Final 2

Assignable Cause — [Project Quality Management] is an identifiable and specific cause for the variation in the control chart. Assignable causes must be investigated and remedied.

Discounted Cash Flow — [Project Cost Management] a technique used to compare the value of the future cash flows of the project with the current value of the dollar by taking inflation into accounts.

Discretionary Dependency — [Project Time Management] (also known as preferred logic) two activities are considered to be best if carried out in sequence; but the sequence can be altered if needed.

Internal Rate of Return (IRR) —[Project Integration Management] return of the investment for the investment period expressed as percentage. The higher the IRR, the better the project outcome.

Kaizen —[Project Quality Management] a management theory promoting incremental changes for continuous improvement, originated in Japan.

Organizational Breakdown Structure (OBS) —[Project Scope Management] a hierarchical structure of the organization in the work breakdown structure (WBS) which is used for assigning work to resources for a project.

Probability and Impact Matrix — [Project Risk Management] a visual representation of the results from Risk Probability and Impact Assessments that assists the project team to prioritize risks.

Procurement Negotiations — [Project Procurement Management] a technique to resolve issue and disputes in a procurement contract; “alternative dispute resolution (ADR)” methods are frequently used before legal proceedings.

the five stages of product life cycle are Development > Introduction > Growth > Maturity > Decline

ELAPSED TIME is the time inclusive of NON working days

PERT Is also a NETWORK DIAGRAM

PMBOK Guide process groups Interact based on DEMING SHEWARTS PLAN DO CHECK ACT cycle.

Code of Ethics of PMI = RRFH Responsibility, respect, Fairness, honesty

Final 1

- Some of the configuration management activities included in the Perform Integrated Change Control process are as follows:
1. Configuration identification
2. Configuration status accounting
3. Configuration verification and audit

- Facilitated Workshop - Tools for Scope Knowledge area - Collect requirements; Define scope

- Opportunity cost is what a person/thing needs to give up in order to gain something.
- While making a choice the producer needs to realize that the next best alternative cannot be produced.

Examples of analytical techniques used in projects are: [Project Integration Management; Monitor and Control Project Work]
• Regression analysis
• Grouping methods,
• Causal analysis,
• Root cause analysis,
• Forecasting methods (e.g., time series, scenario building, simulation, etc.),
• Failure mode and effect analysis (FMEA),
• Fault tree analysis (FTA),
• Reserve analysis,
• Trend analysis,
• Earned value management, and
• Variance analysis.

DMAIC process in six sigma: Define the problem, Measure and Analysis, Improve and Control

Variance analysis - Control Scope
Variance & Trend Analysis - Monitor and Control Risk

Rough Order of Magnitude (ROM) Estimate: within the range of -25% to +75%
Preliminary estimate: within the range of -15% to +50%
Budget estimate: within the range of -10% to +25%
Definitive Estimate: within the range of -5% to +10%
Final estimate: 100% accurate

Final Review

 Quality Audit is a Tool for Quality Assurance

·        Life cycle costing provides the lowest long term cost of ownership and should be used as a management decision tool in case of alternatives.

·        For limited resources, Critical chain method shall be used as schedule network analysis.

·        Unwillingness of subordinates to delegate authority is the least obstacle to effective delegation of authority.

·        Risk Averse: will not take the risk.

·        Confronting in conflict resolution is the technique which solves the root cause of the conflict.

·         Brainstorming is not suitable to manage risks.

·        PM should worry about verbal communications from stakeholders during managing the change through scope control process.

·        Interpersonal skills will not help Project Manager in weak matrix which limited control over team members’ selection.

·        Top source of Conflict: schedule.

·        Cost baseline and management reserve is most important for deriving the total funding requirements and periodic funding requirements.

·        Iterative relationship: Plan one phase at any time, planning of the next phase is carried out as work progress on current phase and deliverables.

·        According to F.C. Moore, Right order of delegation: assignment of duties to subordinates, Transfer of authorities, acceptance of assignment, and creation of responsibility.

·        To-Complete performance Index shows Remaining Funds.

·        To reduce cost, revisit estimates and eliminate risks.

·        Procurement closure: verify the project completed/Terminated.

·         Project Closure: typing up all activities for every management process group.

·        Example of composite Organization: Task force.

·        Beta Risk: Type II error, beta risk: probability that a false null hypothesis will be accepted by a statistical test.

·        Closing: get formal acceptance, lessons learned, and handover deliverables to stakeholders, and close the contract.

·        Tool for decision making:

·        Decision matrix analysis.

·        Daugh matrix analysis

·        Multi attribute utility theory (MAUT)

·        Personal styles defined by Merrill & Reid in Their motivation theory: Driver, Amiable, Expressive, and Analytical.

·        Quality Guru, with Theory on Quality : Philip Crosby

·        Marginal Cost: Variable Cost.

·        Mckinsey’s 7S’s approach:

·        Hard Elements : strategy, structure, and systems

·        Soft elements: shard value, skills, staff, and style.

·        PDCA: for Edwards Deming.

·        PRINCE: Projects in Controlled Environment.

·        If stakeholder want to know deliverables, I can direct him to WBS

·        Anticipatory breach: venter is not able to provide products contracted to him, Project Manager terminated contract and sue for damages.

·        Budget Tempering: Transfer fund between projects, which is wrong.

·        Time & Material Contract: the risk lays more with the buyer.

·        Crosby’s cost of quality theory “Zero Defects” is based on prevention.

·        Juran’s Fitness for use theory of cost of quality can be summarized as: making a product that meets or exceeds customer expectations.

·        Budget at completion: Planned value for the Project.

·        Administrator procurement: Monitor and Control Process group.

·        Arrow Diagramming method doesn’t use LAG.

·        Contingency reserve: know unknown, remaining risk after risk response planning.

·        Management reserve: unknown unknowns, covered by cost budget, difference between max. Budget and the end of cost baseline.

·        Inspections also called: Audits, walkthroughs, Product reviews.

·        Tannenbaum and Schmidts Continuum propose: offering more freedom as the team matures.

·        Interpersonal skills and management skills are tools to manage stakeholders’ expectations.

·        Opportunity cost: the smaller the cost, the better.

·        Hygiene factors in Herzberg’s motivation theory: pay, working conditions, and attitude of supervisor.

·        Pareto: 80/20, law of vital few, principled of factor sparsity.

·        Best practice: specific sequence of work, description terms of soft logic.

·        Individual traits and attitudes of co-workers are usually not a manifestation() of unique org. cultures and styles

·        Process of low accuracy: to be adjusted.

·        Offer, acceptance: most jurisdictions, legally required order of formal statements establishing a contract.

·        Projects frequently don’t meet customer expectations, means: technical inability and poor risk management by the contractor.

·        To manage a team with a lot of problems they have: accompany team members along a sequence of maturity levels from Dependence through independence to interdependence.

·        Project team must select appropriate process required to meet the project requirements from PMP processes.

·        Acceptance criteria lay down in project scope statement.

·        Pint of total assumption PTA= ((Ceiling price-Target Price)/buyer share rate) + Target Cost).

·        High-Context Cultures: A message has a little meaning without an understanding of the surrounding context.

·        Earned value added: EVA:  used to calculate the profit from an internal project, taking into account taxes and capital cost.

·        Geert Hofstede’s cultural dimension of individualism refers to: the significance of the person versus that of the group.

·        Sink node: it’s a node in a network diagram which has multiple predecessors.

·        CSOW: a statement of work that has been formally agreed upon by both parties and is therefore part of a contract.

·        Constructive change: contract changes, from actions freq. cause of disputes.

·        Burn rate of the project: 1/CPI.

·        Post-mortem: project ended/finished/terminated.

·        360 degree review: managers will be assessed by their subordinates, enforcing a more participative style.

·        Phase gate: order of phases must be strictly consecutive without overlapping in order to allow for gates.

·        Process flow chart in Quality control, it may help anticipate problems.

·        Extrinsic motivators order: motivators, incentives (rewords, gifts, or money).

·        Five whys method used for identification of causes of conflict.

·        Repudiator breach: one of the correctly contract closure procedures.

·        The situational leadership model as defined by Paul hersey and ken blanchard consists of: Telling, selling, participating, delegating.

·        Last step of project closure: Measure customer satisfaction.

·        Risk Owner is the one who is responsible for implementing the actions in the risk response plan.

·        Delay on vendor deliverables may be reflected in network diagram.

·        Influence diagram: graphical representations of situations showing casual influences, time ordering of the event, other relationships among variables and outcomes.

·        Quality function deployment is a tool for conducting requirement workshop.

·        Laisses faire: management style giving a lot of autonomy to the team members, which led to anarchy.

·        Single source contract: the buyer contracts a seller because he is his preferred seller.

·        Sole source contract: buyer contracts a seller because there are NO other sellers for required procurement.

·        Project scope creep: uncontrolled changes.

·        McClenlland’s Theory: Managers are not motivated by need for recognition. Three behaviour styles (Achievement, Affiliation, Power).

·        Reciprocal Communication: Interactive.

·        Major result of communication blockers and miscommunications as a whole is conflict.

·        Don’t accept sponsor requirements without proper evaluation

·        For new phase, authorization done in initiation process group.

·        Best use of historical records: estimating, risk management, and project planning.

·        Tight matrix: colocation.

·        Ethnocentric: People who think their culture is the best.

·        In successful projects, the stakeholders are actively involved in PMP creation.

·        Salience model in stakeholder analysis: Power, Urgency, and legitimacy.

·        Expectations are unspoken requirements.

·        Some stake holders may have negative impacts on the project; I should take care while calling them for meetings.

·         The role of stakeholders determined by project manager+ stakeholders.

·        Documents in project documents not in PMP, they don’t need approval for changes, like stakeholders’ registers, requirements traceability matrix, and Risk Analysis.

·        Stakeholders’ engagement assessment matrix compare planed vs. actual engagement levels of individual stakeholders, any discrepancies can be analysed and communications to adjust the engagement levels can be implemented.

·        Overtime is not the best choice in any problem.

·        Assumptions are identified in project Initiation, analysed in project planning, and managed throughout the project.

·        PM Plan is a formal approved Document used to control the project.

·        No need for submitting change request during planning as the PMP not formalized and approved.

·        Regression analysis: Tool for Monitor and Control wok of the project and the close project/phase.

·        Project Manager must evaluate the situation before making a decision.

·        When depreciating and asset, the scrap value, is to subtracted 1st from original cost.

·        When I select in weighted average, I take the highest weight.

·        Murder Board: a panel of people who try to shoot down new project idea.

·        Create RFP: Planning Procurement

·        Sending RFP: Conducting Procurement.

·        As I have price and standard Deviation in the Contract, so there is an ambiguity in the scope, so we don’t select contact type Fixed Price FP. Type.

·        When I must start work immediately without procurement SOW, the most appropriate choice is a time and material contract.

·        Contract terms and conditions should be based on risk analysis, “Contract is a Risk Mitigation Tool”.

·        In the Contract with incentive money, The Incentives are meant to bring the objectives of the seller in line with those of the buyer.

·        Performance requirements describe the performance required by customer, as the product should accomplish what?

·        If there a force majeure, I should be prepared for extension of due date.

·        In conducting procurement, Independent estimate is most concerned with cost, Bid vs. In-house, or vs. other expert estimate.

·        In Procurement situation, CCB may approve the change, but only the procurement manager has the authority to sigh a change.

·        Context diagram shows that boundaries of the product scope and its interfaces with people, process, or system.

·        The Heuristic (general rule) used in Project Decomposition is 80 hours for a medium sized project. There are also rule 4/40, and 8/80 in decomposition.

·        Identify work: WBS, which allow PM to communicate with stakeholders and customers based on WBS.

·        Meeting is a bidirectional communication, which is better than email which is unidirectional communication.

·        Validate scope (check for acceptance) is closely related to Control Quality (check for Correctness).

·        Scope validation ( validate scope process) focus on customer acceptance of deliverables, but product validation ( Project Closing Process) focus on making sure all the work  completed is satisfactory.

·        Delphi Technique: seeks Consensus, which means single opinion.

·        Requirements conflicts are generally resolved in the favour of the customer.

·        Project assumptions are documented in project scope statement.

·        Discretionary Dependency is one that is based on Experience, “lesson learned or our experience”

·        In Sequence activities, GERT Allow for Loops and Branches.

·        In activities on Critical Path, If I want to shorten CP, and I have two choices, I select earlier activity.

·        Beta Distribution uses weighted Averages.

·        Fast tracking increases Risk.

·        Crashing is Cost/Schedule Trade off, less risky.

·        The law of diminishing returns says that for each additional resource, you will not realize the same increase in benefit that you realized from the previous resource.

·        Funding Limit Reconciliation most likely will affect project schedule.

·        Value analysis seeks to decrease cost while maintaining the same scope.

·        Cost management plan identifies the WBS level at which earned value will be calculated.

·        Team Training for the Project is a Direct Cost.

·        Identify risks are input and output to estimate costs Process.

·        The sponsor is the one who issues the project charter and define project objectives.

·        Critical chain method focuses on managing remaining buffer durations against the remaining durations of task chains.

·        Team building should occur whenever it’s needed, might be any time during the project.

·        Expectations are unspoken requirements, unless these expectations are identified and recorded, there is likely to be a high level of dissatisfaction with the project.

·        Change management plan includes the processes and procedures that allow smooth evaluation and tracking of changes (procedures, meeting, and standard for reports).

·        Budget forecasts are and output of control costs, which is parts of monitoring and controlling process group.

·        Cost plus fixed fee (CPFF), the only contract that limits fees for large projects with limited scope definition.

·        Performance reporting in administrative closure (closing project phase) communicates the success of the team

·        Role of P during executing is working for the PM plan.

·        Key objective of stakeholder management is stakeholder satisfaction.

·        Change management Plan created in Planning Process Group.

·        Configuration Control verification that the configuration Identification for a configuration item is accurate, complete, and will meet specified program needs.

 Journey to Abilene: committee decision can have the paradox outcome, that a jointly made or approved decision is not desired by an individual group member.