Download Project+ (PK0-004) Study Guide 2024 and more Exams Computer Science in PDF only on Docsity! Project+ (PK0-004) Study Guide 2024 Benefit measurement methods โ Decision model that compares the benefits obtained from new project requests by evaluating them using the same criteria and comparing the results. Constrained optimization models โ Decision models that use statistics and other mathematical concepts to assess a proposed project. Cost-benefit analysis โ benefit measurement. Calculates the cost of producing the result of the project and compares to the financial gain the project will generate. Decision model โ Method of project selection that helps managers make the best use of limited budgets and human resources. Discounted cash flow (DCF) โ Compares the value of the future cash flows of the project to today's dollars. Economic model โ benefit measurement method. Series of financial calculations that provide data on the overall financials of the project. used as a project selection technique. Feasibility study โ determine whether the project is a viable project, the probability of project success, and the viability of the product of the project. Functional organization โ organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures. Internal rate of return (IRR) โ The discount rate when the present value of the cash inflows = the original investment. higher IRR values are considered better than projects with lower IRR values. Matrix organization โ An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project Net present value (NPV) โ Evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. NPV subtracts the initial project investment from the total cash flow in today's dollars. Operations โ Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end. Payback period โ The length of time it takes a company to recover the initial cost of producing the product or service of the project. Program โ A grouping of related projects that are managed together to capitalize on benefits that couldn't be achieved if the projects were managed separately. Project โ Temporary in nature, with a definite start and end date; creates a unique result. completed when the goals of the project have been met and signed off on by the stakeholders. Project management โ Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements. Project Management Institute (PMI) โ The world's leading professional project management association. Project management office (PMO) โ create and maintain procedures and standards for project management methodologies to be used throughout the organization. Project manager โ The person responsible for applying the skills and knowledge to the project activities to successfully complete the project objectives. Project plan โ A document that constitutes what the project is, will deliver, and how all processes will be managed. guideline throughout the project Project selection โ Used to determine which proposed projects are approved to move forward. Scoring model โ A deliverable-oriented hierarchy that defines the total work of the project. Each level has more detailed information than the previous level. Work breakdown structure (WBS) dictionary โ A document that describes the deliverables and their components, the code of accounts identifier, estimates, resources, criteria for acceptance, and any other information that helps clarify the deliverables. Deliverable โ An output or result that must be completed in order to consider the project complete or to move forward to the next phase of the project. Deliverables are tangible and can be measured and easily proved. Work package โ The lowest level in a WBS. Team assignments, time estimates, and cost estimates can be made at this level. On very large projects, this level is handed off to subproject managers who develop their own WBS to fulfill the requirements of the work package deliverable. Constraint โ Anything that either restricts the actions of the project team or dictates the actions of the project team. sequencing process. โ the process of identifying dependency relationships between the project activities and scheduling activities in the proper order. Two major relationships between dependent tasks. โ A predecessor is a task that exists on a path with another task and occurs before the task in question. A successor is a task that exists on a common path with another task and occurs after the task in question. What are the four types of logical relationships. โ finish-to-start, start-to-start, start-to-finish, and finish-to-finish. three techniques to estimate activity duration. โ Expert judgment relies on the knowledge of someone familiar with the tasks. Analogous or top-down estimating bases the estimate on similar activities from a previous project. Parametric estimates are quantitatively based estimates that typically calculate the rate times the quantity. Purpose of CPM. โ Calculates the longest full path in the project. This path controls the finish date of the project. Any delay to a critical path task will delay the completion date of the project. Network diagram. โ used to depict project activities and the interrelationships and dependencies among these activities. three ways project schedules are displayed. โ milestone charts, PERT network diagrams, or Gantt charts; a Gantt chart is a type of bar chart. Quality gates โ are used to check the work governance gates โ used as client sign-offs, management approvals, and legislative approvals. Fast-tracking โ A schedule compression technique where two activities that were previously scheduled to start sequentially start at the same time. Fast-tracking reduces schedule duration. Activity list โ A list of all the activities required to complete the work of the project that also includes an identifier code and the WBS code it's associated with. Activities are broken down from the work package level of the WBS. Activity duration โ Assessing the number of work periods needed to complete the project activities. Work periods are usually expressed in hours or days. Large projects might express duration in weeks or months. Analogous estimating โ An estimating technique that uses the actual duration of a similar, completed activity to determine the duration of the current activity. This is also called top-down estimating. Crashing โ This is a schedule compression technique that adds resources to the project to reduce the time it takes to complete the project. Critical path (CP) โ The longest path through the project. Activities with zero float are considered critical path tasks. Critical path method (CPM) โ A schedule development method that determines a single early and late start date, early and late finish date, and the float for each activity on the project. Dependencies โ The relationship between project activities. Dependency relationships โ The type of dependency between two activities and the specific relationship between the activities. Duration compression โ The use of techniques such as fast-tracking or crashing to shorten the planned duration of a project or to resolve schedule slippage. External dependency โ A type of dependency where a relationship between a project task and a factor outside the project, such as weather conditions, drives the scheduling of that task. Finish-to-finish โ A project task relationship in which the finish of the successor task is dependent on the finish of the predecessor task. Finish-to-start โ A project task relationship in which the successor task cannot begin until the predecessor task has completed. Float time โ The amount of time the early start of a task may be delayed without delaying the finish date of the project. Also known as slack time. Logical relationships โ The dependency relationships that may exist between tasks. Finish-to-start is the most common logical relationship. Mandatory dependency โ A type of dependency where the relationship between two tasks is created by the type of work the project requires. Precedence diagramming method (PDM) โ A network diagramming method that places activities on nodes, which connect to dependent activities using arrows. Also known as activity on node. Program evaluation and review technique (PERT) โ Calculates the expected value, or weighted average, of critical path tasks to determine project duration by using three estimates: most likely, pessimistic, and optimistic. The PERT calculation is (optimistic + pessimistic + (4 ร most likely)) / 6. Schedule baseline โ Negotiating is a leadership technique and a conflict-resolution technique. Negotiating is the act of two or more parties explaining their needs and coming to a mutual agreement on a resolution. Team building โ A way to get diverse groups of people to work together efficiently and effectively. This is the responsibility of the project manager. It can involve activities performed together as a group or individually designed to improve team performance.3 analogous โ use expert judgment and historical data to provide a high-level estimate for the entire project, a phase of the project, or a deliverable. parametric โ use a mathematical model to create the estimates. bottom-up estimating โ tarts at the lowest level of the WBS and calculates the cost of each item within the work packages to obtain a total cost for the project or deliverable. two discretionary funding allocations a project may receive. โ a contingency reserve and a management reserve. Contingency reserves โ are monies set aside to cover the cost of possible adverse events. Management reserves โ are set aside by upper management and are used to cover future situations that can't be predicted during project planning. purpose of a cost baseline. โ is the total approved, expected cost for the project. It's used in the Executing and Monitoring and Controlling processes to monitor the performance of the project budget throughout the project. Risk identification process. โ the process of identifying and documenting the potential risk events that may occur on the project. Purpose of risk analysis. โ evaluates the severity of the impact to the project and the probability that the risk will actually occur. purpose of risk response planning. โ is the process of reviewing the list of potential risks impacting the project to determine what, if any, action should be taken and then documenting it in a response plan. negative risk response strategies. โ avoid, transfer, mitigate, and accept. positive risk response strategies. โ exploit, share, enhance, and accept. importance of communications planning. โ is the key to project success. It involves determining who needs information, what type, when, in what format, and the frequency of the communication. meeting types. โ include kickoffs, virtual, in person, scheduled, impromptu, and closure meetings. communication methods. โ include meetings, email, fax, instant messaging, video conferencing, voice conferencing, face-to-face, text message, distribution of printed media, and social media. factors influencing communication methods. โ Language barriers, time zones/ geographical factors, technological factors, cultural differences, interorganizational differences, intraorganizational differences, personal preferences, rapport building/relationship building, content of message, criticality factors, and specific stakeholder communication requirements. Common communication triggers on any project. โ Audits, project planning, project change, risk register updates, milestones, schedule changes, task initiation/completion, stakeholder changes, gate reviews, business continuity response, incident response, and resource changes. Communications planning โ Determines the communication needs of the stakeholders, when and how the information will be received, and who will receive the information. Formal communications โ Planned communications such as project kickoff meetings, team status meetings, written status reports, or team-building sessions. Informal communications โ Unplanned or ad hoc communications, including phone calls, emails, conversations in the hallway, or impromptu meetings. Lines of communication โ A mathematical formula that determines the number of lines of communication between participants in a meeting. The formula is n (n - 1) / 2, where n represents the number of participants. project management plan. โ is the final, approved, documented plan that's used in the Executing and Monitoring and Controlling phases to measure project progress. elements of a change management process. โ include identifying and documenting the change (using templates and a change log), evaluating the impact, obtaining approval from the CCB, implementing the change, validating the change, updating the project management plan documents, and communicating as needed. purpose of a CCB. โ The change control board reviews, approves, denies, or delays change requests. types of common project changes. โ timeline, funding, risk events, requirements, quality, resource, and scope changes. types of organizational change. โ include business merger, acquisition, demerger, split, business process change, internal reorganization, relocation, and outsourcing. make-or-buy analysis. โ performed in order to determine the cost-effectiveness of either making or buying the goods and services you need for the project. name the types of contracts. โ include fixed-price, cost reimbursable, and time and materials. types of vendor-centric documents. โ nondisclosure agreements, cease-and-desist letter, letters of intent, statements of work, memoranda of understanding, service level agreements, purchase orders, and warranties. Agile methodology. โ is an iterative approach to managing projects that readily adapts to new and changing requirements. It provides for continuous requirements gathering and continuous feedback. Agile teams are self-organized and self-directed. product owner - Agile โ is the voice of the customer, and they determine the backlog (also known as user stories) and prioritize the backlog. Scrum master run chart. โ displays data as plots on a timeline. scatter diagram. โ displays the relationship between two numerical variables and determines whether they are related to each other. It can also be used to prove or disprove cause-and-effect relationships. Scatter diagrams are also known as correlation charts. management tools used for project documents. โ The tools include intranet sites, Internet sites, wiki pages, vendor knowledge bases, and collaboration tools. Name the three performance measurement tools. โ They are key performance indicators (KPIs), key performance parameters (KPPs), and balanced score cards. status report. โ describes the progress of the project to date and usually includes information on scope, cost, and budget. Name the types of project centric documents. โ They include issue log, status report, dashboard information, action items, meeting agenda, and meeting minutes. Name the four reasons for project endings. โ They are addition, starvation, integration, and extinction. Understand the steps involved in closing a project. โ The steps include obtaining sign-off and acceptance, transferring the product to the organization, releasing project resources, closing out contracts, documenting lessons learned, and creating the project closeout report. purpose of obtaining formal customer or stakeholder sign-off. โ The formal sign-off documents that the customer accepts the project work and that the project meets the defined requirements. It also signals the official closure of the project and the transfer of the final product of the project to the organization. Describe lessons learned. โ describe the successes and failures of the project. Addition โ A type of project ending that occurs when projects evolve into ongoing operations. Administrative Closure โ A process that involves gathering and disseminating information to formalize project closure. The completion of each project phase requires Administrative Closure also. The primary purpose of this process is to gather lessons learned and distribute the notice of acceptance. Extinction โ this is a type of project ending that occurs when the project is completed and accepted by the stakeholders. Integration โ A type of project ending where the resources of the project are reassigned or redeployed to other projects or other activities within the organization. Lessons learned โ Information gathered throughout the project (and again at the end of a project phase or the end of the project) that documents the successes and failures of the project. This information is used to benefit the current project and future projects. Starvation โ A type of project ending where resources are cut off from the project. What is a project? โ A project brings about a unique product, service, or result and has definite beginning and ending dates. What is a project vs ongoing operations โ A project is temmporary to greate a unique product or service. Operational is ongoing and repetitive, typically after a project What is a Program? โ A program is a group of related projects managed to gain benefits that couldn't be realized if they were managed independently. Portfolio โ Portfolios are collections of programs, subportfolios, and projects that support strategic business goals or objectives. Programs and projects within the portfolio may not be related to one another. What are the three types of organizational structures? โ Functional, Matric, and projected structures What are the classifications of a Matrix Organixation? โ Strong, weak or balanced matrix What is the role of a project manager? โ Project Integration. Leads the project team and oversees all the work required to complete the project goals to the satisfaction of the stake holders What is the most common project selection method? โ Benefit meaasurement methods such as cost-benefit analysis, scoring models, payback period, and economic models. What skills are needed to manage a project beyond technical project knowledge โ management, leadership, communication, problem-solving, negotiation, organization and time management Project Sponsor โ An executive in the organization who has the authority to allocate dollars and resources to the project. They approve funding, charter, baseline and high-level requirements. Stakeholders โ anyone who has a vested interest in the project and has something to gain or lose from the project. They can be a sponsor, manager, team member, funcational manager, customer, and others. Project coordinator โ assist the project manager with cross-functional coordination, documentation and administrative support. A Scheduler โ is responsible for developing and maintaining the project schedule, communicating timeline and changes, reporting on schedule preformance and obtaining the status of work when preformed from team members Project Team โ contributes expertise to the project, works on deliverables according to the schedule, estimates task durations, estimates costs and estimates dependencies PMO โ provides guidance to project managers and helps present a consistent, reliabel approach to managing projects across the organization. What are the phases in a project? โ initiating, Planning, Executing, monitoring and controlling, and closing Initiating phase โ Authorizes the project to begin Planning Phase Monitoring and controlling phase โ Quality control happens in this phase Probability impact (PI) matrix โ Used to track project risk Schedule Performance Index (SPI) โ Defines how you are progressing compared to the project schedule Who attends Scrum meetings? โ The entire team aligned with the project What should occur throughout the change control process as needed? โ Communication Facilitating โ Leadership style of manager coordinating input among team members Transferring risk โ Buying insurance is a type of risk response strategy Precedence diagramming methods (PDM) โ Finish-to-Start, Finish-to-Finish, Start-to-start, Start-to-Finish PDM โ Precedence diagramming method Project program โ A collection of sub programs, projects, and other work that are managed in a coordinated way 8 constraints of a project? โ Budget, scope, deliverables, quality, environment, resources, requirements, scheduling Cost Performance Index โ Represents the ratio of EV toAC (earned value to actual cost) measure of efficiency of expenses spent on project. CPI is equal to EV divided by AC. Five conflict management techniques โ 1) smooth/ accommodate 2) compromise / reconcile 3) collaborate / problem solve 4) withdraw/avoid 5) force/ direct Force/ direct โ Conflict resolution method. Manager using power to reach decision. Smooth and accommodate โ Conflict resolution method. Agreement between parties, provide concessions. Good relationship over emerging victorious Withdraw/avoid โ Conflict resolution method. Avoid entirely. Postponing or tabling issues for future discussion Compromise or reconciliation โ Conflict resolution method. Strive for solutions that please everyone Product owner-agile team โ Establish and manage product back log and prioritize items Cost baseline โ Project component is equal to project cost estimates plus contingency reserves 3point estimations using beta distribution โ tE =(tO +4tM+tP)/6 expected duration =(optimistic time +4 most likely time+pessimistic time) /6 Faxing and scanning โ Communication method. 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