Pmp Course Test Prep Jabe-Langara 2014

Front 1

What are the 5 Process Groups of Project management?

Back 1

Initiating
Planning
Executing
Monitoring and Controlling
Closing

Front 2

What are the 10 Knowledge Areas of Project management?

Back 2

Integration Management
Scope Management
Time Management
Cost Management
Quality Management
Human Resource Management
Communications Management
Risk Management
Procurement Management
Stakeholders Management

Front 3

What are 3 different types of organizations?

Back 3

Functional
Project
Matrix

Front 4

What are the 3 different types of Matrix Organizations?

Back 4

Functional Matrix
Project Matrix
Balanced Matrix

Front 5

What are the 5 stages in a needs requirements lifecycle?

Back 5

Needs Emergence Phase
Needs Recognition Phase
Needs Articulation Phase
Functional Requirements
Technical Requirements

Front 6

What are the 3 levels of estimates?

Back 6

budget, definitive and order of magnitude

Front 7

What are the components of an integrated project plan?
(11)

Back 7

Scope Statement
WBS
WBS dictionary
Network Diagram
Resourse Responsibility Matrix
Risk Management Plan
Project Schedule
Project Budget
Risk Response Plan
Quality Plan
Management Plans

Front 8

Acronym for how to construct an objective statement:

Back 8

SMART

Front 9

SMART means...

Back 9

Specific
Measurable
Attainable
Realistic
Time-related

Front 10

What does a scope statement do?

Back 10

Creates common understanding and a basis for decision making

Front 11

What is the lowest level of a WBS

Back 11

A work package that breaks the work down into manageable components, organizes the work, and improves the accuracy of the estimates.

Front 12

Effort Guideline for a work package is

Back 12

8 - 80 hours

Front 13

How is the work package written?

Back 13

as an action, in active voice and with a unique description

Front 14

What is a Fixed price (Lump Sum) Contract type?

Back 14

The service provider agrees to provide a defined service for a specific period of time and the client agrees to pay a fixed amount of money for the service.

Front 15

Unit Price Contract

Back 15

The project is divided into units and the cost of each is defined. Very flexible method compared to fixed price contract. The contractor decides on the estimates and bidders bid of each element of the project.

The entire project may be given to the same service provider or different units may be allocated to different service providers. This is a good approach when different project units require different expertise to complete.

Front 16

Cost Plus Contract

Back 16

The services provider is reimbursed for their machinery, labour and other costs, and the contractor pays an agreed fee to the service provider.
The service provider offers a detailed schedule and the resource allocation for the project. The costs should be properly listed and should be reported to the contractor periodically. The payments may be paid by the contractor at a certain frequency (such as monthly, quarterly) or by the end of milestones.

Front 17

Incentive Contract

Back 17

Used when there is some uncertainty in the project cost. This is common for projects involving pilot programs or where new technologies are used.
There are three cost factors in an Incentive contract; target price, target profit and the maximum cost.

The main mechanism of Incentive contract is to divide any target price overrun between the client and the service provider in order to minimize the business risks for both parties.

Front 18

Retainer (Time and Material - T&M) Contract

Back 18

The most risk-free contract type where the time and material used for the project are priced.

The contractor only requires knowing the time and material for the project in order to make the payments. This type of contract has short delivery cycles, and for each cycle, separate estimates are sent of the contractor.

Once the contractor signs off the estimate and Statement of Work (SOW), the service provider can start work.

Unlike most of the other contract types, retainer contracts are mostly used for long-term business engagements.

Front 19

Percentage of Construction Fee

Back 19

This type of contracts is used for engineering projects. Based on the resources and material required, the cost for the construction is estimated.

Then, the client contracts a service provider and pays a percentage of the cost of the project as the fee for the service provider.

As an example, take the scenario of constructing a house. Assume that the estimate comes up to $230,000.

When this project is contracted to a service provider, the client may agree to pay 30% of the total cost as the construction fee which comes up to $69,000.

Front 20

What are the processes of Risk Planning?

Back 20

Risk Identification
Risk Evaluation
Risk Mitigation
Contingency Planning

Front 21

Response Types to 3 levels of risk
High Risk = ?
Moderate Risk = ?
Low Risk = ?

Back 21

High Risk - Quantify
Moderate Risk - Respond
Low Risk - Accept & Monitor

Front 22

Loaded and Unloaded rates:
Staff make 30 /hour but it costs 60/hour What is the overhead rate and what formula is used?

Back 22

The overhead rate is 100%.
Formula is Indirect costs divided by direct costs..

ie: $100,000 Indirect costs
$50,000 Direct labor

The result is an overhead rate of 2:1, or $2 of overhead for every $1 of direct labor cost incurred.

Front 23

What is the formula for Loaded rate?

Back 23

Loaded rate = Unloaded rate ( 1 + overhead rate)

Front 24

What is crashing?

Back 24

Adding resources to reduce the duration

Front 25

What are the 5 different conflict resolution modes – and what do they mean?

Back 25

(1) Compromising: find a middle-ground alternative. Parties both give a little to get a little.

(2) Avoiding (withdrawal): parties ignore the conflict, try not to get involved or give in easily.

(3) Smoothing (accommodating) strategies: play down differences and stress the importance of common goals.

(4) Confronting (problem solving, integrating, or collaborating) tactics consist of facing the conflict directly and examining possible solutions.

(5) Forcing occurs when one insists, or refuses to consider the other party's position

Front 26

What are 4 different approaches in the situational leadership model?

Back 26

Delegating
supporting
coaching
directing OR
(telling, selling, Participating, Delegating)

Front 27

What is an Order of Magnitude Estimate and when is it used?

Back 27

-25% to +75%

An Order of Magnitude Estimate would be used at the concept stage of the project when the needs are being articulated and information is starting to be gathered

Front 28

What is a Budget Estimate and when is it used?

Back 28

-10% to +25%
As more information is gathered and the scope of the project is understood better, the level of accuracy of the estimate should move closer to that of a Budget Estimate. This is the level of accuracy that is appropriate for a Project Charter and initiating processes because the detailed planning activities have not occurred so there is still a significant level of uncertainty on the project

Front 29

What is a Definitive Estimate and when is it used?

Back 29

-5% to +10%
Can be used if the project requirements are very detailed. This is the most accurate estimate that is possible.

Front 30

What are the 3 different cost estimating techniques?

Back 30

Analagous, Parametric and Engineering

Analagous

Parametric


Analogous Estimating, AKA Top-down Estimating. Used to determine the duration of the project. After finalizing the high level scope/requirement, the PM will the previously completed projects similar activities with the current activities and determine the duration.

Parametric AKA Statistical estimating:
Parametric Cost Estimating is a structured estimating process which uses statistically based parametric/predictive modeling to provide a basis for high confidence estimates.


Engineering cost estimation is a “bottom up” approach and are the most detailed and costly approach.

Front 31

PERT formula:

Back 31

Optimistic + Pessimistic + (Most Likely x 4) / 6

Front 32

Net Present Value

Back 32

Present value = Future Value / (1 + r) n

PV = Present Value
FV = Future Value
r = interest rate
n = number of time periods

Front 33

7 different risk response type:

Back 33

accept | mitigate | avoid | transfer | exploit | share | enhance

Front 34

What’s the difference between a condition and a warrantee?

Back 34

condition is a term of central importance, warrantee not. if you breach a condition, you break the contract, not so with a warrantee, although you can sue later.

Front 35

7 elements that create a contract:

Back 35

intent, acceptance, offer, legal purpose, consideration, capacity, lawfulness

Front 36

If there’s a problem with a deliverable and as a result I go back to the flow chart for how it was produced to look for areas of failure, what’s the process?

Back 36

QA – auditing

Front 37

What does OPM3 stand for?

Back 37

Stands for Organizational Project Management,

Front 38

5 levels of Maturity (OPM3)

Back 38

Common Language
Common Processes
Common Methodology
Benchmarking
Continuous Improvement

Front 39

Responsibility Assignment Matrix is also a...

Back 39

Paris Chart

Front 40

PARIS stands for:

Back 40

Participant - involved but not at a critical level
Accountable - must answer to management for the project task status
Review needed or required
Input needed or required
Sign Off Required

Front 41

5 stages of team development:

Back 41

forming, storming, norming, performing, adjourning (tuckman/Jensen)

Front 42

EV

Back 42

EV = Actual % complete (in work) * BAC

Front 43

PV

Back 43

PV = Planned%Complete(in time) * BAC

Front 44

CV

Back 44

Cost Variance:

CV = Earned Value(EV) - Actual Costs(AC)

Front 45

SV

Back 45

Schedule Variance:
SV - Earned Value(EV) - Planned Value (PV)

Front 46

CPI

Back 46

Cost Performance Index:
CPI = Earned Value(EV) / Actual Costs(AC)

Front 47

SPI

Back 47

Schedule Performance Index:
SPI = Earned Value (EV) / Planned Value (PV)

Front 48

EAC

Back 48

Estimate at Completion:

EAC = Actual Cost (AC) / %Complete ($)

Front 49

ETC

Back 49

Estimate To Completion:
ETC = Estimate At Completion (EAC) - Actual Costs (AC)

Front 50

VAC

Back 50

Variance At Completion:
VAC = Budget At Completion (BAC) - Estimate At Completion (EAC)

Front 51

TCPI

Back 51

To-Complete Cost Performance Index

TCPI = (BAC - EV)/(BAC - AC)

Or
TCPI = (BAC - EV)/(EAC - AC)

Front 52

Standard deviation of activity

Back 52

(P - O) / 6

Front 53

Variance of activity

Back 53

[ ( P - O) / 6 ] squared (standard deviation squared)

Front 54

Total Float

Back 54

LS - ES

or

LF - EF

Front 55

EAC

Back 55

BAC/CPI

Front 56

# of communication channels

Back 56

[N * (N-1) ] / 2

Front 57

What's the difference between the cost budget and a cost baseline?

Back 57

The cost budget adds management reserves (contingency amount) to the cost baseline

Front 58

SPI

Back 58

EV/PV=SPI

Front 59

ETC

Back 59

EAC – AC = ETC

Front 60

VAC

Back 60

BAC – EAC = VAC

Front 61

Critical path method:
forward duration,
Backward duration
and slack

Back 61

Forward Duration= EF-ES+1

Backward duration = LF-LS+1

Slack = LS-ES OR slack= LF-EF

Front 62

Pareto chart

Back 62

chart that contains both bars and a line graph, where individual values are represented in descending order by bars, and the cumulative total is represented by the line. Pareto principle (pareto's law; 80-20 rule)- for many events, roughly 80% of the effects come from 20% of the causes. eg., "80% of your sales comes from 20% of your clients". "80% of issues can be fixed by 20% of total efforts/ reasons" etc

Front 63

Resource Levelling

Back 63

resource leveling is a project management technique used to examine the use of resources (usually people or equipment) over project time. Resource leveling requires delays task until resources (people/equipment) are available; or add more resources at the expense of (time, cost, scope)

Front 64

Six sigma management

Back 64

A business management strategy, originally developed by Motorola in 1986. Six sigma seeks to improve the quality of process outputs by identifying and removing the causes of defects (errors) an minimizing variability in manufacturing and business processes.

Front 65

PDCA

Back 65

is an integrative four step management method used for the control and continuous improvement of processes and products. Also known as the Deming cycle

Front 66

Ishikawa diagrams ( also called fishbone diagrams, herringbone diagrams, cause and effect diagrams, or Fishikawa)

Back 66

are casual diagrams that show the causes of a specific event. Common uses of the Ishikawa diagram are product design and quality defect prevention, to identify potential factors causing an overall effect.

Front 67

contracts
FFP,
FPIF,
CPFF,
CPIF,
T&M

Back 67

more seller risk ( PO,FFP, FPIF, FP-EPA); T&M;

More buyer risk (CPFF, CPIF, CPPC, CPAF)

Front 68

Fixed price contracts

Back 68

Purchase orders (PO), Firm fixed price (FFP), Fixed price incentive fee (FPIF), Fixed price economic Adjustments contract (FP-EPA)

Front 69

RACI

Back 69

Responsible, Accountable, Consulted, and informed- describes the responsibilities of various roles/ persons in project task or deliverables.

Front 70

triple constraint

Back 70

is a model of the constraints of project management: time, cost, scope

Front 71

Risk response

Back 71

Risk response negative: avoid, transfer, mitigate, accept; Risk response positive: Share, exploit, enhance, Accept

Front 72

NPV net present value (Present-Future value formulas)

Back 72

NPV = (present value of all cash inflows)- (present value of cash out flows)

Front 73

What does CPI tell us?

Back 73

how much value we are getting for every dollar spent on the project.

Front 74

How to caluculate CPI

Back 74

EV/AC

Front 75

What is the BAC and when is it defined?

Back 75

Budget at Completion - defined at the beginning of the project - the amount of $ allocated to the project.

Front 76

How do I calculate EAC if I know my actual costs and estimated amount to complete the project?

Back 76

ETC + AC

Front 77

ETC means?

Back 77

Estimated remaining costs

Front 78

What formula for EAC is used if the CPI is abnormal or unreliable?

Back 78

AC + (BAC-EV)

Front 79

What does BAC - EV tell me?

Back 79

How much work (in dollars) still needs to be completed.

Front 80

What EAC formula do i use if the project is over budget but still needs to meet its deadline? (and why?)

Back 80

AC + [ (BAC - EV) / (CPI*SPI) ]

Use this formula because it takes the SPI and CPI into consideration

Front 81

What is the other term for BCWP?

Back 81

EV

Budgeted cost of work PERFORMED means Earned Value

Front 82

What is the other term for BCWS?

Back 82

PV

Budgeted cost of work SCHEDULED means planned value

Front 83

What is the other term for ACWP?

Back 83

AC

Actual cost of work performed means Actual Cost

Front 84

Why do we use Earned Value?

Back 84

It allows us to:

measure the work performed
measure progress
forecast project cost
forecast data of completion
estimate costs to complete

Front 85

Earned value is how much work is complete ... when?

Back 85

at a status date

Front 86

What does it mean if my SV is negative?

Back 86

The project is behind schedule

Front 87

What is the longest path to complete all steps in a project?

Back 87

the critical path

Front 88

what kind of tasks have float or slack?

Back 88

non-critical tasks

Front 89

What does the forward pass calculate?

Back 89

the earliest finish data

Front 90

what does the backward pass calculate?

Back 90

the critical path and the slack of non-critical tasks