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PMP Study 2

PMP Study 2

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Items (87)

  • What is total float?

    Total float is time that an activity can be delayed from it's early start date without delaying the project finish date.

  • What is project scope statement?

    Project scope statement contains deliverables and also the work required to create those deliverables.

  • How to interpret control chart?

    Process is considered out of control when a data point in control chart exceeds control limit or if seven consecutive points in control chart are above or below (i.e on one side) of the mean.

  • What is staffing management plan?

    Staffing management plan adds time (schedule) component to Human Resource (HR) plan. It also includes rewards and recognitions, training requirements and release criteria.

  • What is resource histogram?

    Resource histogram is part of staffing management plan. It describes the type and quantity of resources needed over a period of time.

  • What is pareto chart?

    Pareto chart is type of histogram ordered by frequency of occurrence. It shows how many defects were generated by type of category of identified cause.

  • What is workaround?

    Workaround is response to negative risk event. Differs from contingency plan in that workaround is not planned in advance.

  • What is control account?

    Control account is management control point where scope, cost and schedule are integrated and compared to the earned value for performance measurement.

  • What are types of contracts?

    Different types of contracts are Fixed Price, Cost-Reimbursable, Time and material.

  • List some information gathering techniques used in identifying risk?

    Information gathering techniques used in identifying risk are Brainstorming, Interviewing, Delphi technique and root cause analysis.

  • Define Time and Material contracts?

    T&M contracts are hybrid type of contractual agreements that could contain aspects of both cost-reimbursable and fixed-price type arrangements.

  • What are seven basic tools of quality?

    Seven basic tools of quality are Cause and Effect (Fishbone or Ishikawa) Diagrams, Control Chart, Flowcharting, Histogram, Pareto Chart, Run chart and Scatter Diagram.

  • What are different types of conflict management techniques?

    Conflict management techniques are Withdrawing/Avoiding, Compromising, Smoothing, Forcing, Collaborating and Confronting/Problem Solving,

  • What are ways to handle negative risks?

    Ways to handle negative risks are Avoid, Transfer, Mitigate and Accept.

  • What are ways to handle positive risks?

    Ways to handle positive risks are Exploit, Share, Enhance and Accept.

  • What are different stages of team development?

    Different stages of team development are Forming, Storming, Norming, Performing and Adjourning.

  • What is Maslow's hierarchy of needs (from bottom to top)?

    Maslow's hierarchy of needs from bottom to top are Physiological needs, safety needs, social needs, self esteem needs and self actualization needs.

  • List different types of power?

    Different types of power are Reward power, Coercive (penalty) power, Legitimate power, Referent power and Expert power.

  • Which power is very effective?

    Most effective power is Expert power.

  • Mention some sources of conflicts?

    Resources, schedules and priorities cause 50% of project problems and conflicts. Schedule is the biggest source of conflict.

  • What is procurement audit?

    Once you've closed out a procurement, it's important to conduct a procurement audit. This is where you go over everything that happened on the project to figure out the lessons learned, and look for anything that went right or wrong.

  • What is gold plating?

    Gold plating is when the team adds more work to the project that was not requested by the sponsor or client. It is not scope creep.

  • What is point of total assumption?

    The point of total assumption is the point at which the seller assumes the costs. In a firm fixed price contract, this is the point where the costs have gotten so large that the seller basically runs out of money from the contract and has to start paying the costs.

  • What is war room?

    The room the co-located team meets in is called a war room.

  • What is the sequence of actions that should happen when an issue happens?

    When an issue happens, analyze impact of issue -> submit change request -> if approved, update schedule and scope baselines -> implement the change.

  • What is scope baseline?

    The scope baseline is made up of Project Scope Statement, WBS and the WBS Dictionary.

  • What is marginal analysis?

    Marginal analysis - The best level of the quality is reached at the point where the incremental revenue being gained from improvements equals the incremental cost being spent to secure it.

  • What is zero sum reward system?

    A Zero Sum reward system is a win-lose recognition program. For example, with an employee of the month program their will only be one or two team members who will win the award each month. Reward programs should be more win-win.

  • What is murder board?

    Murder board is a process where a committee asks questions from project representatives as part of the project selection process.

  • What is oligopoly?

    Oligopoly - There are few sellers and action of one seller will have impact on other sellers prizes.

  • What is Ethnocentrism?

    Ethnocentrism refers to belief that ones culture is superior to other cultures.

  • What is force majeure?

    Force majeure is a powerful and unexpected event, such as hurricane or other disaster.

  • What is typical duration range for WBS activity?

    WBS activity should be between 8 and 80 hours.

  • What are responsibilities of risk owner?

    Every risk should have a risk owner listed in the register. That person is responsible for keeping the response plan up to date and make sure the right actions are taken if the risk does occur.

  • EV

    Earned Value

  • CV

    Cost Variance

  • SV

    Schedule Variance

  • CPI

    Cost Performance Index

  • SPI

    Schedule Performance Index

  • EAC

    Estimate at Completion

  • ETC

    Estimate to Completion

  • VAC

    Variance at Completion

  • Planned Value

    Budgeted Cost of Work Scheduled

  • Earned Value

    Budgeted Cost of Work Performed

  • Actual Cost

    Actual Cost of Work Performed

  • BAC

    Original Budget

  • Planned Value

    What we planned to spend at a point in time

  • PV=BCWS

    Planned Value = Budgeted cost of work scheduled

  • EV=BCWP

    Earned Value = Budgeted cost of work performed

  • AC=ACWP

    Actual Cost = Actual Cost of work performed

  • PERT

    (P+4M+O)/6

  • Std Dev

    (P-O) / 6

  • Task Variance

    [(P-O)/6}]2

  • Present Value

    FV/(1+r)n r=int. rate n=# of periods

  • Project Std. Dev.

    Square root of the sum of the task variances

  • EMV

    Expected monetary Value

  • Probability x Impact

    EMV

  • Comm Channels

    N(N-1)/2

  • Initiating Process Group

    Develop Project Charter > Project Charter > Identify Stakeholders > Stakeholder Register> Plan Stakeholder management

  • Planning Process Group

    Collect Requirements > Requirements Documentation > Define Scope > Scope Statement > Create WBS > Scope Baseline

  • WBS

    Work Breakdown Structure

  • Integration/Initiating

    Develop Project Charter

  • Integration/Planning

    Develop Project Management Plan

  • Integration/Executing

    Direct and Manage Project Execution

  • Integration/Monitoring and Controlling

    Monitor and Control Project Work,Perform Integrated Change Control

  • Integration/Closing

    Close Project

  • Scope/Planning

    Collect Requirements,Define Scope,Create WBS

  • Scope/Monitoring and Controlling

    Verify Scope,Control Scope

  • Time/Planning

    Define Activities,Sequence Activities,Estimate Activity Resources,Estimate Activity Durations,Develop Schedule

  • Time/Monitoring and Controlling

    Control Schedule

  • Cost/Planning

    Estimate Costs,Determine Budget

  • Cost/Monitoring and Controlling

    Control Costs

  • Quality/Planning

    Plan Quality

  • Quality/Executing

    Perform Quality Assurance

  • Quality/Monitoring and Controlling

    Perform Quality Control

  • Human Resources/Planning

    Develop Human Resource Plan

  • Human Resources/Executing

    Aquire Project Team,Develop Project Team,Manage Project Team

  • Communications/Initiating

    Identify Stakeholders

  • Communications/Planning

    Plan Communications

  • Communications/Executing

    Distribute Information,Manage Stakeholder Expectations

  • Communications/Monitoring and Controlling

    Report Performance

  • Risk/Planning

    Plan Risk Management,Identify Risks,Perform Qualitative Risk Analysis,Perform Quantitative Risk Analysis,Plan Risk Responses

  • Risk/Monitoring and Controlling

    Monitor and control risks

  • Procurment/Planning

    Plan Procurements

  • Procurment/Executing

    Conduct Procurements

  • Procurment/Monitoring and Controlling

    Administer Procurements

  • Procurement/Closing

    Close Procurements