PKMC Module I flashcards
PKMC Module I · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Project definition
- A temporary endeavor undertaken to create a unique product, service, or result. Temporary means it has a defined start and end; uniqueness distinguishes it from repetitive operations.
- Program vs. portfolio
- A program is a group of related projects managed together for synergistic benefits. A portfolio is projects, programs, and operations grouped to achieve strategic organizational objectives.
- Project charter
- A document issued by the sponsor that formally authorizes the project and names the project manager. It contains high-level scope, objectives, success criteria, and budget, not a detailed schedule.
- Stakeholder register
- A living document recording stakeholder identification details, assessment information such as interest and influence, and classification. It is updated as stakeholders are identified or change throughout the project.
- Power/interest grid
- A classification tool that groups stakeholders by authority and concern. High power and high interest are managed closely; high power and low interest are kept satisfied; low power and high interest are kept informed.
- WBS 100% rule
- The principle that the sum of the work at each level of the work breakdown structure equals the full scope of its parent. No scope is omitted and no extra scope is added.
- Work package
- The lowest level of the work breakdown structure, at which cost and duration can be reliably estimated and managed. Work packages are typically decomposed into activities for scheduling.
- Scope baseline
- The approved project scope statement, work breakdown structure, and WBS dictionary. It serves as the reference for measuring scope performance and evaluating change requests.
- Critical path
- The longest path through the project schedule network, which determines the shortest possible project duration. Activities on it normally have zero total float.
- Total float formula
- Total float equals latest start minus earliest start, or latest finish minus earliest finish. It is the time an activity can slip without delaying the project finish date.
- Crashing vs. fast tracking
- Crashing adds resources to critical-path activities to shorten duration, usually raising cost and risk. Fast tracking overlaps activities that were sequential, usually raising rework risk.
- Resource leveling
- A technique that adjusts start and finish dates to resolve resource over-allocation or shortages. It may extend the critical path and change the project finish date.
- PERT three-point estimate
- Expected value is (optimistic + 4 × most likely + pessimistic) divided by six. Standard deviation is (pessimistic − optimistic) divided by six. Used when activity estimates are uncertain.
- Cost baseline
- The approved, time-phased project budget used to measure cost performance. It includes contingency reserves for identified risks but excludes management reserves for unidentified risks.
- Cost performance index
- CPI equals earned value divided by actual cost. A value below 1.0 means the project is spending more than planned for the work accomplished; above 1.0 means cost efficiency.
- Estimate at completion
- EAC forecasts total project cost. Common formulas: BAC divided by CPI when variance is typical, or AC plus remaining budget when variance is atypical.
- Cost of quality
- Total cost of conformance (prevention and appraisal) plus cost of nonconformance (internal and external failures such as rework, warranty, and lost business). Prevention is cheaper than failure.
- Control chart
- A graph of process results over time with control limits. A process is out of control when a point exceeds a limit or shows a nonrandom pattern such as seven points on one side.
- Pareto chart
- A histogram ordered by frequency that illustrates the 80/20 principle, where a few causes produce most defects. It helps prioritize which problems to address first.
- Quality assurance vs. control
- Quality assurance is process-focused, using audits to confirm the team follows defined processes. Quality control is product-focused, using inspection and testing to verify deliverables meet requirements.
- Tuckman team stages
- Forming is orientation, storming is conflict over roles, norming is cohesion and agreed norms, performing is high productivity, and adjourning is disbanding after the work completes.
- Herzberg two-factor theory
- Hygiene factors such as salary and working conditions prevent dissatisfaction but do not motivate. Motivators such as achievement, recognition, and responsibility drive satisfaction and performance.
- RACI matrix
- A responsibility assignment chart: Responsible performs the work, Accountable owns the outcome with exactly one per task, Consulted gives two-way input, and Informed receives one-way updates.
- Collaborating conflict resolution
- A win-win approach that addresses both parties' concerns and seeks a lasting solution. It is generally the most durable conflict resolution method but requires time and open communication.
- Communication channels formula
- The number of communication channels equals n times (n minus 1) divided by 2, where n is the number of stakeholders. Each added stakeholder increases complexity substantially.
- Interactive communication
- A real-time, two-way exchange such as a meeting or phone call. It is the most effective method for complex or ambiguous topics because feedback confirms understanding immediately.
- Stakeholder engagement levels
- A scale describing stakeholder involvement: unaware, resistant, neutral, supportive, and leading. Engagement strategies aim to move key stakeholders toward supportive or leading.
- Expected monetary value
- EMV equals probability multiplied by impact. For threats it is usually negative and for opportunities positive. EMV supports decision tree analysis and contingency reserve calculations.
- Risk response: transfer
- A threat response that shifts the financial impact of a risk to a third party, such as insurance or a fixed-price contract. Ownership of the risk itself is not eliminated.
- Contingency vs. management reserve
- Contingency reserve covers identified risks and is part of the cost baseline. Management reserve covers unidentified risks and sits outside the baseline but within the project budget.
- Fixed-price contract
- A contract with a set price for defined scope, placing most cost risk on the seller. It suits well-defined requirements; changes require formal contract change control.
- Cost-reimbursable contract
- A contract paying allowable actual costs plus a fee, placing most cost risk on the buyer. It suits evolving scope, with CPIF sharing savings or overruns through a formula.