Pmp: Pmp Project Management Professional Exam Study Guide Chapter 2

Front 1

Initiating

Back 1

First process group in the official project kickoff.

Acknowledges that the project or the next phase in an active project should begin.

Front 2

Inputs/Outputs, Tools and Techniques and Knowledge areas of the Initiating Process group

Back 2

Front 3

10 Project Management Knowledge Areas

Back 3

Make up the 5 process groups (IPECC)

There are 10 categories. Bring together processes that have characteristics in common.

They bring together processes by commonalities. Can take place during any process group.

Front 4

Name the 10 Knowledge areas?

Back 4

1. Project Integration Management
   
2. "" Scope ""
3. "" Time ""
4. "" Cost ""
5. "" Quality ""
6. "" Human Resource ""
7. "" Communications ""
8. "" Risk ""
9. "" Procurement ""
10. "" Stakeholder ""

Front 5

Project Integration management Knowledge Area is concerned with?

Back 5

Coordinating all aspects of the project management plan ad is highly interactive. Takes into account satisfactorily meeting the requirements of the customer and stakeholder and managing their expectations.

Front 6

What are the 6 processes of Project Integration Management Knowledge Area?

Back 6

1. Develop Project Charter
   
2. Develop Project Management Plan
3. Direct and Mange Project Work
4. Monitor and Control Project work
5. Perform Integrated Change Control
6. Close Project or Phase

Front 7

Project Integration management process names belong in what process group?

Back 7

Front 8

Inputs to the Project Charter:

Back 8

project SOW, business case, agreements, enterprise environmental factors and organizational process assets.

Front 9

Project Integration management Knowledge Area has 2 tools

Back 9

1. Earned Value Management (EVM) - a project integrated methodology used to integrate the processes and measure project performance through a project's life cycle
2. Project Management software

Front 10

Project Scope Management Knowledge Area is concerned with what?

Back 10

Defining all the work of the project and only the work needed to successfully produce the project goals. Highly interactive. What is and what is not part of the project. Both product scope AND project scope.

Front 11

Product Scope

Back 11

the characteristics of the product, service or result of the project.

Front 12

Project Scope

Back 12

involves managing the work of the project and only the work of the project, measured against the project management plan.

Front 13

Project Scope Management has these steps in it:

Back 13

• Plan Scope Management - *Planning
• Collect Requirements - *Planning
• Define Scope - *Planning
• Create WBS - Planning
• Validate Scope - Monitoring and Controlling
• Control Scope - Monitoring and Controlling

*Part of which project management process group

Front 14

Project Time Management Knowledge Area is concerned with?

Back 14

Estimating the duration of the project activities, devising a project schedule and monitoring and controlling deviations from schedule. Deals with completing the project in a timely manner.

Front 15

Project Time Management Knowledge Area consists of?

Back 15

1. Plan Schedule Management - *Planning
2. Define Activities - Planning
3. Sequence Activities - Planning
4. Estimate Activity Resources - Planning
5. Estimate Activity Durations - Planning
6. Develop Schedule - Planning
7. Control Schedule - Monitoring and Control

*Part of which project management process group

Front 16

Project Cost Management Knowledge Area is concerned with?

Back 16

Cost of resources, but also maintenance, support cost for software, equipment. Activities in this area establish cost estimates for resources, budgets, keep watch over the entire project.

Front 17

Project Cost Management uses 2 techniques:

Back 17

1. Life cycle costing - technique considers a group of costs collectively (acquisitions, operations, disposal, etc)
2. Value engineering - involves optimizing project performance and cost and is primarily concerned with eliminating unnecessary costs.

Front 18

Project Cost Management Knowledge Area consist of the following 4 processes

Back 18

1. Plan Cost Management - *Planning
2. Estimate Costs - Planning
3. Determine Budget - Planning
4. Control Costs - Monitoring and Controlling

*Part of which project management process group

Front 19

Project Quality Management Knowledge Area consists of the following 3 processes

Back 19

1. Plan Quality management - *Planning
2. Perform Quality Assurance - Executing
3. Control Quality - Monitoring and Controlling

*Part of which project management process group

Front 20

Project Quality Management Knowledge Area is concerned with

Back 20

assuring that the project meets the requirements that it was undertaken to produce. Focuses on product quality as well as quality of the PM process used during the project.

Front 21

Project Human Resource Management Knowledge Area is concerned with

Back 21

All aspects of people management and personal interaction, including leading, coaching, dealing with conflict, conducting performance appraisals, and more.

Front 22

Project Human Resource Management Knowledge Area consists of the following 4 processes

Back 22

1. Plan Human Resource Management - *Plan
2. Acquire Project Team - Executing
3. Develop Project Team - Executing
4. Manage Project team - Executing

*Part of which project management process group

Front 23

Project Communications Management Knowledge Area is concerned with

Back 23

Interpersonal skills that the PM possesses. Seeks to ensure that all project information is collected, organized, stored and distributed to stakeholders, management and project members at the proper time.

Front 24

Project Communications Management Knowledge Area consists of the following 3 Processes

Back 24

1. Plan Communications management - *Planning
2. Manage Communications - *Executing
3. Control Communications - * Monitoring and Controlling

*Part of which project management process group

Front 25

Project Risk Management Knowledge Area is concerned with

Back 25

Threats and opportunities to the project. Identifying, analyzing, and planning for potential risks, both positive and negative that might impact the project

Front 26

Project Risk Management Knowledge Area consists of the following 6 Processes

Back 26

1. Plan Risk Management - Planning
2. Identify Risks - Planning
3. Perform Qualitative Risk Analysis - Planning
4. Perform Quantitative Risk Analysis - Planning
5. Plan Risk Responses - Planning
6. Control Risk - Monitoring and Controlling

*Part of which project management process group

Front 27

Project Procurement Management Knowledge Area is concerned with:

Back 27

All purchasing processes that involve negotiating and managing contracts. Assumed that the discussion is taking place from the perspective of a buyer, sellers are external to project team.

Front 28

Project Procurement Management Knowledge Area consists of the following 4 Processes

Back 28

1. Plan Procurement Management - *Plan
2. Conduct Procurement - Executing
3. Control Procurement - Monitoring/Controlling
4. Close Procurement - Closing

*Part of which project management process group

Front 29

Project Stakeholder Management Knowledge Area is concerned with:

Back 29

identifying all of the stakeholders associated with the project both internally and externally to the organization. Asses their needs, expectations, involvement on the project and seeks to keep communication open.

Front 30

Project Stakeholder Management Knowledge Area is consists of the following 3 Processes

Back 30

1. Identify Stakeholders - *Initiating
2. Plan Stakeholder Management - Planning
3. Manage Stakeholder Engagement - Executing

*Part of which project management process group

Front 31

Project initiation

Back 31

formal recognition that a project or the next phase in an existing project should begin and resources should be committed to the project.

Front 32

Needs and Demands that mandate the creation of a project:

Back 32

1. Market Demand
2. Strategic Opportunity / Business NEed
3. Customer Request
4. Technoclogical Advance
5. Legal Requirement
6. Environment Considerations
7. Social Need

Needs and demands - part of the business case

Front 33

Feasibility study

Back 33

May be required by some organizations prior to the start of a project. Allows to determine if the project is a viable option, also determine the probability of the project succeeding. Can be a separate project on it's own.

**EX: Will the new soda be a hit?**

Front 34

3 Factors concerning IRR (Internal Rate of Return)

Back 34

1. IRR is the discount rate when NPV = 0
2. IRR assumes that cash inflows are reinvested at the IRR value
3. You should chose projects with the highest IRR value

Front 35

Who performs project selection?

Back 35

Project sponsor, customer, subject matter experts

Front 36

NPV assumes what about cash inflows?

Back 36

That they are reinvested at the cost of capital

Front 37

NPV Rule #1 of accepting a project:

Back 37

If the NPV calculation is greater than 0, accept the project. If the NPV calculation is less than 0, reject the project.

Front 38

NPV Rule #2 of accepting a project:

Back 38

Projects with high returns early in the project are better projects than projects with lower returns early in the project.

Front 39

Organizational process assets:

Back 39

Organization's policies, guidelines, processes, procedures, plans, approaches and standards for conducting work, including project work.

Front 40

Historical Information

Back 40

(Corporate knowledge) - Previous project risks, performance measurements, earned valuable resources of knowledge for the current project.