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104 Cards in this Set
- Front
- Back
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A project has what 3 characteristics? |
1- time limited (beginning and end) 2- Project is unique 3- Project is undertaken for a purpose (it will yield a product, service or result) |
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A group of projects and programs |
Portfolio |
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characteristics of the product are given over time after feedback or later in the project |
progress elaboration |
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delivering the project within the set boundaries of scope, cost, schedule, quality and risk |
project success |
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historical information is considered |
organizational process assets |
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the original plan plus any approved changes for scope, time and cost |
baseline |
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focus on variances between the plan and the result and gathered at the end of each project or project phase |
lessons learned |
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What role is this? This role is typically found in a matrix or projectized organization -formally empowered to use org resources -in control of the project -authorized to spend projects budget -authorized to make decisions for the project |
Project manager note: if PMs exist in functional organizations, they are Part time and have less authority |
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What role is this? this role is weaker than of a Project manager. This person may not be allowed to make budget decisions or overall project decisions but they may be able to assign resources |
Project Coorindator |
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what role is this? this is the weakest of the 3 PM roles. a staff assistant who has little or no formal authority. Reports to executive who ultimately has responsibility for the project. responsibility to make sure things arrive on time and that tasks are completed on time. |
Project Expeditor Note: usually in a functional org. |
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what role is this? individuals who are involved in the project or whose interests may be positively or negatively affected as the result of the project. |
stakeholder |
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the person paying for the project. Internal or External. |
project sponsor. the project sponsor can also be the customer |
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department that can support project managers with methodologies, tools, training, etc |
Project Office (Project Management Office or PMO) |
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Responsible for programs. Manages projects at a higher level than PMs. coorindate several projects at once to achieve a common goal |
program manager |
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an organization that has more than one type of reporting structure. many larger organizations have both functional and projectized structures across the enterprise |
composite org structure |
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org is structured according to the project instead of the functional departments. Pm is both the manager of the project and the people. Highest level of control. Common in consulting companies |
Projectized org structure |
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very common org structure where team members work for a department but may be loaned to a project from time to time. PM has low influence or power and could even be part time |
Functional |
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hybrid organization where individuals have both a functional manager for HR and a PM for projects. |
matrix strong matrix -PM has the most weight weak matrix - the functional manager has more authority balanced matrix - the authority is evenly split |
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What are important PM skills? |
Leading, Communicating, Negotiating, Problem Solving, Influencing |
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true or false Resource and cost levels rise early in the project and drop over time |
true |
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true or false stakeholder's ability to influence the project is highest early in the project |
true |
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true or false staffing and resource cost rise towards the end of the project |
false |
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part of the overall project management information system and used to ensure that works get performed at the right time and in the right sequence |
WAS (work authorizations system) |
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the following are examples of? - laws and regulations - project stakeholder characteristics (Risk tolerance) - marketplace state - Org infrastructure - corp culture - org values and work ethic |
enterprise environmental factors |
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the following are examples of? - templates for common proj documents - examples of previous project plan - software tools - database of project information - org policies and procedures - historical information - special corporate competencies |
organizational process assets |
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a single approved document that guides execution monitoring and closing. consists of other documents such as scope management plan and human resources plan |
Project management plan |
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what are the 10 knowledge areas |
integration management scope management time management cost management quality management human resource management communications management risk management procurement management stakeholder management |
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true or false the WBS is created before the activity list |
true |
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Perform Quality Assurance process is a part of what Process group? |
Executing |
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Plan quality management is apart of which process group? |
Planning |
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Estimate activity durations is a part of which process group? |
Planning |
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identify stakeholders is a part of which process group |
initiating
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true or false the PM should make decisions and keep the team focused on their work packages |
true |
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what are 3 key outputs from the process, direct and manage project work? |
deliverables work performance data change requests |
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what are 2 key outputs from the process, monitor and control project work? |
change requests and work performance reports |
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What knowledge area is this process in, direct and manage project work? |
integration management |
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what two key outputs come from the performance integrated change control process? |
approved change requests and change log |
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what are some reasons for why a project should be undertaken? Example Business Cases are: |
Market Demand, Business need, customer request, technological advance, legal requirement, ecological impact, social need |
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new technological discoveries make new products and services possible. auto industry is an example of how new advances in battery technology have made their ways into cars. these projects started with the business case reason of? |
technological advance (not customer request or business need) |
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what is the formula for Benefit Cost Ratio of BCR |
Benefit/Cost |
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what is the formula for Economic Value Add (EVA) |
After tax profits - (Capital Expenditures *cost of Capital) |
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can effectively show how much wealth was created or lost over a period of time. It takes into account opportunity cost. |
EVA (economic value add) |
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what is the EVA? Company invested 175,000 in a projec and returned a net profit of 10,000 in the first year. We estimate 6% cost of capital. |
10,000 -(175000*.6)= -500 |
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used to determine the projects returns as an interest rate? |
Internal Rate of Return (IRR) Note: the bigger rate the better |
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A bigger PV and NPV project is more attractive. Which of the two has factored in the cost of the project? |
NPV |
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What is the formula for Return on Investment (ROI) |
(Benefit - Cost)/ Cost |
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What is the formula for ROIC (Return on Invested Capital)? |
Net income after tax from project / Total capital invested in the project
First calculate after tax profits. |
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Company invested 250,000 in a project that generated 60,000 revenue with 20,000 in operational costs and tac liability of 8,750. What is the ROIC |
60,000-20,000-8,750= 31250 |
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_______ flows through the processes of control quality and validate scope until they meet specs for completeness and correctness |
deliverables |
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two types of constrained optimization method for project selection |
linear programming and non linear programming |
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Inputs for Monitor and Control process are as follows: |
Schedule Forecasts Cost Forecasts Validated Changes work performance information enterprise environmental Factors Organizational Process Assets |
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what is the central place to keep track of all changes and change requests that occur on a project |
change log |
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a defect in the product was brought to the PMs attention and now the project team is engaged in repairing it. Which project management process would be the most applicable to this? |
direct and manage project work (deliverables are an output in this process and approved change requests are an input in this process) |
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Change control meetings are held as part of which process? |
perform integrated change control |
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When changes are approved and made to the project they should be |
incorporated into the project baseline. Approved change requests get factored into the projects baseline |
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True or false work performance information is all about how the work is being performed, but not used to identify defects. |
true |
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are you are a PM and your team is excueting the work packages to produce a medical records archive and retreival syste, - 2 projects customers asked for changes and each said it is the number one priority. What should you do? |
as the PM you should prioritize the changes without involving the team. It is the PMs responsibility to prioritize changes and the project team should not be involved bc they should be working. |
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The program manager is asking why your project is scheduled to take 16 months. He calims that previous projects in the org were able to be completed in less than half the time. What is the best thing to do? |
look for historical information on the previous projects to understand them better. the answer is not schedule mgmt plan bc that only tells you how the schedule will be mged. |
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Which components of the project management plan is created in develop project management plan |
Change Management Plan and Configuration Management Plan |
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criteria development and used to rate or score potential team members |
multi critieria decision analysis this is a tool and technique for the acquire project teams process |
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what are the out puts of the acquire project team process? |
project staff assignments resource calendars project mgmt plan updates |
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the process of improving competencies team member interactions and overall team environment to enhance project performance |
develop project team process
note: this process is in the project HR mgmt knowledge are |
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what are the outputs for the develop project team process? |
team performance assessments enterprise environmental factors updates |
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what are the 5 general techniques for resolving conflict |
withdraw/avoid smooth/accommodate compromise/reconcile force/direct collaborate/problem solve |
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interpersonal skills that project managers use most often are: |
leadership influencing effective decision making |
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what is useds to help determine the few root causes behind the majority of the problems on the project |
Pareto Chart Note: related to pareto's law that 80% of the problems come from 20% of the cuases |
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an output of plan quality management it deals with how quality activities will be streamlined and improved |
process improvement plan |
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perform quality assurance is a process in the ___________process group and Quality Mgmt Knowledge area |
Executing process group |
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focused on steadily improving activities and processes undertaken to achieve quality, concerned with overall process improvement NOT inspecting the product |
perform quality assurance |
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the process that looks at specific results to determine is they conform to the quality standards |
control quality |
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this process uses inspection to make sure the results of the work are what they are supposed to be |
control quality |
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this process is important because if the quality of the process and activities are improved then the quality of the product should be improved along with an overall reduction in cost. what process is this? |
perform quality assurance |
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there is a feedback loop for quality control measurements. explain that |
as changes are evaluated in perform quality assurance , they are measured in control quality then fed back into this process for evaluation |
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tool used in perform quality assurance that evaluates activites takeing place on the project that should be improved and which meet quality standards |
quality audits |
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this tool and techique is used during the perform quality assurance process and reviews the quality process to ensure that it is working effectively and efficiently |
process analysis |
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true or false change requests as outputs from the perform quality assurance process are would be procedural changes |
true |
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________ looks at all costs incurred to prevent non conformance throughout the life of the product |
cost of quality |
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when two events have no bearing on one another they are ____ |
statistically independent |
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when two events cannot happen at the same time they are ______________ |
mutually exclusive |
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if no organizational policy exists for quality, what should you do? |
develop one for this project only |
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on a control chart the customers acceptable quality limits are represented as: |
specifications This us usually set at 3 standard deviations away from the mean. |
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on the control chart, the limits are set for what is in and out of control |
control limits |
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______ is closely related to mind mapping |
affinity diagrams |
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a reduced quality on the project would most likely lead to |
rework and increased cost risk |
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a cause that is considered not to be preventable |
a common cause |
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a project manager wants to perform a code review but over two million lines of code have already been written for the project. what tool should the PM consider |
statistically sampling note: is the population is too large accurate sampling can give you same statistically results as measuring the entire population. don't be fooled by an answer that seems it would work in the real world if its NOT in the PMBOK |
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For Earned Value management, if the question tells you that variance from the BAC are expected to continue at the same rate, what formula should you use for EAC |
EAC= BAC/CPI |
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for Earned value management, if the question mentions Bottom up sum of all costs for ETC, then what formula do you use for EAC? |
EAC = AC + Bottom up ETC |
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When project work is performed at budgeted rate EAC can be calculated using what formula? |
(EAC) = AC + BAC – EV |
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The CV of Project A is $300,000 and the CV of Project B is -$100,000 Is resources are shifted from Project A to Project B, the consolidated cost variance of the projects will ____ |
decrease |
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What is the total earned value of a completed project. |
100% * BAC = EV |
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What is the formula for calculating the ETC when variances are atypical? |
ETC =BAC-EV |
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You are managing a project which is estimated to cost $ 300,000 with a timeline of 10 months. Due to some reasons schedule was slightly delayed and the net result was that there was some additional cost in the project. At the end of the third month, you review the project and find that the project is 30% complete and Actual Costs are $ 50,000. The Estimate to complete (ETC) for the project would now be: |
ETC = BAC - EV = 300,000 - (.30*300,000) = 300,000 - 90,000 = 210,000 |
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What is the method to determine the amount of float that exists on any activity ? |
early finish - late finish. finish date drives it. |
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Verification occurs during Control Quality. What Process does validation occur? |
Validation is done during Validate Scope. The Customer validates the scope. |
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What happens first: Verification or validation? |
Verification happens first by the internal team during control quality. The Validation happens afterwards by the client during validate scope. |
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In a Finish to Start relationship, B is dependent on A then is B the successor or predecessor? |
B is the successor and A is the predecessor |
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in a Start to Start relationship, B is dependent on A. If A is late, what happens to B? |
B cannot start before A |
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What relationship is this? B is dependent on A. Whenever A is complete, B must be done but not before but not later |
Finish to Finish |
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what relationship is this? B is dependent on A. when A starts, B must be done. ex: Studying for my college exam, until I have the exam on my desk. |
finish to start |
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an intentional delay between two activities |
Lag |
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an intentional overlap between 2 activities by way of adjusting dependency ex: loading the moving van when 75% of the boxes are packed |
lead |
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What is a graphical depiction of the relationship of the all activities of your project. each activity is a box or node. |
schedule network diagram (SND) |
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if you have two activities Activity A = 5 days Activity B = 3 days There is a 3 day lag between them =FS +3 days what is the length of the path? |
11 5+3+3=11 days |
