PMP 5th Edition

The flashcards below were created by user jaymac5761 on FreezingBlue Flashcards.

  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
  3. Business Case
    Reason project was initiated
  4. Critical Path
    How long the project would take without compressing the schedule
  5. Iterations
    Updates to project documents
  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
    Image Upload 1  PV=Present Value,FV=Future Value, r=interest rate, n=# of time periods
  16. Net Present Value
    Image Upload 2Present 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
  20. Economic Value Added
    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
  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
  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)
    Image Upload 3
  50. Beta Distribution
    Image Upload 4    Weighted Average - PERT Technique
  51. EAD
    Expected Activity Duration
  52. Reserve Analysis
    Utilizes Risk Mgmt and is not padding
  53. Types of Float
    Slack - Toal Float, Free Float, Project Float
  54. Crashing
    Adding or adjusting resources in order to compress schedule increase costs and maybe risk
Card Set
PMP 5th Edition
PMP flashcards, 5th Edition
Show Answers