Project Management Professional (PMP) Study Flashcard

A baseline is a fixed reference point that represents the approved version of the project’s scope, schedule, and cost. It serves as a benchmark for measuring performance and progress.

Change Control is a process to manage and control changes to the project scope, schedule, and costs. It involves evaluating change requests, approving or rejecting changes, and implementing approved changes systematically.

A Change Request is a formal proposal to modify any part of the project. Types include scope change requests, schedule change requests, and cost change requests. Each requires evaluation and approval.

A Procurement Audit is an assessment of procurement activities to ensure compliance with policies, procedures, and contract terms. Its purpose is to identify improvements and ensure efficient procurement processes.

The Procurement Management Plan outlines how procurement processes will be managed, including planning, executing, and controlling procurement activities to acquire goods and services.

Project Governance refers to the framework of authority, decision-making, and oversight that guides and controls the project. It ensures alignment with organizational objectives and provides structure for project execution and monitoring.

Project Integration Management involves coordinating and aligning all aspects of the project, including scope, schedule, cost, quality, and resources, to ensure successful project delivery.

The RBS is a hierarchical framework that categorizes project resources by type or function. It assists in resource planning, allocation, and management.

Risk Mitigation involves taking actions to reduce the likelihood or impact of risks. It aims to minimize potential negative effects on the project through proactive planning and response strategies.

Scope creep refers to the uncontrolled expansion of project scope without adjustments to time, cost, and resources. It can lead to project delays, cost overruns, and unmet objectives.

The WBS is a hierarchical decomposition of the total scope of work to accomplish the project objectives. It helps organize and define the total work required, breaking it into manageable sections.

Fast Tracking is a schedule compression technique where tasks that were originally planned in sequence are performed in parallel to shorten project duration. It can lead to increased risk and potential rework.

The RBS is a hierarchical structure that categorizes project resources by type or function. It helps in identifying and managing resources needed for the project.

Work Performance Data is raw data collected from project activities, such as measurements and observations. Work Performance Information is processed data that provides context, analysis, and trends for decision-making.

Resource leveling is a technique used to resolve resource conflicts by adjusting project schedules to ensure that resource demands are balanced with available capacities. This often involves delaying tasks or extending project durations.

The Quality Management Plan defines how quality policies, procedures, and standards will be applied throughout the project. It includes quality assurance, quality control, and continuous improvement processes.

CPM is a project management technique used to determine the longest sequence of dependent tasks and to estimate the minimum project duration. It identifies the critical path that directly affects the project’s end date.

Earned Value (EV) is a measure of work performed expressed in terms of the approved budget. It represents the value of work actually accomplished compared to the planned value.

Monte Carlo Simulation is a quantitative risk analysis technique that uses statistical methods to model the probability of different outcomes based on variable inputs, helping predict potential project risks and their impacts.

The Project Baseline includes the approved scope, schedule, and cost. It serves as a reference for performance measurement and helps in tracking deviations from the plan.

Schedule Compression techniques, such as Fast Tracking and Crashing, are used to shorten project duration. Fast Tracking involves overlapping tasks, while Crashing involves adding resources to critical path tasks.

The Stakeholder Engagement Plan outlines how to effectively communicate and engage with stakeholders throughout the project lifecycle. It includes strategies for managing stakeholder expectations and involvement.

A Deliverable is a specific, measurable output or outcome that is produced as a result of project activities. It can be a product, service, or result that meets project objectives.

Resource Smoothing involves adjusting the project schedule to ensure that resource demands are evenly distributed without affecting the project’s critical path or overall duration.

The Scope Management Plan outlines how the project scope will be defined, validated, and controlled. It includes processes for managing scope changes and ensuring project deliverables align with objectives.

Float (or slack) refers to the amount of time a task can be delayed without affecting the project’s overall timeline. It helps in schedule flexibility and resource management.

The Project Life Cycle consists of the phases that a project goes through from initiation to closure. It typically includes initiation, planning, execution, monitoring and controlling, and closing.

The RTM is a document that links project requirements to their corresponding deliverables, ensuring that all requirements are addressed and fulfilled. It helps verify that the project meets its objectives.

Lessons Learned are documented insights gained from project experiences. They are crucial for improving future project management practices by capturing what went well and what didn’t.

Milestones are significant points or events in the project timeline that mark the completion of major deliverables or phases. They are used to track progress and manage stakeholder expectations.

Progress Reports provide updates on project status, including completed work, upcoming tasks, and any issues or risks. They help stakeholders understand current progress and make informed decisions.

Project Constraints are limitations that impact project execution, such as time, cost, scope, quality, and resources. Examples include budget limits, deadlines, and resource availability.

The five process groups are Initiating, Planning, Executing, Monitoring and Controlling, and Closing. Each group encompasses various processes to effectively manage a project.

Configuration Management involves managing changes to project documents, deliverables, and baselines. It ensures consistency and control of project outputs throughout the project lifecycle.

CCM focuses on managing the project schedule by considering resource constraints and dependencies. It emphasizes the use of buffer management to protect the project’s critical path from delays.

Monte Carlo Simulation helps assess the probability of different outcomes in project scheduling and cost management by using statistical models to evaluate the impact of uncertainties.

Benchmarking involves comparing project performance metrics with industry standards or best practices. It helps identify performance gaps and opportunities for improvement.

A Control Account is a management control point where scope, schedule, and cost are integrated and monitored. It is used to track performance and control work at a detailed level.

CPI is a measure of cost efficiency and financial effectiveness of the project. It is calculated as CPI = EV / AC, where EV is Earned Value and AC is Actual Cost. A CPI less than 1 indicates cost overruns.

EVM is a technique used to assess project performance by comparing the planned progress with actual progress. It measures performance in terms of cost and schedule through metrics like Earned Value (EV), Planned Value (PV), and Actual Cost (AC).

Float (or slack) is the amount of time that a task can be delayed without affecting the project’s end date or the start date of a dependent task. It is critical for understanding scheduling flexibility.

Integrated Change Control is the process of reviewing, approving, and managing changes to project scope, schedule, and cost. It ensures changes are made in a controlled manner and impacts are evaluated.

PMIS is a software or system used to manage project information, including planning, execution, and monitoring. It helps in tracking project progress, managing documentation, and supporting decision-making.

Project Scope Management involves defining and controlling what is included and excluded in the project. It ensures that all project requirements are captured and addressed, and prevents scope creep.

The Project Scope Statement defines the project’s deliverables, objectives, boundaries, and assumptions. It includes details about the work required, exclusions, and constraints.

Resource Constraints refer to limitations on the availability or capacity of resources. They can impact project schedules, cost, and scope, requiring adjustments to balance resource demands and availability.

Risk appetite is the amount of risk an organization or individual is willing to take in pursuit of its objectives. It influences how risks are assessed, accepted, and managed within a project.

SPI measures schedule efficiency and performance. It is calculated as SPI = EV / PV, where EV is Earned Value and PV is Planned Value. An SPI less than 1 indicates the project is behind schedule.

Scope Validation is the process of formally accepting completed deliverables. It involves reviewing deliverables with stakeholders to ensure they meet requirements and are approved for acceptance.

Stakeholder Analysis involves identifying and assessing the influence and interests of project stakeholders. It is important for developing effective engagement strategies and ensuring stakeholder needs are addressed.

Value Engineering is a systematic method to improve the value of project deliverables by assessing functions and costs. It aims to enhance quality while reducing costs or maintaining functionality.

A Risk Register is a document that records identified risks, their characteristics, and planned responses. It includes details such as risk descriptions, probability, impact, and mitigation strategies.

Quality Assurance focuses on preventing defects by improving processes, while Quality Control involves monitoring and measuring specific results to ensure they meet quality standards.

A risk is a potential event that could impact the project negatively or positively, while an issue is a current problem affecting the project that needs to be addressed.

The Project Charter formally authorizes the project, providing the project manager with the authority to apply organizational resources. It also defines the project’s objectives, scope, and stakeholders.

The Communication Management Plan defines how project information will be distributed, who will receive it, and the frequency of communications. It ensures stakeholders are informed and engaged appropriately.

The Project Schedule outlines the timeline for project activities, including start and finish dates, milestones, and dependencies. It helps manage project execution and track progress.

The Stakeholder Register documents details about all stakeholders, including their interests, influence, and impact on the project. It helps in managing stakeholder engagement and expectations.

The Project Sponsor provides overall direction and support for the project, ensures alignment with organizational goals, secures resources, and makes high-level decisions.

The Project Management Plan is a comprehensive document that outlines how the project will be executed, monitored, and controlled. It integrates and consolidates all subsidiary plans and defines the overall approach.