed the Exam.
Project Management Professional (PMP)
Describe the culture and the styles of an organization. Work ethics, hours, view of authority, and shared values, can affect how the project is managed.
Cultural norms
A benefit comparison model to determine the present value of a future amount of money. The formula to calculate present value is PV = FV ÷ (1 + I)n, where FV is future value, I is the given interest rate, and n is the number of periods.
Present value
This is the work scheduled and the budget authorized to accomplish that work. It is the percentage of the BAC that reflects where the project should be at this point in time.
Planned value (PV)
4.2 Develop Project Management Plan - Outputs
Project Management Plan
This is the planned start and finish of the project. The comparison of what was planned and what was experienced is the schedule variance.
Schedule baseline
A cost-estimating approach that uses a database, typically software-driven, to create the cost estimate for a project.
Commercial database
An event that will likely happen within the project, but when it will happen and to what degree is unknown. These events, such as delays, are usually risk-related.
Known unknown
This defines all of the work, and only the required work, to complete the project objectives.
Project scope
A schedule compression method that changes the relationship of activities. With this, activities that would normally be done in sequence are allowed to be done in parallel or with some overlap. This can be accomplished by changing the relation of activities from FS to SS or even FF or by adding lead time to downstream activities. However, this does add risk to the project.
Fast tracking
Utilizes positional power to maintain, administrate, control, and focus on getting things done without challenging the status quo of the project and organization.
management
The leader is motivating, has high-energy, and inspires the team through strong convictions about what’s possible and what the team can achieve. Positive thinking and a can-do mentality are characteristics of this.
charismatic leadership
The smallest item in the work breakdown structure.
Work package
A planning heuristic for creating the WBS. This rule states that the work package in a WBS must take no more than 80 hours of labor to create and no fewer than 8 hours of labor to create.
8/80 Rule
This list details the project milestones and their attributes. It is used for several areas of project planning, but also helps determine how quickly the project may be achieving its objectives.
Milestone list
The project manager aims to gain favor with the project team and stakeholders through flattery.
ingratiating power
Project Integration Management - Initiating
Develop Project Charter
A contingency allowance to account for overruns in costs. Contingency allowances are used at the project manager’s discretion and with management’s approval to counteract cost overruns for scheduled activities and risk events.
Contingency reserve
A product, service, or result created by a project. Projects can have multiple.
Deliverable
A quantifiable return on investment. The return can be tangible, such as equipment, money, or market share. The return can also be intangible, such as brand recognition, trademarks, and reputation.
Business value
The actual amount of monies the project has spent to date.
Actual cost (AC)
A prepopulated WBS for repetitive projects. Previous projects’ WBSs are often used as templates for current similar projects.
WBS template
The imminent work is planned in detail, while the work in the future is planned at a high level. This is a form of progressive elaboration.
Rolling wave planning
A representation of a project network diagram that is often used for outsourced portions of projects, repetitive work within a project, or a subproject. Also called a fragnet.
Subnet
The individual has power and control of the data gathering and distribution of information.
informational power
Costs that change based on the conditions applied in the project (the number of meeting participants, the supply of and demand for materials, and so on).
Variable costs
Involves aligning, motivating, and inspiring the project team members to do the right thing, build trust, think creatively, and to challenge the status quo.
leadership
This is a combination of three project documents: the project scope statement, the work breakdown structure, and the WBS dictionary. The creation of the project deliverable will be measured against the scope baseline to show any variances from what was expected and what the project team has created.
Scope baseline
A forecasting formula that predicts how much of a variance the project will likely have based on current conditions within the project. The formula is BAC – EAC.
Variance at completion (VAC)
The project manager can reward the project team.
reward power
Positive time that moves two or more activities further apart.
Lag Time
The project customer may have specific dates when phases of the project should be completed. These milestones are often treated as project constraints.
Schedule milestones
A schedule compression approach that adds more resources to activities on the critical path to complete the project earlier. When doing this in a project, costs are added because the associated labor and sometimes resources (such as faster equipment) cause costs to increase.
Crashing
Created and maintained by the project sponsor and shows the financial validity of why a project is chartered and launched within the organization. Typically, this is created before the launch of the project and may be used as a go/no-go decision point.
Project business case
The earliest a project activity can finish. Used in the forward pass procedure to discover the critical path and the project float.
Early finish
This plan is an input to the control scope process. It defines how changes to the features and functions of the project deliverable, the product scope, may enter the project.
Configuration management plan
Costs that are representative of more than one project (for example, utilities for the performing organization, access to a training room, project management software license, and so on).
Indirect costs
The role of leading the project team and managing the project resources to effectively achieve the objectives of the project.
project manager
Project Integration Management - Closing
Close Project or Phase
A central office that oversees all projects within an organization or within a functional department. Supports the project manager through software, training, templates, policies, communication, dispute resolution, and other services.
Project management office (PMO)
Also known as the Iron Triangle. This theory posits that time, cost, and scope are three constraints that every project has.
Triple Constraints of Project Management
A scope definition process of finding alternative solutions for the project customer while considering the customer’s satisfaction, the cost of the solution, and how the customer may use the product in operations.
Alternatives generation
The project manager has power because of certain situations in the organization
situational power
This project management subsidiary plan controls how the scope will be defined, how the project scope statement will be created, how the WBS will be created, how scope validation will proceed, and how the project scope will be controlled throughout the project.
Project scope management plan
Negative time that allows two or more activities to overlap where ordinarily these activities would be sequential
Lead Time
The leader emphasizes the goals of the project and rewards and disincentives for the project team. This is sometimes called management by exception as it’s the exception that is reward or punished.
transactional leadership
The location and culture of the environment where the project work will reside. Includes the social, economic, and environmental variables the project must work with or around.
Project environment
A scope definition technique that breaks down a product into a hierarchical structure, much like a WBS breaks down a project scope.
Product breakdown
The project manager refuses to act, get involved, or make decisions.
avoiding power
A requirements collection method used to elicit requirements from stakeholders in a one-on-one conversation.
Interviews
A triangle with the characteristics of time, cost, and scope. Time, cost, and scope each constitute one side of the triangle; if any side of the Iron Triangle is not in balance with the other sides, the project will suffer. The Iron Triangle of Project Management is also known as the Triple Constraints of Project Management, as all projects are constrained by time, cost, and scope.
Iron Triangle of Project Management
This subsidiary plan defines how changes will be allowed and managed within the project.
Change management plan
The leader puts others first and focuses on the needs of the people he serves. These leaders provide opportunity for growth, education, autonomy within the project, and the well-being of others. The primary focus is service to others.
servant leadership
This rough estimate is used during the initiating processes and in top-down estimates. The range of variance for the estimate can be from –25 percent to +75 percent.
Rough order of magnitude
An approach using a parametric model to extrapolate what costs will be needed for a project (for example, cost per hour and cost per unit). It can include variables and points based on conditions.
Parametric estimating
The project manager can punish the project team.
punitive or coercive power
These dependencies are the natural order of activities. For example, you can’t begin building your house until your foundation is in place. These relationships are called hard logic
Mandatory dependencies
This is a statistical approach to predicting what future values may be, based on historical values. This creates quantitative predictions based on variables within one value to predict variables in another. This form of estimating relies solely on pure statistical math to reveal relationships between variables and to predict future values.
Regression analysis
Raw data, observations, and measurements about project components. Gathered and stored in the project management information system.
Work performance data
A moderator-led requirements collection method to elicit requirements from stakeholders.
Focus groups
Describes the rules, policies, and procedures that people within an organization abide by. Addresses the organization, but also address portfolios, programs, and projects. Regarding portfolios, programs, and projects, this addresses alignment with organizational vision, risk management, performance factors, and communication.
Governance framework
Project Integration Management - Planning
Develop Project Management Plan
4.1 Develop Project Charter - Inputs
- Business Documents
- Agreements
- Enterprise Environmental Factors
- Organizations Process Assets
Organizational knowledge repositories are the databases, files, and historical information that you can use to help better plan and manage your projects. This is an organizational process asset that is created internally to your organization through the ongoing work of operations and other projects.
Organizational Knowledge Repositories
The documented approach of how a project will be planned, executed, monitored and controlled, and then closed. This document is a collection of subsidiary management plans and related documents.
Project management plan
A predetermined range of acceptable variances, such as +/–10 percent off schedule. Should the variance exceed the threshold, then project control processes and corrected actions will be enacted.
Control threshold
An organization where organizational resources are pooled into one project team, but the functional managers and the project managers share the project power.
Balanced matrix structure
These dependencies are the preferred order of activities. Project managers should use these relationships at their discretion and should document the logic behind the decision. These allow activities to happen in a preferred order because of best practices, conditions unique to the project work, or external events. Also known as preferential or soft logic.
Discretionary dependencies
A WBS entry that considers the time, cost, and scope measurements for that deliverable within the WBS. The estimated performance is compared against the actual performance to measure overall performance for the deliverables within this. The specifics of this are documented in this plan.
Control account
This is the total time the project can be delayed without passing the customer-expected completion date.
Project float
The project manager has a warm personality that others like.
personal or charismatic power
Documents the quality objectives for the project, including the metrics for stakeholder acceptance of the project deliverable.
Quality baseline
Based on the audience and the message being sent, the media should be in alignment with the message.
media selection
This approach maps ideas to show the relationship among requirements and the differences between requirements. The map can be reviewed to identify new solutions or to rank the identified requirements.
Mind mapping
This plan defines who will get what information, how they will receive it, and in what modality the communication will take place.
Communications management plan
The primary output of breaking down the WBS work packages.
Activity list
Costs that remain constant throughout the life of the project (the cost of a piece of rented equipment for the project, the cost of a consultant brought on to the project, and so on).
Fixed costs
Describe organizations that have duplication of efforts within the organization, but not within each department or division of the organization. Project manager has little authority in this structure and the functional manager controls the project budget.
Multidivisional structure
A previous project that can be adapted for the current project and forms that are pre-populated with organizational-specific information
Template
The smallest item in the WBS.
Work package
