Pmp

Front 1

BAC

Back 1

Budget at completion. How much did we BUDGET for the TOTAL project completion?

Hint 1

This is the project budget. Is use in relation to the entire project. Tough sometimes is used to represent the total budget for a single task.

Front 2

PV

Back 2

Planned value. This is the plan how much work should be completed today. As of today, what is the estimate value of the work planned to be done?

Hint 2

BCWS Budget cost work schedule

Front 3

EV

Back 3

Earned Value. Budgeted cost of the work completed. As of today, what is the estimate value of the work actually accomplished?

Hint 3

BCWP. Budget cost of work performed

Front 4

Present Value formula

Back 4

PV = FV/(1+r)n

Valor del dinero en función del tiempo. Lo que necesito invertir hoy para tener un valor futuro X a una tasa r durante n años.

Hint 4

The PV of 300.000 receive three years from now if we expected the interest rate to be 10 percent is 225.394

Front 5

Net Present Value NPV

Back 5

the Present Value of the total benefits minus the cost over many time periods

Hint 5

Front 6

List the diferents estimating techniques that may be used on a project

Back 6

1. One-point estimating
2. Analogous estimating(top-down)
3. Parametric estimating
4. Three-point estimating
5. Group desition making: brainstorming, nominal group technique, Delphi technique
6. Reserve analysis
7. Bottom-up (costs)

Front 7

what are the two categories of Project selection methods.

Back 7

1. Benefits measurement methods (comparative approach)

2. Constrained optimization methods (mathematical approach)-Métodos de optimización con restricciones

Front 8

List benefits measurement methods

Back 8

1. Murder board

Front 9

List constrained optimization methods

Back 9

1. Linear programming

2. Integer programming

3. Dynamic programming

4. Multi-objective programming

Front 10

List economic models for project selection

Back 10

1. Present Value
2. Net Present Value
3. Internal Rate of return
4. Payback period
5. Cost-benefit analysis

Front 11

In relationship with the three-point estimating what is triangular distribution?

Back 11

Simple average. It uses the formula:

(P + O + M)/3

Optimistic, Pessimistic and Most Likely

Front 12

In relationship with the three-point estimating what is beta distribution - PERT?

Back 12

Weighted average.

(P +4M + O)/6

Pessimistic, Optimistic, Most likely.

Derived from the program evaluation and review techniques (PERT)

Front 13

Beta Activity Standard Deviation

Back 13

The posible range for the estimate.

(P -O)/6

Optimistic, Pessimistic

Hint 13

An Activity estimate of 30 hours that has a Standard deviation of +/-2 could end up taking between 28 hours and 32 hours

Front 14

When doing estimates, if the range is greater how is the risk? greater or lower

Back 14

the greater the risk

Front 15

What are the two types of reserves that can be added to a project?

Back 15

1. Contingency reserves: (time reserves or buffers)

2. Management reserves

Front 16

List the elements of the scope baseline

Back 16

1. WBS

2. WBS Dictionary

3. Project scope statement

Front 17

List the elements of the schedule baseline

Back 17

1. Contingency reserves: identify schedule risks remaining after the the Plan Risk Responses process. These reserves are not estimated but calculated

2. Project estimates

Front 18

What are the management reserves?

Back 18

Additional funds set aside to cover unforeseen risks that would impact the project's ability to meet the schedule. Management reserves are estimated (e.g. 5% of the project cost)

Front 19

Methods to draw network diagrams

Back 19

1. Precedente Diagraming Methods(PDM)* Mostly used
2. Arrow Diagramming Methods (ADM)
3. Graphical Evaluation and Review Techniques (GERT)

Front 20

Enumerate the three types of float (slack)

Back 20

1. total float: Without delaying the project end date or an intermediary milestone
2. free float:Amount of time an activity can be delayed without delaying the early start date of it's successor(s).
3. project float

Front 21

Float formulas

Back 21

Start formula:LS - ES

Finish formula: LF - EF

Hint 21

There is a start formula and a finish formula, and we always being late

Front 22

Critical path method

Back 22

1. calculate the early start and early finish
2. In path convergence choose the greater value.
3. calculate the late finish and late start
4. In path convergence select the lower value
5. Calculate the free float
6. Look for the critical path (could be more than one) by selecting the paths with no float

Hint 22

Critical path method

Front 23

Schedule compression techniques

Back 23

1. Fast tracking
2. Crashing
3. Review risks and reestimate: mitigate and eliminate risk, improve opportunities.
4. Reduce scope
5. Lower quality standards
6. Stand your ground: say no.
7. Work overtime: last resort.

Front 24

Fast tracking

Back 24

Taking critical path activities that were originally planned in a series and doing them instead in parallel for some or all of their duration. Often results in rework, usually increases risk, and requires more attention to communication

Front 25

Crashing

Back 25

Adding or adjusting resources. Always results in increased cost, and may increase risk. It trades time for money

Front 26

Monte Carlos Analysis

Back 26

Modeling technique that uses computer software to simulate the outcome of a project, based on three point estimates for each activity and the network diagram. It is also used as a risk management tool to quantitatively analyze risks.

It uses the network diagram and estimates to "perform" the project many times and to simulate the cost or schedule results of the project

Front 27

Techniques for resource optimization

Back 27

1. Resource leveling: Used to produce a resource-limited schedule. Nivelación de recursos.

2. Resource smoothing: Resources are leveled only within the limits of the float of their activities, so the completion dates of activities are not delayed.Equilibrio de recursos

Front 28

Life cycle costing

Back 28

looking at the cost of the whole life of the product, not just the cost of the project.

Front 29

What is value analysis - value engineering?

Back 29

It's focus to find a less costly way to do the same work. "How can we decrease cost on the project while maintaining the same scope?"

Front 30

Cost risk

Back 30

This concept involves risk, procurement, and cost management. It is the cost related risk.

Front 31

ROI

Back 31

Return on investment. A technique to measure the potential profitability of an investment by calculating the benefits received in relation to the cost.

Front 32

Discounted Cash Flow

Back 32

Technique to estimate the attractiveness of an investment by predicting how much money will be received in the future and discounting it to its current value.

Front 33

Cost management plan

Back 33

budget management plan, budget plan. It may include:

1. Specifications for how estimates should be stated (in what currency)
2. The level of accuracy needed for estimates
3. Reporting formats to be used
4. Rules for measuring cost performance
5. Whether costs will include both direct cost and indirect costs
6. Guidelines for the establishment of a cost baseline for measuring against as part of project monitoring and controlling
7. Control thresholds
8. Cost change control procedures
9. Information on control accounts
10. Information about how the estimate cost, determine budget, and control cost processes will be conducted
11. funding decisions
12. Methods for documenting costs
13. Guidelines for dealing with potential fluctuations in resource costs and exchange rates
14. Roles and responsibilities for various cost activities.

Front 34

Types of cost

Back 34

Variable and fixed costs.

Direct and Indirect costs.

Front 35

What are the variable and fixed costs?

Back 35

Variable costs change with the amount of production or the amount of work (Cost of material, supplies and wages). Fixed costs do not change as production changes (Set-up, rent, utilities, etc)

Front 36

What are the direct and indirect costs?

Back 36

Direct costs are directly attributable to the work on the project(Team. travel, team wages, recognition, costs of material used on the project).

Indirect costs are overhead items or cost incurred for the benefit of more than one project(taxes, fringe benefits, janitorial services)

Front 37

What the project scope statement may include?

Back 37

1. Product scope
2. Project scope
3. Deliverables (for the product and the project)
4. Acceptance criteria
5. What is not part of the project
6. Assumptions and constraints

Front 38

Analogous estimating (top-down)

Back 38

Uses expert judgement and historical information to predict the future. Analogous estimating can be done at various times, and the level of accuracy depends on how closely the project or activity matches the past history.

Advantages:

1. Quick
2. Activities need not be identified
3. Less costly to create
4. Cost constraints created by management in project initiating give the project manager data to evaluate high-level project feasibility
5. Overall project costs will be capped
6. Less accurate
7. Estimates are prepared with a limited amount of detailed information and understanding of the project
8. Requires considerable experience to do well
9. There may be infighting to gain the biggest piece of the budget without being able to justify the need
10. Extremely difficult for projects with uncertainty
11. Does not take into account the differences between projects

Front 39

What are the ranges of accuracy for the different estimates?

Back 39

1. Rough Order of Magnitude (ROM) Estimate: -25 to +75 percent from the actual.(Initiating)
2. Budget Estimate:-10 to +25 percent from actual(Panning)
3. Definitive Estimate: +/-10 percent from actual or -5 to +10 percent from actual

Front 40

How is the budget composed?

Back 40

Cost budget= Management reserves + Cost baseline(Contingency reserves + project estimates)

Hint 40

Front 41

What are the components of performance baseline?

Back 41

1. Cost baseline

2. Schedule baseline

3. Scope baseline

Front 42

AC

Back 42

Actual Cost (total cost).

As of today, what is the actual cost incurred for the work accomplished?

Front 43

EAC

Back 43

Estimate at completion. What do we currently expect the TOTAL project to cost (a forecast)?

Front 44

ETC

Back 44

Estimate to complete. From this point on, how much MORE do we expect it cost to finish the project (a forecast)?

Front 45

VAC

Back 45

Variance at completion. As of today, how much over or under budget do we expect to be at the end of the project?

Front 46

Cost Variance(CV)

Back 46

EV-AC

NEGATIVE is over budget; POSITIVE is under budget.

Front 47

Schedule Variance(SV)

Back 47

EV-PV

NEGATIVE is behind schedule; POSITIVE is ahead of shedule.

Front 48

Cost Performance Index (CPI)

Back 48

EV/AC

We are getting $___ worth of work out of every $1 spent. Funds are or are not being used efficiently. Greater than one is good; less than one is bad.

CPI can also be calculated for costs incurred during a specific period of time rather than over all the time to date.

Front 49

Schedule Performance Index (SPI)

Back 49

EV/PV

We are (only) progressing at ___ percent of the rate originally planned. Greater than one is good; less than one is bad.

Front 50

EAC's formulas

Back 50

1. AC + Bottom-up ETC

2. BAC/CPIc(cumulative)

3. AC + (BAC - EV)

4. AC + ((BAC - EV)/(CPIc X SPIc))

Front 51

To-complete Performance Index (TCPI)

Back 51

((BAC-EV)/(BAC-AC)).

In order to stay within budget, what rate must be meet for the remaining work?. Greater than one is bad; less than one is good

Front 52

ETC's formula

Back 52

1. EAC - AC

2. Reestimate

Front 53

VAC's formula

Back 53

BAC-EAC

Front 54

EAC formulas identification

Back 54

1. AC + Bottom-up estimates: Si el plan inicial ya no fuera viable o las estimaciones iniciales no fueran correctas.
2. BAC/CPI: se espera que el CPI sea el mismo para el resto del proyecto
3. AC + (BAC - EV): Si el trabajo futuro se va a realizar segun la tasa planificada
4. AC + ((BAC - EV)/(CPI*SPI)): Si tanto SPI con CPI tienen influencia en el trabajo restante

Front 55

Definition of quality

Back 55

Quality is defined as the degree to which the project fulfills requirements

Front 56

Quality theorist

Back 56

* Joseph Juran: 80/20 principle. "fitness for use".
* W. Edwards Deming: 14 points to total quality management. PDCA cycle.
* Philip Crosby: Concept of the cost of poor quality. " zero defects" and prevention over inspection. "Quality is conformance to requirements"

Front 57

What is Gold Plating?

Back 57

Refers to giving the customer extras.

Front 58

Marginal Analysis

Back 58

Refers to looking for the point where the benefits or revenue to be received from improving quality equals the incremental cost to achieve that quality

Front 59

Continuous improvement is also called?

Back 59

Kaizen. Looking for improvements on quality.

Front 60

What is the impact of poor quality?

Back 60

* Increased cost
* Decreased profit
* Low moral
* Low customer satisfaction
* Increased risk
* Rework
* Schedule delays

Front 61

What Plan Quality Managament is focus on?

Back 61

It is focuses on defining quality for the project, the product and project managment, and planning how it will be achieved.

Front 62

What perform quality assurance is?

Back 62

Is an executing process, so its focus is on the work being done on the project. Its purpose is to ensure the team is following organizational policies, standards, and processes as planned to produce project's deliverables. Through this evaluation the project manager can also evaluate whether the processes need to be improved or modified.

Front 63

Describe the control quality process

Back 63

Monitoring and controlling process. It examines the actual deliverables produced on the project; its purpose is to ensure the deliverables are correct and meet the planned level of quality, and to find the source of problems and recommend ways to address them.

Front 64

List the costs of quality conformance

Back 64

* Quality training
* Studies
* Surveys
* Efforts to ensure everyone knows the processes to use to complete their work

Front 65

List the cost of nonconformance quality?

Back 65

* Rework
* Scrap
* Inventory cost
* Warranty cost
* Lost business

Front 66

7QC

Back 66

Seven quality tools:

1. Cause and effect diagram
2. Flowchart
3. Checksheet
4. Pareto diagram
5. Histogram
6. Control chart
7. Scatter diagram

Front 67

What SIPOC stands for?

Back 67

Supplier, Input, Process, Output, Customer

Front 68

Pareto Diagram

Back 68

Bar chart that arranges the results from most frequent to least frequent.

* Help focus attention on the most critical issues
* Prioritize "potencial causes" of the problems
* Separate the critical few from the uncritical many

Front 69

What processes use Control charts?

Back 69

Control charts are SET UP in Plan Quality Management, and are USED in Control Quality

Front 70

What processes use Statistical Sampling?

Back 70

The sample size and frequency of measurements are determined as part of the Plan Quality Management process, and the actual Sampling is done in Control Quality

Front 71

Control Charts terms?

Back 71

1. Upper control limit
2. Lower control limit
3. Specification limit
4. Out of control
5. Normal and expected variation
6. Rule of seven
7. Out of control
8. Assignable cause/special cause
9. Normal distribution curve

Front 72

What is sigma?

Back 72

How much variance from the mean has been established as permissible.

* +/- 1 Sigma:68.27%
* +/- 3 Sigma:99.73%
* +/- 6 Sigma: 99.99%

Front 73

What is mutual exclusivity?

Back 73

Two events are said to be mutually exclusive if they cannot both occur in a single trial. For example, flipping a coin once

Front 74

What is statistical independence?

Back 74

This means the probability of one event ocurring does not affect the probability of another event ocurring.

Front 75

What is Project Integration focus on?

Back 75

"processes and activities to identify, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups."

Front 76

Describe develop project charter process

Back 76

"process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities."

Front 77

Develop project charter key benefits

Back 77

"well defined project start and project boundaries, creation of a formal record of the project, and a direct way for senior management to formally accept and commit to the project."

Front 78

SOW

Back 78

Project Statement of Work. Narrative description of products, services, or results to be delivered by a project.

Front 79

What is included in the Business Case?

Back 79

1. Business need

2. Cost benefit analysis

Front 80

What references the SOW?

Back 80

* Business need
* Product scope description
* Strategic plan

Front 81

Describe develop project management plan process

Back 81

"is the process of defining, preparing, and coordinating all subsidiary plans and integrating them into a comprehensive project management plan."

Front 82

Develop project management plan key benefits

Back 82

"A central document that defines the basis of all project work"

Front 83

Describe direct and manage project work process

Back 83

"is the process of leading and performing the work defined in the project management plan and implementing approved changes to achieve the project

Front 84

RAM

Back 84

Responsibility Assignment Matrix. This chart cross-reference team members with the activities or work packages they are to accomplish.

Front 85

RACI Chart

Back 85

Type of responsibility assignment Matrix that defines role assignments more clearly. R:Responsible, A:Accountable, C:Consult, I:Inform

Front 86

Organisational Breakdown Structure

Back 86

This chart shows responsibilities by department.

Front 87

What is a Resource Breakdown Structure?

Back 87

Breaks the work down by type of resource.

Front 88

Human Resource Management Plan

Back 88

A plan for when and how team members will be added, managed, and released from the project.

Front 89

Components of the human resource management plan

Back 89

* Roles and responsibilities
* Project organisation Charts
* Staffing management plan

Front 90

Components of the Staffing management plan

Back 90

* Plan for staff acquisition
* Resource calendars
* Staff release plan
* Staff training needs
* Recognition and rewards
* Compliance (rules related to human resource)
* Safety (policies that protect the resources)

Front 91

Resource Histogram

Back 91

This bar chart shows the number of resources used per time period and where is a spike in the need for resources.

Front 92

Types of teams

Back 92

* Dedicated
* Part-time
* Partnership
* Virtual

Front 93

Negotiation

Back 93

It relates to gaining resources from within your organisation and in procurement situations.

Front 94

Halo effect

Back 94

The tendency to rate team members high or low on all factors due to the impression of a high or low rating on some specific factor.

Front 95

According to Tuckman ladder model, what are the stages of team formation and development?

Back 95

* Forming
* Storming
* Norming
* Performing
* Adjourning

Front 96

What can be team building activities?

Back 96

* Taking classes together
* Milestone parties
* Holiday and birthday celebration
* Outside-of-work trips
* Creating the WBS
* Getting everyone involved in some way in planning the project

Front 97

What are ground rules and in what process are they used?

Back 97

They are tools in develop project team process. Rules that help establish standards and expectations for the team; setting them can help eliminate conflicts or problems with the team during the project because everyone knows what is expected of them.

Front 98

Colocation - Coubicación

Back 98

Colocar a varios o a todos los miembros más activos del equipo del proyecto en la misma ubicación física para mejorar su capacidad de desempeñarse en equipo.

Front 99

War room

Back 99

Colocated teams may have a war room, central location for project coordination, usually with the WBS, network diagram, schedule, etc., posted on the walls.

Front 100

Human Resource Management Processes

Back 100

* Plan human resource management: Planning
* Acquire project team:executing
* Develop project team:executing
* Manage project team:executing

Front 101

Project performance appraisals vs Team performance assessment

Back 101

Project performance appraisals are done in manage project team and are focused on the individual. Team performance assessments are an output from Develop project team and are focused on team performance, in order to evaluate an improve the effectiveness of the team interacting and producing as a whole.

Front 102

Issue log

Back 102

Issue register or action item logs. They can be used to communicate what the issues are on the project, as well as assess the causes of the issues, their impacts on the project, and corrective actions that could be taken.

Hint 102

Front 103

Powers of the project manager

Back 103

* Formal(Legitimate)
* Reward
* Penalty(Coercive)
* Expert
* Referent

The best forms of power are EXPERT/and REWARD. Penalty is the worst form. FORMAL, REWARD,PENALTY are powers derived from your position in the company. EXPERT power is earned by your own.

Front 104

Leadership and management styles 1-5

Back 104

1. Directing: Telling others what to do
2. Facilitating: Coordinates the input of others
3. Coaching: Helps others achieve their goals
4. Supporting: Provides assistance along the way.
5. Autocratic: top-down approach. Has power to do whatever she wants. The manager may coach or delegate, but everyone does what the manager wants them to do.

Front 105

Leadership and management styles 6-10

Back 105

1. Consultative:bottom-up approach uses influence to achieve results. The PM acts as a servant-leader for the team.
2. Consultative-autocratic: Solicits input from team members, but retains decision-making authority.
3. Consensus: Problem solving in a group, making decisions based on group agreement.
4. Delegating: The PM establishes goals and then gives the team sufficient authority to complete the work.
5. Bureaucratic: Focuses on following procedures exactly

Front 106

Leadership and management styles 11-16

Back 106

1. Charismatic: Energize and encourage team. Team relies on the leader for motivation.
2. Democratic or Participative: Encouraging team participation in the decision-making process
3. Laissez-faire: Allow to act, allow to do or leave alone. The PM is not directly involved in the work of the team, but manages and Consult as necessary.
4. Analytical: Make technical decisions for the project, which they communicate with their teams
5. Driver:Constantly giving directions.
6. Influencing: emphasises team work, team building, and team decision making.

Front 107

Seven source of conflict in order o frequency

Back 107

1. Schedules
2. Project priorities
3. Resources
4. Technical opinions
5. Administrative procedures
6. Cost
7. Personality

Front 108

Conflict resolution techniques

Back 108

1. Collaborating -Problem solving: Incorporate multiple viewpoints in order to lead a consensus. leads to a win-win situation.
2. Compromising -Reconciling: Finding solutions that bring some degree of satisfaction to both parties. lose-lose situation.
3. Withdrawal (Avoidance): Retreat or postpone a decision on a problem. It is NOT Usually the best choice
4. Smoothing(Accommodating): Emphized agreements rather than differences of opinion
5. Forcing(Directing):Pushing one view point at the expenses of another. win-lose situation

Front 109

Steps to solve a problem

Back 109

1. Define the real or root problem
2. Analyse the problem
3. Identify solutions
4. Pick a solution
5. Implement a solution
6. Review the solution, and confirm that the solution solve the problem

Front 110

Expectancy Theory

Back 110

Employees who believe their efforts will lead to effective performance and who expect to be rewarded for their accomplishments will remain productive as rewards meet their expectations.http://seuntriunfador.com/teoria-expectativas-motivacion/

Front 111

Arbitration

Back 111

In arbitration, a neutral party hears and resolves a dispute

Front 112

Perquisites (Perks)

Back 112

Some employees receive special rewards, such as assigned parking spaces, corner offices, and executive dining. Beneficios adicionales

Front 113

Fringe benefits - Beneficios complementarios

Back 113

Standard benefits formally given to all employees, such as education benefits, insurance and profit sharing.

Front 114

McGregor's Theory of X and Y

Back 114

Believed that all workers fit into one of two groups, X and Y.

Theory X: Managers who accept this theory believe that people need to be watched every minute. They believe employees are incapable, avoid responsibility, and avoid work whenever possible.

Theory Y: Managers who accept this theory believe that people are willing to work without supervision, and want to achieve. Employees can direct their own efforts.

Front 115

Maslow's Hierarchy of Needs

Back 115

People are not most motivated to work by security or money. Instead, the highest motivation is to contribute and to use their skills. Maslow called this 'self-actualisation'. People can't ascend to the next level until the levels below are fulfilled.

1. Psicológico
2. Seguridad
3. Social - afiliación
4. Reconocimiento
5. Autorrealización

Front 116

David McClelland Theory of Needs (or Acquire needs theory)

Back 116

People are most motivated by one of the needs listed below:

1. Achievement: These people should be given projects that are challenging but are reachable. They like recognition.
2. Affiliation: These people work best when cooperating with others. They seek approval rather than recognition.
3. Power: People whose need for power is socially oriented, rather than personally oriented, are effective leaders and should be allowed to manage others. These people like to organise and influence others.

Front 117

Herzberg's Theory

Back 117

Deals with hygiene factors and motivating agents.

Hygiene factors: Poor hygiene factors may destroy motivation, but improving them, under most circumstances, will not improve motivation. Working conditions, Salary, personal life, relationship at work, security, status.

Motivating agents: What motivates people is the work itself, including such things as: responsibility, self-actualisation, professional growth, recognition

Front 118

Describe the Plan Communications Management process

Back 118

Considers how to store, maintain, distribute, and retrieve information, and what will happen to all the project information once the project is closed. It helps you determine what systems and processes are already in place to support communication needs on the project, and what will need to be created. It focuses on the information and communication needs of the stakeholders. Includes what should be communicated, to whom, when, with what method, and how frequently

Front 119

Communication types

Back 119

1. Formal written: Complex problems, project management plan, project charter, communicating over long distances.
2. Formal verbal: Presentations, speeches.
3. Informal written: E-mail, handwritten notes, text messages, instant messaging.
4. Informal verbal: Meetings, conversations

Front 120

Components of the basic communication model

Back 120

1. The sender
2. The message
3. The receiver

Front 121

Elements in any face-to-face communication

Back 121

1. Nonverbal: body language (e.g facial expression)
2. Paralingual: Pitch and tone of voice
3. Words: the words and phrasing the sender chooses

Front 122

What is active listening?

Back 122

Active listening means the receiver confirms he or she is listening, express disagreement or agreement, and asks for clarification when necessary.

Front 123

Communication methods

Back 123

1. Interactive communication
2. Push Communication
3. Pull communication

Front 124

Communication channels formula

Back 124

(N(N-1))/2

N=the number of people

Front 125

Describe the manage communication process

Back 125

It involves gathering and providing information about the project to stakeholders, and making sure information is flowing back and forth on the project as planned. Make sure the communications are received, effective, efficient, and comprehensible. Provide opportunities for stakeholders to request additional information and clarification, as necessary.

Front 126

Types of performance reports

Back 126

1. Status report: Describe where the project currently stands regarding the performance measurement baseline.
2. Progress report: Describes what has been accomplished
3. Trend report: Examines project results over time to see if performance is improving or deteriorating
4. Forecasting report: Predict future project status and performance.
5. Variance report: Compares actual results to baselines.
6. Earned value report: An earned value report integrates scope, cost, and schedule measures to assess project performance.
7. Lessons learned documentation: Reports on performance are used as lessons learned for future projects

Front 127

Describe the Control communications process

Back 127

With Control Communications, you're assessing how communications are going on your project to make sure information is flowing as planned - in the right way, to the right people, and at the right time.

Front 128

Risk Management Processes

Back 128

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 risks: Monitoring and Controlling

Although the processes are done in sequence, they are often repeated during the course of the project.

Front 129

What is the purpose of the Risk management?

Back 129

Through risk management, you work to increase the probability and impact of opportunities on the project (positive events), while decreasing the probability and impact of threats to the project (negative events)

Front 130

Threads and opportunities

Back 130

A risk event is something identified in advance that may or not may happen. If it does happen, it can have positive(opportunities) or negative (threads) impacts on the project.

Front 131

Uncertainty

Back 131

Lack of knowledge about an event that reduces confidence in conclusions drawn from the data.

Front 132

Factors to evaluate risks

Back 132

1. The probability that a risk event will occur (how likely)
2. The range of possible outcomes (impact or amount at stake)
3. Expected timing for it to occur in the project life cycle (when)
4. The anticipated frequency of risk events from that source (how often)

Front 133

Risk appetite

Back 133

The level of risk an individual or group is willing to accept. Risk appetite is a general, high-level description of the acceptable level of risk.

Front 134

Risk tolerance

Back 134

The level of risk an individual or group is willing to accept. Risk tolerance is more specific, as it refers to a measurable amount of acceptable risk.

Front 135

Risk threshold

Back 135

The level of risk an individual or group is willing to accept. Risk threshold is the specific point at which risk becomes unacceptable.

Front 136

Risk averse

Back 136

Someone who does not want to take risks is said to be risk averse.

Front 137

Describe Plan Risk Management process

Back 137

Define how risk management will be structure and performed for the project. It involves determining at a high level the amount of areas of potential risk on the project, as risk management efforts should be appropriate to the size and complexity of the project, as well as the experience and skill level of the project team.

Front 138

What may include the Risk Management Plan?

Back 138

1. Methodology: How you will perform risk management.
2. Roles and responsibilities: Who will do that?
3. Budget: The cost of the risk management process.
4. Timing: When to do risk management for the project.
5. Risk categories:
6. Definitions of probability and impact:
7. Stakeholders tolerances
8. Reporting: Describes any reports related to risk management that will be created and what they will include.
9. Tracking: Describes how the Risk process will be audited, and how information will be documented regarding what happens with risk management activities.

Front 139

Risk breakdown structure RBS

Back 139

Is an organisational chart that can help you identify and document risk categories.

Front 140

Risk categories

Back 140

Standard list of risk categories that all projects can use to help identify risks. There are many ways to classify or categorise risk, such

1. External: regulatory, environmental, government, market shifts
2. Internal: Time, cost or scope changes. Inexperience, poor planning, people, Staffing materials, equipment.
3. Technical: Changes in technology
4. Unforeseeable: Only a small portion of risks (some say about 10 percent) are actually unforeseeable

Front 141

Types of risk

Back 141

1. Business risk: Risk of a gain or loss
2. Pure (insurable) risk: Only a risk of loss (e.g., fire, theft, personal injury, etc.)

Front 142

Describe Identify Risks process

Back 142

Planning process. In this process risks for the project are identified. This effort should involve all stakeholders and might even include literature review, research, and talking to non-stakeholders.

Front 143

Information Gathering Techniques

Back 143

Many of these techniques are also used in collect requirements for the project.

1.

Front 144

SWOT Analysis

Back 144

Strengths, Weaknesses, Opportunities and Threats Analysis.

It looks at the project to identify it's strengths and weaknesses and thereby identify risks (opportunities and threats).

Identify Risks process

Front 145

Risk register

Back 145

Main output of Identify Risk process. Is where most of the risk information is kept. A document for the whole risk management process that will be constantly updated with information as Identify Risks and the later management process are completed. It becomes part of the project documents and is included in historical records.

Front 146

What is included in the Risk register when Identify Risks has been done?

Back 146

1. List of risks
2. List of potential responses: the potential risk responses should be added to the Risk register as they are identified, and analysed later as part of risk response planning.
3. Root causes of risk:
4. Updated risk categories: As part of the risk identification effort, the project provides feedback to the rest of the company regarding new categories of risk to add to the checklist.

Front 147

Describe Perform Qualitative Risk Analysis process

Back 147

Planning. Analyzes the risks, including their probability and potential impact on the project, to determine which ones warrant a response, as well as creating a short list of the previously identify risks. Subjective analysis, this process is repeated as new risks are uncovered throughout the project.

Front 148

Matrix de probabilidad e impacto

Back 148

Especifica las combinaciones de probabilidad e impacto que llevan a calificar los riesgos con una prioridad baja, moderada o Alta.

Hint 148

Front 149

What additional information is included in the risks register when perform qualitative risk analysis have been done?

Back 149

1. Risk ranking for the project compared to other projects
2. List of prioritized risks and their probability and impact ratings
3. Risks grouped by categories
4. List of risks for additional analysis and response: These are risks that will be move forward into quantitative risk analysis and/or response planning.
5. List of risks requiring additional analysis in the near term
6. Watch list(noncritical risks) These risks are documented in the risk register for later review during the Control Risks process.

Front 150

Describe Perform Quantitative Risks Analysis, and its purpose

Back 150

Planning. Risk management. Involves numerically analysing the probability and impact (the amount at stake or the consequences) of risks moved forward from qualitative risks analysis, also looks at how risks could affect the objectives of the project.

The purpose is:

1. Determine which events warrant a response
2. Determine overall project risk (risk exposure)
3. Determine the quantified probability of meeting project objectives
4. Determine cost and schedule reserves
5. Identify risks requiring the most attention
6. Create realistic and achievable cost, schedule, or scope targets

Front 151

Enumerate the ways for determining quantitative probability and Impact

Back 151

1. Interviewing
2. Cost and time estimating
3. Delphi technique
4. Use of historical records from previous projects
5. Expert judgement
6. Sensitivity analysis
7. Expected monetary value analysis
8. Monte Carlo Analysis
9. Decision trees

Front 152

Sensitivity Analysis

Back 152

Technique to analyze and compare the potential impacts of identified risks. A tornado diagram may be used to graphically depict the results of that analysis. Risks are represented by horizontal bars: the longest and uppermost bar represents the greatest risk, and progressively shorter horizontal bars beneath represent lower-ranked risk

Hint 152

Front 153

What is Expected Monetary Value Analysis and in what processes is used? Include the formulation.

Back 153

Measure to determine an overall ranking of risks. EMV=P X I (Probability cross Impact).

The calculation of EMV is performed during quantitative risks analysis and revised during risk response planning when calculating contingency reserves.

Front 154

Key points about Monte Carlo Analysis

Back 154

1. It is usually done with a computer-based programming because of the intricacies of the calculations
2. Evaluates the overall risk in the project
3. Determines the probability of completing the project on any specific day, or for any specific cost.
4. Determines the probability of any activity actually being on the critical path
5. Takes into account path convergence
6. Translates uncertainties into impacts to the total project
7. Can be used to assess cost and schedule impacts
8. Results in a probability distribution

Front 155

Decision Tree

Back 155

Perform quantitative risks analysis. Decision trees can help to choose between many alternatives analysing how each choise benefits or hurts the project before making the decision.

1.

Hint 155

Front 156

What is updated on the Risk register when perform quantitative risks analysis has been done?

Back 156

1. Prioritized list of quantified risks
2. Initial amount of contingency time and cost reserves needed.
3. Possible realistic and achievable completion dates and project costs, with confidence levels, versus the time and cost objectives for the project
4. The quantified probability of meeting project objectives
5. Trends in quantitative risk analysis

Front 157

Describe Plan Risk Responses process

Back 157

Planning. Risk management. Find ways to reduce or eliminate threats, and find ways to make opportunities more likely or increase their impact. It may include doing one or a combination of the following for each top risk:

1. Do something to eliminate the threats before they happen
2. Do something to make sure the opportunities happen
3. Decrease the probability and/or impact of threats
4. Increase the probability and/or impact of opportunities
5. Do something if the risk happens (contingency plans)
6. Do something if contingency plans are not effective or are only partially effective (fallback plans)

Front 158

Choices of response strategies for THREATS

Back 158

1. Avoid
2. Mitigate
3. Transfer (Deflect, allocate)
4. Accept

Avoidance and Mitigation would generally be used for high-priority, high-impact risks. Transference and acceptance are appropriate for low-priority, low-impact risks

Front 159

Choices of response for OPPORTUNITIES

Back 159

1. Exploit (the reverse of avoid)
2. Enhance (the reverse of mitigate)
3. Share
4. Accept

Front 160

What is updated in the Risk register when plan risk responses has been done?

Back 160

1. Residual risks: Risks that remain after risk response planning
2. Contingency plans: plans describing the the specific actions that will be taken if the opportunity or threat occurs.
3. Fallback plans:(plan b) specific actions that will be taken if the contingency plans are not effective
4. Risk owners
5. Secondary risks: new risks created by the implementation of selected risk responses
6. Risk triggers: Events that trigger the contingency response.
7. Contracts: Terms and conditions included in a contract required to mitigate or allocate threats and to enhance opportunities
8. Reserves (contingency): reserves for time and cost,

Front 161

Communication Management Processes

Back 161

1. Plan communication management: Planning
2. Manage Communication: Executing
3. Control Communication: Monitoring and Controlling

Front 162

Flow of communication on a project

Back 162

Front 163

Activities that should be done during Control Risks process

Back 163

1. Look for the occurrence of risk triggers
2. Monitor residual risks
3. Identify new risks and then analyze and plan for them
4. Evaluate the effectiveness of the risk management plan.
5. Develop new risk responses
6. Collect and communicate risk status
7. Determine if assumptions are still valid
8. Ensure proper risk management procedures are being followed
9. Revisit the watch list to see if additional risk responses need to be determined
10. Recommend corrective actions to adjust to the severity of actual risks events
11. Look for any unexpected effects or consequences of risk events.
12. Reevaluate risk identification and qualitative and quantitative risk analysis when the project deviates from the baseline
13. Look at the changes, including recommended corrective actions, to see if they lead to identifying more risks
14. Submit change requests
15. Create a database of risk data that may be used throughout the organization on other projects.
16. Perform variance and trend analysis on project performance data.
17. Use contingency reserves and adjust for approved changes.
18. Workarounds
19. Risk reassessments
20. Risk audits
21. Reserve analysis
22. Meetings
23. Closing of risks that are not longer applicable

Front 164

What is a workaround?

Back 164

Unplanned responses develop to deal with the occurrence of unanticipated events or problems on a project (or to deal with risks that had been accepted because of unlikelihood of occurrence and/or minimal impact).

Front 165

Outputs of Control Risks

Back 165

1. Work performance information: Analysis of the work performance data gathered during the project work. Results of risk audits, assessment of how well risk processes are working for the project,...
2. Risk register updates
3. Change request, recommended preventive and corrective actions
4. Project management plan updates
5. Organizational Process assets updates: risk templates, checklists...

Front 166

What is updated in the Risk register in performing the control of risks?

Back 166

1. Outcomes of the risk reassessments and risk audits
2. Results of implemented risk responses
3. new risks
4. Closing of risks that are no longer applicable
5. Details of what happened when riks occurred
6. Lessons learned

Front 167

Agreement vs Contract

Back 167

Contracts can be written or verbal, but they are typically created with an external entity, and there is some exchange of goods or services for some type of compensation (usually monetary). The contract forms the legal relationship between entities; it is mutually binding and provides the framework for how a failure by one will be addressed and ultimately remedied in court. The broader term "agreement" generally encompasses documents or communications that outline internal or external relationships and their intentions. A contract can be considered an agreement, but an agreement wouldn't necessarily be a contract.

Front 168

Procurement Management Processes

Back 168

1. Plan Procurement Management: Planning process
2. Conduct Procurements: Executing process
3. Control Procurements: Monitoring and Controlling process
4. Close Procurements: Closing process

Front 169

Centralised/Decentralised Contracting

Back 169

In a centralised contracting environment, there is one procurement department, and a procurement manager may handle procurements on many projects. In a decentralised contracting environment, a procurement manager is assigned to one project full-time and reports directly to the project manager.

Front 170

Activities include in the Plan procurement management process

Back 170

1. Performing make-or-buy analysis
2. Creating a procurement management plan
3. Creating a procurement statement of work for each procurement
4. Selecting a contract type for each procurement
5. Creating the procurement documents
6. Determine the source selection criteria

Front 171

What do you need before begin the procurement process?

Back 171

1. Project management plan
2. Requirements documentation
3. Activity resource requirements
4. Enterprise environmental factors
5. Organisational process assets
6. Risk register
7. Stakeholder register
8. Any procurements already in place on the project
9. The project schedule
10. Initial cost estimates for work to be procured

Front 172

Make-or-buy Analysis

Back 172

Take decision about whether to do the project work themselves or outsource some or all of the work. The costs involved in managing the procurement should be considered as part of the decision.

Front 173

What is defined in the Procurement Management Plan?

Back 173

1. How procurement will be planned, executed, controlled, and closed.
2. the process for creating procurement documents and procurement statements of work
3. the terms and conditions for contracts,
4. standards for selecting the correct contract type
5. guidelines for establishing selection criteria.
6. document how the Conduct Procurement process will flow,
7. the roles and responsibilities for the team,
8. rules for bidder conferences and negotiations.
9. how contract stipulations will be monitored and controlled and
10. metrics and information on when and how measurements will be taken,
11. guidelines for resolving disputes,
12. the process for accepting deliverables, and payments to be made.
13. process for closing all procurements for the project.

Front 174

Types of Procurement Statements of Work

Back 174

The choice will depend on the nature of the work, the industry, and the amount of detail that can be provided about the work.

1. Performance
2. Functional
3. Design

Front 175

Contract Types

Back 175

1. Fixed Price -FP, or Lump Sum, Firm Fixed Price-
2. Time and Material - T&M,/or Unit Price
3. Cost-reimbursable -CR

Front 176

Describe Fixed Price contract type and enumerate it's categories

Back 176

Is used for acquiring goods, products, or services with well-defined specifications or requirements: Contract: $1.100.001.

1. Fixed price incentive fee -FPIF: Contract:$1.100.000. For every month early the project is finished, an additional $10.000 is paid to the seller.
2. Fixed price award fee (FPAF): Contract: $1.100.000. For every month performance exceeds the planned level by more than 15 percent, an additional $5.000 is awarded to the seller, with a maximum award of $50.000
3. Fixed price economic price adjustment (FPEPA): Contract=$1.100.000, but a price increase will be allowed in year two based on the US consumer price index report for year one.
4. Purchase order: Contract=30 linear meters of wood at $9 per meter

Front 177

Describe T&M contract type

Back 177

The buyer pays on a per-hour or per-item basis. Are frequently used for service efforts in which the level of effort cannot be defined when the contract is awarded. Is best set for work valued at small dollar amounts and lasting a short amount of time.

Contract=$100 per hour plus expenses or materials at cost.

Front 178

Describe Cost-reimbursable contract and enumerate its common forms:

Back 178

Is used when the exact scope of work is uncertain and, therefore, costs cannot be estimated accurately enough to effectivively use a fixed-price contract. It provides for the buyer to pay the seller allowable incurred costs to the extent prescribed in the contract.

1. Cost contract: Contract: Cost for work and materials. There is no profit.
2. Cost plus fee (CPF) or Cost plus percentage of costs (CPPC): Contract=Cost plus 10 percent of costs as fee
3. Cost plus fixed fee (CPFF): Contract=Cost plus a fee of $100.000
4. Cost plus incentive fee (CPIF): Contract=$500.000 target cost plus $50.000 target fee. The buyer and seller share any cost savings or overruns at 80% to the buyer and 20% to the seller.
5. Cost plus award fee (CPAF): Contract= Cost plus base fee plus award for meeting buyer-specified performance criteria. Maximum award available is $50.000

Front 179

Fixed-Price Contract: Advantages and Disadvantages

Back 179

Advantages

1. Less work for the buyer to manage
2. The seller has a strong incentive to control costs
3. Companies have experience with this type of contract
4. The buyer knows the total price before the work begins
5. If the seller underprice the work, they may try to make up profits by charging more than is necessary on change orders.
6. The seller may try to not complete some of the procurement statement of work if they begin to lose money
7. The contract type requires more work for the buyer to write the procurement statement of work.
8. A fixed-price contract can be more expensive than a cost-reimbursable contract if the procurement statement of work is incomplete and the seller needs to add to the price for the increased risk.

Front 180

Time and Material contract advantages and disadvantages

Back 180

Advantages

1. This type of contract can be created quickly, because the statement of work may be less detailed.
2. The contract duration is brief
3. This is a good choice when you are hiring "bodies", or people to augment your staff.
4. There is profit for the seller in every hour or unit billed
5. The seller has no incentive to control costs
6. This contract type is appropriate only for small levels of effort on projects.
7. This contract type requires a great deal of day-to-day oversight from the buyer.

Front 181

Cost-reimbursable contract advantages and disadvantages

Back 181

Advantages

1. This contract type allows for a simpler procurement statement of work.
2. Is generally less costly than fixed price because the seller does not have to add as much for risk.
3. This contract type requires auditing the seller's invoices.
4. Requires more work for the buyer to manage
5. The seller has only moderate incentive to control costs.
6. The total price is unknown

Front 182

Contract types vs Amount of risk, for seller and buyer

Back 182

Front 183

Target price

Back 183

This term is often used to compare the end result (final price) with what was expected (the target price). Target price is a measure of success. Target cost plus target fee equals target price.

Front 184

Sharing radio

Back 184

Describes how the costs savings or cost overrun will be shared; the first number represents the buyer portion of the ratio and the second number represents the seller portion (buyer/seller)

Front 185

Point of total assumption (PTA) and its formula

Back 185

This only relates to fixed price incentive fee contracts and refers to the amount above which the seller bears all the loss of a cost overrun.

PTA=[(ceiling price-target price)/buyer's share ratio] +target cost

Front 186

Types of Procurement documents

Back 186

1. Request for proposal (RFP, request for tender): RFPs request a detailed proposal on how the work will be accomplished, who will do it, résumés, company experience, price, etc.
2. Invitation for bid (IFB, or request for bid, RFB): IFBs usually just request a total price to do all the work.
3. Request for quotation (RFQ): RFQs request a price quote per item, hour, meters, or other unit of measure.

Front 187

Nondisclosure agreement

Back 187

This is an agreement between the buyer and prospective sellers identifying the information or documents they will hold confidential and control, and who in the organisation will have access to the confidential information. It has consequences if violated.

Front 188

Standard contract

Back 188

Standard contract format that is used over and over for similar procurements. These types of standard contracts need no further legal review if used as they are. If they are signed without changes, they are legally sufficient.

Front 189

Special provisions (special conditions)

Back 189

Items modified from standard terms and conditions such as needs to be added, changed, or removed. It's purpose is to make sure the resulting contract address the particular needs of the project. Them can be a result of:

1. Risk analysis
2. The requirements of the project
3. The type of contract
4. Administrative, legal, or business requirements

Front 190

Force majeure

Back 190

This is a situation that can be considered an "act of nature", such as a fire or freak electrical storm, and is an allowable excuse for either party not meeting contract requirements. If a force majeure occurs, it is considered to be neither party's fault. It is usually resolved by the seller receiving an extension of time on the project. Who pays for the cost of the items destroyed in a fire or other force majeure? Usually the Risk of loss is borne by the seller and is hopefully covered by insurance.

Front 191

Retainage - retenciones

Back 191

This is an amount of money, usually 5 percent or 10 percent, withheld from each payment. This money is paid when all the final work is completed, it helps ensure completion.

Front 192

Material breach

Back 192

This breach is so large that it may not be possible to work under the contract

Front 193

Letter of intent

Back 193

A letter if intent is NOT a contract, but simply a letter, without legal binding, that says the buyer intends to hire the seller. It is intended to give the seller confidence that the contract will be signed soon and to make them comfortable with taking the risk of ordering the equipment or hiring the staff that will eventually be needed.

Front 194

Privity

Back 194

Contractual relationship

Front 195

Noncompetitive procurements

Back 195

1. Single source: In this type of procurement, you contract directly with your preferred seller without going through the full procurement process.
2. Sole source: In this type of procurement, there is only one seller. This might be a company that owns a patent.

Front 196

Describe Conduct procurements process

Back 196

This process involves getting the procurement statement of work and other procurement documents to prospective sellers, answering the seller's questions, having sellers submit responses, and reviewing the process to select a seller.

Front 197

Seller proposal (or Price quote or bid)

Back 197

This is a seller's response to the procurements documents. A proposal is usually a response to a request for proposal (RFP), a price quote is usually the response to a request for quote (RFQ), and a bid is usually the response to an invitation for bid (IFB).

Front 198

Objectives of procurement negotiations

Back 198

1. Obtain a fair and reasonable price
2. Develop a good relationship with the seller

Front 199

Negotiation tactics

Back 199

1. Attacks
2. Personal insults
3. Good guy/bad guy
4. Deadline
5. Lying
6. Limited authority
7. Missing man
8. Fair and reasonable
9. Delay
10. Extreme demands
11. Withdrawal
12. Fait accompli

Front 200

Main items to negotiate in a procurement process

Back 200

In order:

1. Scope
2. Schedule
3. Price
4. Responsibilities
5. Authority
6. Applicable law
7. Project management process to be used
8. Payment schedule

Front 201

Outputs of the Conduct procurement process

Back 201

1. Selected sellers
2. Signed contracts
3. Resource calendars for contracted resources
4. Change request
5. Updates to the project management plan
6. updates to project documents

Front 202

Describe Control procurements process

Back 202

The Control procurements process involves managing the relationship between the buyer and seller and ensuring that both parties perform as required by the contract.

Front 203

Procurement performance review

Back 203

When during the Control procurements process, the buyer's project manager analyzes all available data to verify that the seller is performing as they should. The purpose of this review is to determine if changes are needed to improve the buyer-seller relationship and the processes being used, in addition to determining how the work is progressing.

Front 204

Claim - reclamación

Back 204

A claim is an assertion(afirmación- aseveración) that the buyer did something that has hurt the seller and the seller is asking for compensation.

Front 205

Outputs of the Control procurements process

Back 205

1. Work performance information
2. Change request(including changes to time and cost estimates, schedule, budget, resource needs, and risk responses)
3. updates to the project management plan
4. Updates to project documents

Front 206

Describe Close Procurements process

Back 206

Closing procurements consist of tyding up all the loose ends, verifying that all work and deliverables are accepted, finalising open claims, and paying withheld retainage for each of the procurements on the project. The buyer will provide the seller with formal notice that the contract has been completed. There may be some continuing obligations, such as warranties, that will continue after the procurement is closed, however.

Front 207

Procurement audit

Back 207

This is a structure review of only procurement process. Do not think of this as an audit of costs, but as a lessons learned of the procurement that can help improve other procurements. Normally this is done by the procurement manager and the project manager, but companies that want to improve their processes may also involve the seller. Remember, this is talking about how the whole procurement process went. Issues that might be discussed include: How can we handle negotiations better? How can we make the bidding process easier for sellers? How could procurement documents be improved?

Close procurements

Front 208

Plan procurement management: key actions and key outputs

Back 208

Key actions:

1. Perform make-or-buy analysis
2. Create a procurement management plan
3. Create the procurement statements of work
4. Select appropriate contract type
5. Create terms and conditions, including standard and special conditions
6. Create procurement documents
7. Create source selection criteria
8. Make or buy decisions
9. Procurement management plan
10. Procurement statements of work
11. Procurement documents
12. Source selection criteria
13. Change request

Front 209

Conduct procurements: Key actions and key outputs

Back 209

Key actions:

1. Find potential sellers through advertising or other means
2. Send procurement documents
3. Hold a bidder conference
4. Answer seller's questions
5. Seller makes a decision to bid/propose
6. Sellers create response to procurement documents
7. Receive the seller responses
8. Compare the proposals to source selection criteria using a weighting system to pick/shortlist the sellers
9. Receive presentations from seller (s).
10. Compare to independent estimates
11. Hold negotiations
12. Selected sellers
13. Signed contracts
14. Resource calendars
15. Change request
16. Project management plan updates
17. Project documents updates

Front 210

Control procurements: key actions and key outputs

Back 210

Key actions:

1. Understand the legal implications of your actions
2. Hold procurement performance reviews
3. Request changes and administer claims
4. Manage interfaces among sellers
5. Report performance
6. Monitor performance against the contract
7. Review cost submittals
8. Make payments
9. Perform inspections and audits
10. Maintain records of everything
11. Accept verified deliverables.
12. Substantial completion of contract requirements and deliverables
13. Work performance information
14. Change request
15. Project management plan updates
16. Project documents updates (including updates to procurement documents)

Front 211

Close procurements: key actions and key outputs

Back 211

Key actions:

1. Perform procurement audit
2. Negotiate a settlement
3. Create lessons learned
4. Complete final contract performance reporting
5. Validate the product
6. Issue formal acceptance
7. Update records
8. Create a procurement file
9. Perform financial closure.
10. Formal acceptance
11. Closed procurements
12. Lessons learned
13. Record updates

Front 212

Stakeholder management processes

Back 212

1. Identify stakeholders: Initiating
2. Plan stakeholder management: Planning
3. Manage stakeholder engagement: Executing
4. Control stakeholder engagement: Monitoring and Controlling

Front 213

What should you do with stakeholders throughout the project?

Back 213

1. Identify all of them
2. Determine their requirements, expectations, interest and their level of influence
3. Plan how you will manage them and communicate with them
4. Manage their expectations, influence and engagement
5. Control communications and stakeholder engagement

Front 214

Describe Identify stakeholders process

Back 214

Es el proceso de identificar a las personas, grupos u organizaciones que podrían afectar o ser afectados por una decisión, actividad o resultado del proyecto, así como de analizar y documentar información relevante relativa a sus intereses, participación, interdependencias, influencia y posible impacto en el éxito del proyecto. Permite al director de proyecto identificar el enfoque adecuado para cada interesado o grupo de interesados.

Front 215

Stakeholder analysis

Back 215

This technique involves both identifying stakeholders and analyzing their impact or influence on the project throughout the life of the project.

Front 216

What might be included in the Stakeholder management plan?

Back 216

1. existing and desired levels of engagement for stakeholders,
2. details about how stakeholders will be involved in the project,
3. specifies about how and why various project information will be distributed to stakeholders
4. guidelines for evaluating how well the plan is meeting the needs of stakeholders and the project.

Front 217

Stakeholder management plan vs Communication management plan

Back 217

Both plans can be repositories of similar communications information about stakeholder communication requirements and who needs to receive what information on a project. But the two plans each have a different focus. The communications management plan emphasises the details about the technology, methods and models of communication -the how of communication. The stakeholder management plan, on the other hand, explains the why of communications -why stakeholders need to receive certain information, and how the sharing of that information will help in managing stakeholder engagement and expectations.

Front 218

Modelos de clasificación para el análisis de interesados

Back 218

1. Matriz de poder/interés: nivel de autoridad(poder) y su nivel de preocupación(interés) con respecto a los resultados del proyecto.
2. Matriz de poder/influencia: nivel de autoridad(poder) y su participación activa(influencia) en el proyecto.
3. Matriz de influencia/impacto: participación activa (influencia) en el proyecto y su capacidad de efectuar cambios a la planificación o ejecución del proyecto (impacto).
4. Modelo de prominencia: basándose en su poder (capacidad de imponer su voluntad), urgencia (necesidad de atención inmediata) y legitimidad (su participación es adecuada)

Front 219

Qué información puede contener un registro de interesados?

Back 219

1. Información de identificación
2. Información de evaluación: requisitos principales, expectativas principales, influencia, fase con mayor interés
3. Clasificación de los interesados: interno/externo, partidario/neutral/reticente, etc

Front 220

Information included in the stakeholder management plan

Back 220

1. Existing and desired levels of engagement for stakeholders
2. Details about how stakeholders will be involved in the project
3. Specifics about how and why various project information will be distributed to stakeholders
4. Guidelines for evaluating how well the plan is meeting the needs of stakeholders and the project

Front 221

Categorías de Clasificación del nivel de participación de los interesados

Back 221

1. Desconocedor: desconocedor del proyecto y sus impactos potenciales.
2. Reticente: Conocedor del proyecto y sus impactos potenciales, y reticente al cambio
3. Neutral: Conocedor del proyecto, aunque ni lo apoya ni es reticente.
4. Partidario: Conocedor del proyecto y de sus impactos potenciales, y apoya el cambio
5. Líder: Conocedor del proyecto y de sus impactos potenciales, y activamente involucrado en asegurar el éxito del mismo

Front 222

Describa el proceso de Gestionar la participación de los interesados

Back 222

Es el proceso de comunicarse y trabajar con los interesados para satisfacer sus necesidades/expectativas, abordar incidentes en el momento en que ocurren y fomentar la participación adecuada de los interesados en las actividades del proyecto. Permite al director de proyecto incrementar el apoyo y minimizar la resistencia por parte de los interesados, aumentando las posibilidades de éxito del proyecto

Front 223

Habilidades interpersonales

Back 223

1. Generar confianza
2. Resolver conflictos
3. Escuchar de forma activa
4. Superar la resistencia al cambio

Front 224

Habilidades de gestión

Back 224

1. Facilitar el consenso hacia los objetivos del proyecto
2. Ejercer influencia sobre las personas para que apoyen el proyecto
3. Negociar acuerdos para satisfacer las necesidades del proyecto
4. Modificar el comportamiento de la organización para aceptar los resultados del proyecto

Front 225

Describe Control Stakeholder Engagement process

Back 225

This process helps you understand stakeholder perceptions of project progress, which will in turn allow you to make minor adjustments to ensure continuing stakeholder engagement and support. In addition to evaluating stakeholder engagement and improving and refining strategies for engagement, this process also involves reassessing the stakeholder register, adding stakeholders as appropriate, and noting when a particular stakeholder's involvement is no longer necessary.

Front 226

Describe Control Stakeholder Engagement process

Back 226

This process helps you understand stakeholder perceptions of project progress, which will in turn allow you to make minor adjustments to ensure continuing stakeholder engagement and support. In addition to evaluating stakeholder engagement and improving and refining strategies for engagement, this process also involves reassessing the stakeholder register, adding stakeholders as appropriate, and noting when a particular stakeholder's involvement is no longer necessary.

Front 227

What is a project?

Back 227

1. Is a temporary endeavor with a beginning and an end
2. Creates a unique product, service, or result

Front 228

What is program management?

Back 228

A program is a group of related projects. By grouping related projects into a program, an organisation can coordinate the management of those projects. The program approaches focuses on the interdependencies between the projects and may help achieve decreased risk, economies of scale, and improved management.

Front 229

What is portafolio management?

Back 229

A portafolio includes a group of programs, individual projects, and other related operational work that are prioritized and implemented to achieve a specific strategic business goal. Combining the projects, programs, and operations into one or more portafolios helps optimize the use of resources, enhances the benefits to the organisation and reduces risk. The programs and projects that make up the portafolio may not be related, other than the fact that they are helping to achieve a common strategic goal.

Front 230

Organisational Project Management (OPM)

Back 230

Guide or driver for project, program and portafolio management and other organisational practices. It is a framework for keeping the organisation as a whole focused on the overall strategy.

Hint 230

Front 231

Project governance

Back 231

It refers to an organisation's established criteria, procedures, and guidelines intended to make sure projects meet the organisation's strategic goals.

Front 232

Project life cycle

Back 232

It is the logical breakdown of what you need to do to produce the deliverables of the project. What you need to do to do the work.

Front 233

Project management process

Back 233

What you need to do to manage the project

Front 234

Executing processes vs M&C processes

Back 234

The focus of executing is to manage people and work to accomplish the project as planned. The focus of M&C is to make sure the project is progressing according to plan, and to approve necessary changes to the plan to meet the organization's strategic objectives.

Front 235

Level of influence of project managers according to organizational structures on projects

Back 235

In weak matrix organizations the role of the project manager is more of a coordinator or expediter. A project expediter works as staff assistant and communications coordinator. The expediter cannot personally make or enforce decisions. Project coordinators have power to make some decisions, have some authority, and report to a higher-level manager. Strong matrix organizations have full-time project managers with considerable authority and full-time project administrative staff. While the balanced matrix organization recognizes the need for a project manager, it does not provide the project manager with the full authority over the project and project funding.

Hint 235

Front 236

Initiating Process Group

Back 236

Formally starts a new project or project phase. Involves identifying and analyzing stakeholders to align their expectations about the project . It provides a guiding vision for the project in terms of the organization's strategic objectives that the project will help achieve, the project high level scope, any known constraints. The project is oficially authorized through project initiating, and this process group provides the project manager with the authority and information necesary to begin th project.

Front 237

Progressive elaboration

Back 237

The process of continually refining estimates and scope.

Although the project management plan is finalized in planning, items such as the detailed estimate, project scope, product scope may be clarified over time as the work is being done during the executing and monitoring and controlling processes.

Front 238

List the processes that are part of the Initiating Process Group

Back 238

1. Develop project charter: project integration management
2. Identify stakeholders: project stakeholder management

Front 239

Planning process group

Back 239

processes performed to establish the total scope of the effort, define and refine the objectives, and develop the course of action required to attain those objectives. The Planning processes develop the project management plan and the project documents that will be used to carry out the project.

Front 240

List the processes that are part of the Planning Process Group

Back 240

1. Develop project management plan: project integration management.
2. Plan scope management: project scope management.
3. Collect requirements.
4. Define scope.
5. Create WBS
6. Plan schedule management
7. Define activities
8. Sequence activities
9. Estimate activities resources
10. Estimate activity durations
11. Develop schedule
12. Plan cost management
13. Estimate costs
14. Determine budget
15. Plan quality management: project quality management
16. Plan human resource management: project human resource management
17. Plan communications management: project communications management.
18. Plan risk management: project risk management
19. Identify risks
20. Perform qualitative risk analysis
21. Perform quantitative risk analysis
22. Plan risk responses
23. Plan procurement management: project procurement management
24. Plan stakeholder management: project stakeholder management

Front 241

Rita's process chart: initiating phase

Back 241

1. Select project manager
2. Determine company culture and existing systems
3. Collect processes, procedures and historical information
4. Divide large projects into phases
5. Understand the business case
6. Uncover initial requirements, assumptions, risk, constraints and existing agreements
7. Assest project and product feasibility within the given constraints
8. Create measurable objectives
9. Develop project charter
10. Identify stakeholders and determine their expectations, influence and impact

Front 242

Rita's process chart: planning phase

Back 242

1. Determine how you will plan for each knowledge area
2. Determine detailed requirements
3. Create project scope statement
4. Assess what to purchase and create procurement documents
5. Determine planning team
6. Create WBS and WBS dictionary
7. Create activity list
8. Create network diagram
9. Estimate resource requirements
10. Estimate time and cost
11. Determine critical path
12. Develop schedule
13. Develop budget
14. Determine quality standards, processes and metrics
15. Create process improvement plan
16. Determine all roles and responsibilities
17. Plan communications and stakeholder engagement
18. Perform risk identification, qualitative and quantitative risk analysis, and risk response planning
19. Go back - iterations
20. Finalize procurement documents
21. Create change management plan
22. Finalize the "how to execute and control" parts of all management plans
23. Develop realistic and final PM plan and performance measurements baseline
24. Gain formal approval of the plan
25. Hold kickoff meeting

Front 243

Rita's process chart: executing phase

Back 243

1. Execute the work according to the PM plan
2. Produce product deliverables (product scope)
3. Gather work performance data
4. Request changes
5. Implement only approved changes
6. Continuously improve
7. Follow processes
8. Determine whether processes are correct and effective (quality assurance)
9. Perform quality audits
10. Acquire final team
11. Manage people
12. Evaluate team and individual performance
13. Hold team-building activities
14. Give recognition and rewards
15. Use issues logs
16. Facilitate conflict resolution
17. Release resources as work is completed
18. Send and receive information, and solicit feedback
19. Report on project performance
20. Manage stakeholder engagement and expectations
21. Hold meeting
22. Select sellers

Front 244

Rita's process chart: monitoring and controlling phase

Back 244

1. Take action to control the project

Front 245

Rita's process chart: closing phase

Back 245

1. Confirm work is done to requirements
2. Complete procurement closure
3. Gain final acceptance of the product
4. Complete financial closure
5. Hand off completed product
6. Solicit feedback from the customer about the project \
7. Complete final performance reporting
8. Index and archive records
9. Gather final lessons learned and update knowledge base

Front 246

Executing process group

Back 246

Complete the project work as defined in the project management plan and to meet the project objectives. The goal is to achieve the project deliverables within the project planned budget and schedule, and to meet any other objectives stablished for the project. The focus is on managing people, following processes, and communicating according to plan. During executing the project manager has a guiding, proactive role, constantly referring back to the project management plan and project documents.

Front 247

Monitoring and Controlling processes group

Back 247

Measuring the performance of the project against the project management plan and approving change request, including recomiendes corrective actions, preventive actions, and defect repair.

Front 248

List the processes that are part of the Monitoring and Controlling process group

Back 248

1. Monitor and control project work: Integration management
2. Perform integrated change control
3. Validate scope: scope management
4. Control scope
5. Control schedule: time management
6. Control costs: costs management
7. Control quality: quality management
8. Control communications: communications management
9. Control risks: risk management
10. Control procurements: procurement management
11. Control stakeholder engagement: stakeholder management

Front 249

Control scope activities

Back 249

1. Follow the change management plan
2. Measure scope performance against the performance measurement baseline
3. Influence the factors that cause changes
4. Control scope changes and the impacts of those changes
5. Analyze work performance data and variables
6. Request changes
7. Update the scope baseline, other parts of the project management plan, and requirements documentation with approved changes
8. Validate changes to make sure they do not over- or undercorrect the problems
9. Document lessons learned

Front 250

Control schedule activities

Back 250

1. Follow the change management plan
2. Measure schedule performance against the performance measurement baseline
3. Influence the factors that cause changes
4. Control schedule changes and the impacts on those changes
5. Analyze work performance data and variances
6. Request changes
7. Update the schedule baseline, other parts of the project management plan, and schedule-related documentation
8. Document lessons learned
9. Manage time reserve
10. Use earned value analysis to create schedule forecasts
11. Validate changes to make sure they do not over- or undercorrect the problems
12. Consider optimizing resources

Front 251

Control costs activities

Back 251

1. Follow the change management plan
2. Measure cost performance against the performance measurement baseline
3. Influence the factors that cause changes
4. Analyze work performance data and variances
5. Request changes
6. Update the cost baseline, other parts of the project management plan, and cost estimates
7. Document lessons learned
8. Manage the budget reserve
9. Use earned value analysis to recalculate the estimate at completion and other cost forecast
10. Obtain additional funding when needed
11. Validate changes to make sure they do not over- or undercorrect the problems

Front 252

Control quality activities

Back 252

1. Hold periodic inspections
2. Ensure the deliverables are meeting the standards
3. Influence the factors that cause changes
4. Request changes or improvements to work and processes
5. Make decisions to accept or reject work
6. Evaluate the efectiveness of implemented changes
7. Reassess the efectiveness of project control systems
8. Analyze work performance data and variances
9. Update the quality management and process improvement plans, as well as quality- and process- related documentation
10. Validate changes to make sure they do not over- or undercorrect the problems
11. Document lessons learned

Front 253

Control communications activities

Back 253

1. Ensure information is being communicated to the appropriate people un the right way and at the right time
2. Analyze work performance data and variances
3. Request changes
4. Update documentation related to forecasts, performance reports, and issue logs
5. Analyze information about communications to make sure they are meeting stakeholder needs
6. Document lessons learned
7. Validate changes to make sure they do not over- or undercorrect the problems

Front 254

Control risks activities

Back 254

1. Reassess risks, planned risk responses, and risk reserves
2. Identify new risks
3. Use risk management procedures
4. Create and implement workarounds
5. Evaluate the efectiveness of implemented risk response plans and risk processes
6. Analyze work performance data, work performance reports, and variances
7. Request changes
8. Perform risk audits
9. Update the project management plan and lists of risks and risk response plans
10. Document lessons learned

Front 255

Control procurements activities

Back 255

1. Monitor performance to make sure both parties to the contract meet contractual obligations
2. Inspect and verify the contract deliverables
3. Protect your legal rights
4. Follow the defined procurement management procedures, including the contract change control system
5. Analyze work performance data, seller work performance reports, and variances
6. Request and manage changes
7. Authorize contract-related work
8. Issue and review claims
9. Mantain comprehensive records
10. Report on seller performance compared to contract
11. Review invoices and make payments
12. Update the project management plan and procurement documentation
13. Validate contract changes, control to updated version, and evaluate efectiveness of changes
14. Document lessons learned

Front 256

Control stakeholder engagement activities

Back 256

1. Analyze work performance data and variances
2. Evaluate stakeholder engagement and stakeholder relationships and look for opportunities for improvement
3. Assess whether stakeholders' expectations are aligned with the project
4. Resolve conflicts
5. Mantain an issue log
6. Request changes
7. Update the stakeholder management plan and the stakeholder register
8. Document lessons learned
9. Validate success of changes to stakeholder engagement strategy

Front 257

List the processes that are part of the closing process group

Back 257

1. Close project or phase: Integration management
2. Close procurements: Procurement management

Front 258

Describe the activities encompasses in the closing process group

Back 258

The closing effort will include administrative activities such as collecting and finalizing all the paperwork needed to complete the project, and technical work to confirm that the final product of the project is acceptable. It will also include any work needed to transfer the completed project to those who will use it and to solicit feedback from the customer about the product and the project.

Front 259

Integration Management Processes

Back 259

1. Develop project charter : initiating
2. Develop project management plan: planning
3. Direct and manage project work: Executing
4. Monitor and control project work: Monitoring and controlling
5. Perform integrated change control: Monitoring and controlling
6. Close project or phase: closing

Front 260

Project charter - parts

Back 260

1. Project title and description (What is the project)
2. Project manager assigned and authority level (Who is given authority to lead the project, and can he/she determine, manage, and approve changes to budget, schedule, staffing, etc.?
3. Business case (Why is the project being done? On what financial or other basis can we justify doing this project? Describe the purpose and justification.
4. Resources preassigned (How many or which resources will be provided?)
5. Stakeholders (Who will affect or be affected by the project [influence the project], as known to date?)
6. Stakeholder requirements as known (Requirements related to both project and product scope)
7. Product description/deliverables (What specific product deliverables are wanted, and what will be the end result of the project?)
8. Assumptions (What is believed to be true or reliable in the situation? What do we believe to be the case but do not have proof or data for?)
9. Constraints (What factors may limit our ability to deliver? What boundaries or parameters will the project have to function within?)
10. Measurable project objectives (How does the project tie into the organization's strategic goals? What project objectives support those goals? The objectives need to be measurable and will depend on the defined priority of the project constraints)
11. Project approval requirements (What items need to be approved for the project, and who will have sign-off? What designates success?)
12. High-Level project risks (Potencial threats and opportunities for the project)

Front 261

Economic Value Added

Back 261

In terms of project selection, this concept is concerned with whether the project returns to the company more value than the initiative cost.

Front 262

Opportunity cost

Back 262

This term refers to the opportunity given up by selecting one project over another. This does not require any calculation.

Hint 262

An organization has two projects to choose from: Project A with an NPV of $45.000 or project B with and NPV of $85.000. What is the opportunity cost of selecting project B?

Answer: $45.000. The opportunity cost is the value of the project not selected

Front 263

Sunk cost

Back 263

Sunk costs are expended costs. Accounting standards say that sunk costs should not be considered when deciding wheter to continue with a trouble project.

Front 264

Law of diminishing returns. Ley de rendimientos decrecientes

Back 264

This law states that after a certain point, adding more input(e.g programmers) will not produce a propportional increse in productivity (e.g modules of code per hour).

Front 265

Working capital

Back 265

This term refers to current assets minus current liabilities(pasivos) for an organization. In other words, it is the amount of money the company has available to invest, including investment in projects

Front 266

Depreciation's forms

Back 266

1. Straight line depreciation: The same amount of depreciation is taken each year.
2. Accelerated depreciation: * Double declining balance: depreciación por doble disminución de saldo
* Sum of the years digits: suma de los dígitos del año

Accelerated depreciation depreciates faster than straight line depreciation.

Front 267

Project Statement of Work (SOW)

Back 267

It is created by the customer or sponsor and describes their needs, the product scope, and how the project fits into the organization's or customer's strategic plan.

This document may not be complete when recieved as an input to the develop project charter process. It is further defined in the project scope statement during project planning. SOW references the following:

* Business need
* Product scope description
* Strategic plan

Front 268

Which elements are included in the project management plan?

Back 268

1. project management processes that will be used on the project
2. Knowledge área management plans
3. Scope, schedule and cost baselines
4. Requirements management plan
5. Change management plan
6. Configuration management plan
7. Process improvement plan

Front 269

Baselines (Performance measurement baseline)

Back 269

Are used to compare the project's actual performance against its planned performance.

1. Scope baseline: the project scope statement, WBS, and WBS dictionary
2. Schedule baseline: the agreed-upon schedule, including the start and stop dates for each activity.
3. Cost baseline: The time-phase cost budget

Front 270

Requirements management plan

Back 270

it describes how the effort of identifying, analyzing, evaluating, prioritizing, and documenting the requirements will be done, as well as how the requirements will be managed and controlled throughout the project.

Front 271

Change management plan

Back 271

It describes how changes will be managed and controlled and may include:

1. Change control procedures (how and who)
2. The approval levels for authorizing changes
3. The creación of a change control board to approve changes, as well as the roles and responsibilities of those on the board
4. A plan outlining how changes will be managed and controlled
5. Who should attend meetings regarding changes
6. The organizational tools to use to track and control changes
7. Information on reporting the outcome of change requests
8. The emergency change process

Front 272

Change control system

Back 272

It use to be part of the organization's project management information systems (PMIS). This system includes standardized forms, reports, processes, procedures, and software to track and control changes. It is part of an organization's enterprise environmental factors.

Front 273

Configuration management plan

Back 273

The o purpose of the configuration management plan is define how you will manage changes to the deliverables and processes and the resulting documentation, including which organizational tools you will use in this effort. (making sure everyone knows what version of the scope, schedule, and other components of the project management plan is the latest version)

Front 274

Configuration management system

Back 274

The configuration management system is part of the project management information system (PMIS). It contains the organization's standardized configuration management tools, processes, and procedures that can be used to track and control the evolution of the project documentation

Front 275

Process improvement plan

Back 275

As part of planning, you need to identify existing processes to use on the project and may need to create some processes. You also need to plan in efforts to improve these processes during the project. The focus on improvement is important because good processes help the team complete work faster, cheaper, and with higher quality.

Front 276

Direct and manage project work

Back 276

Executing. This process represents the Integration aspect of project executing. In direct and manage project work, the project manager integrates all the executing work into one coordinated effort to accomplish the project management plan and produce the deliverables. It also involves gathering work performance data, requesting changes, and completing the work resulting from approved change requests.

Front 277

Monitor and control project work

Back 277

It involves looking at what is happening on the project and comparing the actual and forecasted performance to what was planned. It is a control function that is done from project initiating through project closing. It results in change request, work performance reports, and updates to the project management plan and project documents

Front 278

Work authorization system

Back 278

This is the project manager's system for authorizing the start of work packages or activities. It is part of the project management information system, which is part of the enterprise environmental factors that are inputs to the monitor and control project work process

Front 279

Corrective action

Back 279

It is any action taken to bring expected future project performance in line with the project management plan. It involves dealing with actual deviation

1. Direct and manage project work
2. Monitor and control project work
3. Validate scope
4. Control scope
5. control schedule
6. control costs
7. perform quality assurance
8. control quality
9. manage project team
10. control communications
11. control risks
12. control procurements
13. manage stakeholder engagement
14. control stakeholder engagement

Front 280

Preventive action

Back 280

Taking preventive action means dealing with anticipated or possible deviations from the baseline or other metrics. Knowing when preventive action is needed requires more experience than calculation, because you are evaluating trends in the measurement analysis and anticipating that if they continúe, they could lead to deviation from the performance measurement baseline or other metrics.

1. direct and manage project work
2. monitor and control project work
3. control scope
4. control schedule
5. control costs
6. perform quality assurance
7. control quality
8. manage project team
9. control communications
10. control risks
11. manage stakeholder engagement
12. control stakeholder engagement

Front 281

processes which defect repair is an output

Back 281

Rework.

1. direct and manage project work
2. monitor and control project work
3. validate scope
4. control scope
5. perform quality assurance
6. control quality

Front 282

Perform integrated change control process

Back 282

Monitoring and controlling. is the process of reviewing all change requests; approving changes and managing changes to deliverables, organizational process assets, project documents, and the project management plan; and communicating their disposition.

Front 283

Detailed process for making changes

Back 283

1. Prevent the root cause of changes
2. Identify change
3. Look at the impact of the change within the knowledge área
4. create a change request
5. Perform integrated change control:
6. Assess the change
7. Look for options
8. the change is approved or rejected
9. Update the status of the change in the change log
10. Adjust the project management plan, project documentation, and baselines as necessary
11. Manage stakeholders' expectations by communicating the change to stakeholders affected by the change
12. Manage the project to the revised project management plan and project documents

Front 284

Scope management area

Back 284

scope management is the process of defining what work is required and then making sure all of that work -and only that work - is done.

Front 285

Scope management processes

Back 285

1. Plan scope management: planning
2. Collect requirements: planning
3. Define scope: planning
4. Create WBS: planning
5. Validate scope: Monitoring and controlling
6. Control scope: Monitoring and controlling

Front 286

Product scope

Back 286

Requirements related to the product of the project. It can also be defined as the product deliverables with their associated features and functions.

Front 287

Project scope

Back 287

It is the work the project will do to deliver the product of the project; it encompasses the product scope. In other words, project scope includes the planning, coordination, and management activities (such as meetings and reports) that ensure the product scope is achieved.

Front 288

Describe plan scope management process

Back 288

planning. scope management. is the process of creating a scope management plan that documents how the project scope will be defined, validated, and controlled. The key benefit of this process is that it provides guidance and direction on how scope will be managed throughout the project.

Front 289

scope management plan

Back 289

It contains essentially three parts: how scope will be planned, executed, and controlled. It defines the following:

* How to achieve the scope
* What tools to use to plan how the project will accomplish the scope
* How to create the WBS
* What enterprise environmental factors and organizational process assets come into play
* How scope will be managed and controlled to the project management plan
* How to obtain acceptance of deliverables

Front 290

Requirements management plan

Back 290

It describes the methods you intend to use to identify requirements. This plan answer the following questions: "Once I have all the requirements, what will I do to analyze, prioritize, manage, and track changes to them? What should I include in the requirements traceability matrix?

Front 291

Describe collect requirements process

Back 291

Planning. Scope management. The collect requirements process looks for all requirements, not just those related to the product of the project:

* Request about how the work is managed
* Capabilities stakeholders would like to see in the product
* May also be related to quality
* Business processes
* Compliance
* Project management

Front 292

Collect requirements tools and techniques

Back 292

1. Interviews
2. Focus groups: it helps get a specific set of stakeholders' or subject matter experts' opinions and requirements for the product or an aspect of the project. Members of the focus group are usually selected from a specific demographic group of customers. They can discuss their ideas with each other, and the conversation is directed by a moderator.
3. Facilitated workshops: It brings together stakeholders with different perspectives (e.g product designers and end users) to talk about the product and, ultimately, define requirements. Stakeholders may develop user stories as part of these workshops.
4. Brainstorming
5. Nominal group technique: it is usually, but not always, done during the dame meeting ad brainstorming. The meeting participants rank the most useful ideas generated during the brainstorming session.
6. Multi-criteria decision analysis: Another way to rank ideas. Stakeholders quantify requirements using a decision matrix based on factors such as expected risk levels, time estimates, and cost and benefit estimates.
7. Mind maps
8. Affinity diagrams: the ideas generated from any other requirements gathering techniques are group by similarities. Each group of requirement is then given a title. This sorting makes it easier tonsee additional areas of scope (or risk) that have not been identified. Affinity diagrams can also ve organized by requirement categorías.
9. Questionnaries and surveys
10. Observación
11. Prototypes
12. Benchmarking: Look at what competition is doing.
13. Context diagrams: aka context level data flow diagram. It shows the boundaries of the product scope by highlighting the product and its interfaces with people, processes, or systems.
14. Group decision making: delphi technique

Front 293

Requirement categories

Back 293

1. Business requirements
2. stakeholder requirements
3. solution requirements
4. transition requirements
5. project requirements
6. quality requirements
7. technical requirements

Front 294

Actividades de gestión de la configuración que se incluyen dentro del proceso Realizar el control integrado de cambios

Back 294

1. Identificación de la configuración: la identificación y selección de un elemento de configuración proporciona la base para la que se define y verifica la configuración del producto, con la que se etiquetan los productos y documentos, se gestionan los cambios y se establece la responsabilidad.
2. Seguimiento del estado de la configuración: la configuración se registra y se reporta con respecto a cuándo deben proporcionarse datos pertinentes acerca de un elemento de configuración. Esta información incluye un listado de la identificación de la configuración aprobada, el estado de los cambios propuestos a la configuración y el estado de implementación de los cambios aprobados.
3. Verificación y auditoría de la configuración: La configuración y auditorías de la configuración aseguran que la composición de elementos de configuración de un proyecto es correcta y que los cambios correspondientes se registran, se evalúan, se aprueban, se revisan y se implementan correctamente. Esto asegura el cumplimiento de los requisitos funcionales definidos en los elementos de configuración

Front 295

Methods of reaching a group decision

Back 295

1. Unanimity. A decision that is reached whereby everyone agrees on a single course of action. One way to reach unanimity is the Delphi Techniques .
2. Majority. A decision that is reached with support obtained from more than 50 % of the members of the group. Having a group size with an uneven number of participants can ensure that a decision will be reached, rather than resulting in a tie.
3. Plurality. A decision that is reached whereby the largest block in a group decides, even if a majority is not achieved. This method is generally used when the number of options nominated is more than two.
4. Dictatorship. In this method, one individual makes the decision for the group

Front 296

Collect requirements outputs

Back 296

1. Requirements documentation
2. Requirements traceability matrix

Front 297

Resolving competing requirements

Back 297

You should help resolve competing requirements by accepting those that best comply with following:

* The business case stating the reason the project was initiated (marketing demand, legal requirement, etc.)
* the project charter
* the project scope statement (if this is available at the time of the conflict)
* the project constraints

Front 298

Requirements traceability matrix

Back 298

It links requirements to objectives and/or other requirements, and where the requirement attributes (I.e., identification numbers, sources, status, who is assigned to manage the requirement, etc.) also need to be documented.

Front 299

Describe Define scope process

Back 299

It is primarily concerned with what is and is not included in the project and its deliverables. is the process of developing a detailed description of the project and product. The key benefit of this process is that it describes the product, service, or result boundaries by defining which of the requirements collected will be included in and excluded from the project scope.

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Product analysis

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Define scope. Tool. The purpose of it is to analyze the objectives and description of the product stated by the customer or sponsor and turn them into tangible deliverables.

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Rules for creating a WBS

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1. The WBS is created with the help of the team
2. Each level of the WBS is a smaller piece of the previous level
3. The entire project is included in each of the highest levels of the WBS. Eventually some levels will be broken down further than others
4. The WBS includes only deliverables that are required for the project
5. Deliverables not in the WBS are not part of the project.
6. Can be realistically and confidently estimates
7. Can be completed quickly
8. Can be completed without interrupción (without the need for more information)
9. May be outsource or contracted out

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Control account

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It is a tool that allows for the aggregation and analysis of work performance data regarding costs, schedule, and scope. Control accounts provide a way to manage and control costs, schedule, and scope at a higher level than the work package. Each work package in the WBS would be assigned to only one control account.

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WBS Dictionary

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This document provides a description of the work to be done for each WBS work package and helps make sure the resulting work better matches what is needed. This document may be used as part of a work authorization system, which informs team members were their work package is going to start. The WBS dictionary describes the schedule milestones, the acceptance criteria, durations, interdependencias, and other information about the work package. It essentially puts boundaries on what is included in the work package.

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Describe create work breakdown estructure (WBS) process

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Create WBS is the process of subdividing project deliverables and project work into smaller, more manageable components. The key benefit of this process is that it provides a structured vision of what has to be delivered.

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Outputs of the create the WBS process

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1. Scope baseline
2. Project documents updates (e.g requirements documentation)

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Describe validate scope process

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M&C. Scope management. It involves frequent, planned meetings with the customer or sponsor to gain formal acceptance of deliverables during project monitoring and controlling.

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Inputs to Validate scope process

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1. Verified or validated deliverables
2. Scope baseline
3. Requirements traceability matrix
4. Requirements documentation
5. Scope management plan
6. Work performance data

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Outputs of the validate scope process

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1. Work performance information
2. Accepted deliverables
3. Change request
4. Project document updates

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Describe control scope process

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M&C. Scope management. Control Scope is the process of monitoring the status of the project and product scope and managing changes to the scope baseline. The key benefit of this process is that it allows the scope baseline to be maintained throughout the project.

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Variance Analysis

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Tool to Control scope. Variance analysis is a technique for determining the cause and degree of difference between the baseline and actual performance. Important aspects of project scope control include determining the cause and degree of variance relative to the scope baseline and deciding whether corrective or preventive action is required.

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Work authorization system

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This is the project manager's system for authorizing the start of work packages or activities. It is part of the project management information system, which is part of the enterprise environmental factors that are inputs to the monitor and control project work process

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Product analysis

Back 312

Define scope. Tool. The purpose of it is to analyze the objectives and description of the product stated by the customer or sponsor and turn them into tangible deliverables.

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The time management processes

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1. Plan schedule management: planning
2. Define activities: planning
3. Sequence activities: planning
4. Estimate activity resources
5. Estimate activity durations
6. Develop schedule
7. Control schedule: M & C

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Describe the plan schedule management process

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Planning. Time management. It involves documenting how you will plan, manage, and control the project schedule.

1. Who will be involved
2. Approach to plan the schedule for the project
3. Processes and procedures to create the schedule (having in account eef and opa)
4. how effectively manage and control the project to the schedule baseline, and manage schedule variances - (determine measures of performance, how and when capture the data to measure, how use data to keep project on track, what to do when variances occur)

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Inputs to plan schedule management process

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1. Project management plan (scope baseline)
2. Project charter (high-level milestones, who needs to approve the final schedule)
3. Organizational process assets (processes, procedures, monitoring and reporting tools)
4. Enterprise environmental factors (scheduling tool, commercial published information, organizational work authorization system)

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Schedule Management Plan

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1. Scheduling methodology
2. Scheduling software
3. Rules for how estimates should be stated
4. Identification of the performance measures that will be used on the project, to identify variances
5. Determination of acceptable variance
6. How schedule variances will be identified and managed
7. Identification of schedule change control procedures
8. Reporting formats to be used

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Plan schedule management tools and techniques

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1. Expert judgement
2. Analytical techniques
3. Meetings

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Describe Define activities process

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Planning. Time management. Taking the work packages created in the WBS and decomposing them into the activities that are required to produce the work packages deliverables. The activities should be at a level small enough to estimate, schedule, monitor, and control

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Outputs of define activities process

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1. Activity list
2. activity attributes
3. Milestones: significant events within the project schedule. They are not work activities, and have no duration

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Tools and techniques of define activities process

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1. Decomposition
2. Rolling wave planning: plan activities to the detail needed to manage the work only when you start that phase of the project life cycle
3. Expert judgement

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Inputs of define activities process

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1. Schedule management plan
2. Scope baseline
3. Enterprise environmental factors
4. Organizational process assets: existing templates, historical information, standards such as prescribed scheduling methodology

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Describe sequence activities process

Back 322

Planning. Time management. taking activities and milestones and sequencing them in the order in which the work will be performed. The result is a network diagram

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Inputs to the sequence activities process

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1. Schedule management plan
2. Activity list

3. Activity milestones
4. Scope baseline
5. Enterprise environmental factors
6. Organizational process assets

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Precedence Diagraming Method (PDM) or Activity on Node (AON)

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In this method nodes or boxes are used to represent activities, and arrows show activity dependencies.

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Types of logical relationships between activities in PDM or AON

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1. Finish-to-start (FS)
2. Start-to-start (SS): An activity must start before the successor can start
3. Finish-to-finish: An activity must finish before the successor can finish
4. Start-to-finish (SF): an activity must start before the successor can finish (rarely used)

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GERT _ Graphical Evaluation and Review Technique

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Modification of the network diagram drawing method.It is a computer simulation technique that allow loops between activities

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Types of activities dependencies

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1. Mandatory dependency (Hard logic): is inherent in the nature of the work or is required by the contract.
2. Discretionary dependency (Preferred, Preferential or Soft Logic): the way an organization has chosen to have work done. There are other ways it could be done, but this is the preferred approach. se pueden cambiar y juegan un papel importante al aplicar t'ecnicas de compresi'on.
3. External dependency: it is based on the needs or desires of a party outside the project (government or suppliers)
4. Internal Dependency: it is based on the needs of the project and may be something the project team can control.

More than one dependency can be identified for the same work.

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Leads and Lags

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* Lead - adelanto: it may be used to indicate that an activity can start before its predecessor activity is completed. Se representa como un valor negativo.
* Lag - retraso: it is waiting time inserted between activities

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Sequence activities outputs

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1. Project schedule network diagram
2. Project documents updates: activity list, activity attributes, milestones list and risk register.

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Tips about estimating

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1. Management plans provide the basis for estimating
2. Estimating shoud be based on a WBS to improve accuracy
3. Identified risk must be considered when estimating time and cost of the project work
4. Changes should be requested when problems with schedule, cost, scope, quality, or resources occur and cannot be solved by using time and cost reserves
5. Estimates must be reviewed when they are received to see if they are reasonable and to check for padding and risks.
6. Estimates can be decreased by reducing or eliminating risks

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Describe estimate activity resources process

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Planning. Time management. Determine the type and quantity of needed resources (equipment and material as well as people)

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Outputs of estimate activity resources process

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1. Activity resource requirements
2. Resource breakdown structure (RBS), which shows the resources to be used, organized by category and type.
3. Project document updates

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Inputs of estimate activity resources process

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1. Schedule management plan
2. Activity list
3. Activity attributes
4. Resource calendars: calendar that identifies the working days ans shifts on which each specific resource is available
5. Risk register
6. Activity cost estimates
7. Enterprise environmental factors: resource location, availability, skills
8. Organizational process assets: staffing policies and procedures and rental and purchase of supplies and equipment, historical information

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Tools and techniques of estimate activity resources process

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1. Expert judgement
2. Alternative analysis
3. Published estimating data
4. Bottom-up estimating
5. Project management software

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Alternative analysis

Back 335

Many schedule activities have alternative methods of accomplishment. They include using various levels of resource capability or skills, different size or type of machines, different tools, and make-rent-or-buy decisions regarding the resource

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Bottom-up estimating

Back 336

it is a method of estimating project duration or cost by aggregating the estimates of the lower-level components of the WBS. When an activity cannot be estimatedwith a reasonable degree of confidence, the work within the activity is decomposed into more detail.

Advantages

1. More accurate
2. Gains buy-in from the team because the team creates estimates they can live with.
3. Based on a detailed analysis of the project
4. Provides a basis for monitoring and controlling, performance measurement, and management
5. Takes time and expense to use this estimating technique
6. Tendency for the team to pad estimates unless they understand the use of reserves
7. Requires that the project be defined and well understood before estimating begins.
8. Requires time to break down the project into smaller pieces

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Describe estimate activity durations process

Back 337

Planning. Time management. Estimate how much time each activity will take. The estimators should be those who will be doing the work, when possible

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one-point estimating

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The estimator submit one estimate per activity. The time estimate may be based on expert judgement or historical information, or it could be just a guess. As a result this technique can be problematic:

1. Force people into padding their estimates
2. Hides important information about risks and uncertainties from the project manager that the project manager needs to better plan and control the project.
3. It can result in a schedule that no one believes in, thus increasing buy-in to the project management process
4. It often results in the estimators working against the project manager to protect themselves, rather than with the project manager to help all involved in the project.

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Analogous estimating (top-down)

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Uses expert judgement and historical information to predict the future. It can be done at the project level or activity level. The level of accuracy depends on how closely the project or activity matches the past history.

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Parametric estimating

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It looks at the relationships between variables on an activity to calculate time or cost estimates. The data can come from historical records from previous projects, industry requirements, standard metrics, or other sources. There are two ways an estimator might create parametric estimates:

1. Regression analysis (scatter diagram): this diagram tracks two variables to see if they are related and creates mathematical formula to use in future parametric estimating
2. Learning curve.

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Three-Point estimating

Back 341

It states estimates in a range using three point estimates. Analyzing what could go right (opportunities) and what could go wrong (threads) can help estimators determine an expected range for each activity. It helps to better understand the potential variation of the activity estimates and the overall project estimate. It allows more consideration of the uncertainty of estimating and the risks associated with the activities.

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Estimate activity durations outputs

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1. Activity duration estimates
2. Project document updates: activity attributes, assumptions made in developing the activity duration estimate, such as skill levels and availability as well as basis of estimates for duration

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Estimate activity durations inputs

Back 343

1. Schedule management plan
2. Activity list
3. Activity attributes
4. Activity resource requirements
5. Resource calendars
6. Project scope statement
7. Risk register
8. Resource breakdown structure
9. Organizational process assets: project calendar, schedule methodology, lessons learned
10. Enterprise environmental factors: productivity metrics, location of team members, duration estimating databases

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Describe develop schedule process

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It puts the information into a schedule tool to create a schedule model.

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Schedule model

Back 345

The schedule model consists of all the project data that will be used to calculate the schedule, such as the activities, dependencies, leads and lags, etc. The project schedule is the output of the schedule model - this refer to the final, printed dates that make up the schedule that becomes the baseline and part of the project management plan. The schedule model provides a vehicle to show various representations of the schedule

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Develop schedule inputs

Back 346

1. Schedule management plan
2. Activity list: define activities
3. Activity attributes: define activities
4. Network diagram: sequence activities
5. Activity resource requirements: estimate activity resources
6. resource calendars: conduct procurements, acquire project team
7. activity duration estimates: estimate activity durations
8. Project scope statement: Define scope
9. Risk register: Identify risks
10. Project staff assigments: Acquire project team
11. Resource breakdown structure: Estimate activity resources
12. Enterprise environmental factors: scheduling tool, communication channels, standards
13. Organizational Process Assests: scheduling methodology and project calendar.

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Schedule network analysis

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Develop schedule. It is a technique that generates the project schedule model by employing various analytical techniques:

1. Critical path method
2. Schedule compression
3. Modeling
4. Resource optimization
5. Critical chain method

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near-critical path

Back 348

This path is close in duration to the critical path. The closer in length the near-critical and critical paths are, the more risks the project has.

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Reduce scope: schedule shortening option

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* May save cost, resources, and time
* May negatively impact customer satisfaction

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Cut quality: schedule shortening option

Back 350

* May save cost, resources, and time

* May increase risk
* Requires good metrics
* May negatively impact customer satisfaction

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Critical chain method

Back 351

The critical chain method uses a network diagram and critical path to develop a schedule by assigning each activity to occur as late as possible to still meet the end date. You add resource dependencies to the schedule, and then calculate the critical chain.

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Develop schedule outputs

Back 352

1. Schedule baseline: version of the schedule model used to manage the project and that the project team's performance is measured against.
2. Project schedule: can be shown with or without dependencies and can be shown in any of the following presentations created from the schedule model, depending of the needs of the project: network diagram, milestone chart, bar chart(Gantt charts)
3. Schedule data
4. Project calendars
5. Project management plan updates
6. Project documents updates

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Fait accompli

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Procurement. Fait accompli is a French phrase which means literally "an accomplished deed". It is commonly used to describe an action which is completed before those affected by it are in a position to query or reverse it. Perhaps the nearest English equivalent is a "done deal".

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Cost Management Processes

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1. Plan cost management: planning
2. Estimate costs
3. Determine budget
4. Control cost: M & C

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Describe plan cost management process

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Planning. Cost management. It involves identifying how you are going to plan, manage and control project costs.

Sometimes it can involve determining whether the project will be paid for with the organization's existing funds or will be funded through equity or debt. It could also include decisions about how to finance project resources, such as choosing whether to purchase or lease equipment.

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Describe estimate cost process

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It involves coming up with cost estimates for each activity. These estimates will ultimately be combined into one time-phase spending plan (the cost budget) in the process of determine budget.

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Type of costs that should be estimated

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1. Cost of quality efforts
2. Cost of risk efforts
3. Cost of the project manager's time
4. Cost of project management activities
5. Costs directly associated with the project, including labor, materials, training for the project, computers, etc.
6. Expenses for physical office spaces used directly for the project
7. Profit, when applicable
8. Overhead costs, such as management salaries and general office expenses

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Inputs to estimating costs process

Back 358

1. The cost management plan
2. The scope baseline
3. Project schedule: key inputs to estimating. You need a schedule before you can come up with a budget: first, the timing of when you buy something affects its cost; second, you need to develop a time-phase spending plan to control project expenditures (a budget) so that you know how much money will be spend during specific periods of time.. But know that it goes both ways; cost will also affect the schedule.
4. Human resource management plan
5. Risk register
6. Policies and historical records related to estimating, templates, processes, procedures, lessons learned, and historical information. OPAs
7. Company culture and existing systems that the project will have to deal with or can use. EEF
8. Project management cost

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Outputs from estimating costs process

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1. Activity cost estimates
2. Basis of estimates: supporting documentation that provided a clear and complete understanding of how the cost estimate was derived: documentation of the basis of the estimates, assumptions and constraints made, indication of the range of the estimates, indication of the confidence level of the final estimates
3. Project document updates: risk register

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Describe determine budget process

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Planning. Cost management. It is focus on calculate the total cost of the project in order to determine the amount of funds the organization needs to have available for the project.

A project manager must perform risk management activities and include reserves in the estimations.

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Inputs to determine budget process

Back 361

1. Cost management plan
2. Scope baseline
3. Cost estimates
4. basis of estimates
5. Project schedule
6. Resource calendars
7. Risk register
8. Agreements
9. Organizational process assets

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Outputs from determine budget process

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1. Cost baseline
2. Project funding requirements
3. Project document updates: risk register, activities cost estimates, project schedule.

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Describe control cost process

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M & C. Cost management. It is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. It provides the means to recognize variance from the plan in order to take corrective action and minimize risk.

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Quality management processes

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1. Plan quality management: planning
2. Perform quality assurance: executing
3. Control quality: M & C

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Inputs to the plan quality management

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1. Project management plan
2. Stakeholder register
3. Risk register
4. Requirements documentation
5. Enterprise environmetal factors
6. organizational process assets

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Outputs from plan quality management

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1. Quality management plan
2. process improvement plan
3. Quality metrics
4. Quality checklist
5. Project document updates