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PMP Exam Prep > Rita Flashcards > Flashcards

Rita Flashcards

2
Q

Gold Plating is

A

Very bad!

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3
Q

The process by which you break down work to lower levels is called?

A

Decompostion

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4
Q

What are the inputs to 5.1 - Collect Requirements?

A

Poject Charter, Stakeholder Integration

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5
Q

Decomposition is?

A

A tool & technique - NOT an input/output

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6
Q

Variance analysis is?

A

A tool and technique that measures where you are (ahead/behind/on track) within scope. i.e. where you should have been vs. where you actually are

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7
Q

What are the 3 hardest tasks for a PM?

A

Controlling stakeholders (hardest), controlling unneceesary change, making sure that the project is aligned with business goals/purposes.

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8
Q

What is the 100% rule?

A

100% of the work of a project (or program) needs to be represented in the creation of WBS.

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9
Q

What are the four breakdown structures?

A

Oganizational breakdown structure (OBS), risk breakdwon structure (RBS), resource breakdown structure (RBS), bill of materials (BOM)

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10
Q

What is a work package?

A

The lowest level of WBS - the place/level where you are most comfortable. Output of 5.3 - create WBS

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11
Q

What is a control account?

A

Output of 5.3 create WBS. Point placed in the WBS above a work package and planning package to help with estimating when all the details are not availble at the work package level.

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12
Q

What is the planning package?

A

Output of 5.3 create WBS. A piece of WBS between control account and the work package that is used to plan scoped work that lacks sufficient work level details.

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13
Q

What is the process of scope management?

A

Collect requirementsdefine scopecreate WBSverify scopecontrol scope

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14
Q

What is the definition of scope management?

A

Doing all the work, and only the work, included in the project.determining if the work is included in the project or not.

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15
Q

In which process is the scope management plan created?

A

The scope management plan is created in the integration management process, as part of the Develop Project Management Plan.

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16
Q

What are the key outputs of the collect requirements process?

A

requirements docs,requirements management plan, requirements traceability matrix

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17
Q

What is a key output of the Define Scope process?

A

Project Scope Statement

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18
Q

What are the key outputs of the create WBS process?

A

Work Breakdown Structure (WBS), WBS dictionary, Scope Baseline

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19
Q

What are the key outputs of the Verify Scope process?

A

Accepted deliverableschange requestsproject doc updates

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20
Q

What are the key outputs of the control scope process?

A

work performance measurmentschange requests updates to the project management plan and project docs

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21
Q

Name several requirements gathering techniques.

A

intevieiwng, focus groups, faiclitated workshops, brainstorming, affinity diagrams, questionnaires, prototypes

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22
Q

What is included in a requirements traceability matrix?

A

Requirement ID number, Source of requirement, Who is assigned to manage the requirement, Status of the requirement

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23
Q

What is a project scope statement? What are the key items included?

A

A written description of the project deliverables and the work required to create those deliverables. It includes: Product scope, Project scope, Deliverables, Product acceptance criteria.

what is NOT part of the project constraints and assumptions

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24
Q

Product analysis is part of which scope management process?

A

product analysis occurs during the Define Scope process.

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25
Q

When is the work breakdown structure (WBS) created, and what is it used for?

A

Created during the project planning by the team and used to define or decompose the project into smaller, more manageable pieces.

Used to help determine project staffing, estimating, scheduling, and risk management.

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26
Q

What does a work breakdown structure show?

A

Hierarchy, Inter-relationships, Work Packages, Control Account, Numbering system

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27
Q

What is decomposition?

A

Subdiving the major deliverables into smaller, more manageable componants

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28
Q

What is a WBS dictionary?

A

A description of the work to be done for each work package.

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29
Q

How are work packages differant from activities?

A

Activities are generated from each work package.

Work packages are shown in a WBS

Activities are show in an activity list and network diagram.

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30
Q

What is the verify scope process? When is it done?

A

The process of formalizing acceptance of the project scope by the stakeholders/customer.It is done during the project monitoring and controlling and at the END of each phase of the project life cycle.

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31
Q

What is the differance between product scope and project scope?

A

Product scope is the requirements that related to the poduct of a project.

Project scope is the project work needed to accomplish the product scope.

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32
Q

What makes up the Scope Baseline?

A

Project Scope Statement, WBS, WBS Dictionary

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35
Q

What is the definition of a project?

A

Temporary - Creates a unique product or service

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36
Q

What is the definition of a program?

A

A group of inter-related projects, managed in a coordinated way

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37
Q

What is the definition of a portfolio?

A

A group of programs to achive a specific strategic business goal.

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38
Q

What is a product life cycle?

A

The cycle of a product’s life from conception to withdrawal.

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39
Q

What is a project life cycle?

A

What you need to COMPLETE the work. It varies by industry and type of project.

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40
Q

What is the project management process?

A

What you need to do to MANAGE the work. Initiating, planning, executing, monitoring & controlling, closing.

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41
Q

What is a Project Management Office?

A

PMO. A department that centralizes the management of projects. Provides the polcies, methods, and templates for managing projects within the org. OR provides support, guidance, and training to others in the or on how to manage projects. OR provides project managers for differant projects, and is responsibile for the results of the projects.

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42
Q

What are project contstraints?

A

Cost, Time, Scope, Quality, Risk, Resources, customer satisfaction,. Constraints are used to help evaluate competing demands.

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43
Q

Who are stakeholders?

A

Anyone whose inteests may be postively or negatively impacted by the project, including: PM, customer, Sponder, Perfomring Org, Team, Funding Sources, End User, Society, PMO

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44
Q

What should we do with stakeholders?

A

ID all of them, determine all of their requirements, determine all of their expectations, communicate with them, manage their influence

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45
Q

What are 3 purmary forms of organization?

A

Functional, Projectized, Matrix

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46
Q

What is a functional oganization?

A

The company is grouped by areas of specialization (ex accounting, marketing, etc)

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47
Q

What is a projectized organization?

A

The company is grouped by project. The team has no department to go to at project end. The PM has total controld of resources.

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48
Q

What is a matrix organization?

A

A belnd of fucntional and projectized orgs where the team members have two bosses (the PM and the fucntional manager)

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49
Q

What is a strong matrix organization?

A

A matrix org where the balance of power rests with the PM instead of the functional manager.

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50
Q

What is a weak matrix organization?

A

a Matrix org where the power is equally balanced between the PM and the functional manager. This is the preferred form of matrix org.

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51
Q

What occurs during the initiating process group?

A

Formal authorization of the project or phase. PM is provided with the info necessary to being the project.

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52
Q

What occurs during the planning process group?

A

It is determined: Whether the project objectives, as stated in the project charter, can be acheived. HOW the project will be accomplished.

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53
Q

What occurs during the executing process group?

A

Work deined in the project management plan is completed to meet project objectives.

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54
Q

What occurs during the monitoring and controlling process group?

A

Project perfomance is measured to the project management plan. Variances are determined and addressed.

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55
Q

What occurs during the closing process group?

A

Acceptance of the final product of the poject is obtained and documented. Lessons learned are complete. Files ar eindexed and archived.

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56
Q

Which process group MUST be completed in a certain order?

A

Planning is the only process group with a set order.

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57
Q

What does “input” mean?

A

“What do I need before I can…”

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58
Q

What does “output” mean?

A

“What will I have when I am done with…”

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61
Q

What is the process of integration management?

A

Develop Project CharterDevelop Project Management PlanDirect and Manage Project ExecutionMonitor and Control Project WorkPreform Integrated Change Control Close Project or Phase

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62
Q

What are the methods to select a project?

A

Benefit measurment (comparative)Constrained Optimization (mathematical)

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63
Q

What is the Develop Project Management Plan Process? What is its output?

A

the process of creating a project management plan that is bought into, approved, realistic, and formal. Output: the project management plan?

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64
Q

What is included in a project management plan?

A

Project management processess for the projectManagement plans for knowledge areasScope, schedule, and cost baselinesRequirements management planChange management planConfiguration management planProcess improvement plan

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65
Q

What are project documents?

A

Any docs used to manage a project that are NOT part of the project management plan. They include:Project charterStatement of workContractsStakeholder registerRequirments documentationActivity listsQuality metricsRisk registerIssue LogChange Logany other such docs…

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66
Q

What are the key outputs of the Direct and manage Project Execution process?

A

DeliverablesWork perfomance infochange requestsUpdates to the PM management plan and project docs

67
Q

What are the key outputs of the Monitor and Control Project Work process?

A

Change requestsUpdatesd to the PM management plan and project docs

68
Q

What are the key outputs of the Perform Integrated Change control process?

A

Change requests status updatesUpdates to the project management plan and project docs

69
Q

What are the key outputs of the Close Project or Phase process?

A

Final Productformal acceptanceOPA updates

70
Q

Explain the PM’s role as an integrator.

A

Making sure all the pieces of the project are properly coordinated and put together into once cohesive whole.

71
Q

What is a project charter? How does it help the project?

A

A doc issued by the sponsor during project initiating that:Formally recognizes the existence of the projectGives the PM authorityDocuments the business need, customer requirements and the product or service to satisfy those needs.

72
Q

What is a business case?

A

The project purpose and justification

73
Q

What is a kickoff meeting? When does it occur?

A

A meeting of all parties to the project (stakeholders, including sellers) to make sure everyone is “on the same page.” It is held at the end of the planning process group.

74
Q

What are baselines?

A

Parts of the PM management plan used to measure performance against:Schedule baselineScope baselineCost baselineThese baselines are combined to create the performance measurment baseline. Baselines can change with approved changes.

75
Q

What is the project statement of work?

A

Describes need, project scope, and how the project fits into the strategic plan.Created by the customer/sponsor prior to the beginning of the project.Later refined in the project scope statement.

76
Q

What is a work authorization system?

A

The PM’s system for authorizing the start of work packages or activities. It ensures work is done at the right time and in the proper order.

77
Q

What is the configuration management plan?

A

A plan to make sure everyone knows what version of the scope, schedule, and other componants of the project management plan are the latest versions.It defines how you will manage changes to the deliverables and the resulting docs.

78
Q

What is a change management plan?

A

A system of formal procedures, set up in advance, defining how project deliverables and docs are controlled, changed, and approved.

79
Q

What are the enterpise environmental factos? When are they used?

A

EEFs! Company culture and existing systems the project will have to deal with or can make use of. They are used throughout the project management process.

80
Q

What are organizational process assets? When are they used?

A

OPAs! company process and procedureshistorical infolessons learnedthey are used throughout the project management process

81
Q

What is historical information?

A

Records of past projects, including lessons learned, used to plan and manage future projects.Records of the current project which will become part of OPAs

82
Q

What is a project management information system?

A

PMIS!The manual and automated system to submit and track changes and monitor and control project activities.

83
Q

What is a change control board? who may be on it?

A

CCB!A group of ppl that approves or rejects changes. May include:PMCustomerExpertsSponsorOthersFor the exam, assume that all projects have CCBs.

84
Q

What are change requests? When are they approved?

A

Fomal requests to change parts of the project after the project management plan is approved.They are approved in the Perform Integrated Change Control Process.

85
Q

What are preventative actions?

A

Actions taken to deal with anticipated or possible deviaiotns from the performance measurement baseline.

86
Q

What are corrective actions?

A

Actions taken to bring expected future project perfromance in line with the project management plan.

87
Q

Define present value.

A

The vaule today of future cash flows.

88
Q

Define net present value.

A

The vaule in today’s dollars of some future costs and expenses. For cost, the lower the number the better.For revenue, the higher the number the better.

89
Q

Define internal rate of return.

A

the reate an investment in the project will return. The higher the number the better.The reate at which a project’s infloes and outflows are equal.

90
Q

Define payback period?

A

The number of time periods to recover the investment.The lower the number the better.

91
Q

Define benefit cost ratio.

A

BCR! Benefit/cost - benefit divided by costThe higher the number the better.

92
Q

Define oppourtunity cost.

A

The oppourtunity given up by selcting one project over another.

93
Q

What are sunk costs?

A

Expended costs.

94
Q

Define the law of diminishing returns.

A

The more you put into the effort, the less you get out of it.

95
Q

Define working capital.

A

Current assets minus current liabilities. The amount of funds availible to spend on projects.

96
Q

What are the two types of depreciation?

A

Straight line depreciation: depreciate the same amount each time period.Accelerated Depreciation: Depreciate an amount greater than straight line each time period.

99
Q

What is the process of Time Management?

A

Define ActivitiesSequence ActivitiesEstimate Activity ResourcesEstimate Activity DurationsDevelop ScheduleControl Schedule

100
Q

In which process is the schedule management plan created?

A

The schedule management plan is creaed in integration managbement, as part of the Develop Project Management Plan process.

101
Q

What are the key outputs of the Define Activities Process?

A

Activity ListActivity AttributesMilestone List

102
Q

What are key outputs of the Sequence Activities process?

A

Network DiagramsProject doc updates

103
Q

What are key outputs of the Estimate Activity Resources process?

A

Activity resource requirementsResource Breakdown Structure (RBS)

104
Q

What are the key ouputs of the Estimate Activity Durations process?

A

Acitivy duration estimatesProject doc updates

105
Q

What is the develop schedule process? What are its key outputs?

A

The actions and tools necessary to create a bought into, approved, realistic, and formal project schedule. Outputs:Project ScheduleSchedule baseline

106
Q

What are the key outputs of the Control Schedule process?

A

Work performance measurementschange requests

107
Q

What are mandatory and discretionary dependancies?

A

Mandatory: One Activity MUST be done after or before another; may also be called hard logic. Discretionary: When you PREFER activities to be accomplished in a certain order; may also be called preferred, preferential, or soft logic.

108
Q

What are external dependancies?

A

Dependancies based on the needs of a party OUTSIDE the project.

109
Q

What is a resource breakdown structure?

A

An organizational chart or table showing IDed resources by catagory.

110
Q

What is critical path? How does it help the project?

A

The longest path through the network diagram. It shows the PM the shortest time in which the project can be completed. It shows the PM where to focus his or her time.It is used in compressing or adjusting the schedule.

111
Q

What is near-critical path?

A

The path closest in legnth to the critical path

112
Q

Define lag

A

Waiting time inserted into the schedule.

113
Q

Define total float and the formula for total float?

A

The amount of time an activity can be delayed without delaying the project. Formula:Late start - Early startORLate finish - Early finish

114
Q

Define free float and project float.

A

Free float: The amount of time an activity can be delayed without delaying the early start date of its successor.Project float: The amount of time the project cna be delayed without affecting the projects required end date; the desired project end date minus the actual end date.

115
Q

What are the methods to compress a schedule?

A

CrashingFast Tracking

116
Q

What is crashing?

A

Schedule compression through analyzing cost and schedule trade-offs to obtain the greatest compression for the least cost while maintaining scope.

117
Q

What is fast tracking?

A

Schedule compression by doing more critical path activities in parallell.

118
Q

What is the critical chain method?

A

A scheudle netowkr analysis tool that makes use of buffers.

119
Q

What is reestimating?

A

Estimating the project again after planning to make sure you can still meet the end date, budget, or other objectives.

120
Q

What is resource leveling?

A

Keeping the amount of resources used for each time period constant, thus affecting the project duration?

121
Q

What is schedule baseline?

A

the approved schedule with any approved changes, used to measure project schedule perfomrance.

122
Q

What are the main tools for displaying a schedule?

A

Netowork Diagrams, Bar Charts, Milestone Charts.

123
Q

What do network diagrams show?

A

Interdependancies between activities. How project activities will flow from beginnign to end. Netowrk diagrams may also be used to determine the critical path.

124
Q

What do simple bar charts show?

A

Project schedule or project status

125
Q

What do milestone charts show?

A

High-level project status

126
Q

What is Monte Carlo analysis?

A

A schedule netowrk analysist technique. It is used to stimulate the project to determine how likely you are to get to the project completed by any specific date or for any specific cost. It is also used in the Perform Quantitative Risk Analysis process to determine overall level of risk on the project.

127
Q

What are the following rules? 50/50 rule20/80 rule0/100 rule

A

Methods of progress reporting.50 percent (or 20 percent or 0 percent) of the effort is reported complete when an activity beings. the balance (50 percent, 80 percent, or 100 percent) is recorded only when an activity is finished.

130
Q

What is the process of cost management?

A

Estimate costsDetermine budgetControl costs

131
Q

In which process is the cost management plan created?

A

The cost management plan is created in integration management as part of the Develop Project Management Plan process.

132
Q

What are key outputs of the Estimate Costs process?

A

Activity cost estimates.Updates to the project management plan and project docs.

133
Q

What are the key outputs of the Determine Budgest process?

A

Cost baselineFundting requirements

134
Q

What are the key outputs of the Control Costs process?

A

Work perfomrance measurementsBudgest forceastsChange requestsUpdatesd to the project management plan and project docs.

135
Q

Name inputs to the Estimate Costs process:

A

Scope baselineProject scheduleHuman resource planEEFsOPAsRisk register

136
Q

What are the main approaches to cost or schedule estimating?

A

Analogous estimatingBottom - up estimatingParametric estimatingThree - point estimates One-time estimates

137
Q

What is analogous estimating?

A

Top - down estimating that uses expert judgement and looks at the past to predict the future.”The last three projects cost $25,00, or took six months, and so should this one.”AKA “top down” estimating

138
Q

What is bottom - up estimating?

A

Creating estimates based on the details of the project (e.g., from the bottom of the work breakdown structure), which are then rolled up into project estimates. VERY DETAILED - TAKES TIME

139
Q

What is parametric estimating?

A

Calculating estimates using historical info (ex cost per line of code, hours per installation)

140
Q

What is a Three - Point estimate?

A

Uses three cost estimates to determine expected cost estimate

141
Q

What is earned value measurment?

A

A method of measuring project perfomrance that looks at the value earned for work accomplished.It can be used to predict future cost performance and project completion dates.

142
Q

What is the range for rough order of magnitude estimate?

A

+/- 50 % from actual

143
Q

What is the range for a budget estimate?

A

-10 % to +25 % from actual

144
Q

What is the range for definative estimate?

A

+/- 10 % from actual

145
Q

What is the differance between a cost budget and a cost baseline?

A

The cost budget adds management reserve to the cost baseline.

146
Q

What is the formula for cost variance (CV)?

A

EV - AC = CV

147
Q

What is the formula for schedule variance (SV)?

A

EV - PV = SV

148
Q

What is the formula for cost performance index (CPI)?

A

EV/AC = CPI

149
Q

What is the formulat for schedule performance index (SPI)?

A

EV/PV=SPI

150
Q

What are the formulas for estimate at completion (EAC)?

A

AC + Bottom-up ETC = EACBAC/CPIc = EACAC + (BAC-EV) = EACAC + (BAC-EV)/(CPIc x SPIc) = EAC

151
Q

What is the formula for estimate to complete (ETC)?

A

EAC-AC=ETC

152
Q

What is the formula for variance at completion (VAC)?

A

BAC - EAC = VAC

153
Q

What is the formulat for To Complete Performance Index (TCPI)?

A

(BAC-EV)/(BAC-AC) = TCPI

154
Q

Describe a variable cost and a fixed cost chargeable to the project.

A

Variable cost: A cost that varies with the amount of work done on the project. Fixed cost: A cost that does not vary with the amount of work done on the project.

155
Q

Earned Value (EV)

A

Measurement of the progress of a project and the basis for the cost analysisIncluding any work started ahead of schedule On the exam most of the time this is given to you – but you should understand how to come up with it

156
Q

Actual Costs (AC)

A

The cost of work that has been completed at a specific timeIncluding any work that started ahead of schedule

157
Q

Planned Value (PV)

A

The value of the work that should have been completed at a specific point in timeNot including any work started ahead of schedule

158
Q

Budget at completion (BAC)

A

Amount you expect the project to cost

159
Q

Describe a direct cost and an indirect cost chargeable to the project.

A

Direct Cost: A cost directly attributable to the project. Indirect costs: overhead costs

160
Q

What does life cycle costing mean?

A

Considering the future cost of operating and maintaining the project or deliverable over its life when planning and managing the project.

161
Q

What is value analysis?

A

Finding a less costly way of doing essentially the same work.

PMP Exam Prep (1 decks)

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