# PMP 5th Edition

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1. Change Control System
Part of the PM Info System.  This includes Forms, processes, software that is used to track changes.
2. Progressive Elaboration
Process of Continually Refining estimates and scope
Reason project was initiated
4. Critical Path
How long the project would take without compressing the schedule
5. Iterations
6. Executing Process Group Objective
Is to achive the project deliverables w/in the projects schedule & budget and to meet any other objectives
7. Change-driven projects
Use Interatives, incremental, or adaptive life cycles
8. Plan Driven
Have predictive life cycles follow a plan
9. Integration Mgmt.
Balancing all of the knowledge areas
10. Steps of Integration Mgmt Process
Develop project Charter, Develop Project Mgmt. Plan, Direct & Manage Project Work, Monitor & Control Project Work, Perform Integrated Change Control, Close Project
11. Project Selection Methods
Benefit Measurement Method and Constrained Optimization Methods
12. Benefit Measurement Method
"Comparative Approach" - Murder Board, Peer Review, Scoring Models, Economic Models
13. Constrained Optimization Methods
"Mathmatical Approach", Linear Programming, Integer Programming, Dynamic Programming, Multi-Objective Programming
14. Economic Models
Present Value, Net Present Value, Internal Rate of Return, Payback Period, Cost Benefit Analysis
15. Present Value
PV=Present Value,FV=Future Value, r=interest rate, n=# of time periods
16. Net Present Value
Present Value of the total benefits,
17. IRR
Internal Rate of Return - higher the # the better
18. Payback Period
Length of time to recover costs
19. Benefit Cost Ratio
Benefits/Cost
Whether project returns more value then project costs
21. Opportunity Cost
Value of project not selected
22. Sunk costs
aka Expended Costs - should not be considered when deciding whether to continue project
23. Law of Diminishing Returns
Adding more resources does not automatically add the same rate of efficiency
24. Working Capital
Assets/Liabilities
25. Depreciation Types
Straight Line, Accelerated-(double decining, sum of years digit
26. Constraints
Limit of resources, Budget, Schedule, and Scope
27. Project Statement of Work, (SOW)
Describes sponsors needs, project scopes, and how project fits in company's strategic plan
28. Management Plans
Document the strategy for managing the project and processor related to knowledge areas
29. Knowledge Areas
Scope, Cost, Schedule, Quality, Human Resource, Communication, Risk, Procurement, Stakeholder Mgmt. - I saw 2 crows quietly having coffee & reading poetry
30. Baseline
Scope, Schedule, and Cost
31. Requirements Mgmt Plan
Defining & planning for stakeholders requirents
32. Change Mgmt. Plan
Anticipate and Prevent unnecessary changes
33. Change Control System
System standardized forms, reports, processes & procedures & software to track and control changes
34. Configuration Mgmt Plan
Explains versions and how to know you are working with the latest
35. Process Improvement Plan
Looks at existing processes and creates new processes to complete the work
36. Monitoring & Controlling
Measuring against the project mgmt plan
37. Work Athorization Systems
System that controls who performs the work and when, (ex: plumber, electrician when building a house)
38. Change Requests
Changes to M&P or any knowledge area
39. Corrective Action
Any action that brings expected future project performance in line with project management plan
40. Preventive Action
Dealing with anticipated or possible deviations
41. Defect Repair
Rework
42. Process for making changes
1) Evaluate the impact, 2) Identify Options, 3) Get the change request approved internally, 4)Get Customer Buy-in
43. One Point Estimating
Determine length of each activity, "often is padded"
44. Analogous Estimating
Overall duration based on historical data and expert judgement
45. Parametric Estimating
Looks at relational data-progressive analysis, (Scatter diagram) or Learning Curve
46. Learning Curve
Type of Parametric Estimate that estimates efficiency by doing something often
47. Heuristics
A generally accepted rule or practice, 80/20 rule
48. Three Point Estimating
Simple or straight) optimistic=O, Pessimistic=P, and most likely = M, estimate for each activity
49. Triangular Distribution, (simple average)
50. Beta Distribution
Weighted Average - PERT Technique