SPM PQS 5227 flashcards
SPM PQS 5227 · Build recall with a focused review session.
36 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Definition of a project
- A temporary endeavour undertaken to create a unique product, service or result, with defined start and finish dates, resources and objectives.
- Programme definition
- A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
- Portfolio definition
- A collection of projects, programmes and other work grouped together to facilitate effective management and meet strategic business objectives.
- PESTLE analysis
- External context tool assessing Political, Economic, Social, Technological, Legal and Environmental factors that may affect the project or programme.
- Business case purpose
- The document justifying investment by setting out reasons, options, costs, benefits, risks and timescales; it is reviewed at each gate.
- Power-interest grid
- Stakeholder classification mapping influence against interest to select engagement strategy: manage closely, keep satisfied, keep informed or monitor.
- Stakeholder engagement levels
- Five levels used to compare current and desired engagement: unaware, resistant, neutral, supportive and leading.
- Communication channel formula
- For n stakeholders the number of possible two-way channels is n(n−1)/2, so channel complexity grows much faster than headcount.
- Communication model elements
- Sender, encoding, medium, decoding, receiver and noise; feedback and acknowledgement confirm that the message was understood as intended.
- Scope baseline components
- The approved scope statement, the work breakdown structure and the WBS dictionary, used as the reference for measuring and controlling change.
- WBS 100% rule
- The WBS captures all work in the parent scope and nothing more; decomposition must not omit or add work at any level.
- MoSCoW prioritisation
- Requirements ranked as Must have, Should have, Could have or Won't have this time; Must-haves must remain deliverable if effort is cut.
- Requirements traceability matrix
- A table linking each requirement to its source, design, build component, test case and acceptance criteria in both directions.
- Scope creep versus gold plating
- Scope creep is uncontrolled addition of requested work without change control; gold plating is unrequested extra scope added by the delivery team.
- Critical path
- The longest path through the schedule network; it sets the shortest achievable project duration and carries zero total float.
- Total float formula
- Total float equals late finish minus early finish, or late start minus early start; it is the time an activity can slip without delaying the project.
- PERT expected duration
- Three-point estimate calculated as (optimistic + 4 × most likely + pessimistic) divided by 6, weighting the most likely value most heavily.
- Crashing versus fast tracking
- Crashing adds resources to critical-path work, usually raising cost; fast tracking overlaps activities that were sequential, raising risk.
- Resource levelling
- Resolving resource over-allocation, often by delaying work within available float; it may extend the schedule where float is insufficient.
- Cost baseline definition
- The approved, time-phased project budget excluding management reserve; it is the benchmark against which cost performance is measured.
- Contingency versus management reserve
- Contingency reserve covers identified known-unknown risks and sits within the cost baseline; management reserve covers unknown-unknowns above the baseline.
- Cost variance formula
- Cost variance equals earned value minus actual cost; a negative result indicates spending more than the value of work performed.
- Cost performance index
- CPI equals earned value divided by actual cost; a value below 1.0 means each unit of work is costing more than planned.
- Estimate at completion forecast
- EAC equals BAC divided by CPI when current cost performance is expected to continue; ETC is then EAC minus actual cost.
- Residual and secondary risk
- Residual risk remains after a response is applied; secondary risk is a new risk created by implementing the response itself.
- Expected monetary value
- EMV equals probability multiplied by financial impact; summing EMVs across identified risks helps size the contingency reserve.
- Threat response strategies
- Avoid, transfer, mitigate and accept, with escalation where the risk sits outside the project's authority; each response needs an owner.
- Risk appetite versus tolerance
- Risk appetite is how much risk the organisation is willing to seek or retain; tolerance is the measurable variation accepted around objectives.
- Cost of quality
- Total cost of conformance (prevention and appraisal) plus cost of non-conformance (internal and external failure, rework, warranty).
- Benefit profile contents
- A record of each benefit's description, owner, baseline and target value, measurement method, timing and dependencies on other benefits.
- Fixed-price contract risk
- The seller bears cost-overrun risk because the price is agreed in advance; buyers usually pay a premium for that risk transfer.
- Contract variation control
- No work outside the agreed contract scope should proceed without a formal instruction or variation confirmed in writing and priced.
- Tolerance definition
- The permissible deviation from the agreed plan before the matter must be escalated to the next level of authority.
- Change control process
- Request, log, assess impact on scope, cost, schedule, risk and quality, decide at the authorised level, implement, verify and close.
- Assurance versus review
- Assurance is independent scrutiny giving confidence to the sponsor and board; management reviews are internal checks by the delivery team.
- Conflict of interest duty
- Declare any personal or financial interest that could bias judgement, and withdraw from the related decision or evaluation.