Project Management > Study Cards - Chapter 4 (not finished) > Flashcards

Study Cards - Chapter 4 (not finished) Flashcards

(51 cards)

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1
Q

The project charter is (two answers)…

A
  • A brief 2-3 page document that imparts high-level information about the project.
  • A required element that must be signed off before further project work can begin.
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2
Q

The project charter contains…

A
  • The project description and title
  • Project manager and their authority level
  • High-level business case
  • Stakeholders
  • High-level deliverables list
  • High-level project risks
  • Defined project objectives
  • Project approval requirements
  • S.M.A.R.T. goals
  • Formal sign-off
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3
Q

The key benefits of a project charter are…

A

Primary benefit
- PM is authorized to spend money and commit resources to the project

Other benefits

  • Formally recognizes existence of the project
  • Describes high-level requirements
  • Links the project to other work in the organization
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4
Q

The project Statement Of Work is (three answers)…

A
  • A high-level description of the products or services the project will create.
  • Usually created by the customer or sponsor.
  • A narrative that describes products or services that are delivered by the project.
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5
Q

The three fundamental elements of an SOW are…

A
  • Business need
  • Product scope description
  • Strategic plan
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6
Q

A procurement statement of work is…

A
  • For external services that are procured

- A legal document that requires a legal review and review by contract administration professionals.

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7
Q

Enterprise Environmental Factors are…

A
  • A recurring input to over 20 of the processes, primarily in the Planning process group
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8
Q

The key elements involving EEFs include…

A
  • Organizational culture and structure
  • Government and industry standards
  • Existing human resources
  • Personnel administration
  • Company work authorization system
  • Marketplace conditions
  • Stakeholder risk tolerances
  • Commercial databases
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9
Q

A work authorization system is designed to (three answers)…

A
  • Ensure that work is approved before it begins
  • Ensure the work is done at the right time and in the correct sequence
  • Help prevent scope creep as well as goldplating
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10
Q

Organizational Process Assetts include…

A
  • Standards and policies
  • Performance measurement criteria
  • Templates
  • Communication requirements
  • Project closure guidelines
  • Procedures
  • Approving and issuing work authorizations
  • Organization knowledge base
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11
Q

The benefit measurement methods for project selection are…

A
  • Murder board
  • Weighted scoring model
  • Internal rate of return (IRR)
  • Benefit cost ration (BCR)
  • Present Value (PV) / Net Present Value (NPV)
  • Payback Period
  • Opportunity Costs
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12
Q

The benefit measurement methods that help to determine ROI are…

A
  • IRR
  • BCR
  • PV / NPV
  • Payback Period
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13
Q

The constrained optimization methods for project selection are…

A
  • Linear programming
  • Nonlinear programming
  • Dynamic programming
  • Integer programming
  • Multi-Objective programming algorithms
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14
Q

A murder board looks for projects that are…

A
  • Do not meet strategic objectives
  • Might be a pet project
  • Are impractical or unrealistic
  • Do not add much value to the project portfolio
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15
Q

A weighted scoring model…

A
  • Compares projects based on critical criteria

- Can be used to screen projects based on ‘showstopper’ criteria

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16
Q

Present value is…

A
  • The specific value today of an amount of money in the future
  • A reflection of the diminishing value of a fixed amount of money over time
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17
Q

Net present value is…

A
  • The total present value of a time series of cash flows
  • The most precise and most conservative
  • Better when it is higher (choose the project with the highest NPV)
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18
Q

Future value is…

A
  • A measurement of the future sum of money that a given sum of money is worth at a specific time in the future.
  • Better when it is higher (choose the project with the highest Future Value)
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19
Q

Internal Rate of Return is…

A
  • The interest that you get paid for an investment on a yearly basis
  • Accurate if there are not negative cash flows
  • Should result in the same decision as NPV
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20
Q

Payback period is…

A
  • The number of complete time periods needed to recover your investment in the project
  • The lease precise and simplest to compute
  • Better when shorter (choose the project with the shortest payback period)
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21
Q

Benefit Cost Ratio is…

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A
  • A comparison of the benefits of doing a project in relation to its costs
  • Better when higher (choose the project with the Highest BCR)
22
Q

Two key considerations for BCR are…

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A
  • Projects with a BCR of < 1 should be rejected

- Benefit does not always equate to profit

23
Q

Opportunity cost is…

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A
  • The amount of money you give up on one opportunity to pursue another
24
Q

Sunk costs are…

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A
  • What you have spent

- Should not be considered when deciding whether to continue with a troubled project

25
The law of diminishing returns states that...
The more you put in, the less you get in return.
26
Working capital is...
- Assets minus liabilities | - What the company has to invest in projects
27
Two types of depreciation are...
- Straight-line depreciation | - Accelerated depreciation (double declining balance, Sum of the Years Digits)
28
Four categories of cost are...
- Direct - Indirect - Variable - Fixed
29
Economic value added of the project is...
- The value produced above the costs of financing the project
30
Three approaches to compute NPV are...
- Adjusted Present Value - Flows To Equity - Weighted Average Cost of Capital
31
The major inputs to the Project Management Plan are...
- The project charter | - Enterprise Environmental Factors
32
The project management plan (two answers)...
- Defines how you will execute, monitor & control, and close the project - Integrates and consolidates all of the subsidiary management plans and baselines from the planning process - Requires sign-off by all key stakeholders when it is complete
33
Five key characteristics of the Project Management Plan are...
- Always written out (not an MS Gantt chart) - A repository for subsidiary plans - Created by the PM with input from stakeholders - A formal document approved by key stakeholders - Progressively Elaborated
34
Four reasons that a Project Management Plan is important are...
- Captures changes to the project - Captures versions of the PM Plan to identify trends - Key to understanding what we did and why - If it is not written down, it doesn't exist
35
When is the project plan baselined...
- When all stakeholders have completed and signed-off on all of the elements in the Project Planning Phase
36
The project baseline is...
- Starting point for progressive elaboration - Critical for managing change - Key in defining lessons learned
37
Configuration Management is...
- A key element of the project plan (works with change control system) - Used to document the functional and physical characteristics of a product - Also a key element for both manufactured and software products
38
The Project Management Information System includes...
- The configuration management system - The change control system - It is usually an automated system
39
The kick-off meeting is...
- Called by the project manager | - Used to formally introduce the project team and stakeholders to the project
40
The direct and manage project execution process...
- Performs the work described in the project management plan
41
A frequent output of direct and manage project execution is...
Change requests which can include preventive actions, corrective actions, or defect repairs
42
Work performance Information typically addresses...
- Deliverable status - Schedule progress - Costs incurred
43
Additional elements of Direct and Manage project execution are...
- Ensuring a Common Understanding | - Being of Service
44
The monitoring and control project work process...
- Is done from the beginning of the project through the close - Applies to the project as well as each phase
45
A corrective action is...
- Any action needed to bring future project performance in line with the PM plan
46
Three basic steps for corrective action are...
- Identify the need to take action - Take corrective action - Measure the result to determine if additional action is needed
47
Excessive changes on a project can be caused by...
- Missed requirements - Failing to engage a key stakeholder - Stakeholder misunderstanding - Poorly designed WBS - Inadequate risk assessment
48
A frequent input to most M&C process areas across the nine knowledge areas is...
Work Performance Information
49
What is the configuration hierarchy from lowest to highest level...
- Change Requests - Change Control System - Change Management - Configuration Management
50
The seven steps needed to implement a change are...
- Identify actual need for change - Impact assessment - Identify change alternatives - Create a change request - Meet with internal stakeholders - Meet with the customer (if required) - Submit to change control board
51
Changes can be...
- Requested by executing or monitoring and controlling - Approved or Rejected in integrated change control - Implemented by executing
Project Management
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