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PMP EXAM FLASHCARDS

Over 600 dynamic Flashcards with Graphics in PowerPoint

PART
3 of 5
By Jonathan Donado
About me

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Jonathan Donado
Bilingual senior general management
executive with expertise in international
business and Mergers & Acquisitions (M&A)

o Education:
- Senior Executive Fellow – Harvard University
- MBA – IESE

o Certifications:
- Six Sigma Black Belt (CSSBB) – ASQ Certified
- PMP
- PMI-ACP – Agile Certified Practitioner

Twitter.com/donadosays

Linkedin.com/in/jonathandonado
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Time or money allocated in the schedule or


cost baseline for known risks with active
response strategies

Contingency
Reserve

Click on the “Slide


Show Mode”
Process of making needed
information available to project
stakeholders in a timely manner

Manage
Communications

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An analysis to identify if the
performing organization should do
the work or buy the
product/services/supplies from
outside the organization
Make-or-Buy
Decision

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An activity that is dependent
upon another activity. For
example, a telephone pole must
be put up before telephone wire
can be strung
Mandatory
Dependency

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Time or money that management
sets aside in addition to the
schedule or cost baseline and
releases for unforeseen work that
is within the scope of the project
Management
Reserve

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An analysis to determine when optimal
quality is reached. Also, an analysis to
find out the point where incremental
revenue from improvement equals
incremental cost to secure it

Marginal
Analysis

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A summary level project schedule
that identifies the major deliverables
and work breakdown schedule
components and key schedule
milestones
Master
Schedule

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Maslow's hierarchy of needs is a
motivational theory in psychology
comprising a five tier model of human
needs, often depicted as hierarchical
Maslow’s levels within a pyramid.

Theory

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An organizational structure in which
the project manager shares authority
with the functional manager
temporarily to assign work and apply
resources. There are 3 types: Weak,

Matrix Balance and Strong Matrix

Organization

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A “Balanced Matrix Organization”,
the power is equally balanced
between the project manager and
the functional manager. It is the
Matrix preferred form of structure

Organization -
Balanced

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A “Strong Matrix Organization”,
the power rest with the project
manager instead of the functional
manager
Matrix
Organization -
Strong

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A “Weak Matrix Organization”, the
power rest with the functional
manager instead of the project
manager. Project manager role may
Matrix include a project coordinator or project
expediter

Organization -
Weak

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This value specifies the maximum
number of segments that an
activity can be split into when
Maximum activity splitting is allowed

Number of
Segments

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Used to define the processes,
policies, and guidelines that are
included as part of the framework
for project management

Methodology

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These theories describe two contrasting models
of workforce motivation applied by managers.
Theory X organization, management is
authoritarian, and centralized control is
retained, whilst in Theory Y, the management
style is participative: Management involves
employees in decision making, but retains

McGregor power to implement decisions

Theories

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Need Theory, also known as Three Needs
Theory, proposed by psychologist David
McClelland, is a motivational model that
attempts to explain how the needs for
achievement, power, and affiliation affect the
actions of people from a managerial context

McClelland’s
Theory

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A significant point or event in a
project, program, or portfolio

Milestone

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A type of schedule that presents
milestones with planned dates and
a high level project status

Milestone
Schedule

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This value specifies the minimum
duration of a segment of an
activity when activity splitting is
Minimum allowed

Segment
Duration

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A concise statement, usually one
paragraph, summarizing what the
project is about and what it will
accomplish
Mission
Statement

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Taking steps to lessen risk by
lowering the probability of a risk
event's occurrence or reducing its
effect should it occur

Mitigation

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Tracking, reviewing, evaluating and
directing the progress to meet the
performance objectives defined in
project documentation such as
Monitor & Project Charter and/or in the SOW

Control Project
Process

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Developing and implementing risk
response plans, tracking and evaluating
identified risks, monitoring residual
risks, identifying new risks and
opportunities, and continual
assessment of risks throughout the
Monitor and project

Control Risk

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The capture, analysis, and
reporting of project performance,
usually as compared to plan

Monitoring

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It is a schedule network analysis
technique that uses computer software
to simulate the outcome of a project
more accurately on a any specific date or
for any specific cost. Also used in the

Monte Carlo Perform Quantitative Risk Analysis


process to determine an overall level of
risk on a project
Simulation

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An estimate of the most probable
activity duration that takes into
account all of the known variables
that could affect performance

Most Likely
Duration

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An activity with a total
float that is deemed
to be low based on
expert judgment
Near-Critical
Activity

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A sequence of activities with low
float which, if exhausted, becomes a
critical path sequence for the
project

Near-Critical
Path

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Risk can be either positive or
Negative. There are four
negative Risk response
Negative Risk strategies:

Response
Strategy

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The negative number that results
from comparing planned project
results with actual project results. A
negative variance in the project
schedule indicates the project is
Negative behind schedule. A negative variance
in the budget indicates the project is
over budget
Variance

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The Net Present Value (NPV) is the
difference between the present
value of cash inflows and the present
value of cash outflows
Net Present
Value (NPV)

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The process of identifying early
and late start and finish dates for
the uncompleted portions of
project activities

Network
Analysis

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A schematic display of the logical
relationships of project activities. Always
drawn from left to right to reflect project
chronology. Used to determine the
critical path. It shows interdependencies
between activities. Often incorrectly
Network referred to as a "PERT chart“

Diagram

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Any continuous series of
connected activities that make up
a project network diagram

Network
Path

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A point at which dependency
lines connect on a schedule
network diagram

Node

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Work awarded to a single source
or sole source without
competition

Noncompetitive
Procurement

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A dependency between two
project activities that is not the
standard finish to start
Non-Standard relationship

Logical
Relationship

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A technique that enhances
brainstorming with a voting process
used to rank the most useful ideas
for further brainstorming

Nominal Group
Technique

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The normal distribution is sometimes
informally called the bell curve. It has:
o mean = median = mode
o symmetry about the center
Normal o 50% of values less than the mean
and 50% greater than the mean

Distribution
Curve

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PMI’s organizational project
management maturity model
(acronym)

OPM3

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The turnover of a project to the
operational staff of an
organization for ongoing support
and maintenance

Operations and
Maintenance

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Operations is ongoing work to
support the business like
manufacturing. Project work creates a
unique product/service, it is

Operations vs. temporary and ends when the project


is closed

Project
Management

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A chance to increase project
benefits. A risk that would have a
positive effect on one or more
project objectives

Opportunity

See also: issue, risk, and threat

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The opportunity given up by
choosing to do one project over
another one

Opportunity
Cost

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An estimate of the shortest
activity duration that takes into
account all of the known
variables that could affect
performance
Optimistic
Duration

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A high-level estimate usually made
during the initiation phase that
assigns a cost estimate range to the
project based on a completed
Order of similar project. This estimate
typically falls between - 25% and
Magnitude +75% of the actual budget

Estimate

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A hierarchical representation of
the project organization, which
illustrates the relationship
between project activities and
Organizational the organizational units that will
perform those activities
Breakdown
Structure (OBS)

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A structural, cultural,
technological, or human‐resource
practice that the performing
organization can use
Organizational to achieve strategic objectives

Enabler

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The primary forms of
organization structure are
Functional, Matrix and
Projecticed
Organizational
Forms

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Consists of defining team
member responsibilities, roles,
and reporting structure, and
preparing the staffing
management plan
Organizational
Planning

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Company plans, processes, policies,
procedures, lessons learned, and
knowledge bases specific to and used
Organizational by the performing organization

Process
Assets

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A framework in which portfolio,
program, and project
management are integrated with
organizational enablers in order
Organizational to achieve strategic objectives

Project
Management

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The level of an organization’s ability
to deliver the desired strategic
outcomes in a predictable,
Organizational controllable, and reliable manner

Project
Management
Maturity

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The outcome or end result of a
process

Output

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An estimating technique in which an
algorithm is used to calculate cost or
duration based on historical data and
project parameters

Parametric
Estimating

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A graph that is used to rank the
importance of a problem by the
frequency with which it occurs

Pareto Chart

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A set of sequentially connected
activities in a project network
diagram

Path

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A relationship in which a
schedule activity has more than
one predecessor

Path
Convergence

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A relationship in which a
schedule activity has more than
one successor

Path
Divergence

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The length of time required for
an investment to recover its
initial outlay in terms of profits or
savings

Payback Period

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An estimate expressed as a
percent of the amount of work
that has been completed on an
activity or a work breakdown
Percent structure component

Complete

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Integrated scope, schedule, and
cost baselines used for comparison
to manage, measure,
and control project execution
Performance
Measurement
Baseline

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Process of auditing quality
requirements and results of
quality control measurements to
ensure quality standards/
Performance operational definitions are used

Quality
Assurance

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Collecting and disseminating
information about project performance
to help ensure project progress.
Reporting to the stakeholders to
provide information about the project’s
status, progress, accomplishments and
Performance future project performance predictions

Reporting

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An enterprise whose personnel
are the most directly involved in
doing the work of the project or
program

Performing
Organization

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An estimate of the longest activity
duration that takes into account all
of the known variables that could
affect performance

Pessimistic
Duration

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A diagramming technique where
activities are represented by
nodes, and arrows represent the
sequence

PDM (AON)

Explanation: Precedence diagramming method (PDM) is a network


diagramming technique in which activities are represented by boxes (or
nodes). Activities are linked together by precedence relationships to show the
sequence in which the activities are to be performed

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Technique that computes
weighted average of optimistic,
pessimistic and most likely
estimates for activity
PERT duration/cost

Chart

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A distinct stage of the project or
lifecycle. There are typically four
phases in a project management
lifecycle: Initiation and scope
definition; planning; execution,
control and coordination; and
closure, acceptance and support
Phase

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A review at the end of a phase in
which a decision is made to
continue to the next phase, to
continue with modification, or to
Phase end a project or program

Gate

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The primary uses of the project
plan are to document
planning assumptions and decisions,
facilitate communication
among project stakeholders, and
document approved scope, cost,
and schedule baselines. A project
Plan plan may be summarized or detailed

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The authorized budget assigned to
scheduled work

Planned
Value (PV)

Explanation: The sum of the approved cost estimates including any


overhead allocation) for activities (or portions of activities) scheduled
to be performed during a given period (usually project-to-date)

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A project manager creates all of the project
documents that will enable you to deliver
project. This group has the most processes of
any other group and the only one that
process follow an order

Planning Process
Group

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A succinct statement that gives
direction to state organizations to
support IT implementation. Policies
are high-level, overall statements that
do not dictate specific procedural
steps or processes. Directives issued

Policy by management for guidance and


direction where uniformity of action
is essential.

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A group of projects, and/or
programs managed as a group to
achieve corporate strategic
objectives

Portfolio

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The process of optimizing the mix
of portfolio components
to further the strategic objectives
of the organization
Portfolio
Balancing

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A document issued
by a sponsor that authorizes and
specifies the portfolio structure
and links the portfolio to the
organization’s strategic objectives
Portfolio
Charter

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The centralized management of
one or more portfolios to achieve
strategic objectives

Portfolio
Management

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A document that specifies how a
portfolio will be organized,
monitored, and controlled
Portfolio
Management
Plan

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The person or group assigned by
the performing organization to
establish, balance, monitor, and
control portfolio components in
order to achieve strategic business
Portfolio objectives

Manager

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The positive number that results from
comparing planned project results with
actual project results. A positive
variance in the project schedule
indicates the project is ahead of

Positive schedule. A positive variance in the


budget schedule indicates the project is
under budget
Variance

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Risk can be either positive or
Negative. There are 4 positive Risk
response strategies are:

Positive Risk
Response
Strategy

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Documents the successes and failures
of the project. It provides a historical
record of the planned and actual
Post- budget and schedule. Other selected
metrics on the project can also be

Implementation collected based upon state


organization procedures. The report
also contains recommendations for
Evaluation other projects of similar size and scope.

Report

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There are 5 types:

Power Types

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A technique used for constructing a
schedule model in which activities are
represented by nodes and are
graphically linked by one or more
Precedence logical relationships to show the
sequence in which the activities are

Diagramming to be performed

Method (PDM)

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The term used in the precedence
diagramming method (PDM) for a logical
relationship. In current usage, however,
precedence relationship, logical
relationship, and dependency are widely
used interchangeably regardless of the
Precedence diagramming method in use

Relationship

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An activity that logically comes
before a dependent activity in a
schedule

Predecessor
Activity

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The value in the present of the
sum of money of future income
streams using a discounted value
or interest rate

Present Value
(PV)

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An intentional activity that ensures
the future performance of the
project work is aligned with the
project management plan

Preventive
Action
Potential Potential Quality
Cause Problem Improvement

Preventive
Action

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The imposed sequences desired
with respect to the scheduling of
activities with in previously
imposed constraints

Priority

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Privity dictates that persons may
not reap the benefits nor suffer
the burdens of a contract to which
they were not a party

Privity

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A grid for mapping the
probability of occurrence of each
risk and its impact on project
objectives if that risk occurs
Probability &
Impact Matrix

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Used to define a collection of steps
that the organization is
responsible for implementing to
ensure that policies and process
requirements are met. The agency
may use guidelines to develop
Procedure these procedures

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A set of interrelated actions and
activities performed to achieve a
pre-specified set of products,
results, or services

Process

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A structure review of the procurement
process and determination of lessons
learned to help other procurements

Procurement
Audit

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There are 3 types:

Procurement
Documents

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A component of the project or
program management plan that
describes the process of how a team
will acquire goods and services from
Procurement outside of the organization

Management
Plan

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The process of determining which
goods and services should be
purchased or performed outside of
the organization and outlines the
details of what, how and when the
Procurement goods should be acquired

Planning

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Describes procurement in sufficient
detail to allow sellers to determine if
they are capable of providing product,
services or results: a contract, a
Request For Proposal (RFP), etc

Procurement
SOW

Note: SOW = Statement of Work

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General terms used to define the
end result of a project delivered to a
customer

Product

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A non-formal, high level document
that describes the characteristics of
the product/process to be created
Product
Description
Statement

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The series of phases that
represent the evolution of a
product, from concept through
delivery, growth, maturity, and to
Product Life decline/withdrawal

Cycle

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The features and functions that
characterize a product, service or
result

Product Scope

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Ensuring the stakeholders find the
key deliverables to be satisfactorily
completed

Product
Verification

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A group of interrelated projects that
are managed in a coordinated way
to obtain benefits not available
from managing them individually

Program

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A document issued by a sponsor that
authorizes the program management
team to use organizational resources to
execute the program and links the
program to the organization’s strategic
objectives
Program
Charter

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A technique used to estimate project
duration through a weighted average of
optimistic, pessimistic, and most likely
activity durations when there is
Program uncertainty with the individual activity
estimates

Evaluation and
Review Technique
(PERT)
Explanation: A weighted average time estimate of project duration using
optimistic (O), pessimistic (P) and most likely (ML) estimates of project
duration. Also known as three point estimating. PERT = O + (4)ML + P

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The application of knowledge, skills,
tools, and techniques to a program
to meet the program requirements
and to obtain benefits and control
not available by managing projects

Program individually

Management

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A management structure that
standardizes the program‐related
governance processes and facilitates the
sharing of resources, methodologies,
Program tools, and techniques

Management
Office (PMO)

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A document that integrates the program’s
subsidiary plans and establishes the
management controls and overall plan for
integrating and managing the program’s
individual components

Program
Management
Plan

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The person authorized by the
performing organization to lead
the team or teams responsible for
achieving program objectives

Program
Manager

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The evaluation of progress against
the approved schedule and the
determination of its impact. For
cost, this is the development of
performance indices
Progress
Analysis

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The iterative process of increasing the
level of detail in a project
management plan as greater amounts
of information and more accurate
estimates become available

Progressive
Elaboration

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A temporary endeavor undertaken
to create a unique product,
service, or result

Project

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Entails making Project Plan modifications
that may result from such things as: new
estimates of work still to be done,
changes in scope/functionality of end
product(s), and resource changes. It also
involves monitoring the various
Project Execution Phase activities, monitoring
risks, status reporting, and

Administration reviewing/authorizing project changes

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The sum of work package cost
estimates, contingency reserve, and
management reserve

Project
Budget

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A calendar that identifies working
days and shifts that are available
for scheduled activities

Project
Calendar

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An individual, who believes in,
understands and supports the
project

Project
Champion

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A document issued by the project
initiator or sponsor that formally
authorizes the existence of a project
and provides the project manager with
the authority to apply organizational
resources to project activities
Project
Charter

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A subset of project management that
includes the processes required to
ensure proper collection and
dissemination of project information. It

Project consists of communications planning,


information distribution, performance
reporting, and administrative closure
Communications
Management

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Any restriction that defines a project's
limitations. The main constraints are
Scope + Cost + Schedule, also known as
the “Triple Constraints”. Below are
pictured most of the relevant constraints
in a project:
Project
Constraints

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The person similar to the Project
Expediter except the Coordinator
has some power to make decisions,
some authority and reports to a
higher-level manager
Project
Coordinator

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Any documents used to manage the
project that are not part of the Project
Management Plan

Project
Documents

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The person who acts primarily as a
staff assistant and communications
coordinator. It has not power to
make decisions
+

Project Project
Manager

Expediter Level of
Authority
Project
Coordinator

Project
- Expediter

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It is the same as the Project Charter.
It authorizes the start of the project
by the Sponsor

Project
Initiation
Document

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The amount of time the project can be
delayed without affecting the project’s
required end date; the desired project
end date minus actual end date

Project Float

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The series of phases that a project passes
through from its initiation to its closure.
It varies by industry and type of product

Project
Life Cycle

Note: Each Project Phase incorporates each of the 5 Management processes

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The application of knowledge, skills,
tools, and techniques to project
activities to meet the project
requirements
Project
Management

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The manual and automatic tools and
techniques used to gather, integrate and
disseminate the information in relation
Project to the project management processes

Management
Information
Systems (PMIS)

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A department that standardizes the
project‐related governance processes
and facilitates the sharing of
resources, methodologies, tools, and

Project techniques. 3 PMO types:

Management
Office (PMO)

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It is what you need to do to
manage the work. The 5 processes
are:
Project
Management
Process

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Project Management Life Cycle has 5
phases: Initiation, Planning, Execution,
Monitoring & Control, and Closure

Project
Management
Life Cycle

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The document that describes how
the project will be executed,
monitored and controlled, and
closed
Project
Management
Plan

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The person assigned
by the performing organization to
lead the team that is responsible for
achieving the project objectives.
He/she has the power to make
Project decisions, authority and reports to
project sponsor

Manager

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An organizational structure in
which the project manager has full
authority to assign work and apply
resources

Projectized
Organization

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Performance appraisals are
regular reviews of employee
performance within organizations

Project
Performance
Appraisal

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Measures to determine whether
the project is on track

Project
Performance
Indicators

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A collection of logically related
project activities that culminates in
the completion of one or more
deliverables

Project
Phase

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An output of a schedule model that
presents linked activities with
planned dates, durations,
milestones, and resources

Project
Schedule

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A graphical representation of the
logical relationships among the
project schedule activities

Project Schedule
Network
Diagram

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The work performed
to deliver a product, service, or
result with the specified features
and functions

Project Scope

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The description of the project scope,
major deliverables, objectives,
assumptions, and constraints

Project Scope
Statement

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Determining which proposed
projects should move forward

Project Selection

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The 2 main methods are:
1. Benefit Measurement
2. Constraint Optimization

Project Selection
Methods

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The person assigned
by the performing organization to
authorize the creation and start of
a project. He/she will appoint the
Project Manager
Project
Sponsor

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Created by the Sponsor, it describes the
objectives of the project. It provides a
short overview on the purpose of the
Project project, its background, its scope and
sometimes a high-level project plan

Statement of
Work (SOW)

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Process required to accomplish
timely completion of the project

Project Time
Management

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A company structured grouped by
projects. The team has no department
to go after the end of the project.
Project Manager has full control of staff
and resources
Projectized
Organization

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A project that attempts to prove
whether an activity or an idea can
be accomplished

Proof Concept

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A technique of producing an
example of the finished product,
service or result to seek feedback
from stakeholders

Prototype

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A database of known quantities or
costs relating to the completion of
activities in the project

Published
Estimating Data

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A form of communication where
information is downloaded and
accessed by receivers when they
want it

Pull
Communication

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A Purchase Agreement is a legal
contract that obligates a buyer to
buy and a seller to sell a product or
service

Purchase
A
Agreement

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A form of communication where
information is sent to the receiver

Push
Communication

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Connect with me

If you like the Flashcards, please give


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appreciated !

Twitter.com/donadosays

Jonathan Donado
Bilingual senior general management
Linkedin.com/in/jonathandonado
executive with expertise in international
business and Mergers & Acquisitions (M&A)
o Education:
- Senior Executive Fellow – Harvard University
- MBA – IESE

o Certifications:
- Six Sigma Black Belt (CSSBB) – ASQ Certified
- PMP THANK YOU
- Agile (ACP) – PMI Certified
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