PMP - Vocabulary Flashcards

Terms Definitions
1 Sigma
68.26
NPV
Biggest $$ project
Project Charter Outputs
Project Charter
Project Charter Outputs
C
SPI?
Schedule Performance Index. SPI=EV/PV
Term:

Work Breakdown Structure (WBS)
Definition:
wbs
work break down structure
Cost Budgeting Outputs?
Outputs: Cost Baseline
Scope decomposition involves subdividing the major project deliverables into smaller pieces to:
A. improve accuracy of estimates, define a baseline for performance, and to assist responsibility assignments.
B. provide more tasks to assign resources.
C. pr
ANS: A
Outputs Resource Estimating
Activity resource requirements
Activity attributes updates
Resource breakdown structure
Resource calendar updates
Requested changes
Outputs Resource Estimating
7
Cost Budgeting Outputs
Cost baseline
funding requirements
'SPI'
'Scheduled Performance Indicator (SPI) - The ratio of BCWP to BCWS i.e. SPI = BCWP / BCWS. A positive value (i.e. greater than 1) indicates that work is ahead of schedule. A negative value (i.e. less than 1) indicates that work is behind schedule.'
Heuristics
problem solving by experimental and especially trial and error methods- a rule of thumb
Outputs Cost budgeting
Cost baselineProject funding requirementsCost management plan updatesRequested changes
Scope Planning Inputs?
Inputs: (1)Product Description, (2)Project Charter, (3)Constraints, (4)Assumptions
The contingency allowances established to cover unforeseen costs on
your project have been set at 8% of total project cost. The total dollars in
the contingency allowances are _____ as the project nears completion.
A. Reduced to reflect a percentage of
Answer: A
Parametric cost estimating involves
A. Using the WBS as the basis for estimating
B. Defining the parameters of the project life cycle
C. Caldculating individual cost estimates for each work package
D. Using rates and factors based on historical experience
Answer: D
Benefit measurement and constrained optimization are examples of:
A. benefit cost ratios.
B. variable costs.
C. types of depreciation.
D. project selection methods.
ANS: D
Activity duration estimate inputs include all of the following except:
a. resource requirements.
b. basis of estimates.
c. activity lists.
d. constraints.
Answer: b
Constrained optimization methods of project selection typically include:
a. scoring models for procurement.
b. benefit­cost ratios for finance.
c. multi­objective programming algorithms.
d. subjective computer­based simulation analysis.
Answer: c
Attributes quality data:
a. Are expressed as pass / fail or accept / reject
b. Are quality data for which the product or service is designed and built.
c. Indicates management's understanding of the concept of variability
d. a & b
Answer: d
Outputs Scope Planning
Project Scope Management Plan
Outputs Scope Planning
1
Intergration Management Process Outputs - Integrated
Change Control
Approved Change Requests
Deliverables
Duration compression
Two main types:
Crashing
Fast tracking
'S Curve'
'A display of cumulative costs
Functional Manager
Authority over an organizational unit within a functional organization, makes a product or perform a service
Configuration Management
Defines and controls changes to project deliverables. Any documented procedure used to apply technical and administrative direction and surveillance to: define and document characteristics of a system; control changes; record and report changes; ensure conformance to requirements
Outputs Cost Estimating
Activity cost estimatesActivity cost estimates supporting detailRequested changesCost manaement plan updates
Activity Sequencing Inputs?
Inputs: (1)Activity List, (2)Product Description, (3)Mandatory Dependencies, (4)Discretionary Dependencies, (5)External Dependencies, (6)Milestones.
In preparing a good project definition, experienced project manager will:
a. Concentrate mainly on the end product, rather than on costs are benefits.
b. Realize that only the tip of the iceberg may be showing. As Proj. managers, they must get beneath it.
Answer: d.
The trend in computerized scheduling systems is toward the use of the precedence diagramming method (activity on the node) as compared to the early systems (PERT and CPM) with activity on the arrow. In teaching new project personnel the scheduling system,
Answer: B
Submission of proposals to perform work is the avenue for acquiring most projects. The proposals, when submitted, must contain specific items to obligate or bind the tendering organization. The most important item is ________.
A. the complete description
Answer: C
Quality is
A. zero defects
B. a problem
C. a specification
D. a cost
E. a, c and d
Answer: C
The language of contracts sometimes causes misunderstandings and creates situations that adversely affect project completion. Therefore, a relatively fast and informal method for removing the obstacles to progress should always be available. One such meth
Answer: B
Residual and secondary risks are outputs from
a. Risk management planning
b. Risk identification
c. Quantitative risk analysis
d. Risk response planning
Answer: d
From the project perspective, quality attributes
A. are used to determine how effectively the performing organization supports the project
B. can be objective or subjective in nature.
C. are specific characteristics for which a product is designed, built.
Answer: D
Projects have direct and indirect costs that the project manager must track to ensure the budget is not exceeded. The project manager has the most control over direct costs such as ________.
A. bonuses, fees, and awards
B. labor, materials, and equipment
Answer: B
Supporting detail for cost estimates should include
A. A description of the scope of work
B. Documentation of the basis of teh estimate
C. Documentation of any assumptions made
D. An indication of teh range of results
E. All of the above
Answer: E
. In bottom-up cost estimating, accuracy is enhanced
A. With smaller work items
B. By using accurate historical information
C. If previous projects are similar in fact, not just in appearance
D. If the individuals or groups preparing the estimates are ful
Answer: A
Communication under a contract should tend toward:
A. formal written communication.
B. formal verbal communication.
C. informal written communication.
D. informal verbal communication.
ANS: A
Develop Project Management Plan Outputs
Project Management Plan
Develop Project Management Plan Outputs
1
Time Management Processes - Schedule Control
Schedule Updates
Time Management Processes - Activity Resource Estimating
Resource Requirements
'Project Office'
'A designated location where the administrative work of the project is conducted and the project management skills (resources) such as cost accounting
'Regulations'
'Rules or orders issued by an executive authority or regulatory agency of a government and having the force of law.'
'ABC'
'Activity Based Costing (ABC) - A methodology that measures the cost and performance of activities
'ABM'
'Activity Based Management (ABM) - The broad discipline that focuses on achieving customer value and company profit by way of the management of activities. It draws on activity-based costing as a major source of information.'
From the project manager's viewpoint, quality assurance involvesA. conducting studies to determine if design methods will support quality requirements.B. identifying applicable laws, ordinances and regulations that the project must comply with.C. monitori
Answer: E
Collecting requirements
collect requirements is the process of defining and documentaing stakeholders' needs to meet project objectives.
Project Charter
A formal document issued by senior management which explains the purpose of the project including the business need the project addresses and the resulting product. It provides the project manager with the authority to apply organizational resources to project activities
During which part of the project life span is the detailed project budget created?a. Initiatingb. Before the project management life span startsc. Planningd. Closinge. Executing
C
A type of reimbursable contract where the buyer reimburses the seller for the allowable costs for the contract work and the seller also receives a fixed amount of profit (Fee).
Cost-Plus-Fixed-Fee (CPFF)
The role of the project manager relating to integration is MOST appropriately described as:
A. ensuring that the various project elements are properly coordinated.
B. ensuring that all members work together.
C. ensuring that the stakeholders' role is inte
ANS: A
Which process is not included in Project Cost Management?
A. Closeout
B. Estimating
C. Budgeting
D. Control
Answer: A
The proposal preparation is in itself a short-term project that requires intense effort to be completed in the owner's (buyer's) format and time frame, while being responsive to the requirements of the formal invitation for bid. A company bidding for proj
Answer: E
The process of creating a work breakdown structure results in:
A. a project schedule.
B. team buy-in.
C. a project completion date.
D. a list of risks.
ANS: B
You are the project manager and responsible for quality audits. You have been accused of being
a fanatic because of your practice of conducting not one, but multiple, quality audits on a
project. Which one of the following types of audits is not an exam
Answer: d
What is the work breakdown structure typically used for?
a. To define the project schedule
b. To define who is responsible for completing a task
c. To manage scope change
d. As the basis for organizing and defining the total scope of the project
Answer: d
Topics that deal with people include:
A. Leading, communicating, and negotiating with others
B. Delegating, motivating, coaching, mentoring, and other subjects related
to dealing with people
C. Performance appraisal, recruitment, retention, labor rela
Answer: D
A project manager discovers that two team members discussed what was needed to complete an activity on the project and made many scope changes. The deliverable is now completed and the team members are planning to go onto the next task. In looking at what
ANS: B
Work packages are used to :
a. Represent units of work at a level where work is performed.
b. distinguish one package from all others assigned to a single functional group.
c. Limit work to be performed to relatively short periods of time.
d. All of the a
Answer: d
All of the following methods are available to the project manager for short-listing contract proposals EXCEPT
A. Comparing proposals against independent estimates
B. Weighting systems
C. Subjective screening systems
D. Resource distribution system
E. Nego
Answer: D
The financing plan for a project should detail the methods of obtaining and dispensing the capital over the full duration of the project. In preparing the plan and considering risk and reward, management should ensure that participants' credit standing is
Answer: C
All of the following choices represent inputs to the resource planning process EXCEPT
A. The policies of the particular organization (e.g. use of contracting or internalstaffing, or lease or purchase major equipment)
B. The WBS
C. Descriptions of the avai
Answer: D
Cost control is concerned with I. Influencing the factors that create change to the cost base line II. Determining that the cost baseline has changed III. Managing cost changes when they occur
A. I only
B. III only
C. I and III only
D. II and III only
E.
Answer: E
139. The project manager's time is limited, and the opportunity to discuss the project elements with the team is also limited if the project is to be properly managed. Therefore, the project manager must balance his/her time for communications by ________
Answer: E
The objective of fast tracking a project is to:
a. increase productivity.
b. reduce project duration.
c. accelerate cost tracking.
d. mitigate project risks.
Answer: b
100% inspection for defects may be neither possible nor desirable. When is sampling for defects likely to be most useful?
A. When destructive testing is required
B. When the cost of 100% inspection is high.
C. When we believe there are not many defects.
D
Answer: E
A contract is a stand-alone legal document and must be individually managed to ensure the proper performance. Many projects have several contracts to be initiated and executed throughout the life of the project. Therefore, it is best to have a ________ th
Answer: D
In a project, the common parameters are cost, schedule, and quality. In relationship to the others, quality should be ranked ________.
A. first as the prime driver for a project
B. second behind cost but ahead of schedule
C. second behind schedule but ahe
Answer: D
EV
EV = (Actual % Complete) X BAC

What is the estimated value of the work actually accomplished?
project time management
Knowledge area that focuses on defining the activities, plot out their sequence, and calculate how long the project duration will actually take.
Cost Estimating Types - Control Estimate
-10 to +15%
Quality Management Processes - Perform Quality Assurance
Requested (process) Changes
Direct & Manage Project Execution - Tools
Project Management Methodology
PMIS
Cost Management Processes - Cost Budgeting
Cost Baseline
Funding Requirements
Project Human Resource Management
(executing)
Acquire Project Team
Develop Project Team
Manage Project Team
'Independent Float'
'The degree of flexibility which an activity has which does not affect the float available on any preceding or succeeding activities.'
'Cost Baseline'
'A time-phased budget used to measure and monitor cost performance. It is developed by summing estimated costs by period and is usually displayed in the form of an S curve.'
'Feasibility Study'
'The methods and techniques used to examine technical and cost data to determine the economic potential and the practicality of project applications. It involves the use of techniques such as the time value of money so that projects may be evaluated and c
A scope change control defines the procedures by which the project scope may be changed. It includes a. Performance measurement, tracking systems, and appropriate approval level for authorizing changes b. Paperwork, project management information system (
Answer: c
Define Scope Management
One of the 9 Project Management knowledge areas. Planning, creation, protection, and filfillment of the project scope.
Program Evaluation and Review Technique (PERT)
An event-oriented network analysis technique used to estimate program duration when there is uncertainty in the individual activity duration estimates. PERT applies the critical path method using durations that are computed by a weighted average of optimistic, pessimistic, and most likely duration estimates
Cost Estimating Tools and Techniques?
Tools and Techniques: (1)Analogous Estimating, (2)Parametric Modeling, (3)Bottom-up Estimating, (4)Computerized Tools, (5)Other cost estimating methods
Any numbering system used to monitor project costs by category (e.g. labor, supplies). Based upon the corporate chart of accounts of the perfoming organization.
Chart of Accounts

[Tool]
The success of a project is usually considered its ability to meet the objectives established prior to the start of the project. In a more global view, to become a functioning entity the project must have working capital, which consists of ________.
A. ca
Answer: D
The pricing of a project can be extremely complex in the development of valid cost estimates and price quotes from vendors. The tool that facilitates the pricing of a project by a structured decomposition of the total into individual elements of labor, ma
Answer: E
When invitations for bid are issued to the contractors, the bids (proposals) must be submitted in a standard format because ________.
A. the owner (buyer) has a format that he/she routinely uses and wants to force the contractors to meet his/her requireme
Answer: E
Your company just won a major new project. It will begin in three months and is valued at US $2,000,000. You are the project manager for an existing project. What is the FIRST thing you should do once you hear of the new project?
A. Ask management how the
ANS: D
Which of the following is least likely to contribute to developing an effective project team supportive of quality?
A. Commitment to the project
B. Team member flexibility
C. Frequent turnover of personnel
D. Team interest in workmanship
E. Clearly define
Answer: C
_____________ is not one of the tools and techniques used in Contract
Administration:
A. Contract change control system
B. Contract negotiation
C. Payment system
D. Performance rating
Answer: B
The diagram which ranks defects in the order of frequency of occurrence, using a histogram to
depict 100 percent of the defects is called:
a. Bar chart
b. Critical path
c. Network chart
d. Pareto chart
Answer: d
A bilateral RFP is preferred to an invitation to bid when
A. supplier and terms are specified
B. the product or service is relatively low value and readily available
C. the product or service has high value and is unique
D. the product or service has high
Answer: C
The tools and techniques used in the initiation process are:
A. Product analysis
B. Project schedule development
C. Expert judgment
D. Project budget
Answer: C
The project manager wishes to use the Delphi technique to obtain expert opinion on some difficult technical issues she's facing. What should she be careful to do?
A. Make sure the experts consulted are recognized for their input
B. Compare information and
ANS: B
All the following must be performed in initiation EXCEPT:
A. identify and document business needs.
B. create a scope statement.
C. define the phases of the project life-cycle.
D. accumulate and evaluate historical information.
ANS: B
Which of the following is included in a project charter?
A. Identification of risks
B. Task estimates
C. Detailed resource estimates
D. The business need for the project
ANS: D
A precise summary of a physical item, procedure, or service for implementation of an item
or service is called a:
a. work package.
b. baseline description.
c. product description.
d. work breakdown structure.
Answer: c
In what way does free float differ from total float?
A. Free float is the amount of Total float that does not affect the end date, whereas total float is the accumulated amount of Free float.
B. There is no difference - the two terms are functionally equi
Answer: C
. Contracting is a means of obtaining required goods and/or services that are required to meet the needs of a project. The contract defines the legal relationship between the participants and what each participant is expected to do before the contract can
Answer: A
You have taken over a project from another manager who left the firm. This is a functional organization and the different units are often rather hostile to each other. The project is a large one involving activities that the organization has never done be
ANS: C
When it comes to changes, the project manager's attention is best spent on
a. Handling changes when they come to light
b. Recording changes
c. Letting management know about changes
d. Preventing unnecessary changes
Answer: d
What are lessons learned?
documents that are focused on variances created at end of each phase that detail what lessons were learned that should be shared with future projects
Human Resource Processes - lie in which process groups?
-Planning (1)
-Executing (2)
-Monitoring & Controlling (1)
Strategic Plan
Companies strategic plan that is to be consulted to before taking on projects
'Burn Rate'
'The rate at which funds or man-hours are being expended on a project.'
Define Project Procurement management
One of tjhe 9 Project Management Knowledge areas. Oversees purchasing and contract administration for a project.
The sum of all the budgets established for the work to be performed on a project. The total PLANNED VALUE for a project.
Budget at Completion
Activity A has a duration of 3 days and begins on the morning of Monday the 4th. The successor activity, B, has a finish-to-start relationship with A. The finish-to-start relationship has 3 days of lag, and activity B has a duration of 4 days. Sunday is a
Answer: D
The final step on a project is the close-out phase where all activities are to be terminated in a business-like fashion. From a contractual point of view, the prime consideration is to determine ________.
A. the profit made on this project
B. who must be
Answer: C
You are given a new project to manage and a brief scope of work. Your manager tells you that there is no required completion date for the project. The BEST thing to do is to:
A. ask for better definition of the scope of work before accepting the project.
ANS: C
Which of the following is not one of crosby's four absolutes of quality?
a. Quality is measured by the cost of conformance.
b. Quality comes from prevention.
c. Quality is measured by the cost of non-conformance.
d. Quality means conformance to requiremen
Answer: a
The cost of quality has been argued as being primarily driven by the workers. When items were produced that did not meet the customers' expectations, the workers were "found" to be at fault. Current thinking is that management has at least _____
Answer: A
What are the outputs of Manage Stakeholders process?
resolved issues
approved change requests
approved corrective actions
project management plan updates
organizational process assets update
What is a project stakeholder?
project manager, project team, the public, parent organization, the customer
'Cost Control Point'
'The point within a program at which costs are entered and controlled. Frequently
Rule of 7 in stability anaylsis
seven consecutive data points on either side of the mean , may indicate an out of control situation
. If part of a project's costs will be paid in future years, the best way to determine the value of those costs in today's dollars is
A. estimated project payout
B. return on investment
C. net present value
D. discounted cash flow
E. internal rate of retu
Answer: D
Risk Processes - lie in which process groups?
-Planning (5)
-Monitoring & Controlling (1)
What is a functional project organizational structure?
Generally, the project would be assigned to functional department that can add the most resources, be the most helpful in implementing the project, or ensure the project's success
Name Develop Preliminary Project Scope Statement Input
Project Charter, Project Scope of Work, Enterprise Environmental Factors, Organizational Process Assets
Cost Estimating Types - Vendor Bid Analysis
Analyse vendor bids to understand project costs.
'Management by Politics'
'(MBP) - A potential Level 5 of a five level Dynamic Baseline Model structure. This is an extrapolation of the model which would lead to a management approach where the essential values of the corporation are a dynamic baseline. This would entail dealing
What are some pitfalls to avoid when managing a project?
Selecting the wrong project manager, selecting the appropriate individuals, Inadequately defined tasks
Who are the key team members involved in a project?
The project manager, and manager or supervisory personnel, key people with unique knowledge
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