|What is the formula for Percent complete?||
A defined systematic series of steps applied by one or more individuals using one or more tools to achieve a product or result or to deliver a service.
|What is Probabilistic Analysis?||
Probabilistic analysis, another tool for analyzing risk:
- Overcomes the limitations of sensitivity analysis by specifying a probability distribution for each variable
- May have difficulty defining the probability of occurrence of any specific variable since every project is unique
- Has a subjective range of variation because of the optimism or pessimism of the estimator or because the interaction among variables is not clear
The right to make decisions necessary for the project or the right to expend resources.
|What are Crashing Costs?||
Costs incurred as additional expenses above the normal estimates to speed up an activity.
|Describe Sensitivity Analysis||
Sensitivity analysis is one tool for analyzing risk. It:
1. Seeks to place a value on the effect of change of a single variable within a project by analyzing that effect on the project
2. Is the simplest form of risk analysis
3. Reflects uncertainty and risk by defining a likely range of variation for each component of the original base case estimate
4. Analyzes the effect of change on the final cost or time criteria
5. Is a weakness in that variables are treated individually, limiting the extent to which combinations of variables can be assessed
The process of breaking down a project deliverable into smaller, more manageable components. In the "Create WBS" process, the results of decomposition are deliverables, whereas in the activity definition process (PMBOK Guide, Time Management Section 6.1) project deliverables are further broken down into schedule activities.
|Define: Start-to-Finish logical relationship||
Where the predecessor must start before the successor can finish (This is the least used and some software packages do not even allow it.)
Earned Value (EV) is the sum of the approved cost estimates for activities completed during a given period.
|Describe Decision Tree Analysis||
Project managers may also use decision tree analysis to analyze risk. Decision tree analysis:
- Depicts, with a diagram, key interactions among decisions and associated chance events
- Considers the probability of each outcome
- Can be used with expected monetary value since risk events can occur individually or in groups and in parallel or in sequence
- Is usually applied to cost and time considerations
|Define Team Building||
The process of getting a diverse group of individuals to work together effectively. Its purpose is to keep team members focused on the project goals and objectives and to understand their roles in the big picture.
|Describe the 5 process groups required for any project.||
1. Initiating: defining and authorizing the project (or phase of the project)
2. Planning: defining objectives, refining them and planning the actions required to attain them
3. Executing: integrating all resources to carry out the plan
4. Monitoring and Controlling: measuring progress to identify variances and taking corrective action when necessary
5. Closing: bringing the project or phase to an orderly end, including gaining formal acceptance of the result
|Describe The Changing Business Environment||
The business environment of today is changing particularly quickly. Whereas many businesses used to remain primarily in their countries of origin today:
- 36 of the top 50 industrial companies are headquartered OUTSIDE the United States.
- 38 of the top 50 service companies are headquartered OUTSIDE the United States.
- Only 161 of the Global 500 industrial and 135 of the Global 500 service companies are based in the United States.
|How do Contract Closure and Administrative Closure differ?||
Contract closure could have unique terms and conditions specified in the contract.
|Describe the Contract Closure process of the Procurement Mgmt ka.||
Contract Closure is similar to Administrative Closure. Both involve product verification to ascertain that work was completed correctly and satisfactorily and both require administrative closure (documenting project records for future use). However, contract closure could have unique terms and conditions specified in the contract.
|Describe the Probability and Risk Impact matrix. What is the formula for a risk score?||
The probability-impact matrix is a tool or technique of qualitative risk analysis. It utilizes a matrix that can be constructed using the risk scores of the identified risks, as seen in PMBOK Guide Figure 11-8. By calculating the risk score, which is the product of the probability times the impact, it can be determined if the risk is considered a low, moderate or high risk
|What are the 8 Project Manager Responsibilities?||
1. Planning, scheduling and estimating
2. Analyzing costs and trends
3. Reporting progress and analyzing performance
4. Maintaining client-vendor relationships
5. Managing logistics
6. Controlling costs
7. Handling organizational and resource issues
8. Handling procedural, contractual, material and administrative issues
|Define: Start-to-Start logical relationship||
Where the successor can start as soon as the predecessor starts
|Define: Performance Domains. List the 6 primary areas.||
6 primary areas of project manager performance. These areas are:
4. monitoring and controlling
6. professional responsibility.
|What are the 4 strategies for contingent response?||
1. Contingency Plans: action according to plans for specific risk events whose expected value has not been reduced to an acceptable level.
2. Financial Reserves: using previously allocated funds or signature authority to project manager's contingency reserve and sponsor's management reserve.
3. Staffing Reallocation Reserve: reassigning, in an emergency, previously identified individuals with critical knowledge, skill and location availability.
4. Workarounds: acting on an ad hoc basis to minimize loss, repair damage and prevent recurrence of a risk event.
|What are 5 planning processes to which WBS provides input?||
1. Scope control
2. Activity definition
3. Cost estimating
4. Cost budgeting
5. Plan purchases and acquisitions.
|Describe the Arrow Diagramming Method (ADM). What dependency does it use?||
In the Arrow Diagramming Method (ADM), also called Activity-on-Arrow (AOA), the arrow represents the activities from the WBS and the nodes are events (i.e., completion of the activity) that show the sequence of the activities.
ADM may require "dummy" arrows (activities) to show correctly all sequence relationships.
ADM uses only finish-to-start dependencies.
|What does ROI measure, and what are its formulae?||
Return on Investment (ROI) measures the ratio of profit to total investment or to total assets, in which case it is called Return on Assets (ROA).
* ROI = Net Profit/Total Investment
* ROA = Net Profit/Total Assets
|Describe 4 Tools and Techniques of Risk Response Planning||
The tools and techniques for risk response planning have been divided into:
1. common strategies for threats and opportunities,
2. unique strategies for threats or negative risk
3. unique strategies for opportunities or positive risks
4. contingent response strategies.
|In the project context, the term "scope" may refer to what 2 things? What are results measured against for each?||
1. Product scope, which consists of the features and functions of a product or service, with results measured against the product requirements
2. Project scope, which describes the work that must be done to deliver a product, with completion being measured against the project management plan
|Describe each of the 5 ways to manage conflict?||
1. Problem Solving (Confrontational): the project manager directly addresses the disagreement and gets all parties to work together and want to solve the problem. The problem is defined, information is collected, alternatives are identified and the most appropriate solution is selected. This method is considered win-win and is recommended by PMI.
2. Compromising: various issues are considered and a solution that brings some degree of satisfaction to the conflicting parties is agreed on. Both parties give up something that is important to them. This method is considered lose-lose and is recommended by PMI as the second-best conflict resolution method, after problem solving (confrontational).
3. Forcing: one person's viewpoint (usually the project manager's) is exerted at the expense of another party. This method is considered win-lose and PMI recommends using forcing only as a last resort as it can build antagonism and cause additional conflicts.
4. Smoothing: the opposing party's differences are deemphasized and commonalities are emphasized on the issue in question. This keeps the atmosphere friendly but this method does not resolve the conflict; it only delays it. Smoothing could be used with one of the above three methods.
5. Withdrawal: retreating from the actual or potential issue or conflict situation. This method is appropriate only for situations in which a cooling off period is needed. Withdrawal does not resolve the conflict; it only delays it.
|List the 7 processes in the Executing Process Group, and the ka to which they each belong.||
1. Direct and Manage Project Execution (Integration)
2. Perform Quality Assurance (Quality)
3. Acquire Project Team (Human Resources)
4. Develop Project Team (Human Resources)
5. Information Distribution (Communications)
6. Request Seller Responses (Procurement)
7. Select Sellers (Procurement)
|Describe the Cost Plus Percentage of Costs (CPPC) form of cost reimbursable contracts||
This is an illegal form of contract for the United States government. The buyer bears 100% of the risk. This type of cost reimbursable contract requires the buyer to pay for all costs plus a percent of costs as a fee. Sellers are not motivated to control costs because the seller will get paid a larger profit as project costs increase, without a limit.
|Define Tight Matrix. What type of organization is characterized by this?||
A project team that is colocated. This usually takes place in a strong matrix. Colocation usually characterizes projectized organizations without matrixed relationships.
|Describe the 3 types of Statements of Work (SOW)||
1. Performance SOW: this type of SOW describes the final product or objective to be accomplished, leaving it up to the seller to decide how the item should be built or what its design characteristics should be. This type of SOW is usually used in new technology, research or complex developmental contracts.
2. Design SOW: this type of SOW describes how the work is to be done in close detail. It is usually used in construction equipment purchasing contracts.
3. Statement of Requirements (SOR): this is a type of SOW used for a procurement item that is presented as a problem to be solved. (Note that there is no reference to the SOR in the PMBOK Guide 2000 edition.)
|Describe a A Milestone Chart type of scheduling chart.||
A bar chart that only shows the start or finish of major events or key external interfaces (e.g., a phase kickoff meeting or a deliverable). It consumes NO resources and has NO duration. These charts are effective for presentations and can be incorporated into a summary Gantt chart.