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CAPM
Most info needed for CAPM exam
191
Other
Professional
03/06/2013

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Term
How many process groups?
Definition
5
Term
How many knowledge areas?
Definition
9
Term
Whats are the 5 process groups?
Definition
Initating
Planning
Executing
Monitoring & Control
Closing
Term
What are the 9 Knowledge areas?
Definition
Integration
Scope
Time
Cost
Quality
Human Resources
Communication
Risk
Procurement
Term
Integration Management
Definition
It is the practice of making certain that every part of the project is coordinated.
Term
Scope Management
Definition
It involves management of the requirements, details and processes.
Term
Time Management
Definition
concerned with resources, activities, scheduling and schedule management.
Term
Quality Management
Definition
outputs of different processes are measured against some predetermined acceptable measure
Term
Human Resource Management
Definition
involves assigning staff; assess performance of project team members, and overall management of the project team.
Term
Communications Management
Definition
This area focuses on keeping the project’s stakeholders properly informed throughout the entire project.
Term
Risk Management
Definition
Specifically the project manager must identify risks and also plan how to respond to the risks if they occur
Term
Procurement Management
Definition
This area focuses on a set of processes performed to obtain goods or services from an outside organization.
Term
Cost Management
Definition
This knowledge area includes cost estimating and budgeting
Term
How many process areas?
Definition
42
Term
Project
Definition
temporary in nature, resulting in unique outputs
Term
The key differentiator of projects and operations
Definition
projects are temporary in nature, resulting in unique outputs – where as operations are ongoing in nature.
Term
Projects are often conducted to support the organizations’ strategic plan, and to support one or more strategic elements, such as:
Definition
Market demand, Organizational need, customer request, technological advance and/or a legal requirement.
Term
Project charter
Definition
Document that formally authorizes a project & meets stakeholders needs and expectations
Term
Programs
Definition
collection of projects, which when executed together yields in some additional benefits, than when performed one after the other.
Term
PMO – Project Management Office
Definition
A department that centralizes the management of projects.
Term
Functional organization
Definition
>Least authority for the project manager

>Project manager plays the role of an Expeditor or Coordinator

>The project team will have a home to go, at the end of the project
Term
Projectized organization
Definition
>In a projectized organization, the project manager has maximum authority

>All the project managers, report to the program manager

>No home for project team members after project is finished
Term
Matrix organization
Definition
>2 Bosses – Functional Manager and Project Manager

>A matrix organization is a mix of projectized and functional organization
Term
A matrix organization can take 3 forms:
Definition
o Strong matrix
o Weak matrix
o Balanced matrix
Term
Project Constraints
Definition
Resources, Schedule, Budget, Quality, Scope, Risk
Term
Strong matrix
Definition
the project manager has more authority
Term
Weak matrix
Definition
the functional manager has more authority
Term
Balanced matrix
Definition
both share an equal power. (Assume for test)
Term
An S-curve is typically used to represent?
Definition
a cost baseline
Term
War room
Definition
location to facilitate communication within the team
Term
Statistical Sampling
Definition
the standard technique that is used to test only a small sample of products instead of all the products manufactured
Term
According to PMBOK 90% of Project Managers time is spent?
Definition
communicating
Term
risk trigger
Definition
an indication that the risk is about to occur or has occurred
Term
WBS should focus on?
Definition
deliverables
Term
Learning curve estimation uses the principal?
Definition
The cost per unit will decrease as more units of work are manufactured
Term
Murder board
Definition
process where a committee asks questions from project representatives as part of the project selection process.
Term
most common cause of conflicts?
Definition
Schedules
Term
SOW
Definition
Statement of Work
Term
WBS
Definition
Work Breakdown Structure
Term
Critical Path
Definition
Calculates theoretical early start & finish dates & Late start and finish dates.
Term
Can there be MULTIPLE CRITICAL PATHS?
Definition
Yes
Term
Pareto Chart (Histogram
Definition
80/20 rule – 80% of all issues stem from 20% of root causes
Term
Control Charts
Definition
Used to determine if process is within acceptable limits.
Term
Out of control
Definition
a data point falls outside defined limits
Term
Rule of Seven
Definition
if 7 consecutive data points fall on one side of MEAN, it is not random and is out of control
Term
Positive Risk response strategies
Definition
o Acceptance
o Exploit – Making sure opportunity occurs
o Enhanced - Increase likelihood
o Share – Allocate ownership to a third party
Term
Rolling Wave Planning
Definition
Waiting to define the work until you are about ready to actually do it.
Term
Operation
Definition
ongoing in nature.
Term
Product Scope
Definition
the features and functions that characterize a product, service or result
Term
Program
Definition
a group of related projects
Term
Portfolio
Definition
A collection of projects or programs that meet strategic business objectives
Term
Project Sponsor
Definition
Person/group that funds the project
Term
Initiating
Definition
recognizing that a proect or phase should begin and commiting to it
Term
Planning
Definition
developing and maintaining a workable plan to accomplish the project objectives
Term
Executing
Definition
Coordinating people and other resources to carry out the plan
Term
Monitoring and Controling
Definition
ensuring that project objectives are met by monitoring and measuring progress and taking corrective actions when necessary
Term
Closing
Definition
formalizing acceptance of the project or phase and brining it to an orderly end
Term
what is the 1st project document?
Definition
Project Charter
Term
Project plan
Definition
Formal, approved document used to manage project execution
Term
Configuration management system
Definition
tool to help facilitate change control activities.- Set of procedures designed to track changes to any characteristic or product being developed.-
Term
Change Control Board
Definition
formally constitued group of stakeholders responsible for reviewing, evaluating, and determining the final disposition of the changes being requested
Term
Requirements Management Plan
Definition
Document which specifies "HOW" requirements will be analyzed, documented, and managed thorughout the project.
Term
Work Packages
Definition
Planned work is contained in the lowest level of WBS components
Term
Scope Verification
Definition
Acceptance of work results
Term
Quality Control
Definition
Correctness of the work results
Term
Variance analysis
Definition
used to assess the magnitude of variation from the scope baseline and determine whether corrective or preventive actions are required
Term
Finish to Start (FS)
Definition
the initiation sucessor activity depends on completion of the predecessor activity

*Initiation to completetion*
Term
Finish to Finish (FF)
Definition
the completion sucessor activity depends on completion of the predecessor activity

*Completion to Completion*
Term
Start to Start (SS)
Definition
the initiation sucessor activity depends on initiation of the predecessor activity

*Initation to Initiation*
Term
Start to Finish (SF)
Definition
the completion sucessor activity depends on initiation of the predecessor activity

*Completion to Initiation*
Term
Lead
Definition
Allows an acceleration of the successor actvity so that it partially overlaps its predecessor activity
Term
Lag
Definition
directs a delay in the initiation of the successor activity
Term
Analogous Estimates
Definition
Uses results from a previous, similar project as the basis for estimating the current project. **Less Accurate**
Term
Parametric Estimates
Definition
Uses a statistical relationship (such as a cost-per-square-foot formula)to calculate parameters on the current project.
Term
Three-Point Estimates
Definition
Improves accuracy by accounting for uncertainty and risk.
Term
Critical Chain method
Definition
resource availability data is applied to the schedule network to determine a resource constrained critical path known as the critical chain.
Term
Resource Leveling
Definition
any form of schedule network analysis in which scheduling decision are driven resource constraints.
Term
What-If scenario Analysis
Definition
Calculating multiple project durations with different sets of activity assumptions. (Monte Carlo Analysis)
Term
Applying Leads and Lags
Definition
applying the schedule accelerations or delays determined during activity sequencing in order to develop a viable schedule
Term
Schedule Compresison
Definition
Shortening project schedule without changing project scope in order to meet schedule constraints, imposed dates, or other schedule objectives.
Term
Total Float
Definition
Amount of time an activity may be delayed from its early start without delalaying the project finish date
Term
Free Float
Definition
The amount of time an activity can be delayed without delaying the early start of any immdeiately following activities
Term
Crashing
Definition
adding additional resources, approving overtime or expediting deliveries along the critical path
Term
Fast Tracking
Definition
Doing activities in parallel that would ideally be done in sequence- usually resulting in rework and increased risk
Term
Bottom Up Estimating
Definition
The cost of individual work-packages or activities is estimated at a high level of detail, then summarized to higher levels for reporting and tracking purposes.
Term
Reserve analysis
Definition
Specific activity cost estimates may include contingency reserves to account for cost uncertainty
Term
Cost of quality (COQ)
Definition
Cost estimates should include estimates for all the activites required to produce a quality product such as quality planning, control, testing, and rework.
Term
Vendor Bid Analysis
Definition
Project cost estimates include responsive bids from qualified vendors
Term
Variable costs
Definition
changing costs
Term
Fixed costs
Definition
costs stay the same
Term
Direct costs
Definition
Costs directly attribute to the work on the project (travel, team, wages, recognition, costs of materials)
Term
Indirect costs
Definition
Overhead items or costs incurred for the benefit of more than one project (taxes, software, fringe benefits, janitorial services)
Term
Cost Aggregation
Definition
cost estimates for work packages is summarized at the higher compnent level and ultimately for the entire project
Term
Reserve analysis
Definition
Budget reserve analysis can establish both contingency and management reserves for the project
Term
Contingency reserve
Definition
budget allowance for identified risks
Term
Management reserve
Definition
budget allowance for unplanned changes to overall project scope or cost
Term
Funding limit reconciliation
Definition
difference between planned expenditures and acailale funding in a given time period may necessitate rescheduling of work to level the rate of expenditure
Term
Cost performance baseline
Definition
an authorized time-phased budget at completion (BAC) used to measure, monitor and control overall costs performance on the project
Term
Project funding requiremens
Definition
total funding requirements as derived from the cost baseline plus any management reserves.
Term
Planned Value (PV)
Definition
Budgeted Cost for Work scheduled
Term
Earned Value (EV)
Definition
Budget Cost for Work Performed
Term
Actual Cost (AC)
Definition
Actual cost of work performed
Term
Net Present Value (NPV)
Definition
Total benefits (income /revenue) - Total Costs
Term
Internal Rate of Return
Definition
The rate at which revenues and costs are equal
Term
Payback Period
Definition
the time necessary to recover your investment and become profitable **Includes development time**
Term
Benefit-Cost Ratio
Definition
the ratio of benefits to to the costs.
Term
Opportunity cost
Definition
the NPV of the project not performed so that another one could be.
Term
Sunk costs
Definition
Money already spent
Term
Should sunk costs be considered when determining whether to continue with a troubled project?
Definition
No
Term
Quality
Definition
the degree to which a set of inherent charactieristics fulfill requirements
Term
Prevention
Definition
Keeping errors out of the process
Term
Attribute sampling
Definition
the esult conforms or it does not
Term
Special causes
Definition
Unusual events
Term
Grade
Definition
A category assigned to products or services having the same functional use but different technical characteristics
Term
Inspection
Definition
Keeping errors out of the hands of customers
Term
Variables Sampling
Definition
The result is rated on a continuous scale that measures the degree of conformity
Term
Random causes
Definition
Normal process variation
Term
Precision
Definition
the values of repeated measurements are clustered and have lttle scatter
Term
Accuracy
Definition
the measured value is very close to the true value
Term
Stakeholder register
Definition
identifies stakeholders with a particular interest in, or impact on, quality
Term
Cost performance baseline
Definition
documents the accepted time frames for measuring cost performance
Term
Schedule Baseline
Definition
documents the accepted time frame for schedule performance
Term
Risk Register
Definition
Contains information on threats and opportunities that may impact quality requirements
Term
Cost Benefit analysis
Definition
business case for each quality activity compares the cost of the quality step to the expected benefits
Term
Cost of Quality
Definition
all costs incurred over the life of the product by investing in prevention, appraisals, and costs incurred due to failure
Term
Benchmarking
Definition
comparing project practices to those of comparable projects in order to identify best practices, generate ideas for improvement, and to provide a basis for measuring performance
Term
Design of Experiments
Definition
a statistical framework for systematically changing all of the important design factors, rather than changing them one at a time
Term
Statistical Sampling
Definition
Choosing part of a population of interest for inspection
Term
Flowcharting
Definition
a graphical representation of a process showing the relationships among the process steps
Term
Six Sigma
Definition
a statistics driven approach for eliminating defects in a process.
**To achieve Six Sigma, a process must not produce more than 3.4 defects per million opportunities**
Term
Lean Manufacturing
Definition
a production practice cenetered around creating more value with less work by removing process steps which add no value from the customer's perspective
Term
Lean six sigma
Definition
combines approches from both lean manufacturing and six sigma methodologies
Term
Quality function Deployment
Definition
set of planning and communication routines which help link the design of the components to the needs of the customer
Term
Capability Maturity Model Integration (CMMI)
Definition
A framework that desribes the key elements of an effective product development and maintenance process.
Term
Affinity Diagrams
Definition
used to visually identify logical grouping based on natural relationships
Term
Force Field analysis
Definition
a diagram of forces for and against a given change
Term
Nominal group techniques
Definition
ideas are brainstormed in small groups then reviewed by a larger group
Term
Matrix diagrams
Definition
Multiple sets of information organized into rows and columns with intersecting cells describing the relationship between information sets
Term
Prioritization Matrices
Definition
provides a wal of ranking a diverse set of problems and/or issues by importance
Term
Quality Management Plan
Definition
describes how the project team will implement the quality policy
Term
Quality Metrics
Definition
an operational definition that describes a project or product attribute and how it will be measured
Term
Quality checklists
Definition
a structured tool used to verify that a set of specific steps has been performed
Term
Process Improvement Plan
Definition
details the steps for analyzing processes to identify activities which enhance value
Term
Quality Audits
Definition
structured, independent reviews to ensure project activities comply with organizational and project policies and procedures
Term
Process analysis
Definition
Following the steps outlined in the process improvement plan to identify needed improvments
Term
Pre-assignment
Definition
team members selected in advance
Term
Negotiations
Definition
with functional managers and other project teams to ensure appropriately competent staff are authorized to work on the project within the required time frame
Term
Acquisition
Definition
When the required competencies are not available within the organization that may be acquired from outside sources such as consultants or subcontractors
Term
Theory X
Definition
Management has close supervision on employee's (no trust)
Term
Theory Y
Definition
Management has loose supervision on employee's (high trust)
Term
Confronting
Definition
treating conflict as a problem to be solved by examining alternatives (ALWAYS A GOOD THING)
Term
Compromising
Definition
Searching for solutions that bring some degree of satisfaction to all parties ***Lose-Lose***
Term
Smoothing/Accomodating
Definition
emphasizing areas of agreement rather than areas of difference
Term
Collaborating
Definition
incorporating multiple viewpoints and insights from differing perspectives, leads to consensus and commitment.
Term
Withdrawing/Avoiding
Definition
retreating from an actual or potential conflict situation
Term
Forcing
Definition
Pushing one's viewpoint at the expense of others ***Win-Lose***
Term
Leadership
Definition
Communicating the project vision and inspiring the team to achieve high performance
Term
Interactive Communication
Definition
Multidirectional exchange of information
Term
Push Communication
Definition
distribution of info to a specific audience without confirmatino that it was received or understood (letters, memos, reports, etc.)
Term
Pull Communication
Definition
requires the audience to access the info at their own discretion
Term
Delphi Model
Definition
Collects in from experts but keeps them seperate
Term
Risk
Definition
An uncertain event or condition that if it occurs, has an effect on at least one project objective.
Term
Risk BreakDown Structure (RBS)
Definition
Lists categories under which risk may arise.
Term
Sensitivity Analysis
Definition
a technique for determining which risks have the greatest potential impact on the project ***Tornado Diagrams***
Term
Expected Monetary Value (EMV)
Definition
Statistical technique for calculating average outcomes when future scenarios contain uncertainty ***Decision Tree Analysis***
Term
Modeling and simulation
Definition
a simulation uses a model that translates specified project uncertainties into their potential impacts on project objectives ***Monte Carlo Simulation***
Term
Secondary Risks
Definition
risks that arise as a direct result of implementing a risk response
Term
Residual risks
Definition
risks that remain after the risk response
Term
Procurement Management Plan
Definition
describes how the procurement processes will be managed from developing procurement documents through contract closure
Term
Procurement Statements of work
Definition
defines the portion of the project scope that is to be included within the related procurement contract
Term
Make or Buy Decision
Definition
conclusions regarding which products and services will be acquired from outside the project team
Term
Procurement Documents
Definition
used to solicit proposals from prospective sellers
Term
Source selection criteria
Definition
used to rate or score prospective seller proposals
Term
Change requests
Definition
processed through the perform integrated change control process
Term
Request for information (RFI)
Definition
a document in which the buyer requests general info related to the sellers product, service, or capabilities
Term
Request for proposal (RFP)
Definition
a document used to request details of how a prospective sellers products or services will be able to meet the needs of a specific application
Term
Invitation for Bid (IFB)
Definition
Generally equivalent to an RFP, but can have a more specific meaning in some application areas
Term
Request for Quotation (RFQ)
Definition
a document used to request price quotations from perspective sellers of common products or services
Term
Tender Notice
Definition
Generally used when it is known that a contract will definetly be awarded to one of the proposals submitted
Term
Invitation for Negotiation
Definition
Generally used in government contracts to ensure that everyone who may have an interest in contracting with the offering party has a chance to do so
Term
Bidder Conferences
Definition
meetings with all prospective sellers prior to submittal of bids
Term
Proposal evaluation techniques
Definition
the formal review process defined by the buyers policies
Term
Independent estimates
Definition
the procuring organization may elect to prepare its own independent estimate, or have an estimate of costs prepared by an outside professional estimator, to serve as a benchmark on proposal responses
Term
Expert judgement
Definition
evaluation of proposals by a multi-disciplinary review team
Term
Procurement negotiations
Definition
clarification of the structure, requirements, and terms of the mutual agreement
Term
Contract change control system
Definition
defines the process by which the procurement can be modified
Term
Procurement performance review
Definition
a structured review of the sellers progress to deliver project scope and quality, within cost and on schedule
Term
Inspections and audits
Definition
to verify the sellers compliance with the procurement contract
Term
Performance Reporting
Definition
periodic information regarding how effectively the seller is achieving contractual obligations
Term
Payment Systems
Definition
Payments are typically processed by the buyers accounts payable system after the work has been approved as satisfactory by the project team
Term
Claims Administration
Definition
System for settlement of claims, disputes, or appeals where the buyer and seller cannot agree impact of, or compensation for changes
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