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Project Management > Study Cards - Chapter 4 (not finished) > Flashcards

Study Cards - Chapter 4 (not finished) Flashcards

1
Q

The project charter is (two answers)…

A
  • A brief 2-3 page document that imparts high-level information about the project.
  • A required element that must be signed off before further project work can begin.
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2
Q

The project charter contains…

A
  • The project description and title
  • Project manager and their authority level
  • High-level business case
  • Stakeholders
  • High-level deliverables list
  • High-level project risks
  • Defined project objectives
  • Project approval requirements
  • S.M.A.R.T. goals
  • Formal sign-off
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3
Q

The key benefits of a project charter are…

A

Primary benefit
- PM is authorized to spend money and commit resources to the project

Other benefits

  • Formally recognizes existence of the project
  • Describes high-level requirements
  • Links the project to other work in the organization
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4
Q

The project Statement Of Work is (three answers)…

A
  • A high-level description of the products or services the project will create.
  • Usually created by the customer or sponsor.
  • A narrative that describes products or services that are delivered by the project.
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5
Q

The three fundamental elements of an SOW are…

A
  • Business need
  • Product scope description
  • Strategic plan
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6
Q

A procurement statement of work is…

A
  • For external services that are procured

- A legal document that requires a legal review and review by contract administration professionals.

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7
Q

Enterprise Environmental Factors are…

A
  • A recurring input to over 20 of the processes, primarily in the Planning process group
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8
Q

The key elements involving EEFs include…

A
  • Organizational culture and structure
  • Government and industry standards
  • Existing human resources
  • Personnel administration
  • Company work authorization system
  • Marketplace conditions
  • Stakeholder risk tolerances
  • Commercial databases
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9
Q

A work authorization system is designed to (three answers)…

A
  • Ensure that work is approved before it begins
  • Ensure the work is done at the right time and in the correct sequence
  • Help prevent scope creep as well as goldplating
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10
Q

Organizational Process Assetts include…

A
  • Standards and policies
  • Performance measurement criteria
  • Templates
  • Communication requirements
  • Project closure guidelines
  • Procedures
  • Approving and issuing work authorizations
  • Organization knowledge base
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11
Q

The benefit measurement methods for project selection are…

A
  • Murder board
  • Weighted scoring model
  • Internal rate of return (IRR)
  • Benefit cost ration (BCR)
  • Present Value (PV) / Net Present Value (NPV)
  • Payback Period
  • Opportunity Costs
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12
Q

The benefit measurement methods that help to determine ROI are…

A
  • IRR
  • BCR
  • PV / NPV
  • Payback Period
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13
Q

The constrained optimization methods for project selection are…

A
  • Linear programming
  • Nonlinear programming
  • Dynamic programming
  • Integer programming
  • Multi-Objective programming algorithms
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14
Q

A murder board looks for projects that are…

A
  • Do not meet strategic objectives
  • Might be a pet project
  • Are impractical or unrealistic
  • Do not add much value to the project portfolio
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15
Q

A weighted scoring model…

A
  • Compares projects based on critical criteria

- Can be used to screen projects based on ‘showstopper’ criteria

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16
Q

Present value is…

A
  • The specific value today of an amount of money in the future
  • A reflection of the diminishing value of a fixed amount of money over time
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17
Q

Net present value is…

A
  • The total present value of a time series of cash flows
  • The most precise and most conservative
  • Better when it is higher (choose the project with the highest NPV)
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18
Q

Future value is…

A
  • A measurement of the future sum of money that a given sum of money is worth at a specific time in the future.
  • Better when it is higher (choose the project with the highest Future Value)
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19
Q

Internal Rate of Return is…

A
  • The interest that you get paid for an investment on a yearly basis
  • Accurate if there are not negative cash flows
  • Should result in the same decision as NPV
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20
Q

Payback period is…

A
  • The number of complete time periods needed to recover your investment in the project
  • The lease precise and simplest to compute
  • Better when shorter (choose the project with the shortest payback period)
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21
Q

Benefit Cost Ratio is…

A
  • A comparison of the benefits of doing a project in relation to its costs
  • Better when higher (choose the project with the Highest BCR)
22
Q

Two key considerations for BCR are…

A
  • Projects with a BCR of < 1 should be rejected

- Benefit does not always equate to profit

23
Q

Opportunity cost is…

A
  • The amount of money you give up on one opportunity to pursue another
24
Q

Sunk costs are…

A
  • What you have spent

- Should not be considered when deciding whether to continue with a troubled project

25
Q

The law of diminishing returns states that…

A

The more you put in, the less you get in return.

26
Q

Working capital is…

A
  • Assets minus liabilities

- What the company has to invest in projects

27
Q

Two types of depreciation are…

A
  • Straight-line depreciation

- Accelerated depreciation (double declining balance, Sum of the Years Digits)

28
Q

Four categories of cost are…

A
  • Direct
  • Indirect
  • Variable
  • Fixed
29
Q

Economic value added of the project is…

A
  • The value produced above the costs of financing the project
30
Q

Three approaches to compute NPV are…

A
  • Adjusted Present Value
  • Flows To Equity
  • Weighted Average Cost of Capital
31
Q

The major inputs to the Project Management Plan are…

A
  • The project charter

- Enterprise Environmental Factors

32
Q

The project management plan (two answers)…

A
  • Defines how you will execute, monitor & control, and close the project
  • Integrates and consolidates all of the subsidiary management plans and baselines from the planning process
  • Requires sign-off by all key stakeholders when it is complete
33
Q

Five key characteristics of the Project Management Plan are…

A
  • Always written out (not an MS Gantt chart)
  • A repository for subsidiary plans
  • Created by the PM with input from stakeholders
  • A formal document approved by key stakeholders
  • Progressively Elaborated
34
Q

Four reasons that a Project Management Plan is important are…

A
  • Captures changes to the project
  • Captures versions of the PM Plan to identify trends
  • Key to understanding what we did and why
  • If it is not written down, it doesn’t exist
35
Q

When is the project plan baselined…

A
  • When all stakeholders have completed and signed-off on all of the elements in the Project Planning Phase
36
Q

The project baseline is…

A
  • Starting point for progressive elaboration
  • Critical for managing change
  • Key in defining lessons learned
37
Q

Configuration Management is…

A
  • A key element of the project plan (works with change control system)
  • Used to document the functional and physical characteristics of a product
  • Also a key element for both manufactured and software products
38
Q

The Project Management Information System includes…

A
  • The configuration management system
  • The change control system
  • It is usually an automated system
39
Q

The kick-off meeting is…

A
  • Called by the project manager

- Used to formally introduce the project team and stakeholders to the project

40
Q

The direct and manage project execution process…

A
  • Performs the work described in the project management plan
41
Q

A frequent output of direct and manage project execution is…

A

Change requests which can include preventive actions, corrective actions, or defect repairs

42
Q

Work performance Information typically addresses…

A
  • Deliverable status
  • Schedule progress
  • Costs incurred
43
Q

Additional elements of Direct and Manage project execution are…

A
  • Ensuring a Common Understanding

- Being of Service

44
Q

The monitoring and control project work process…

A
  • Is done from the beginning of the project through the close
  • Applies to the project as well as each phase
45
Q

A corrective action is…

A
  • Any action needed to bring future project performance in line with the PM plan
46
Q

Three basic steps for corrective action are…

A
  • Identify the need to take action
  • Take corrective action
  • Measure the result to determine if additional action is needed
47
Q

Excessive changes on a project can be caused by…

A
  • Missed requirements
  • Failing to engage a key stakeholder
  • Stakeholder misunderstanding
  • Poorly designed WBS
  • Inadequate risk assessment
48
Q

A frequent input to most M&C process areas across the nine knowledge areas is…

A

Work Performance Information

49
Q

What is the configuration hierarchy from lowest to highest level…

A
  • Change Requests
  • Change Control System
  • Change Management
  • Configuration Management
50
Q

The seven steps needed to implement a change are…

A
  • Identify actual need for change
  • Impact assessment
  • Identify change alternatives
  • Create a change request
  • Meet with internal stakeholders
  • Meet with the customer (if required)
  • Submit to change control board
51
Q

Changes can be…

A
  • Requested by executing or monitoring and controlling
  • Approved or Rejected in integrated change control
  • Implemented by executing

Project Management (28 decks)

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