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PMP - Tough Terms > Tougher terms to remember > Flashcards

Tougher terms to remember Flashcards

1
Q

What is a fixed price incentive fee contract?

A

The buyer pays a fixed price plus an additional fee if the seller exceeds performance criteria stated in the contract.

Total fee not known in advance, example - every month project done early paid $1000

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2
Q

What is a fixed price award fee contract?

A

The buyer pays a fixed price plus an additional fee if the seller exceeds performance criteria stated in the contract

○ Total fee known, example - paid $5000 for each month early to a max of $20k.

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3
Q

What is a fixed price economic price adjustment contract?

A

A fixed-price contract with a built-in economic price adjustment to cover cost increases due to future economic conditions.

Used for multi year projects

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4
Q

What is a Cost plus percentage of costs contract?

A

All the seller’s costs are reimbursed by the buyer, and the buyer also pays a specified percentage of those costs as a fee or profit.

These are typically not used in the US because they incentivize sellers to spend more

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5
Q

What is a Cost plus fixed fee contract?

A

All the seller’s costs are reimbursed by the buyer, and a fixed fee is negotiated for the seller’s profit

Fee is usually a percentage of the estimated total cost

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6
Q

What is a Cost plus incentive fee contract?

A

The seller’s costs are reimbursed by the buyer, and the buyer and seller share any cost savings or overruns

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7
Q

What is a Cost plus award fee contract?

A

All the seller’s costs are reimbursed by the buyer, and the buyer pays a base fee plus an award amount (a bonus) based on performance

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8
Q

What is a cost contract?

A

where the seller receives no fee/profit, typically used by non profits

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9
Q

What is a purchase order?

A

○ A unilateral contract typically used for buying commodities

○ Purchase orders become contracts once they are “accepted” by the seller’s fulfillment of the contract

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10
Q

What are context diagrams and when are they used?

A

(diagrams showing input/source and output, to show how people interact with the system)

Used to collect requirements in scope management.

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11
Q

What is nominal group technique?

A

Group Creative technique to collect requirements. It enhances brainstorming with a voting process used to rank the most useful ideas for further brainstorming or for prioritization.

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12
Q

What is mind mapping?

A

A Group creativity technique brainstorming session are consolidated into a single map to reflect commonality and difference in understanding and generate new ideas.

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13
Q

What is an affinity diagram and when is it used?

A

A Group creativity technique to group a large number of ideas into larger categories based on their similarity and give titles to each group.

Used in the collect requirements process and in quality planning.

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14
Q

What is Multi-criteria decision analysis and when is it used?

A

Multiple factors (that are quantified by stakeholders) are organized, possibly in a decision matrix, in order to evaluate the options. The various factors can be weighted to score the choices or a more qualitative evaluation can be made.

Used during collect requirements and is a group activity.

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15
Q

What is the delphi technique and when is it used?

A

A group decision-making tool, for experts with widely varying opinions, all participants are anonymous, evaluation of ideas funnelled by a facilitator.

Used to collect requirements.

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16
Q

What is the plurality technique?

A

It is a voting technique where you side with the largest majority of supporters.

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17
Q

What is a resource histogram?

A

shows the number of resources required per time period

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18
Q

What is the halo effect?

A

a cognitive bias (if he is good at one thing, he will be good at everything)

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19
Q

What is an Organizational Breakdown Structure and when is it used?

A

A hierarchical representation of the project organization that illustrates the relationship between project activities and the organizational units that will perform those activities.

Used during planning HR

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20
Q

What is a resource breakdown structure and when is it used?

A

It is a hierarchical list of resources related to category and resource type.

It is used in estimating activity resources and HR planning

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21
Q

What is McGregor’s Theory of X and Y?

A

Theory X – assumes employees are lazy and avoid work, need incentive/threats/close supervising

Theory Y – assumes employees may be ambitious and self-motivated, will perform given the right conditions

22
Q

What is an analytical leadership style?

A

Lead with expertise

23
Q

What is an autocratic leadership style?

A

Lead with power

24
Q

What is a laissez-faire leadership style?

A

To stay out of the way

25
Q

What is Herzberg’s Theory.

A

deals with hygiene factors and motivating agents

Poor hygiene may destroy motivation, but improving them will likely not improve motivation.

Hygiene Factors:

  • Working conditions
  • Salary
  • Personal life
  • Security
  • Status

What motivates people at work are:

  • Responsibility
  • Self-actualization
  • Professional growth
  • Recognition
26
Q

What is Maslow’s theory?

A

It is a hierarchy of personal needs.

(Physiological > Security > Social > Esteem > Self Actualization), one cannot ascend to the next level until the levels below are fulfilled

27
Q

What is the expectation theory?

A

employees who believe their efforts will lead to effective performance and who expect to be rewarded for their accomplishments will remain productive

28
Q

What is David McClelland Theory?

A

people are most motivated by one of the three motivation needs:

  1. achievement - they like challenges but must be reachable, they like recognition
  2. power - they need power and should be allowed to manage others
  3. affiliation - work best when cooperating with others
29
Q

What is the Edward Deming theory?

A

14 points of quality management, Plan-Do-Check-Act cycle

  • is a way of making small improvements and testing their impact before you make a change to the process as a whole
30
Q

What is the Joseph Juran theory?

A

developed 80/20 principal, quality is fitness for use, wanted top management involvement

31
Q

What is the Philip Crosby theory?

A

concept of cost of poor quality, advocated zero defects, prevention over inspection

32
Q

What is just in time and what does it do?

A

eliminates build up of inventory, forces attention to quality

33
Q

What is Kaizen?

A

It is continuous improvement. Idea of implementing consistent and incremental (small) improvements.

34
Q

What is total quality management?

A

encourages companies and their employees to focus on finding ways to continuously improve quality of their products and business practices at every level of the organization

35
Q

What is marginal analysis?

A

An analysis to determine when optimal quality is reached - to determine the point where incremental benefits or revenue from improving quality equals the incremental cost to secure it

36
Q

What is a Ishikawa / Fishbone / Why Why Diagram and when is it used?

A

A graphical tool that helps determine the possible root causes of a problem. A cause and effect diagram.

Used in planning quality management.

37
Q

What is a flow chart and when are they used?

A

for identifying failing process steps and process improvement opportunities. Ex. SIPOC diagram. (supplier, input, process, output, customer connections)

Used in planning quality management.

38
Q

What are checksheets and when are they used?

A

collecting data/documenting steps for defeat analysis. For example, tally number of doors too short, too long, just right, etc.

Used in planning quality management.

39
Q

What are Pareto Charts and when are they used?

A

based on 80/20 principle, a prioritization tool to identify critical issues in descending order of frequency, sort of a histogram

Used in planning quality management.

40
Q

What are histograms and when are they used.

A

does not consider the influence of time on the variation that exits within a distribution

Used in plan quality management

41
Q

What is a control chart and when is it used?

A

A specialized trend chart that documents whether a measured process is in or out of statistical control

Use in plan quality management,

42
Q

What is a scatter diagram and when is it used?

A

for trending, showing the relationship between two variables

43
Q

What is design of experiments?

A

A statistical method that allows you to experimentally change all of the important variables in a process to determine what combination will optimize overall quality.

44
Q

What is a Process Decision Program Charts (PDPC)?

A

typically used in conjunction with a tree diagram. Chart lets you decompose a goal into steps required to achieve it. Each step is reviewed for potential risk.

Team uses it to brainstorm ideas for anything that could go wrong.

It is a Quality Management Tool.

45
Q

What is a Interrelationship Digraph and when is it used?

A

maps cause-and-effect relationships for problems with multiple variables/outcomes

It is a Quality Management Tool.

46
Q

What are Tree Diagrams and when are they used?

A

also known as systematic diagrams and may be used to represent decomposition hierarchies such as the WBS, RBS and OBS (organizational breakdown structure)

It is a Quality Management Tool.

47
Q

What are Prioritization Matrices and when are they used?

A

identify the key issues and the suitable alternatives to be prioritized as a set of decisions for implementation

It is a Quality Management Tool.

48
Q

What are Prioritization Matrix Diagrams and when are they used?

A

type of matrix diagram which is used in decision analysis about process improvement and quality management plan components that may need to change. In quality assurance, you’ll need to prioritize both issues and solutions for implementation. This helps focus analysis and implementation efforts on the most beneficial solutions to the most critical issues.

It is a Quality Management Tool.

49
Q

What is the Peter Principal?

A

In a hierarchy, every employee tends to rise to their level of incompetence. Organizations promote them until they are no longer able to perform.

50
Q

What is Tuckman’s ladder?

A

Identifies the steps of team formation:

  1. Forming
  2. Storming
  3. Norming
  4. Performing
  5. Adjourning
51
Q

What is Parkinson’s law?

A

Work expands so as to fill the time available for its completion.

52
Q

What is Kanban?

A

Agile method that uses a pull system. Tasks are placed on cards then placed on a board where columns represent workflow and current status. Each day workers come in pick up a card and work on it.

PMP - Tough Terms (1 decks)

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