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What is the PMI definition of a Project?
A Project is a temporary endeaver undertaken to create a unique product, service or result.
What is the PMI definition of "project Management"?
Project management is the application of knowledge, skills or tools and techniques to project activities to meet the project requirments.
What are the five process groups identified by PMI?
- - Initiating
- - Planning
- - Executing
- - Monitoring and Controlling
- - Closing
According to PMI, managing a project typically includes what?
- Identifying requirements
- Addressing the various needs and concerns of Stakholders as the project carries out
- balancing the competing project constraints such as scope, quality, schedule, budget resources and risk
Why should you do Project Management?
- Project Management produces better customer relation
- Shorter overall delivery times
- Lower costs and higher profit margins
- Higher quality and reliability
- Higher worker morale
What are the three primary forces behind project management?
- Growing demand for complex, customized goods and services
- Exponential growth of human knowledge
- Global Environment/competition
Defense Acquition holds that there are three areas of interest in managing projects; what are those three main interest areas?
What does it mean to pick two?
Can have two but not the three (cost, schedule, performance) non-flexible
What does it mean to optimize a project with regards to cost, schedule and performance?
- Design phase, there is no difference
- Schedule is the primary goal during th build up phase, being more important than performance, which in turn is significantly more important than cost
- During the final phase, performance is the most important
What are some roles of a PM?
- Virtual PM
- Meeting Convener
- Meeting Chair
What are some common ethical missteps?
- Wired bids and contracts (winner predetermined)
- Buy-in (bidding low with the intentsion of cutting corners)
- Covering up mistakes
- Using sub-standard material
- Compromising on Safety
- Violating Agreed to standards
- Violating loyalites to employer, client or public trust
What are the vital dozen for Project Managers?
- Understand the context of project management
- Recognize project team conflict as progress
- Understand who the stakeholders are and what they want
- Accept and use the political nature of organizations
- Lead from the front
- Understand what "success" means
- Build and maintain cohesive teams
- Enthusiasm and despair are both infectious
- One look forward is worth two looks back
- Use time carefully or it will use you
- Above all, plan, plan, plan
What are Eisner's 20 Good PM attributes?
- Communicates well and shares info
- Delegates appropriately
- Is well-organized
- Supports & motivates people
- Is a good listener
- Is open-minded and flexible
- Gives constructive criticism
- Has a positive attitude
- Is technically competent
- Is disciplined
- Is a team builder and team player
- Is able to evaluate and select people
- Is balanced
- Is a problem solver
- Takes initiative
- Is creative
- Is an integrator
- Makes decisions
What is PMI's definition of a process?
A set of interrelated actions and activities performed to acheive a pre-specified product, result or service
What are 2 major categories of project processes and what is the difference between the two?
- Project Management Processes - Provides for effective flow of the project throughout its life
- Product-Oriented Processes - Specifies and creates the project's product
What is the key output of the Planning Process Group?
Creation of the Project Management Plan
PMI employes a data flow convention to present project management processes. In this format, what are the three primary data blocks?
- Tools and Techniques
What are the nine knowledge areas defined by PMI?
- 1. Project Integration Management
- 2. Project Scope Management
- 3. Project Time Management
- 4. Project Cost Management
- 5. Project Quality Management
- 6. Project Human Resource Management
- 7. Project Communications Management
- 8. Project Risk Management
- 9. Project Procurement Management
The ability to influence cost is greatest at what point in the project?
Are Project Management processes in reality distinct or found overlapping and to be intertwined?
Overlapped and Intertwined
What are the examples of Other Direct Costs (ODCs)?
- Sub-contractors and Consultants
- Computer Costs, S/W, Training Materials, Reproductions, etc.
What are examples of Indirect Costs?
Can cost be direct and indirect?
No, cost can be either direct or indirect but it cannot be direct and indirect.
What are the three types of Project Budgets?
Explain the S-curve profile and what it indicates?
- The S-curve is a display of costs, labor hours, percentage of work or quantities plotted against time to depict planned value (PV), earned value (EV) and actual costs (AC) of project work.
- Flatter at beginning and end, steeper in the middle produced on a projects that starts slowly, accelerates, and then tales off
What is a work package?
- A deliverable or project work component at the lowest level of each branch of the work breakdown structure
- A WBS allows for the subdivisionof the work into smaller, more manageable components (tasks & work packages)
What is the most widely used scheduling technique?
What is an Activity?
A specific task or set of tasks that are required by the project, uses up resources, and takes time to complete
What is an Event?
- The result of completing one or more activities.
- An identifiable end-state occurring at a particular time.
What is a Milestone?
Readily identifiable and noteworthy events that mark significant or major project progess
What is a Network?
The combination of all activities and events that define the project and the activity precedence relationships
What is a Path?
The series of connected activities (or intermediate events) between any two events in a network
What is Critical Path?
The activities or events on a path from Project Start to Project End that, if delayed, will delay the completion date of the project
What is Non-Critical Path?
- Any other path from Project Start to Project End that, if delayed, will not impact or delay the project's completion date.
- May include portions of the critical path
What is Critical time?
The time required to complete all activities on the critical path
What is a Work Breakdown Structure (WBS)?
A delverable-oriented hierarchical decomposition of the project work to be executed
What is the Project Management Plan?
Primary source of project information
What is the Project Charter?
The document that formally initiates a project
What is Float?
- Slack between the earliest and latest start or finish times
- In the critical path float/slack = 0
What is the primary difference between PERT and CPM?
- PERT is a scheduling system to incorporate uncertain (probabilistic) time estimates for each activity so that probabilistic completion time and cost estimates could be made.
- Critical Path Method is a single (deterministic) time estimate for each activity. It also includes features for analyzing time-cost trade-offs
CPM model used a single _________ time estimate for each activity
Who developed CPM?
John Mauchly and James Kelly developed CPM when they worked for building large chemical plants
PERT scheduling system incorporates uncertain _______________ time estimates for each activity.
Who developed PERT?
Don Malcolm, John Rosebloom and Charles Clark of Booz, Allen and Dick Young of Lockheed Missiles and Space in conjunction with the US Navy Special Projects Office for Polaris fleet ballistic missile project
Draw the AON network box
- |ID |ES|EF|
- |DR|LS|LF |
What is a project's single most important constraint?
Budget & Cost
What information does the Project Charter contain?
- The Project Charter documents business needs, customer needs, and the new product or services intended to meet those needs, to include:
- Project purpose or justification
- Measurable objectives
- High-level requirements
- High-level risks
- Milestone schedule
- Summary Budget
- Approval requirements
- Level of PM authority and responsiblity
What is the Project Management Plan (PMP)?
The PMP is the source document that specifies how the project is executed, monitored, controlled and closed. The PMP is controlled and updated through a Change Control process.
What are the three Project Baselines?
- Schedule baseline (a.k.a. IMS)
- Cost baseline
- Scope baseline
What are some possible plans that could be included in a PMP?
- Cost Management Plan
- Quality Management Plan
- Risk Management Plan
- Human Resources Management Plan
- Process Improvement Plan
- Scope Management Plan
- Requirements Management Plan
- Schedule Management Plan
- Communications Management Plan
- Procurement Management Plan
What are the two primary categories of requirements and the six total sub-categories?
Project Requirements: Business requirements, Project Management requirements, Delivery Requirements
Product Requirements: Technical requirements, Security requirements, Performance requirements
What is the purpose of the Requirements Management Plan?
Establishes how requirements are documented, analyzed and managed throughout the project
- Considers phase-to-phase relationships Influences how requirements are managed
- Requirements Management Plan components include: How to plan, track and report requirements activities
- Configuration management / Change control
- Requirement prioritization
- Metrics (and rationale)
- Traceability structure (how requirements are linked to objectives)
What is a Requirements Traceability Matrix (RTM)?
- A correlation table that links requirements to their source
- Links requirements to business objectives
- Insures each requirement adds value
- Trace requirements to other projects elements:
- Project Objectives
- Project Scope
- Product design and/or development
- Test strategy
- Business needs, goals, opportunities
- High-level requirements to Detailed requirements
When deteriming requirements:
- Technical solutions are not always better than political solutions
- "Yes, and" is better than "No, but"
What are the characterisitcs of an effective team member?
- High quality technical skills
- Political sensitivity
- Strong problem orientation
- Strong goal orientation
- High Self-esteem
What is a major problem for the Project Manager in terms of people?
Most people for the project must be borrowed
What are some of the things a PM can do to build effective teams?
- Motivating the team through challenges and opportunities
- Providing timely feedback and support
- Recognizing and rewarding good performance
- Effectively communicating
- Encouraging team spirit, cooperation and knowledge sharing
- Developing trust and agreement among team members
- Managing conflict (the PM does not avoid conflict)
- Encourage cross-training and mentoring
- Creating a dynamic and cohesive team culture
What are the five stages of team development?
- Forming - Meet & Greet
- Storming - Address project work, decisions and pm approach
- Norming - Work together and adjust behaviors to support team
- Performing - team becomes a well-organized unit and interdependant
- Adjourning - team completes work and moves on from the project
What is Resource Leveling?
Approaches to even out the peaks and valleys of resource requirements so that a fixed amount of resources can be employed over time
What are the six techniques for resolving conflict?
- Withdrawing/Avoiding Smoothing/Accommodating
- Confronting/Problem Solving
What is Schedule Baseline?
Time phased project activity durations and milestone commitment dates by which projects are accomplished. The approved project schedule is a component of the overall project plan. The schedule baseline provides the basis for measuring and reporting schedule performance
What is Crashing a Schedule?
Crashing a schedule refers to project schedule compression which is performed for the purposes of decreasing total period of time (also known as the total project schedule duration).
The diminishing of the project duration typically take place after a careful and thorough analysis of all possible project duration minimization alternatives in which any and all methods to attain the maximum schedule duration for the least additional cost.
There are a number of standard and typical approaches to attempting to crash a project schedule. One of the most commonly utilized methods of crashing a project schedule involves minimizing the schedule activity durations while, at the same time, increasing the assignment of resources on schedule activities.
What is a Firm Fixed Price Contract?
A contact structure that defines the cost of a contacted service by a firm and fixed price. Any over run in the project cost is paid for by the contractor; any under run in project cost is realized as additional profit by the contractor
What is Management Reserve (MR)?
- MR determined by the contractor and represents the amount of the contractor budget that will be used for cost contingency arising from estimate uncertainties and realized risk events that are within the contractor’s contractual obligations.
- Developed after contract award, MR is maintained separately from the performance measurement baseline and is utilized by means of the contractor’s change control process
What is Contingency funding?
The portion of a project budget that is available for uncertainty within the project scope but outside the scope of the contract. That is, contingency is budget that is not placed on contract.
· An amount derived from a structured evaluation of identified risks, to cover a likely future event or condition, arising from presently known or unknown causes, within a defined project scope.
Contingency is controlled by the owner.
What is Buried Contingency?
- Buried Contingency are costs that may have been hidden in the details of an estimate to protect a project from the removal of explicit contingency and to ensure that the final project does not go over budget.
- To reviewers, buried contingency often implies inappropriately inflated quantities, lowered productivity, or other means to increase project costs.
- Buried contingency should not be used
What is Earned Value Analysis?
An approach for monitoring project progress that relies upon the budgeted cost of activities completed to ascribe value
What is the Earned Value Cost Efficieny Factor?
Cost Performance Index (CPI)
CPI = EV/AC or BCWP/ACWP
What is the Earned Values Schedule Efficiency Factor?
Schedule Performance Index (SPI)
SPI = EV/PV or BCWP/BCWS
In terms of EV what is formula for Percent Complete?
EV/Budget at Completion (BAC)
Earned Value (EV) is same as _____
Budgeted Cost of Work Performed (BCWP)
Planned value (PV) is the same as ____________
- Budgeted Cost of Work Scheduled (BCWS)
Actual Cost (AC) is same as ___________
Actual Cost of Work Performed (ACWP)
How do you compute Estimate Cost at Completion (EAC) or (ECAC)?
EAC = BAC/CPI