Pmp Certification

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Triple constraint

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scope/quality
time
cost/resources

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standard

Back 2

specification in place for an item or process that is suggested and typically common

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regulation

Back 3

more like a law, in that compliance is required

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5 main process groups

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Initiating, planning, execution, monitoring and controlling and closing

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plan-do-check-act

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ASQ cycle as an approach to process development

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phase gate

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review process undertaken to determine if a project is likely to succeed; also known as the kill point

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project management team

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anyone who is working on project management-related items

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project coordinator

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acts as the communications link to senior management and has some limited decision making abilities

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project expeditor

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someone who verifies that some assignment is complete, checking on the status of some undertaking. Do not have decision making abilities

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matrix organization types

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weak matrix
balanced matrix
strong matrix

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organizational process assets

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inputs to many processes that deal with variables external to the project such as information systems and company policies and procedures

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enterprise environmental factors, EEFs

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inputs to many process that potentially influence project success; thus they should be known and taken into consideration during project planning

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PMIS

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Project management informaion system; a repository that holds knowledge; knowledge base

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Project charter

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no charter - no project

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Project selection tools

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Mathematical model
Benefit measurement model

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Return on Investment ROI

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select the largest number or precentage

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Net Present Value NPV

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select the largest number (disregard the number of years as years are already factored in)

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Benefit Cost Ratio (BCR)

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select the largest ratio

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baseline

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the original estimate plus any approved changes

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Project management plan

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the plan that allows the team to know what work to do and when

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work authorization system

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formal or informal system used in project management to ensure that work is done as planned; right work done in the right order and by the right people; helps control cost; used to minimize or eliminate gold-plating

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lessons learned

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can occur at the end of each project phase and or at the end of each project

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Sequence of closure

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1. complete any close project activities
2. deliver reports associated with closure
3. close contracts with vendors
4. perform lessons learned
5. complete archives of project files
6. release resources

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management by objectives

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helps determine where a project fits intot he "big picture" of planning at the company

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Delphi Technique

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technique which involves trying to gain a consensus of the experts by keeping their identities protected and working in iterations

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Work package

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the lowest level of the work breakdown structure (WBS). Subsequent decomposition results in creating activity lists

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WBS dictionary

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Result of the create WBS process; Complements the WBS by documenting the work packages, control accts and listing org responsible for completion of work

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Work Breakdown structure

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describes the work breakdown and restricts its content to listing only project work

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control account

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point placed in the WBS above the work package and planning package to help with estimating when all the details are not available at the work package level

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Inspection

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validates that the correct work has been done

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rolling wave planning

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concept that utilized the processive elaboration concept in planning

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precedence diagramming method (PDM)

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shows the activities on the blocks or boxes with arrows connecting them

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arrow diagramming method (ADM)

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uses the arrow for the activities and dots to connect them

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Applying leads and lags

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Shows a true duration of the various paths of the network diagram

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network diagram

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tool used to evaluate schedule compression techniques such as crashing and fast tracking

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hard/mandatory logic

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constraint that must be completed before subsequent items can start

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soft/discretionary logic

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constraint that should be started but is not required to be completed before subsequent items can start

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external contraints

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constraint placed by something external to the project team or organization

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precedence diagrammin method

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activity on the node;
no dummies;
F-S, S-S, F-F and S-F

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arrow diagrammin method

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activity on the arrow;
dummies allowed;
F-S

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lag

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delay between activities

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lead

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an accelerant of an activity

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Estimating methods

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analogous/ top down;
bottom up;
parametric;
computerized/ Monte Carlo

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PERT (Program evaluation review technique)

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(O + P + (4*R))/ 6

o= optimistic
p= pessimistic
r= realistic

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slack/float

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if an activity has no slack it is on the critical path;
negative and positive float can exist

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critical path

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the longest path on the project network diagram

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negative slack

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project or activity is behind schedule

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positive slack

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activity or project is ahead of schedule

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forward pass calculation

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method to determine the critical path of the project network diagram; FIB
F= forward pass
I= increment
B= choose the bigger value

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backward pass calculation

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opposite of FIB;
decrement and choose the smaller value

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standard deviation

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(P - O)/6

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variance

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((P - O)/6)2(squared)

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direct cost

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cost spent only on project work

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indirect cost

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cost needed for a project but not restricted to it (eg electricity)

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fixed cost

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cost that is consistent on a project regardless of the number used

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variable cost

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cost that fluctuates with what is produced

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future value, FV

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the value at a specific point in time in the future
FV = PV * (1+r)^n

pv=present value
r=interest rate
n=number of periods

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present value, PV

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value of something today

PV= FV/ (1+r)^n

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sunk cost

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cost that has already been spent on a project; do not consider sunk cost when making future project decisions

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standard depreciation (straight line)

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performed with basic division