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158 Cards in this Set
- Front
- Back
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Internal Rate of Return
(IRR) |
Higher the better since it means a higher interest return (think of it as a savings account at a bank)
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Present Value
(PV) |
Present value of a project and is less than future value (or is it?)
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Net Present Value
(NPV) |
Higher the better
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Payback Period
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Fewer the periods to pay it back, the better (whats better a 5 year car loan or a 3 year car loan)
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Benefit Cost Ratio
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Higher the better
Benefits & Payback & Revenue / Cost (not just Benefits / Cost!!!) |
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Economic Value Add
(EVA) |
Above its cost, the overall value a project will result to the organization
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Opportunity Cost
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Opportunity given up to choose one project over another
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Sunk Costs
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Costs already eaten up by a project and should not be considered when deciding whether to continue or not (?)
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Working Capital
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Money for company to invest (assets less liabilities)
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Statement of Work
(SOW) |
Comes BEFORE Project Charter that simply defines rough sketch of the project work
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What does the overall Project Baseline consist of?
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Scope, Schedule, and Cost
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Product Scope vs. Project Scope
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Product Scope is more high level and non-detailed about the product outcomes and Project Scope is how to deliver the Product Scope and is much more task and detailed for the various tasks needed to deliver the Product Scope.
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Scope Baseline
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Project Scope Statement, WBS, WBS Dictionary
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Lag
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Added time to wait between when current task is finished to when the next task starts
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Lead
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Starting the next task earlier so that it is in process while the current task is finishing
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Monte Carlo Analysis
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Simulation of running 3 separate estimates on each activity (low, mid, and high) through computer simulation to provide results of impact on project constraints (costs, risks, schedules, etc.)
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Critical Chain Method
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Taking all activities on the critical path and taking their latest start date possible to create a time reserve
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Network Diagram
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Looks like horizontally placed org chart (moves to the right) and shows dependencies of activities. If x-axis shows time, only then it can also show the Critical Path.
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Duration Methods:
- Analogous - Parametric - Huerestic - 3 Point - PERT |
- Use past experience for calculating
- Use data and past experience for calculating - Common knowledge that develops over time ("oh, that normally costs 10% of time") - optimistic, middle, and negative estimations - takes 3 point estimates and uses mathematical simulations |
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Fast Tracking
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Increases project RISK by parallel running tasks that normally weren't parallel... preserves scope
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Compression
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Increases project COST by adding resources to do tasks quicker... preserves scope
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Earned Value
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Primary way to evaluate how well your project is doing right now regarding COST, SCOPE, AND SCHEDULE BASELINES!!
(this is far better than just looking at the MS Project chart to calculate progress as that negates cost and scope!) Neg & Under 1 is bad Pos & Over 1 is good |
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Value Analysis
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Use systematic techniques to reduce cost while maintaining scope
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What is incorporated in the Project Budget?
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Cost Baseline +
Contingency Reserves (known risks) + Management Reserves (unknown risks) |
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Value Analysis
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Use systematic techniques to reduce cost while maintaining scope
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Marginal Analysis
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Singular point when benefits of adding cost to improve quality causes increased revenue or benefits of that improvement (below this point, the cost to improve quality produces no concrete benefits)
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Just In Time
(JIT) |
System that has no inventory as it gets raw materials as soon as the order is made by the customer (Dell). This requires a ton of quality
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Kaizen Improvement
(or Continuous Improvement) |
small improvements in quality as a result of continuously looking for ways to improve it
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Total Quality Management
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Company wide focus that encourages ALL employees to continuously look for ways to improve quality
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Responsibility for Quality
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all team members are responsible for producing quality as its not up to the PM to oversee their work and inspect it... but the PM is ultimately responsible for the overall quality of the product produced by the project
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Cost of Quality
(COQ) |
looking to the costs of conformance (making improvements to quality) vs costs of non-conformance (saying, eh forget about it) in regards to assuring quality... if costs of conformance are less, its OBVIOUS to do it since not doing anything will cost u more
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Benchmarks
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technique that looks at past projects and compares them to external companies to get ideas for improving quality on existing project
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Design of Experiments
(DOE) |
statistical experimentation of changing 1-2 variables of a product (instead of all of it) to see how it improves overall quality
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Statistical Sampling
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calculating a sample size and frequency of the products for quality BUT actually executing the sampling is done in Perform Quality Control
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Flowcharting
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charts a process from beginning to end to see if a process could be causing quality issues
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Perform Quality Assurance process means...
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finding and sharing good practices for quality...
also, includes a company audit on the work the PM is managing |
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Mutual Exclusivity
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2 events cannot both occur at the same time (coin can only flip heads or tails)
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Statistical Independence
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The fact one event occurs has no impact that another event occurs (dice roll, you get a 6 on the 1st try... the 2nd try is not dependent on this result)
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Cause and Effect diagram (Fishbone/Ishikawa)
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start with cause on the left and end with the root of that cause on the right and referenced on the exam in these phrases:
Creative way to look at the causes of a problem Stimulates thinking, organizes thoughts, and generates discussion Explore factors that will result in a desired future outcome |
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Pareto Chart
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histogram with lines charting 80/20 rule so that you can tackle the root causes of the largest pile first... referenced on the exam in these phrases:
Help focus attention on the most critical issues Prioritize potential "causes" of the problems Separate the critical few from the uncritical many |
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Preassignment
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sometimes resources are assigned before PM can assingn them so its already in place
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Formal stages of team building
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1) Forming: come together
2) Storming: disagreements 3) Norming: begin trusting 4) Performing: Executing at max capacity 5) Adjourning: Disbands |
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Issue logs
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help PMs evaluate the team's needs and issues and other HR related feedback (not just evaluating project issues)
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Powers of Project Manager
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- Formal: Based on the obvious leadership position of the PM. "You need to listen to me cuz I'm in charge!!"
- Reward: Stems from giving out rewards (BEST) - Penatly: Based on ability to penalize team members (WORST) - Expert: Based on being technically competent in the project (BEST) - Referent: Stems from another person liking you and wanting to be like you, i.e. charisma and fame |
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Situational Leadership
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always consider all situations before deciding an approach, this consists of taking into account your personal style, the skill levels & experience & needs of your team members, and complexity of project work.
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Sources of conflict
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1) Schedules
2) Project Priorities 3) Resources 4) Technical Opinion 7) Personality |
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Conflict Resolution Techniques
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- Confronting (Problem Solving): solving the real problem so that it goes away (usually BEST but it depends on context)
- Compromising: finding solution that bring some degree of satisfaction to both parties - Withdrawal (Avoidance): both parties retreat and ignore the situation (not usually a good answer in PM questions) - Smoothing (Accomodating): emphasizes agreement than difference in opinion - Collaborating: incorporate multiple viewpoints to lead to a consensus - Forcing: pushing forth a decision on everyone (usually WORST but it depends on context) |
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Expectancy theory
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Employees who expect to be rewarded tend to perform better
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McGregor's Theory of X and Y
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(also refer to graphic from screenshot)
Theory X: employees need to be watched every minute to do well Theory Y: employees work well when left on their own |
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David McClennan's Theories of Needs
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Review screenshot from 10.33 of 3 different types of people and how they should be managed
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Herzberg's Theory
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Review screenshot from 10.34 stating that people have Hygiene Factors that don't motivate but need to be fulfilled (salary, benefits, security, status, etc.) and then once the Hygienes are in place, the Motivating Factors (recognition, self-actualization, etc.) are there to properly motivate
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Communication Channel formula
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(N(N-1)/2)
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Communications Methods (communication technology)
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- Push Communication: 1 way communication where sender sends something out but doesn't expect feedback such as status reports, project document updates, and email of notes
- Pull Communication: No communication as the sender puts something in a central location for people to pull it and review on their own - Interactive Communication: back-and-forth communication such as meetings, in-person chats, IM |
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Earned Value Report
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performance report that integrates scope, cost, schedule measures to assess performance
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Variance Report
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performance report that compares actual results to baselines
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Status Report
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performance report that where project stands against performance baseline
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Business Risk /
Pure (Insurable) Risk |
Risk of gain or loss /
Risk of a loss due to disaster (fire, earthquake, etc.) |
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Delphi technique
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consensus of experts who participate anonymously (survey/questionnaire is sent to experts who respond)
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SWOT Analysis
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Identify Strengths/Weaknesses/Opportunities/Threats (SWOT) of the project to find risks
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Probability & Impact Matrix
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(used in Quantitative Risk Analysis)
standardizes risk responses since multiple people can give multiple rankings of probabilities of risk impacting the project helps explain how to analyze risk to all of the recipients so they can better standardize responses should be able to be repeated for projects and might need to be customized for projects or even phases within a project if necessary |
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Watchlist
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a list of low probability risks that gets reviewed throughout the project in case it starts to come up in higher probability... may get referred to as risks that do not move forward
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Expected Monetary Value Analysis
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EASY!
Looks at both probability and impact to get a better value of risk Probablity x Impact (EMV=P x I) |
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Contingency Plans /
Fallback Plans |
Do these if Risks occur /
Do these if Contingency Plan fails |
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Risk triggers
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events that trigger a contingency response
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Secondary Risks
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risks that have come up as a result of planning for risks (ex. outsourcing risky work to a 3rd party has a risk of that outsourcer going out of business)
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Residual Risks
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risks that remain still unresolved but open to be planned for
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Workarounds
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unplanned responses to risks and usually what poor planning in risk will result in these
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Reserves (contingency)
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Reserves is for time and costs and is REQUIRED ON ALL PROJECTS! (this is also in Cost Management)
NOT ADDITIONAL COST TO THE PROJECT as risk management allows you to actually reduce time and cost 2 kinds of reserves here: contingency reserves account for identified risks (knowns) calculated and added as part of cost baseline PM approves of this management risks account for unidentified risks as you didnt identify them in advance (unknowns) estimated and added as part of cost baseline Management approves of this |
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Mitigate
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risk still occurs but you reduce the probability and impact of its effect on the project and remove it from the top risks in the register
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Exploit
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add work package or people to make opportunity happen (OPPOSITE OF AVOID)
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Enhance
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increase probability of the opportunity to happen (OPPOSITE OF MITIGATE)
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Avoid
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destroy the risk by destroying its cause by removing work package or person responsible (you avoided having to deal with the risk)
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Fixed Price Contract
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* Buyer = least amount of risk as long as SOW is defined
* cost is fixed so buyer is well aware what they are getting into * most common type of contract * requires a clear definition of the project and its requirements, if this doesn't exist, Fixed price contract may not be best!! * seller bears more risk and if costs on their end go up, they could try to balk on the details of the contract, stating need for change orders (misunderstanding of scope can result of seller trying to cut out activities) * since sellers have more risk, they add reserves for risk into their rates and thus buyers pay more because of this added reserves than if it was not included o if seller feels they are not going to make a profit, they may take their best team off the project or start nickel and diming on changes (Nimbus nickel and diming for Symyx because as the seller, we dont have strong POWs to refer to to properly quote costs) * sellers would be considered with procurement Statement of Work (SOW) here * this contract is inappropriate in these cases: o seller cannot properly calculate the rate based on not having any detailed historical data to base it on o buyers cannot complete a procurement SOW * Can include slight variations |
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Time & Materials Contract
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* used when level of effort cannot be defined at the time of contract
* combines the Fixed Price (sellers rate, ex: Nimbus charges $250 for programming to Symyx) with Cost Reimbursable (unknown number of hours) * could incorporate a "do not exceed" clause on # of hours (ex: Symyx tells Nimbus, no more than $5000 worth in maintenance) * buyer = medium amount of risk compared to Fixed Price and Cost Reimbursable contracts * best for small projects only * best for adding staff to your team (ex: adding a programmer) * best for starting projects quickly |
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Cost Reimbursable
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* scope is uncertain and too much is unknown (this is used when you dont know what you need!)
* seller tracks costs for the project for incurred costs and charges buyer * good for research & development or IT projects where you have never done certain work before * buyer (Symyx) hurts in this scenario and needs to protect themselves in this scenario * audit every invoice to make sure they are not being charged for things not part of the contract * ensure all work done by the seller is being done as promised in the contract * ensure resources provided by seller is as promised in contract (ex. expect them to provide a SAS programmer with 5 years of experience, not some kid in college with a statistics class under his belt!!) * might require re-estimation in the midst of the project |
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Fixed Price Incentive Fee
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Fixed price plus incentive for doing things well, on time, etc.
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Fixed Price Award Fee
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Award given out for good performance... award is pre-assigned whereas incentive fees can scale depending how well performance is (2 months early can get incentive fee for each month early but 2 months early would get 1 award)
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Fixed Price Economic Priced Adjustment
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costs get adjusted for inflation so that the buyer will eat inflation costs so the seller isn't at risk for inflation, consider this for big long projects where inflation could affect costs over few years span
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Purchase Order
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a statement for purchase, simplest type of Fixed Price contract that only needs to be signed and authorized by one of the parties since its unilateral (ex. buy $10,000 of computer equipment)
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Cost Contract
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no profit for seller... done in nonprofits where only the costs do work are covered
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Cost Plus Fixed Fee
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costs covered and a fixed pre-designated fee for the seller
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Cost Plus Award Fee
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same as above Incentive except in this case, its an Award and only granted conditionally based on the seller's performance
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Cost Plus Incentive Fee
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costs covered with an incentive on how under budget the costs are (or if costs overrun, buyer pays portion of costs)
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Cost Plus Fee
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costs covered and a % fee of the costs (very very bad for buyer and illegal in government contracting)
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Invitation for Bid (IFB)
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looking for a price for the total work
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Request for Quotation (RFQ)
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looking for price quote for each individual line item or task (more detailed than a full on bid)
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Request for Proposal (RFP)
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looking for proposal with detailed information
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Profit
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wrapped into the price seller charges buyer
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Cost
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what seller has to pay to create, develop, or purchase. Buyers cost = Seller's revenue
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Sharing ratio
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ratio of how the cost overrun or savings will be shared between seller and buyer (90/10 means seller gets 10% of the savings or pays 10% of the overrun)
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Point of Total Assumption
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point where seller takes 100% control of cost overruns
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Components of a Project Management Plan
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Consists of the following knowledge areas, and those outside of knowledge areas:
- Cost - Schedule - Quality - Procurement - Risk - HR - Communications - Change Management (not a knowledge area) - Configuration Management (not a knowledge area) - Process Improvement (not a knowledge area) |
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Economic Value Added (EVA)
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Added value project produces for a company above its cost
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Project Baseline
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Consists of Scope, Schedule, and Cost baselines
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Documents NOT under the PM's control
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- Charter
- SOW - Contract |
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Project Scope vs Product Scope
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Product Scope is more high level and non-detailed about the product outcomes and Project Scope is how to deliver the Product Scope and is much more task and detailed for the various tasks needed to deliver the Product Scope. Exam may ask about either one so READ WORDING CAREFULLY.
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Work Breakdown Structure (WBS)
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# Foundation of the project as well as the planning process and affects all planning after this is created
# Graphical picture of hierarchy of the project and looks like an Org Chart (top to bottom lengthwise) # Can be reused for other projects # Lowest row is a piece of Work Package, top row could be the Project Title or Process (but its not a rule on this one) # Additional info on Work Packages: * are numbered in a scheme from top to bottom (1 > 1.1 > 1.1.1 > etc.) * need to be realistically and confidently estimated as well as * can be completed quickly and without interruption or additional information for producer * can be outsourced or contracted out (if necessary) * assigned to individuals * help identify Risks since Risks are at the Work Package level # Created by the team as a whole # If work is not listed in this, its not done and if its not needed, will not get listed! |
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Work Breakdown Dictionary
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* Defines specific details for each work package that was created in the WBS
* Provides detailed information on the package so that scope creep doesn't happen. This detail covers task information, tools to use, and other information for the developer to execute. * Some details may not be done up front but elaborated on when the package gets closer to being started * Output of WBS creation |
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Scope Baseline
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Project Scope Statement, WBS, and WBS Dictionary
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Verify Scope
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1. Check if the scope is right against completed work (use Scope Baseline as well as Requirements documentation)
2. Give validated work to customer 3. Ask "are you happy?!!" 4. Ask "please sign off!" + can be done at the end of each Project Phase of the project life cycle as well during Monitoring & Controlling process group + getting formal acceptance by customer of interim deliverables but you still have the final process in Close Project where its the FINAL sign-off + Dont confuse with Perform Quality Control (which is done by QC team to confirm work is done properly) whereas Verify Scope is done by the customer |
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Network Diagram
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# Looks like horizontally placed org chart
# Dont confuse Network Diagram with PERT Chart!! # Network Diagram JUST shows dependencies # Could show critical path if activity DURATIONS are added to this chart # Could be a time based chart if plotted against an x-axis of time # Most common methodology to chart is to utilize Precedence Diagramming Method that shows Finish-to-Start, Start-to-Start, Finish-to-Finish, Start-to-Finish # Mandatory Dependency: must have one to finish the other (hard and cant be changed) # Discrentionary Dependency: up to the project team to decide dependency and can be changed by them (so these are good when needing to Compress Schedule or Fast Track project!!) # External Dependency: dependency based on external forces outside of stakeholders and project team's realm # Lead: start task earlier before predecessor is done # Lag: add time to wait for current task finishes before doing successor |
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PERT estimating
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Mathematical method to calculate expected durations using the 3 Point variances of estimates (used for Estimating Schedules and Costs for activities, not the project as a whole)
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Huerestic estimating
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Common thought that develops over time of using hard data estimations such as from Parametric measuring ("design is 15% of project time") (used for Estimating Schedules and Costs for activities, not the project as a whole)
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Activities sequence of events
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WBS > Work Packages > Activity List > Activities > Network Diagram
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Total Float
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amount of time an activity can be delayed without delaying overall project
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Free Float
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amount of time an activity can be delayed without delaying start date of its successor
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Project Float
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amount of time project can be delayed before the project should be delivered to the sponsor or customer (ex. customer says they need it by 12/1 but you can finish by 11/15, means you have 2 weeks of this type of float)
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Formula for calculating Floats
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There is a Start formula and a Finish formula and we always begin Late (ex: Late Start - Early Start gives you the float... or you can do the same with Finish if you have that info instead of Start)
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Negative Float
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YOU ARE BEHIND ON THE PROJECT, YOU SUCK
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Fast Tracking
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taking sequential activities and making them happen in parallel, adds RISK to the project
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Crashing
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Compress schedule the most for the least amount of cost, adds COST to the project, preserves scope!!
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Monte Carlo Analysis
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Used in What-If Scenarios...
takes the 3 point estimation model (optomistic, likely, negative) for each activity and the network diagram in a highly analytic software program to give probabilities of impacts on project costs, dates, risk |
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Critical Chain Method
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Used in What-If Scenarios...
network diagram is used and each activity on the critical path is measured based it on its latest starting date and this late date is used as a time reserve (esp. helpful in risk response planning) so these reserves are used to help manage the project |
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Cost Budget
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Project Costs (Roll costs applied at each activity level and add them up) + Management Reserves + Contingency Reserves
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Cost Account
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repository of money that will be used for handling project expenses
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Earned Value
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# Primary way to evaluate how well your project is doing right now regarding COST, SCOPE, AND SCHEDULE BASELINES!! (this is far better than just looking at the MS Project chart to calculate progress as that negates cost and scope!)
# Neg & Under 1 is bad but Pos & Over 1 is good |
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Kaizen Improvement (also Continous Improvement)
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Small improvements in quality as a result of continuously looking for ways to improve it
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Marginal Analysis
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Singular point when benefits of adding cost to improve quality causes increased revenue or benefits of that improvement (below this point, the cost to improve quality produces no concrete benefits)
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Total Quality Management (TQM)
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Company wide focus that encourages ALL employees to continuously look for ways to improve quality
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Cost of Quality (COQ)
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Looking to the costs of conformance (making improvements to quality) vs costs of non-conformance (saying, eh forget about it) in regards to assuring quality... if costs of conformance are greater, its OBVIOUS to do it
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Design of Experiments (DOE)
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Statistical experimentation of changing 1-2 variables of a product (instead of all of it) to see how it improves overall quality
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Pareto Chart
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Histogram with lines charting 80/20 rule so that you can tackle the root causes of the largest pile first... referenced on the exam in these phrases:
* Help focus attention on the most critical issues * Prioritize potential "causes" of the problems * Separate the critical few from the uncritical many |
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Cause and Effect diagram (Fishbone/Ishikawa)
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Start with cause on the left and end with the root of that cause on the right and referenced on the exam in these phrases:
* Creative way to look at the causes of a problem * Stimulates thinking, organizes thoughts, and generates discussion * Explore factors that will result in a desired future outcome |
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Run Chart
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look at history and see a pattern of variation... may resemble line chart
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Scatter Chart
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tracks two variables to see if they are related... scatter shot of dots
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Stages of the team building process
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(some steps may be skipped if team has worked together before):
1) Forming: people are brought together as a team 2) Storming: disagreements arise as people start working together 3) Norming: team members begin to start trusting and building good networks 4) Performing: project gets efficient and executes at top speed... PM can finally give attention to individual team members if needed 5) Adjouring: project ends and team disbands |
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Problem Resolution steps
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1. Define the root cause of the problem
2. Analyze the problem 3. Research solutions to the problem 4. Select a solution to the problem 5. Implement the solution to the problem 6. Review the problem and its resolution to make sure it is truly resolved |
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Earned Value Report
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integrates scope, cost, schedule measures to assess performance
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Variance Report
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compares actual results to baselines
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Trend Report
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provides results over time to see if performance is improving or not
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Mitigate
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Risk response where you aim to reduce the impact of the risk (since you could not avoid it entirely)
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Transfer (Defer/Allocate)
- can be done passively or actively |
pass the risk onto someone else such as a contractor or insurance company (linked between risk and procurement!). But some risk is still there because you still have to pay and work with the transferred party and make sure to manage their risk since its still related to your project
* Acceptance: "if it happens, it happens" * Passive Acceptance: dont do anything, maybe you do something after it happens * Active Acceptance: possibly run contingency plans and allocate resources to make it happen |
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3 types of SOWs
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* Performance: work needed is performance based (product needs to perform certain way)
* Functional: work needed is functional requirements based (product has to do certain functions) * Design: conveys exact work to be done as its presented with diagrams/drawings, etc |
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Cost Variance
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EV - AC
Negative is over budget Positive is under budget |
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Schedule Variance
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EV - PV
Negative is over schedule Positive is under schedule |
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Cost Performance Index (CPI)
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EV / AC
"We are getting this amount of work for each $1 from every dollar spent" |
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Schedule Performance Index (SPI)
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EV / PV
"We are progressing at this % from what was planned" |
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Estimate to Completion (ETC)
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EAC - AC
"How much more will the project cost?" |
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Variance at Completion
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BAC - EAC
"How much over or under budget will we be at the end of the project?" |
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Estimate at Completion (EAC)
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(many formulas but this is most common as it calculates actual costs with expected remaining costs)
AC + Bottom-up ETC "As of now, how much do we expect the project to cost?" |
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Overall definition of Quality
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Degree to which project fulfills requirements
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Functions of a PMO
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One or all of the following:
- Establish project management processes, templates, and policies - Assign PMs to projects and is ultimately responsible for well being of all projects - Provides support and guidance to others for doing project management and helps spread the importance of project management to the organization |
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OPM3
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A rating of how well an organization knows project management (a scale such as the Richter scale)
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Project Expediter
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Role of a PM in a Weak Matrix organization
Basically acts as an assistant to getting things done |
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Project Coordinator
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Role of a PM in a Weak Matrix organization
Basically acts like an Expediter BUT with some authority to make decisions (still not like a true PM though) |
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Tight Matrix
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Simply meaning 'co-locating' and is not used as a take on the strong/weak matrixes (dont get tricked!)
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What does Project Charter do for the PM?
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- formally kick starts the project
- assigns PM formally to the project and allows him to take over from here and spend money or commit resources a ne - gives high level business case for the project (requirements) - presents the end deliverables expected of the project - establishes any knowns such as resources, risks, costs, schedules that are already been discussed |
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Net Present Value
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Present value of a project's income/revenue - costs over many time periods
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Work Authorization System
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System for authorizing when work packages should start (so as not to have conflicts between packages).
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Steps for doing Changes
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1. Evaluate the impact across all constraints
2. Research options to pursue as an alternate to the change 3. Get internal sign-off on the change 4. Present to customer and get their sign-off (if required for particular project) |
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Configuration Management
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Used to confirm that the product resulting from the project is correct and complete. Think wireframes and IA chart for a web app and this is used to confirm the app when work is completed.
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Expected Monetary Value
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Probability x Impact
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Risk audit
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examination of the effectiveness of risk response plans and of the performance of the risk owner
done in M&C |
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Risk re-assessment
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done in M&C
revisit risk management |
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Estimate to Completion
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EAC - AC
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Workaround
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have no risk plan for a risk and do bad PM work in getting around it
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Cost Variance
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EV - AC
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Schedule Variance
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EV - PV
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