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DiscretionaryDependency

Cost ofQuality (COQ)

Summary Activity

Baseline

ActivitySplitting

Gantt Chart

EXAM FLASHCARDS

By Jonathan Donado

Over 600 dynamic Flashcards with Graphics in PowerPoint

PART 1 of

5

PMP

About me

Linkedin.com/in/jonathandonado

Twitter.com/donadosays

Bilingual senior general management executive with expertise in international

business and Mergers & Acquisitions (M&A)

If you like the Flashcards, please give a ”Like” on SlideShare. It’s much appreciated !

o Education: - Senior Executive Fellow – Harvard University- MBA – IESE

o Certifications:- Six Sigma Black Belt (CSSBB) – ASQ Certified- PMP- PMI-ACP – Agile Certified Practitioner

Jonathan Donado

Instructions: PowerPoint

ContingencyReserve

Time or money allocated in the schedule or cost baseline for known risks with active

response strategies

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Acceptance

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A response strategy to a risk event, either negative (threat)

or positive (opportunity), generally made when the

probability of the event or its impact are small

AcceptanceTest


A group of end-users work with the final product to test it for unidentified issues that may

appear during routine use. Also known as User Acceptance

Testing (UAT)

Acceptance Criteria


A set of conditions & requirements

that must be met before deliverables are accepted

Note: it is usually stated in a contract and/or SOW (Statement Of Work)

Acceptance Deliverables


Products, results or capabilities produced by a project and

validated by the customer or sponsors as meeting their

acceptance criteria

Acquisition Process


The process of acquiring

personnel/goods/services for new or existing work within the general definitions of contracts requiring an offer and acceptance, consideration,

lawful subject matter, and competent parties

Acquire Project Team


The process of confirming Human Resources availability

and selecting the team necessary to complete the

project activities

Accuracy


Accuracy means that the measured value is very close to true value (target or goal). Accuracy is about correctnessNote: Accuracy is not precision. To state that the results are

accurate means that they are correct.

Action Item Status


A list of problem issues including a description, point

of contact, and dates of action and resolution

Action Plan


A plan that describes what needs to be done and when it

needs to be completed. Project plans are action plans

Active Listening


This occurs when the receiver confirms the message is being

received. It can be done by way of feedback, questions, prompts for clarity, and other signs of having

received the message

Activity

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A distinct, scheduled portion of

work performed during the course of a project.

An activity typically has an expected duration, cost and requires certain resources. Also known as “Task”


Activity Attributes


Multiple attributes associated with a schedule activity can be

included within an activity It includes: Activity Codes/ID; Name & Description; WBS ID;

Predecessor & Successor Activities; Logical Relationships Leads & Lags; Assumptions; Location, etc

Activity on Arrow


A network diagramming method where the arrows in the arrow diagramming method network

diagram represent the activities within the project

ActivityCode


An alphanumeric value assigned to each activity that enables

classifying, sorting, and filtering

ActivityCost Estimation


The projected cost of the scheduled activity that includes

the cost of all resources required to perform and complete the

activity

ActivityDelay


The maximum amount of time that an activity can be delayed due to lack of

resources

ActivityDuration


The time in calendar units between the start and finish

of a schedule activity

ActivityDuration

Estimating


Estimating the number of work periods that will be needed to complete individual activities

ActivityDependency


These are the relationships of the preceding tasks to the succeeding

tasks. There are 4 types:

Activity Identifier


A unique alphanumeric value assigned to an activity and

used to differentiate that activity from other activities

Activity List


A list of the defined activities that need to be completed for a

project

Activity-on-Arrow(AoA)


AoA is a network diagramming method where the arrow in a

project network diagram represent the activities within

the project

Explanation: A method of diagramming the sequence of activities in a project using arrows to represent activities and small circles (nodes) connecting the activities to represent relationships. Dummy activities may be included to show activities that are dependent on one another. This method has only finish-to-start relationships. Also known as Arrow Diagramming Method (ADM)

Activity-on-Node(AoN)


AoN is a network diagramming

method where the node in a project network diagram represent the

activities within the project

Explanation: A method of diagramming the sequence of activities in a project where rectangles (nodes) represent the activities and arrows represent the relationship between the activities. This method uses four types of dependency relationships: finish to start, start to start, finish to finish and start to finish. Also known as precedence diagramming method (PDM)

Activity Priority


A priority value assigned to activities to provide an ordering for activities that are waiting for

resources (during resource-constrained scheduling)

ActivitySequencing


Identifying activity dependency relationships (how activities

affect each other) and determining the best order to

perform the activities to complete the project

ActivitySplitting


Allowing activities to be split into segments during resource

allocation. In some instances, preemption of activities may free a

resource to be used by a more critical activity

Actual Cost(AC)


The realized cost incurred for

the work performed onan activity or work package during a specific time period

Actual Duration


The number of hours or days expanded to complete a project

activity

Actual Effort


The actual number of person hours or days expended to

complete an activity

Actual Finish Date (AF)


The calendar date in which work actually ended on an activity

End dates

Actual Start Date (AF)


The calendar date work actually began on an activity

Adaptive Life Cycle


A project life cycle that is intended to facilitate change and require a

high-degree of stakeholder involvement. They are iterative and

incremental

Note: Also known as Agile or Change-Driven Cycle

AdministrativeClosure


The documenting of the project results and the acceptance of the product by the customer or the

project sponsor. Also needed if a project is terminated

Adjusting Leads & Lags


A technique to find ways to bring project activities that are behind into alignment with plan during

project execution

Explanation: A technique used to adjust the amount of time between predecessor and successor activities

Aggregation


Using activity resource requirements to calculate total resource needs rather than to

constrain the project schedule. Normally, resource requirements

are used to perform resource-constrained scheduling

Agreements


Any document or communication that defines the initial intentions

of a project. This can take the form of a contract, memorandum of understanding (MOU), letters

of agreements, verbal agreements, etc

Advertising


A process to bring attention to a project or effort

Agile Project Management


It is an iterative, incremental method of project

management

AlignmentType

The alignment type is used to identify the type of constraint associated with a target date.

The following types are available:o Finish On o Finish On or After o Finish On or Beforeo Start Ono Start On or Aftero Start On or Beforeo Mandatory Start o Mandatory Finish


Affinity Diagram


A group creativity technique that allows large number of ideas to

be classified in groups for review and analysis

AlternativeAnalysis


Breaking down a complex scope situation for the purpose of

generating and evaluating different solutions and approaches

AnalogousEstimating


A technique for estimating the duration or cost of an activity or a project using historical data from a

similar activity or project. Also known as Top-Down estimating. It is

a form of expert judgement

Analysis


The study something complex and the separation into its more

simple components. Analysis typically includes discovering not only what the parts of the item being studied are, but also how they fit together. Example: study of

schedule variances for cause, impact, corrective action, and results

Application Areas


These are the areas of business, industry which the project manager

may need special knowledge. Common application areas include

legal issues, technical issues, engineering information, and manufacturing information

Apportioned Effort


An activity where effort is allotted proportionately across certain

discrete efforts and not divisible into discrete efforts. Apportioned

Effort is work that cannot be directly associated to a WBS component or a

project deliverable, like Perform Quality Assurance. The term

apportion means to divide or share. Note: Apportioned effort is one of three earned value management (EVM)

types of activities used to measure work performance

Approve


To accept as satisfactory. The approval may still require

confirmation by somebody else, as in levels of approval. In

management use, the important distinction is between approve and

authorize

Note: See Authorization flashcard

Approved Change Request


A Change Request that has been processed through the integrated

change control processed and approved

Approved Change Request

Review


A review of the Change Requests to verify that these

were implemented as approved

Arrow Diagramming

Method (ADM)


A network diagramming technique in which activities are represented by arrows. The tail

of the arrow represents the start and the head represents the finish of the activity (the

length of the arrow does not represent the expected duration of the activity). Activities

are connected at points called ”Nodes" (usually drawn as small circles) to illustrate

the sequence in which the activities are expected to be performed

Assignment


The activities team members are responsible to complete

Assumptions


Factors in the planning process considered to be true, real, or

certain, without proof or demonstration. Need to be

documented and validated as they may impact risk

AssumptionAnalysis


A technique that explores the accuracy of assumptions and

identifies risks to the project from inaccuracy, inconsistency or

incompleteness of assumptions

Authority


The right to apply project resources, spend funds, make decisions or give

approvals

Authorization


The power granted by management to specified individuals allowing them to approve transactions, procedures, or total systems.

Defined as the final organization authority

Note: See Approve flashcard

AuthorizedWork


An effort that has been approved by higher authority

and may or may not be definedAuthorized Work Example:

Avoidance


This is one response to a risk event. The risk is avoided by

planning a different technique to remove the risk from the project

Backlog


A listing of product requirements and deliverables to be completed, written

as stories, and prioritized as the business to manage and organize the

project work. Used in Agile.

Backward Pass


A critical path method technique for calculating the late start and late finish dates, for the uncompleted

portions of all network activities, by working backward through the

schedule model from the project end date date

Balancing Constraints


Balancing the competing demands of scope, cost, time, quality, risk,

resources and customer expectations for a project

Bar (Gantt) Chart


A chart that shows schedule activities,

with start and end dates, activity durations, resources assigned and project

status. Also known as Gantt Chart

Baseline


There are 3 baselines: Schedule + Scope + Cost. It is the approved version of a

work product that can be changed using formal change control procedures, and it

is used as the basis for comparison to actual results

Note: The original plan (for a project, a work package, or an activity) plus or minus approved changes. Usually used with a modifier (e.g., cost baseline, schedule baseline and scope baseline)

BaselineSchedule


A project schedule consisting of baseline start and finish dates,

which represent an estimated or expected schedule, or both

Note: This schedule is often derived from an initial set of early, late, or scheduled finish dates. Typically, once a baseline schedule is established, it does change over the course of a project)

Basis of Estimates


Supporting documentation outlining

the details used in establishing project estimates such as

assumptions, constraints, level of detail, ranges, and confidence levels

Benchmarking


A process of using prior projects within, or external to, the performing

organization to compare and set quality standards for processes and

results

Benefit Measurement

Methods


Used in comparing the value of one

project against the value, or benefits, of another; often used in

project selection decisions

Benefit/Cost Analysis


The process of determining the pros and cons of any project, process, product, or activity

Best Practices


A generally accepted set of standards for performing work

Bidder Conference


The meeting with prospective

sellers prior to the preparation of a bid or proposal to ensure all

prospective vendors have a clear and common understanding of the

procurement

Note: Also known as contractor conference, vendor conference, or pre-bid conference

Bottom Up ‐Estimating


A method of estimating project duration or cost by aggregating the

estimates of the lower level ‐components of the work

breakdown structure (WBS))

Explanation: A method of estimating a component of work. The work is decomposed into more detail. An estimate is prepared of what is needed to meet requirements of each of the lower, more detailed pieces of work, and

these estimates are then aggregated into a total quantity for the component of work. The accuracy of bottom-up estimating is driven by the size and

complexity of the work identified at the lower levels

Brainstorming


A general data gathering and

creativity technique that can be used to identify risks, ideas or solutions to

issues by using a group of team members or subject matter experts

Budget


The approved estimate or amount of money allocated for

a project

Budget at Completion

(BAC)

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The sum of all budgets established in the planning phase for the entire

project or work to be performed

Budget Cost of Work Performed

(BCWP)


The total budgeted cost of all work

completed on a project to date. Also known as earned value (EV)

Budget Cost of Work Scheduled

(BCWS)


The total budgeted cost expected to be spent for specific work

Budget Estimate Range


BusinessImpact Analysis


Identifies project constraints, alternatives, and related

assumptions as they apply to the initiation phase

Business Case


The project purpose and justification. It

explains how the project support the firm’s strategic goals. It is a documented financial feasibility study used to establish validity of the benefits of a selected component

lacking sufficient definition and that is used as a basis for the authorization of further

project management activities

Business Plan


A business model used by a manager for planning a project or work

BusinessRequirements


The conditions that the product

must meet to support the high-level processes and needs of the business

BusinessValue


The positive impact for the business that will be achieved with

completion of the project (such as revenue, customer satisfaction, etc)

Buyer


The acquirer of products, services, or results for an

organization

Cause Effect Diagram


A decomposition technique that helps trace an undesirable effect

back to its root causes

Note: Also known as Fish Bone Diagram

Central Tendency


A property of the central limit theorem predicting that the data

observations in a normal distribution will tend to group around its mean as

the group sample size increases

Note: Mean, Median and Mode are the most common measurements

Centralized Contracting


There is one single procurement department in the organization, and the procurement manager handles

simultaneously procurement on multiple projects

Champion


A person who takes on personal responsibility for the successful

completion of a “visionary project”

Change ControlProcess


A process whereby modifications to

documents, deliverables, or baselines associated with the

project are identified, documented, approved, or rejected

Change Control Board


A formally chartered group responsible for evaluating,

approving, delaying, or rejecting changes to the project, and for recording and communicating

such decisions

Note: It may include project manager, customer, experts, sponsor, other

Change Control System


A set of procedures that describes how modifications to the project deliverables will be controlled, changed and approved

Change of Scope


A change in objectives, work plan, or schedule resulting in a material

difference from the terms of previously granted approval to

proceed

Change Log


A list of changes made during the project. This includes dates of the

changes and impact in terms of time, cost and risk

Change Management

Plan


A plan that documents the process for

managing changes to the project deliverables and documentation

ChangeRequest


A formal request to modify any

document, deliverable, or baseline after the Project Management Plan has been

approved. Changes are approved through the Integrated Change Control Process

Chart of Accounts


Any numbering system used to monitor project costs by category (labor,

supplies, materials, etc). The project chart of accounts is usually based upon

corporate chart of accounts of the primary performing organization

Charter


A document issued by the initiator of the project, usually the project

sponsor, that formally authorizes the existence of the project, and provides

the project manager with the authority to apply organizational resources to

project activities

Check sheet


A tally sheet that can be used as a checklist when gathering

data

Claim

A request or demand by a Seller against a Buyer, or vice-versa, for consideration, compensation or payment under the terms of a

contract, such a for a disputed change


Claim Administration


The process of processing, adjudicating and communicating

contract claims

Closing Process Group


The process of finalizing all the activities across all the Project

Management Process Groups to formally complete a project or

phase

Close Procurement


The process of completing each project procurement

Closing Process Group


The process performed to finalize all activities across all Process Groups to

formally close a project or phase

Code of Accounts


A numbering system used to uniquely identify each component of the Work Breakdown Structure

(WBS)

CollectRequirements


The process of defining and documenting stakeholder needs to meet the project objectives

Colocation


Placing all team members in the

same physical location close to one another in order to improve communications, working

relationships and productivity

Communication


Relaying information so that all concerned parties have an equal

understanding

CommunicationChannels


Number of communication among project team members

N (N-1)----------- = 2

N = number of team members

CommunicationConstraints


Restrictions on the content, timing and audience or individual who will deliver the communication usually

stemming from a specific legislation or regulation, technology or

organizational policies

CommunicationsManagement

Plan


A component of the project, program, or portfolio management plan that describes how, when, and

by whom information will be administered and disseminated

CommunicationsMethods


A systematic procedure or technique used to transfer information among

project stakeholders

CommunicationsProcess


Simple Process:

Detailed Process:

CommunicationsPlanning

The planning process to determine the communication requirements. Identifying who will need what

information, when they will need it and how the information should be

formatted and disseminated


CommunicationsRequirements

Analysis


An analytical technique to determine the information needs

of the project stakeholders through interviews, workshop, etc

CompositeResource Calendar

JONATHAN DONADO

It includes the availability, capabilities and skills of human resources. It is developed as part of the Activity

Resource Estimating process


Compliance


A general concept to conforming to a rule, standard, law, requirement generating a result of “complaint”

or “not-complaint”

Compress a Schedule


Fast tracking and crashing are

two schedule compression techniques that help you shorten the duration of your project. Fast tracking does not

involve any cost but it increases risks. On the other hand, crashing does not

introduce much risk but it is a costly affair

Conceptual Project Planning


The process of developing broad-scope project documentation from which the technical requirements,

estimates, schedules, control procedures, and effective project

management will all flow

Configuration Control


The process of evaluating, approving

or disapproving, and managing changes to controlled items

ConfigurationManagement

System


A system that allows everyone to know what version of the baseline and other

components of the project management plan are the latest

versions

Concurrent Engineering


An approach to project staffing that,

in its most general form, calls for implementers to be involved in the design phase. Sometimes confused

with Fast Tracking

Conflict Resolution Techniques


A conflict is a situation when the interests, needs, goals or values of involved parties interfere with one

another. A conflict is a common phenomenon in the workplace. The

techniques are:

Consensus


A decision that a group agrees to support. It is usually achieved by discussing the relevant issues and

options

Constraint


A limiting factor that affects the execution of a project, program,

portfolio, or process

Contingency


1) something that may happen: an

event that might occur in the future, especially a problem, emergency, or

expense that might arise unexpectedly and therefore must be prepared for

2) provision made against future unforeseen events

ContingencyPlan


A document describing actions that the project team can take if

predetermined trigger conditions or risks/threats occur

ContingencyReserve


Time or money allocated in the schedule or cost baseline for known risks with active response strategies

Continuous Improvement


A methodology provides an

organization with powerful tools that improve its ability to plan,

implement, and control its activities. Also known as “Kaizen”

Contract


A legal, mutually-binding document

between buyer and seller covering the terms and conditions by which the

work must be completed

ContractCloseout


The process of determining whether the work as outlined in the contract

was completed accurately and settling the terms of the contract

ContractChange Control

System


A system created to modify the

contract and to control changes to the contract

ContractAdministration


Managing the relationship with

the seller or buyer

ControlAccount


A management control point where scope, budget, actual cost, and

schedule are integrated and compared to earned value for

performance measurement

ControlQuality


Monitoring specific project results to determine if they comply with

the relevant quality standards

Control Chart


Diagram of process results over time and against specified limits to determine whether processes are

acceptable or need adjustment

ControlScope


Process of monitoring the status of the project and product scope and

managing changes to the scope baseline

CorrectiveAction


An intentional activity that realigns

the performance of the project work with the project management plan

CostBaseline


The approved version of the work

package cost estimates and contingency reserve that can be

changed using formal change control procedures and is used as the basis

for comparison to actual results

Note: The difference between cost budget and cost baseline is that the cost budget adds management reserve to the cost baseline

Cost-Benefit Analysis


A benefit measurement method

that weighs expected project costs against expected project benefits

CostControl


Managing and controlling changes to the cost baseline

CostBudget


The overall project cost budget for a project. It includes management

reserve.

CostBudgeting


Assigning specific cost estimates to specific activities and creating the

cost baseline

CostEstimating


Estimating the cost of resources that will be required to complete

each project activity

CostLimits


The acceptable range of variation on a control chart

Cost ofQuality (COQ)


Determining costs incurred to ensure quality: including

prevention, appraisals and failure costs. Also known as ”Cost of Poor

Quality”

CostManagement

Plan


A component of a project or program management plan that

describes how costs will be planned, structured, and

controlled

CostPerformanceIndex (CPI)


A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost

Explanation: The ratio of budgeted costs to actual costs (BCWP/ACWP). The CPI is often used to predict the magnitude of a possible cost overrun using the following formula: original cost estimate/CPI = projected cost at completion.

Cost PlusFixed Fee Contract(CPFC)


A cost-reimbursable contract where the buyer pays for costs defined in the contract plus an

additional defined amount (fixed fee)

Cost PlusIncentive Fee

Contract (CPIF)


A cost-reimbursable contract where the buyer pays for costs defined in the contract plus an additional amount if the seller meets performance criteria as

outlined in the contract

Cost PlusPercentageCost (CPPC)

Contract


A contract where Buyer reimburses the Seller for the Seller’s allowable costs plus a

percentage of the cost

CostReimbursable

Contract

A contract that provides for payment to the seller for actual

costs incurred


CostVariance

(CV)


The amount of budget deficit or surplus at a given point in time,

expressed as the difference between Earned Value and Actual Cost

CV = EV – AC

Note: (1) Any difference between the estimated cost of an activity and the actual cost of an activity (2) In earned value, BCWP less ACWP.

CostTypes


The types are:

Crashing


A schedule compression technique

used to shorten the schedule duration for the least incremental

cost by adding resources

Create WBS


A process of subdividing the major project deliverables into smaller more manageable components.

The result is the Work Breakdown Structure (WBS)

Critical Activity


Any activity in the Critical Path

Critical Chain Method

A schedule method that allows the project team to place buffers on any project schedule path to account for

limited resources and project uncertainties. It has a resource

focus, whereas Critical Path is task order focused (not the same as

Critical Path Method)


Critical Path


The sequence of activities that

represents the longest path through a project, which determines the

shortest possible duration. It is task order focused

Critical PathMethod (CPM)

A method used to estimate the minimum project duration and

determine the amount of scheduling flexibility on the logical network

paths within the schedule model


Customer


The recipient of service or product that the project

created. Also known as client in some organizations

52

Connect with me


Twitter.com/donadosays

Bilingual senior general management executive with expertise in international

business and Mergers & Acquisitions (M&A)

If you like the Flashcards, please give a ”Like” on SlideShare. It’s much appreciated !

o Education: - Senior Executive Fellow – Harvard University- MBA – IESE

o Certifications:- Six Sigma Black Belt (CSSBB) – ASQ Certified- PMP- Agile (ACP) – PMI Certified

Jonathan Donado

THANK YOU