Certified Professional in Project Management Exam Study Flashcard

The Baseline Schedule is the approved version of the project schedule, including planned start and finish dates for tasks and milestones. It serves as a reference point for measuring and monitoring project performance. The Baseline Schedule is used to compare actual progress against planned progress and to identify deviations.

Cost Performance Index (CPI) is a measure of cost efficiency in a project. It is calculated as: CPI = Earned Value (EV) / Actual Cost (AC). A CPI value greater than 1 indicates cost efficiency, while a value less than 1 indicates cost overruns. CPI helps in assessing how well the project is adhering to its budget.

Earned Value (EV) is a measure of the value of work actually performed up to a specific point in time. It represents the amount of work that has been accomplished in terms of the project’s budget. EV is used in Earned Value Management (EVM) to assess project performance by comparing it with Planned Value (PV) and Actual Cost (AC).

Project Constraints are limitations or restrictions that impact project planning and execution. Examples include scope constraints (defined project boundaries), time constraints (project deadlines), cost constraints (budget limitations), and resource constraints (availability of personnel or materials). Managing constraints is essential for achieving project success.

Quality Assurance is the process of ensuring that the project’s processes and deliverables meet quality standards and requirements. It involves implementing systematic activities and audits to verify that quality standards are being followed. Quality Assurance aims to prevent defects and ensure that the project’s outputs are of high quality.

Resource Leveling is a technique used to balance resource usage by adjusting the project schedule to avoid overloading or underutilization of resources. It involves rescheduling activities to ensure that resource demands are consistent and manageable over the project duration, which helps in maintaining a balanced workload and avoiding resource conflicts.

Schedule Variance (SV) is a measure of schedule performance and indicates how much ahead or behind the project is relative to the planned schedule. It is calculated as: SV = Earned Value (EV) - Planned Value (PV). A positive SV indicates the project is ahead of schedule, while a negative SV indicates it is behind.

The Scope Baseline is the approved version of the project scope statement, Work Breakdown Structure (WBS), and its associated WBS dictionary. It serves as a reference for measuring project performance and changes. The Scope Baseline is crucial for controlling scope changes and ensuring that the project stays aligned with its defined objectives.

Procurement Management involves acquiring goods and services from external suppliers to meet project requirements. It includes planning procurements, conducting procurements (soliciting and selecting vendors), and managing procurement contracts. Effective procurement management ensures that external resources are obtained and utilized efficiently.

Fast Tracking is a schedule compression technique where project activities that were originally planned to be performed sequentially are performed concurrently or in parallel. This approach can shorten the project duration but may increase risks and require additional resources to manage overlapping activities effectively.

Resource Management involves planning, allocating, and controlling resources (human, material, and equipment) required for project execution. It includes resource planning, estimating resource needs, acquiring resources, and managing their utilization throughout the project. Effective resource management ensures that resources are used efficiently and effectively.

The Scope Management Plan is a document that describes how the scope of the project will be defined, validated, and controlled. Key components include scope definition, scope validation, scope control procedures, and roles and responsibilities for managing scope changes. It provides a framework for managing project scope and ensuring alignment with project objectives.

Integrated Change Control is the process of managing changes to the project scope, schedule, and cost in a coordinated manner. It involves assessing change requests, approving changes, and ensuring that changes are integrated into the project plans. This process is important for maintaining project alignment with objectives and managing the impact of changes.

Monte Carlo Simulation is a quantitative risk analysis technique that uses statistical modeling to predict the probability of different project outcomes. By running simulations with varying input values, it provides a range of possible outcomes and their probabilities, helping project managers assess the impact of risks and make informed decisions.

Work Performance Data refers to raw observations and measurements recorded during project execution. It includes data on project activities such as start and finish times, completion percentages, and resource utilization. This data is used to assess project performance and is essential for generating work performance reports and making informed decisions.

Contingency Planning involves preparing for potential risks by developing predefined actions to be taken if identified risks materialize. It includes creating contingency plans, allocating resources, and establishing response strategies. Contingency Planning ensures that the project can continue effectively even if unexpected events occur.

Project Closure is the final phase of the project lifecycle, where all project activities are completed, deliverables are handed over, and documentation is finalized. It includes conducting final project reviews, obtaining stakeholder acceptance, and closing contracts. Effective closure ensures that all project objectives are met and lessons learned are documented.

Stakeholder Analysis is the process of identifying and analyzing stakeholders to understand their interests, influence, and impact on the project. It involves assessing stakeholders’ needs, expectations, and potential contributions or resistance. This analysis helps in developing strategies for managing stakeholder relationships effectively.

The Stakeholder Engagement Plan is a document outlining how to engage stakeholders effectively throughout the project. It includes strategies for communication, involvement, and management of stakeholder expectations. The purpose is to ensure that stakeholders are adequately informed, their needs are addressed, and their support is maintained.

The Change Control Board (CCB) is a group of stakeholders responsible for reviewing, approving, or rejecting changes to the project scope, schedule, or cost. The CCB evaluates change requests, assesses their impact on the project, and ensures that changes are implemented systematically and documented properly.

Cost-Benefit Analysis is a financial assessment tool used to evaluate the economic feasibility of a project by comparing its costs and benefits. It helps in determining whether the benefits of the project outweigh the costs and supports decision-making about project selection and prioritization based on financial value.

Crashing is a schedule compression technique used to shorten the project duration by adding extra resources or increasing the project’s cost. It involves analyzing the schedule to identify critical path tasks that can be expedited by adding resources or overtime. Crashing aims to reduce project time while minimizing additional costs and risks.

Critical Chain Project Management (CCPM) is a method that focuses on managing project schedules by considering resource constraints and project buffer management. Unlike traditional methods, CCPM emphasizes the importance of resource availability and builds buffer times into the schedule to handle uncertainties and avoid delays.

Monte Carlo Simulation is a risk management tool used to model the probability of different outcomes in a project by running numerous simulations with varying input parameters. It helps in assessing the likelihood and impact of risks, providing a range of possible outcomes and their probabilities, thus aiding in risk assessment and decision-making.

Process Improvement involves analyzing and enhancing project management processes to increase efficiency, effectiveness, and quality. Key methods include Six Sigma (focuses on reducing defects and variability), Lean (aims to eliminate waste and improve flow), and Agile (emphasizes iterative development and flexibility). Process improvement helps in achieving better project outcomes.

Project Communication Management ensures that project information is effectively generated, distributed, and managed. It includes planning communication strategies, managing stakeholder communication, and controlling communication channels. Effective communication management is crucial for ensuring that all stakeholders are informed and aligned with project objectives.

Project Cost Management involves planning and controlling the project budget to ensure it is completed within the approved financial constraints. Primary processes include cost estimating (approximating costs), cost budgeting (aggregating costs into an overall budget), and cost control (monitoring and managing costs to stay within the budget).

Project Quality Management ensures that the project meets the defined quality standards and stakeholders’ expectations. Key components include quality planning (identifying quality requirements), quality assurance (implementing processes to ensure quality), and quality control (monitoring and measuring quality to ensure standards are met).

The Resource Breakdown Structure (RBS) is a hierarchical decomposition of project resources, categorized by type or function. It helps in organizing and managing resources effectively by providing a structured view of resource allocation. The RBS is used for planning, estimating, and tracking resource usage throughout the project lifecycle.

Risk Mitigation involves implementing strategies to reduce the likelihood or impact of identified risks. It aims to minimize the effects of risks if they occur. Risk Avoidance, on the other hand, involves changing the project plan to eliminate the risk entirely. Mitigation addresses risks that cannot be avoided, while avoidance aims to prevent risks altogether.

Schedule Performance Index (SPI) is a measure of schedule efficiency and performance. It is calculated as: SPI = Earned Value (EV) / Planned Value (PV). An SPI value greater than 1 indicates that the project is ahead of schedule, while a value less than 1 indicates that it is behind schedule. SPI helps in assessing schedule adherence and performance.

Scope Verification is the process of formalizing acceptance of the completed project deliverables by stakeholders. It involves reviewing deliverables to ensure they meet the defined scope and quality criteria. Verification is important for ensuring that the project outputs align with stakeholder expectations and for obtaining formal sign-off before project closure.

Value Engineering is a systematic method to improve the value of a project by analyzing its functions and identifying ways to reduce costs while maintaining performance and quality. It focuses on optimizing the cost-benefit ratio by finding cost-effective alternatives and enhancing project value.

Variance Analysis involves comparing planned project performance with actual performance to identify discrepancies. It helps in understanding the causes of deviations and assessing the impact on project objectives. Common types of variance analysis include cost variance (CV) and schedule variance (SV), which are used to monitor and control project performance.

A Work Package is a detailed and manageable component of the Work Breakdown Structure (WBS) that represents a specific task or deliverable. It is the lowest level of the WBS where work is assigned, estimated, and controlled. Work Packages provide a clear definition of what needs to be done, facilitating effective planning and management.

A Project Kickoff Meeting is the initial meeting held at the beginning of a project to align the project team and stakeholders. It includes discussions on project objectives, scope, roles and responsibilities, and key milestones. The meeting sets the tone for the project, clarifies expectations, and establishes a shared understanding of project goals.

A Scope Statement is a detailed document that describes the project's deliverables, objectives, boundaries, and acceptance criteria. It defines what is included and excluded from the project scope and provides a clear understanding of the project’s purpose and goals. The Scope Statement serves as a foundation for project planning and scope management.

Milestone Trend Analysis tracks the progress of milestones over time to identify trends and potential delays. Earned Value Analysis, on the other hand, measures project performance by comparing the planned value, earned value, and actual cost. While Milestone Trend Analysis focuses on schedule progress, Earned Value Analysis assesses cost and schedule performance.

Lessons Learned are documented insights and knowledge gained from the project’s successes and failures. The purpose is to capture experiences and improve future project performance by identifying what worked well and what could be improved. Lessons Learned are valuable for enhancing project management practices and avoiding repeating mistakes.

The Project Sponsor is a key stakeholder who provides the project with resources, support, and direction. They are responsible for approving project goals, ensuring alignment with organizational objectives, and resolving issues that may arise. The sponsor plays a crucial role in championing the project and ensuring its success.