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PMP Prep > Terms > Flashcards

Terms Flashcards

1
Q

Net Present Value (NPV)

A

Concept used to determine the value of a project or undertaking an initiative after factoring all the gains and losses.

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2
Q

Earned Value

A

Measure of work performed expressed in terms of the budget authorized for that work.

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3
Q

Planned Value

A

PV is the authorized budget assigned to schedule work.

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4
Q

Plan Stakeholder Engagement

A

Process of developing approaches to involve project stakeholders based on their needs, expectations, interests and potential impact of the project

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5
Q

Collect Requirements

A

Process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives

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6
Q

Identify Stakeholders

A

Process of identifying and analyzing project stakeholders, and documenting information regarding their interests, involvement, influence, and potential impact of project success

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7
Q

Plan Communication Management

A

Process of developing an approach and plan for project communications based on the information needs of stakeholders, available organization assets, and the needs of the project.

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8
Q

Develop Project Management Plan

A

Process that involves preparing a document the defines all the project work

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9
Q

Develop Project Charter

A

Process of drafting a document that when approved, will formally initiate the project

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10
Q

Monitor and controll work

A

Process of tracking and analyzing project performance to ensure the project is progressing according to the Project management plan

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11
Q

Corrective Action

A

is an intentional activity that realigns the performance of the project work with the project management plan

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12
Q

Issue Log

A

Issue log is a project document where information about issues is recorded and monitored.

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13
Q

Resource Calendar

A

Identify the working days, shifts, weekends, hours and holidays when resources are available.

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14
Q

Project Team Assignments

A

Record the team members and their roles and responsibilities for the project. When team development results in new duties, the project team assignments documentation should be updated

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15
Q

Risk register

A

Project document that captures the result of the risk management activities.

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16
Q

Benefits management Plan

A

Defines the process for creating, maximizing, and sustaining the benefits provided by a project

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17
Q

Performance Measurement Baseline

A

PMB is a plan that integrates the scope, schedule, and cost baseline. When changes are implemented, the PMB must be updated to reflect those changes

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18
Q

Risk Register

A

Repository in which the outputs of the risk management processes are recorded.

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19
Q

Requirements traceability matrix

A

Grid that links product requirements from their origin to the deliverables that satisfy them.

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20
Q

Burndown Chart

A

Graphical representation of the reserves remaining over time and is a common method of capturing reserve information for communication to stakeholders

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21
Q

Tornado Diagram

A

Special type of bar chart used in sensitivity analysis for comparing the relative importance of the variables

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22
Q

Control Quaility

A

Process of measuring the quality of the deliverables to determine if they meet the requirements outlined in the quality management plan.

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23
Q

Monte Carlo Simulation

A

Analysis technique where a computer model is iterated many times and outputs are generated to represent the range of possible outcomes for the project.

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24
Q

Multicriteria decisions Analysis

A

Technique that utilizes a decision matrix to provide a systematic analytical approach for establishing criteria, such as risk levels, uncertainty and valuation, to evaluate and rank many ideas.

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25
Q

Technical Performance Analysis

A

Compares technical accomplishments during project execution to the schedule of technical achievement.

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26
Q

Perform Quantitative Risk Analysis

A

Process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives

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27
Q

Affinity Diagrams

A

technique that allows large numbers of ideas to be classified info groups for review and analysis.

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28
Q

Alternative Analysis

A

Technique used to evaluate identified options in order to select the options or approaches to use to execute and perform the work of the project.

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29
Q

Monte Carlo Simulation

A

Analysis technique where a computer model is iterated many times, with the input values chosen at random for each iteration driven by the input data, including probability distributions and probabilistic branches.

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30
Q

Project Schedule

A

Project document that shows which resources are needed, when they are needed and the location they are needed

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31
Q

Resource Requirements

A

Document identifies the needed materials, equipment, supplies, and other resources.

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32
Q

Physical Resource Assignments

A

Document that contains the type, amount, and location of resourcecs.

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33
Q

Project Charter

A

Document issued by the project initiator of sponsor that formally authorizes the existence of a project.

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34
Q

Configuration Management Plan

A

Defines which project artifact will be formally controlled and therefore require a change requests to make modificationos

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35
Q

Performance Measurement Baseline

A

Integrates the scope, schedule, and cost baseline

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36
Q

Change management plan

A

Defines how change requests will be managed, approved and incorporated

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37
Q

Requirements Management Plan

A

Defines how the project requirements will be managed

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38
Q

Business Case

A

Documents the economical feasibility study of the proposed project and provides information from a business perspective to determine whether the expected outcomes of the project justify the required investment.

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39
Q

Project Scope Statement

A

Describes the deliverables of a project in detail as well as documenting assumptions and constraints.

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40
Q

Alternatives Analysis

A

Technique used in the define scope process to evaluate the requirements identified in the collect Requirements Process.

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41
Q

Nominal Group Technique

A

Structured form of brainstorming using a voting process to rank the generated ideas

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42
Q

Perform Stakeholder Analysis

A

Technique of systematically gathering quantitative and qualitative information to determine whose interests would be taken into account throughout the project. Primary performed during the identify stakeholder process to develop the stakeholder register.

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43
Q

Reserve Analysis

A

An analytical technique to determine the essential features and relationships of components in the project management plan to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project.

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44
Q

Technical Performance Analysis

A

Compares technical accomplishments during project execution to the schedule of technical achievement. Primarily used during the Monitor Risks Process.

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45
Q

Estimate at Completion Formula

A

EAC = AC + (BAC - EV)

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46
Q

Sensitivity Analyisis

A

Helps determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes. Example is the tornado diagram

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47
Q

Tornado Diagram

A

Presents the correlation for each risk that can influence the project outcome.

48
Q

Decision Tree Analysis

A

Used to support the selection of several different courses of action, each of which has potential opportunities and threats.

49
Q

Defect Repain

A

Intentional activity that modifies a nonconforming product of product component

50
Q

Preventative Action

A

Intentional activity that ensures the future performance of the project work is aligned with the project management plan

51
Q

Corrective Action

A

Intentional activity that realigns the performance of the project work with the project management plan.

52
Q

Risk mitigation

A

action being taken to reduce the probability of occurrence and / or impact of a threat

53
Q

Risk Acceptance

A

Acknowledges the existence of a threat, but not proactive action is taken. For low priority threats

54
Q

Risk Transfer

A

transfer to third party (vendor)

55
Q

Risk Avoidance

A

Strategy for high priority threats with a high probability of occurrence which would have a large negative impact

56
Q

Stakeholder Cube

A

Refinement of a grid model

57
Q

Salience model

A

describes classes of stakeholders based on assessments of their power, urgency, and legitimacy.

58
Q

What are the stages of Tuckman’s ladder

A

Forming, Storming, Norming, Performing, and adjourning

59
Q

Fast Tracking

A

Schedule compression technique in which activities normally done in a sequence are performed in parallel for at least a portion of their duraction

60
Q

Resource Smoothing

A

Resource optimization technique in which activities may be only delated within their free and total float

61
Q

Crashing

A

Technique used to shorten the schedule duration for the last incremental cost by adding resources

62
Q

Resource Leveling

A

Resource optimization technique in which start and finish dates are adjusted based on resource constraints

63
Q

Lessons Learned Register vs Repository

A

Register - lessons learned earlier in the current project

Repository - Historical information about lessons learned from past projects

64
Q

Attribute Sampling

A

method of measuring quality that consists of noting the presence (or absence) of some characteristic (attribute) in each of the unites under consideration

65
Q

Activity Node

A 
Early Start (ES) ---duration---- Early Finish (EF)
                            Activity 
Late Start (LS) --- Total Float ---- Late Finish (LF)

total float = LF - EF

66
Q

Requirements Traceability Matrix

A

Grad that links product requirements from their origin to the deliverables that satisfy them

67
Q

Bubble Chart

A

Displays three dimensions of data, where each is plotted as a disk (bubble) and the tree paraments are presented by the X-axis value, the y-axis value, and the bubble size.

68
Q

Probability & Impact Matrix

A

Grid for mapping the probability of occurrences of each risk and its impact on project objectives if that risk occurs.

69
Q

Accepted Deliverables

A

Produces produced by a project and validated by the project customer or sponsors as meeting their specified acceptance criteria

70
Q

Acceptance Criteria

A

Set of conditions that are required to be met before deliverables are accepted by the customer or sponsor

71
Q

Work Performance Data

A

Raw observations and measurements identified as part of the activities performed during project execution

72
Q

Verified Deliverables

A

Completed project deliverables that have been checked and confirmed for correctness through the control quality process.

73
Q

Ishikawa Diagram

A

Also know as fishbone diagram - decomposition technique that helps trace an undesirable effect back to its root cause

74
Q

Matrix Diagram

A

Seeks to show the strength of relationships between factors, causes, and objectives that exist between the rows and columns that form the matrix

75
Q

Influence Diagram

A

Graphical Representation of situations showing casual influences, time ordering of events, and other relationships among variables and outcomes.

76
Q

Theory X

A

Describes a management style where workers need a lot of direction and overisght

77
Q

Three Needs theory

A

Workers are motivation by: achievements, affiliation and power

78
Q

Leads and Lags

A

Technique which can be used to b ring project activities that are behind into alignment within the plan

79
Q

Enterprise Environment Factors (EEF)

A

Internal and external conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolia

80
Q

Organizations Process Assets (OPA’s)

A

Plans, Processes, policy, and knowledge bases that are specific to and used by the performing organization.

81
Q

Project Chater

A

Document authorizing the project and the project manager as well provides high-level information about the project

82
Q

Bidder conference

A

Meeting with prospective sellers prior to the preparation of a bid or proposal

83
Q

Audit

A

Tool used in the control procurement process to review the contract and contracting processes for completeness, accuracy, and effectiveness.

84
Q

Project Sponsor

A

Provides resources and support for the project, program, or portfolio and is accountable for enabling its success.

85
Q

What is a CPI and how is it calculated?

A

Cost Performance Index

Dividing earned value (EV) / by the current actual costs (AC)

86
Q

Trend Analysis

A

Analytical technique that uses mathematical models to forecast future outcomes based on historical results

87
Q

Reserve Analysis

A

During cost control, reserve analysis is used to monitor the status of contingency and management reserves for the project.

88
Q

Variance Analysis

A

Used during the control costs process to determine the cause and degree of variances relative to the cost baseline and deciding whether a corrective or preventative action is required

89
Q

Cost Aggregation

A

Conducted by summing the lower-level cost estimates associated with the various work packages for a given level within the project’s work breakdown structure (WBS)

90
Q

Funding limit reconciliation

A

Process of comparing the planned expenditure of the project funds against any limits on the commitment of funds for the project.

91
Q

FPEPA

A

Fixed Price with Economic Price Adjustment - fixed price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions (inflation, cost increase/decrease of specific commodities)

92
Q

Activity Attributes

A

Include activity codes, predecessors activities, successor activities, logical relationships leads and lags, resource requirements, imposed dates, etc.

93
Q

Who can request changes during the project?

A

Any stakeholder involved with the project & and at any time throughout the project life cycle. Project manager, project sponsor, and project team are all stakeholders

94
Q

Master Schedule of Milestones

A

Summary of project milestones

95
Q

Analogous Estimate

A

Technique used for estimating the cost of a project using historical data from a similar activity or project.

96
Q

Cost Baseline

A

Approved version of the time-phased project budget, excluding any management reserves.

97
Q

Bottom-up Estimate

A

Estimating method used during the estimate costs process to develop a cost estimate This technique is used to estimate individual work packages or activities to the greatest level of specified detail

98
Q

ROM Estimate

A

Rough Order of Magnitude (ROM) - Provides a range of -25% to +75%

99
Q

What is EMV and how is it calculated

A

EMV = Expected monetary value

EMV - Probability x Impact for both opportunity and the threat

100
Q

Conduct Procurement

A

The process of selecting qualified sellers and implement a legal contract for delivery of services or goods

101
Q

Project Procurement Management

A

Set of activities that include the process necessary to purchase or acquire products, services, or results needs from outside the project team

102
Q

Project team Directory

A

List of project team members, their project roles and communication information

103
Q

Pareto Chart

A

Special form of vertical bar chart that can be used to identify the vital few sources that are responsible for causing most of the problems effects.

104
Q

SPI

A

Schedule Performance Index - measure of schedule efficiency

105
Q

TCPI

A

To-complete performance index - measure of the cost of performance that is required to be achieved with the remaining resources in order to meet a specified management goal

106
Q

CV

A

Cost Variance

107
Q

EAC

A

Estimate at completion - forecasted budget that can be used when it becomes obvious that the budget at completion (BAC) is no longer viable.

108
Q

Parametric estimating

A

Technique in which an algorithm is used to calculate the cost based on historical data and project parameters

109
Q

Analogous Estimating

A

Estimating cost of activity or project using data from a similar activity of project

110
Q

Risk Breakdown Structure (RBS)

A

Hierarchical chart of possible risk sources

111
Q

Work Breakdown Schedule (WBS)

A

Hierarchical decomposition of the total scope of the work to be carried out by the project team to create the required deliverables

112
Q

Decomposition

A

Technique for dividing and subdividing the project scope and project deliverables into smaller, more management parts. Used to build the WBS & Activity list when defining the scope

113
Q

Progressive Elaboration

A

Iterative process of increasing the level of detail in a project management plan as greater amounts of information, and more accurate estimates become available.

114
Q

Gold Plating

A

Adding features and functionality that the customer did not request. Considered a bad practive

115
Q

CPI

A

Cost performance Index = EV (earned value) / AC (Actual Costs)

PMP Prep (2 decks)

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