Study All Categories Flashcards
Which Knowledge Area? Estimate Activity Resources
Project Time Management
Which Knowledge Area? Plan Communications Management
Project Communications Management
Tools & Techniques: Estimate Costs
Expert judgment
Analogous estimating
Parametric estimating
Bottom-up estimating
Three-point estimating
Reserve analysis
Cost of quality
Project management software
Vendor bid analysis
Group decision-making techniques
Outputs: Perform Quantitative Risk Analysis
Project documents updates
How much is the Present Value (PV) worth in the future?FV=PV(1+i)n where:FV is the value to be determinedPV is the current investmenti is the interest raten is the number of time periods
Future Value(FV)
A graphic display of process data over time and against established control limits, and that has a centerline that assists in detecting a trend of plotted values toward either control limit.
Control Chart
• PM has strong authority.• Typical full-time resources from functional departments.• Internal competition may increasefor resources.• Project team members are on multiple projects.• PM is full-time and has full-time administrative staffing.
Strong Matrix
A response that ensures that a positive risk will likely happen
Enhance
Tools & Techniques: Define Activities
Decomposition
Rolling wave planning
Expert judgment
Inputs: Identify Risks
Risk management planCost management planSchedule management planQuality management plan Human resource management planScope baselineActivity cost estimatesActivity duration estimatesStakeholder registerProject documentsProcurement documentsEnterprise environmental factorsOrganizational process assets
Tools & Techniques: Perform Integrated Change Control
Expert judgment
Meetings
Change control tools
Outputs: Plan Risk Management
Risk management plan
Outputs: Control Costs
Work performance informationCost forecastsChange requestsProject management plan updatesProject documents updatesOrganizational process assets updates
Inputs: Manage Project Team
Human resource management planProject staff assignmentsTeam performance assessmentsIssue logWork performance reportsOrganizational process assets
One party leaves the discussion. This is a yield-lose solution.
Withdrawl (Avoidance)
Outputs: Plan Risk Responses
Project management plan updatesProject documents updates
Which Knowledge Area? Create WBS
Project Scope Management
Schedule Variance (SV)
SV=EV-PV(Hint: Variance is something minus something)< 0 Behind schedule= 0 On schedule> 0 Ahead of schedule
Inputs: Sequence Activities
Schedule management planActivity listActivity attributesMilestone listProject scope statementEnterprise environmental factorsOrganizational process assets
Outputs: Manage Stakeholder Engagement
Issue logChange requestsProject management plan updatesProject documents updatesOrganizational process assets updates
Outputs: Validate Scope
Accepted deliverablesChange requestsWork performance information Project documents updates.
Tools & Techniques: Estimate Activity Durations
Expert judgment
Analogous estimating
Parametric estimating
Three-point estimating
Group decision-making techniques
Reserve analysis
Which Knowledge Area? Close Procurements
Project Procurement Management
Tools & Techniques: Plan Procurement Management
Make-or-buy analysis
Expert judgment
Market research
Meetings
Vendors all meet with the buyer to discuss the detailsof the statement of work so they may prepare a bid, quote, or proposal.
Bidder conference
Tools & Techniques: Plan Schedule Management
Expert judgment
Analytical techniques
Meetings
The project manager has the authority to discipline the project team members. This is also known as “penalty power.”
Coercive
Inputs: Develop Project Team
Human resource management planProject staff assignments Resource calendars
Cost Variance (CV)
CV=EV-AC(Hint: EV always comes first)< 0 Over budget= 0 On budget> 0 Within budget
Tools & Techniques: Control Stakeholder Engagement
Information management systems
Expert judgment
Meetings
Inputs: Develop Schedule
Schedule management planActivity listActivity attributesProject schedule network diagramsActivity resource requirementsResource calendarsActivity duration estimatesProject scope statementRisk registerProject staff assignmentsResource breakdown structureEnterprise environmental factorsOrganizational process assets
Inputs: Manage Stakeholder Engagement
Stakeholder management planCommunications management planChange logOrganizational process assets
Inputs: Determine Budget
Cost management planScope baselineActivity cost estimatesBasis of estimatesProject scheduleResource calendarsRisk registerAgreementsOrganizational process assets
Tools & Techniques: Control Risks
Risk reassessment
Risk audits
Variance and trend analysis
Technical performance measurement
Reserve analysis
Meetings
Outputs: Plan Human Resource Management
Human resource management plan
an accounting system to track project costs by category (labor, specific materials, contractor rates). A project’s chart of accounts works with the organization’s chart of accounts for specific deliverables, work, and/or materials
Chart of Accounts
Which Knowledge Area? Control Stakeholder Engagement
Project Stakeholder Management
numbering system to identify the deliverables down to the work package within a WBS. The PMBOK® Guide uses a type of code of accounts: 5.3.3.2
Code of Accounts
the addition of small, undocumented changes that bypass the scope change control system. Scope creep is sometimes called project poison.
Scope Creep
Tools & Techniques: Control Scope
Variance analysis
Tools & Techniques: Identify Risks
Documentation reviews
Information gathering techniques
Checklist analysis
Assumptions analysis
Diagramming techniques
SWOT analysis
Expert judgment
Inputs: Control Stakeholder Engagement
Project management planIssue logWork performance dataProject documents
Inputs: Plan Cost Management
Project management planProject charterEnterprise environmental factorsOrganizational process assets
What 5 activities in the WBS needed for?
- Defining project activities2. Cost estimating3. Cost budgeting4. Identifying the project risks5. Qualitative risk analysis
Early planning estimate and/or top-down approach.Range of variance is -10% to +25% forthe project completion.
Budget estimate
A unilateral form of a contract.
Purchase order
PERT Estimation
(O+4M+P)/6O= Optimistic estimateM= Most Likely estimateP= Pessimistic estimate
Planned Value (PV)
PV=% planned completion (Hint: someone always had to tell you where you are int he project)
Outputs: Identify Risks
Risk register
monies that have been invested into a project. Sunk costs are gone, they are “sunk” into a project.
Sunk costs
Which Knowledge Area? Control Schedule
Project Time Management
Workers do well if motivated. This provides participative management, familial work environment, and lifelong employment. Known as Japanese Management Style.
Ouchi’s Theory Z
Inputs: Estimate Activity Durations
Schedule management planActivity listActivity attributesActivity resource requirementsResource calendarsProject scope statementRisk registerResource breakdown structureEnterprise environmental factorsOrganizational process assets
Which Knowledge Area? Perform Quantitative Risk Analysis
Project Risk Management
Outputs: Plan Communications Management
Communications management planProject documents updates
Tools & Techniques: Define Scope
Expert judgment
Product analysis
Alternatives generation
Facilitated workshops
Which Knowledge Area? Perform Quality Assurance
Project Quality Management
Tools & Techniques: Manage Project Team
Observation and conversation
Project performance appraisals
Conflict management Interpersonal skills
Outputs: Control Communications
Work performance informationChange requestsProject management plan updatesProject documents updatesOrganizational process assets updates
Inputs: Control Schedule
Project management planProject scheduleWork performance dataProject calendarsSchedule dataOrganizational process assets
Which Knowledge Area? Identify Risks
Project Risk Management
Which Knowledge Area? Estimate Activity Durations
Project Time Management
Risks with a positive impact
Positive risk
Tools & Techniques: Direct and Manage Project Work
Expert judgment
Project management information system
Meetings
Inputs: Plan Stakeholder Management
Project management planStakeholder registerEnterprise environmental factorsOrganizational process assets
Inputs: Conduct Procurements
Procurement management planProcurement documentsSource selection criteria Seller proposalsProject documentsMake-or-buy decisionsProcurement statement of workOrganizational process assets
Risks with a negative impact.
Negative risks
Which Knowledge Area? Validate Scope
Project Scope Management
Outputs: Create WBS
Scope baselineProject documents updates
Quantifies the risk exposure based on evidence, research, and in-depth analysis of the risk events.
Quantitative analysis
Inputs: Develop Project Charter
Project statement of work Business case Agreements Enterprise environmental factors Organizational process assets
Outputs: Plan Procurement Management
Procurement management planProcurement statement of workProcurement documentsSource selection criteriaMake-or-buy decisionsChange requestsProject documents updates
Tools & Techniques: Control Communications
Information management systems
Expert judgment
Meetings
This model compares benefitsto costs. Consider a BCR of 4:1versus another project of 2:5.
Benefit-Cost Ratios (BCRs)
Which Knowledge Area? Collect Requirements
Project Scope Management
Simple, early estimate. Range of variance is -25% to +75% for the project completion.
Rough order of magnitude
Documents stakeholder identification, assessment of influence, and stakeholder type.
Stakeholder register
Outputs: Manage Project Team
Change requestsProject management plan updatesProject documents updatesEnterprise environmental factors updatesOrganizational process assets updates
The ownership of the risk is transferred to some other party, usually for a fee
Transference
This is a three-step process of identifying the project stakeholders early in the project, identify the impact/support of each stakeholder, and then plan how to influence stakeholders to act in given situations
Stakeholder analysis
Tools & Techniques: Determine Budget
Cost aggregation
Reserve analysis
Expert judgment
Historical relationships
Funding limit reconciliation
Outputs: Define Scope
Project scope statementProject documents updates
Tools & Techniques: Estimate Activity Resources
Expert judgment
Alternative analysis
Published estimating data
Bottom-up estimating
Project management software
Also known as weighted scoring models, these use a common set of values to “score” each project’s worthiness.
Scoring Models
Outputs: Identify Stakeholders
Stakeholder register
Which Knowledge Area? Plan Schedule Management
Project Time Management
Inputs: Manage Communications
Communications management planWork performance reportsEnterprise environmental factorsOrganizational process assets
The amount of time an activity can be delayed without delaying the project’s end date
Total float
Outputs: Control Stakeholder Engagement
Work performance informationChange requestsProject management plan updatesProject documents updatesOrganizational process assets updates
Adding resources to reduce the project duration. This adds costs to the project
Crashing
Tools & Techniques: Plan Cost Management
Expert judgment
Analytical techniques
Meetings
Net Present Value This formula finds the presentvalue on the project for each year the project promises a return:1. Each time period’s promised return is calculated into present value.2. Sum all of the time periods’ present value.3. Subtract the project’s original investment from the sum.4. An NPV greater than one is good, less than one is bad.
Net Present Value
Inputs: Perform Integrated Change Control
Project management planWork performance reportsChange requestsEnterprise environmental factorsOrganizational process assets
Inputs: Estimate Activity Resources
Schedule management planActivity listActivity attributesResource calendarsRisk registerActivity cost estimatesEnterprise environmental factorsOrganizational process assets
Outputs: Determine Budget
Cost baselineProject funding requirementsProject documents updates
Tools & Techniques: Develop Schedule
Schedule network analysis
Critical path method
Critical chain method
Resource optimization techniques
Modeling techniques
Leads and lags
Schedule compression
Scheduling tool
Inputs: Close Procurements
Project management plan Procurement documents
Inputs: Create WBS
Scope management planProject scope statementRequirements documentation Enterprise environmental factorsOrganizational process assets
Tools & Techniques: Manage Stakeholder Engagement
Communication methods
Interpersonal skills
Management skills
Which Knowledge Area? Conduct Procurements
Project Procurement Management
Inputs: Define Activities
Schedule management planScope baselineEnterprise environmental factorsOrganizational process assets
Outputs: Control Schedule
Work performance informationSchedule forecastsChange requestsProject management plan updatesProject documents updatesOrganizational process assets updates
Which Knowledge Area? Control Procurements
Project Procurement Management
Outputs: Control Quality
Quality control measurementsValidated changesValidated deliverablesWork performance informationChange requestsProject management plan updatesProject documents updatesOrganizational process assets updates
Five EVM Rules to Memorize
- Always start with earned value.
- Variance means subtraction.
- Indexes are “something” divided by “something” and they show
performance for the project objectives. - When it comes to any index, the closer to 1 the better.
- Variances can be positive or negative.
Which Knowledge Area? Plan Human Resource Management
Project Human Resource Management
The project manager has the authority to reward the project team
Reward
Which Knowledge Area? Control Costs
Project Cost Management
Shows on a bar graph which factors are more significant
Pareto Chart
watching the speaker’s body language, interpreting paralingual clues, asking questions for clarity, and offering feedback
Effective Listening
One party quickly forces their solution over another. Often done by seniority. This is a win-lose solution.
Forcing
Outputs: Develop Project Management Plan
Project management plan
Complex formulas to determine aproject’s worthiness to be selected.Examples include:• Linear programming• Nonlinear programming• Integer algorithms• Dynamic programming• Multiobjective programming
Constrained Optimization Methods
N(N-1)/2, where N represents the number of stakeholders
Communication Channels Formula
Costs that are directly tied to the project.
Direct costs
Which Knowledge Area? Acquire Project Team
Project Human Resource Management
Tools & Techniques: Perform Qualitative Risk Analysis
Risk probability and impact assessment
Probability and impact matrix
Risk data quality assessment
Risk categorization
Risk urgency assessment
Expert judgment
The buyer tells the vendor they intend to do business with them; not a binding agreement.
Letter of intent
Tools & Techniques: Monitor and Control Project Work
Expert judgment
Analytical techniques
Project management information system
Meetings
Which Knowledge Area? Estimate Costs
Project Cost Management
Which Knowledge Area? Identify Stakeholders
Project Stakeholder Management
Outputs: Plan Schedule Management
Schedule management plan
Condition, event, or warning sign that a risk is about to happen. Usually “triggers” a risk response
Triggers
Inputs: Control Communications
Project management planProject communications Issue logWork performance dataOrganizational process assets
Generally short-term purchase used as a stopgap or emergency response.
Letter contract
Messages are __________
Transmitted