Term
| What is the process of integration management? |
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Definition
| -Develop Project Charter -Develop Project Management Plan -Direct and Manage Project work -Monitor and Control Project work -Perform integrated change Control -Close Project or phase. |
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Term
| What is the develop project charter process? What is its key output? |
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Definition
| Creating the project charter, which formally establishes the project and gives the project manager authority to spend money and commit resources to the project. Output: Project Charter |
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Term
| What is the develop project management plan process? What is its outputs? |
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Definition
| The process of creating a project management plan that is bought into approved, realistic, and formal. Output: Project management plan |
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Term
| What are the key outputs of the Direct and Manage Project work process? |
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Definition
| Deliverables Work performance data Change request Updates to the project management plan and project documents |
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Term
| What are the key outputs of the Monitor and control project work process? |
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Definition
| Change request Work performance reports Updates to the project management plan and project documents |
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Term
| What are key outputs of the perform integrated change control process? |
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Definition
| Approved changes request Change log Updates to the project management plan and project documents |
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Term
| What are the key outputs of close project or phase process? |
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Definition
| Final product or service/ Formal acceptance of project or phase/ Lessons learned and other organized process assets updates |
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Term
| Explain the project manages role as an integrator |
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Definition
| Making sure all the pieces of the project are properly coordinated and put together into one cohesive whole |
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Term
| What are the two major categories of project selection methods? |
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Definition
| Benefit measurements (comparative) Constrained optimization (mathematical) |
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Term
| What are the economic models for selecting a project? |
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Definition
| Present value Net present value Internal rate of return Payback period. Cost benefit analysis |
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Term
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Definition
| The value in today’s dollars of a future cash flow |
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Term
| Define net present value (NPV). How is it interpreted? |
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Definition
| The present value of total benefits (income or revenue) minus costs over a series of time periods Generally, if the NPV of a project is positive, the investment is a good choice unless an even better investment opportunity exists |
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Term
| Define internal rate of return (IRR) How is it interpreted? |
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Definition
| The rate which a projects inflows and outflows are equal (i.e., the rate an investment in the project will return) The higher the IRR, the better |
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Term
| Define payback period. How is it interpreted? |
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Definition
| The length of the time required for the organization to recover its investment in the project (before the project starts yielding profit) The shorter the payback period, the better |
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Term
| Define cost benefit analysis. What is the result of this analysis? How is it interpreted? |
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Definition
| Comparing the expected cost of a project to its potential benefits (revenue). The benefit cost ratio (BCR) The higher the BCR, the better |
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Term
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Definition
| The opportunity given up by selecting one project over another (i.e., the value of the project not selected) |
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Term
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Definition
| Expended costs. Sunk cost should not be considered when deciding whether to continue a troubled project |
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Term
| Define the law of diminishing returns. |
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Definition
| After a certain point, adding more input will not result in a proportional increase in productivity |
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Term
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Definition
| Current assets minus current liabilities. The amount of money the company has available to invest, including investment in projects |
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Term
| What are the two types of depreciation? |
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Definition
| Straight line depreciation: Depreciated the same amount each time period. Accelerated depreciation: deprecate an amount greater than straight line each time period |
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Term
| What is the project statement of work? |
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Definition
| Describes need, product scope, and how the project fits into the organizations or the customers strategic plan. Created by the customer/sponsor before the project starts. Later refined in the project scope statement. |
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Term
| What is a project charter? |
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Definition
| A document issued by the sponsor during project imitating that: Formally recognizes (authorizes) the existence of project/ Gives the project manager authority/ to spend money and commit resources to the project/ Provides the objective, high-level/ requirements, and success criteria for the project/ Identifies the constraints and high level risk for project/ Uncovers assumptions about the project/ Links the project to the ongoing work of the organization/ |
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Term
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Definition
| The project purpose and justification. Explains why the project was selected, how it fits into the organizations strategic goals, and how it will bring business value to the organization |
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Term
| What is included in a project management plan? |
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Definition
| Project management process for the project/ Management plans for knowledge areas/ Scope, schedule, and cost baselines Requirements management plan Change movement plan Configuration management plan Process improvement plan |
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Term
| What are project documents? |
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Definition
| Any documents used to manage a project that aren’t part of the project management plan, including: Project charter/ Project statement of work/ Agreements and contacts/ Stake holder register/ Requirements documentation/ Activity list/ Quality metrics/ Risk register/ Issue log/ Change log/ Any other such documentation |
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Term
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Definition
| The parts of the project management plan against which actual project performance is measured |
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Term
| What three elements make up the performance measurement baseline? |
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Definition
| Schedule baseline/ Scope baseline/ Cost baseline |
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Term
| What is a configuration management plan? |
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Definition
| A Plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versions. It defines how you will manage changes to the deliverables and process and the resulting documentation. |
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Term
| What is a change management plan? |
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Definition
| A system of formal procedures, set up in advance, defining how project deliverables and documentation are controlled, changed and approved |
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Term
| What is a change control board? |
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Definition
| The group responsible for reviewing and approving or rejecting change requests |
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Term
| Who might be a change control board? |
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Definition
| May include project manager ,customer, experts, sponsors, functional manages, and others. For the exam, assume that all projects have change control boards |
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Term
| What are change request? When are they approval? |
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Definition
| Formal request to change parts of the project after the project management plan is approved. Perform Integrated Change Control |
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Term
| What are corrective actions? |
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Definition
| Actions taken to bring expected future project performance in line with the project management plan |
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Term
| What are preventive actions? |
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Definition
| Actions taken to deal with anticipated or possible deviations from the performance measurements baseline and other metrics |
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Term
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Definition
| Rework required when a component of the project does not meet specifications |
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Term
| What is a kickoff meeting? When does it occur? |
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Definition
| A meeting of all parties to the project (all project stakeholders, including sellers) to make sure everyone is “on the same page”. At the end of the planning process group |
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Term
| What is a work authorization system? |
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Definition
| The project manager’s system for authorizing the start of work packages or activities. It ensures work is done at the right time and in proper sequence |
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