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98 Cards in this Set

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What are the steps in the Project Management Life Cycle
Initiating
Planning
Executing
Controlling
Closing
There are 5
What is a process?
A package of inputs, tools, and outputs used together to do something on a project.
Three Things
What is a phase?
A phase is a process or group of process that produces a deliverabe(s).
What is a project?
A project is a temporary group of related tasks undertaken to create a unique product, service, or result.
What is a program?
A program is a larger effor that a project, because it is a group of related projects coordinated together.
What is a portfolio?
A company's project portfolio represents the entire investment in project and programs. Project portfolios should be aligned to strategic goals.
What is progressive elaboration?
Progressive elaboration means that you do not know all of the caharacteristics about a product when you begin a project. Instead, they may be revisted often and refined.
What is project management?
Project management is using skills, knowledg,e and resources to satisfy project requirements.
Why is historical information important?
Historical information is always used as an input to processes whenever found. Historical information is used to help predict trends for the current project and to evaluate the project's feasibility.
What is a baseline?
The baseline is the original plan PLUS and approved changes.
What are lessons learned?
Lessons learned are documents focused on variances created at the end of each process that detail whate lessons were learned that should be share with future projects. (Emphashis on planned versus variance!)
What is a standard?
A standard is a document approved by a recognize body that provides guidelines.
What is a system?
A system incorporates all the formal procedures and tools put in place to manage something.
What is the role of the project manager?
The pm is repsonsible for the outcome of the project. The pm is empowered to uses org resources, in control of the project, spend the budget, make decisions for the project.
What is a project coordinator?
A project coordinator is weaker than a project manager. The pc does not control the budget or make project decision but they do reassign resources.
What is a project expeditor?
An expiditor is a staff assistant who has little or no formal authority. The primary responsibility is to make sure things arrive on time and tasks are completed on time.
Who is Senior Management?
Senior management is anyone more senior than project management. They prioritize projects and make sure the pm has authority and access to resources. (Conflict resolution as well)
What is a functional manager?
A functional manager is the deparmental manager in most organizational structures. The functional manager owns the resources loaned to the project and HR responsibilities for them. (Also function as SME)
What is a stakeholder?
A stakeholder is an individual who is involved in the project or whose interest may be affected as a result of the execution of the project.
Who is a sponsor?
A sponsor is the person paying for the project. (Project Champion)
What is project office?
Project office is a department that can support pms with methodologies, tools, training or even control all of a companies projects.
What are the three types of organizations?
Functional, Projectized, and Blended
There are three.
Budgeted At Completion
How much the project was originally planned to cost.
Planned Value (Budgetd Cost of Work Scheduled)
Percent planned complete * BAC
Earned Value (Budgeted Cost of Work Performed)
Actual planned complete * BAC
Actual Cost (Actual cost of work performed)
Sum of all costs at a given time.
Cost Variance
EV - AC

(Difference between what was expected to spend and actually spent)
Schedule Variance
EV - PV

(Difference between were we planned to be and where we are)
Cost Performance Index
EV / AC

(Rate at which we are meeting cost expectations)
Schedule Performance Index
EV / PV

(Rate at which the project performance is meeting schedule expectations)
Estimate at Completion
BAC / CPI

(Projecting the total cost at completion based on project performance)
Estimate to Completion
EAC - AC

(Projecting total cost at completion based on project performance at a given point in time)
Variance At Completion
BAC - EAC

(Difference between budgeted and will actually be spent)
What is the Triplle Constraint?
Time, Cost, and Scope
What are processes comprised of?
Input, Tools and Techniques, and Outputs
What are the nine knowledge areas?
Integration, Scope, Time, Cost, Quality, Risk, HR, Communications, Procurement
Which process is performed first?
Initiations is usually performed first.
What is the largest process group?
Planning
Which process group involvess the most work?
Execution
What is the output of Scope Initiation?
Project Charter
What are the outputs of Scope Planning?
Scope Statement
Supporting Detail
Scope Management Plan
What is the output of Scope Definition?
WBS
What is the output of Scope Verification?
Formal Acceptance
What is the output of Scope Change Control
Changes to Scope, Corrective Action
What are some of the project selection methods used by companies?
Benefits Cost Ratio, Internal Rate of Return, NPV, Opportunity Cost, Payback Period, PV, and ROI
What is the Benefits Cost Ratio?
BCR is the ratio of benefits to cost. The higher the better.
What is the IRR?
Internal Rate of return is a finance term expressing the project's returns versus an interest rate. the higher the better.
What is NPV?
Net Present Value is the same as Present value minus costs. The higher the better. Time value of money.
What is the payback period?
The payback period is how long it will take to recoup and investment in a project. The shorter the better.
What is PV?
Time value of money theory that does not factor costs into the equation. The bigger the better.
What is ROI?
Return on investment is a percentage that show what return you make by investing in something. The bigger the better.
What is the project charter?
The project charter is created during initiation base on a business need, customer need, or market force. It is signed by senior management and names the pm. It is a HIGH level document that does not describe project details but does include a product description.
What is the Scope Statement?
Scope statement is an output of scope planning that outlines a coomon understanding of the project among stakeholders. It provides all deliverables, objectives, and a description of the product.
What is the Scope Management Plan?
SMP is created during the Scope Planning Process. It describes how the scope will be defined and managed and also how changes to the scope will be handles.
What is the WBS?
Work Breakdown Structure contains a detailed description of all project's deliverables. it is created during Scope Definition.
What are the elements of a good wbs?
Detailed down to a low level, graphical and hierarchical, numbered, template driven, created by team, defines responsibilities
What is decomposition?
Decomposition is a tool used in scope definition that helps create the WBS/
What iss scope verification?
Scope verification is a controlling process in which the project manager verifies the product of the project is acceptable. (Customes, Stakeholders, Sponsor)
What is scope change control?
SCC is the process that evaulates and tracks changes to the producs scope.
What is an activity list?
An activitity list is a further decomposition of the WBS and lists individual activities.
What is activity sequencing?
Network logic diagram is a picture in which each activity is drawn in the order it must be performed.
What is activity duration estimating?
Analysing and determinign how long it will take to complete and activity.
What is analagous estimationg?
Basing the estimates on prior projects.
What is expert judgement.
Knowledge and background of the PM and team members.
What is reserve time?
A buffer built into the estimates to allow for delays.
What are quantitatively based durations?
Quantity of work to be performed is multipled by a know unit rate.
What is the critical path?
Tool used to show where the most schedule risk exists.
What is float?
Float is how much time an actiivty can slip bfore its path changes the critical path?
What is the early start?
Early start date for an activity is the ealiest date an activity can start when you factor in other dependencies.
What is the forward pass technique?
Moving forwar therough the network diagram to perform calculations.
What is early finish?
The early finish date is the early start date plus the duration minus one unit.
What is late start?
Late start dade for an activityis the absolute latest date the activity can start and not impact the finish date. It is calculate by adding the float to the early start.
What is late finish?
Late start plus the duration minus one unit.
What is a backward pass?
Moving backward through the network daigram to figure out slide.
What is PERT?
A scheduling technique (Program Evaluation and Review Technique) use by taking Pess + 4XReal + Opt and dividing result by 6.
What is the standard deviation?
Pess - Opt / 6. Tells us how diverse or estimates are. The higher they are the worse.
What is Monte Carlo Analysis?
Predicts likley outcomes for a prject and identifies the areas of the schdule with the highest risk..
What are the two techniques of duration compression?
Crashing and Fast-Tracking.
What is crashing?
A duration compression technique that adds resources to activities to complete them faster.
What is fast tracking?
A duration compression technique the resequences activites to finish activites quicker. (Increases risk!)
What is resource leveling?
Modifying the schedule so that resources are consistent throught the project.
What is a Project Network Diagram
Graphical tool that provides a view of the dependencies and sequenceis of each activity.
What is a Gantt chart?
a chart that show activities represented as horizontal bars and typically have a calendar along the horizontal axis.
What is a milestone chart?
A chart that show significant deliverables. Used for high level project debriefings.
What is the Delphi technique?
a means of gathering expert judgement where the participants do not know who the oters are and therefore cannot influence the group.
What is heuristic?
Rules for which no formula exists. Derived by trial and error.
What is the difference between float and free float?
Float affects the critical path, free float affects other activities.
What is quality?
Every characteristic that influences satisfaction.
Who is responsible for TQM?
Everone in the company is responsible for quality and can make a difference.
What is Kaizen?
continuous improvement
What is JIT
Manufacturing metothd to bring inventory down to zero
ISO 9000
Companies document what they do and do what they document.
What is the standard deviation?
Average all data points to get the mean then calculate the difference from the mean. Normal distribution is 68,95,99.7,99.99
What is an Ishikawa diagram?
A fishbone or cause and effect that shows how different factors relate together and are tied to potential problems.
what is QA?
The sum of all of the quality activities performed in the project to meet quailty standards
What is pareto's law?
80/20 rule
What is statisically independent?
When two process are not linked together or dependent on each other.
What is mutually exclusive?
By choosing one you cannot choose the other.