PMI-CP flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- WBS 100% rule
- The work breakdown structure must include all project scope and nothing outside it; child elements sum to the parent's full scope.
- Work package
- The lowest-level WBS element, scoped so one person can estimate, schedule, and control its cost and duration.
- Earned value management
- A technique integrating scope, schedule, and cost by comparing budgeted value of work performed with actual cost and planned value.
- Cost performance index
- CPI equals earned value divided by actual cost. A CPI below 1.0 means work is costing more than budgeted.
- Schedule performance index
- SPI equals earned value divided by planned value. An SPI below 1.0 means work is behind the planned schedule.
- Critical path
- The longest duration path through the project network; it sets the shortest possible project duration and normally has zero total float.
- Design-bid-build
- A sequential delivery method where the owner contracts separately with designer then contractor; complete design precedes competitive bidding and construction.
- Punch list
- A closeout record of minor incomplete or defective work identified during inspection that must be corrected before final acceptance.
- Power-interest grid
- A stakeholder classification tool plotting influence against interest; quadrants guide engagement intensity from manage closely to monitor.
- RACI matrix
- A responsibility assignment chart: Responsible performs work, Accountable owns outcome, Consulted gives input, Informed receives updates.
- Communication channels formula
- The number of communication paths among n stakeholders equals n times n minus one, divided by two.
- Tuckman team stages
- A model of team development: forming, storming, norming, performing, and adjourning, each with distinct leadership needs.
- Collaborating conflict mode
- A conflict approach seeking a win-win solution through open discussion; useful when the issue is important and time permits.
- Projectized organization
- An organizational structure where staff report primarily to project managers; the project manager has high authority over resources and priorities.
- Stakeholder engagement plan
- A document defining stakeholders, their interests, engagement level, messages, channels, frequency, and responsible owners.
- Interface management
- Coordinating technical and schedule dependencies between trades, packages, or organizations to prevent gaps, clashes, and delay.
- Lump-sum contract
- A fixed-price agreement for defined scope; the contractor bears cost and quantity risk, so clear drawings and specifications are essential.
- Cost-plus contract
- The owner reimburses allowable actual costs plus an agreed fee; the owner bears cost risk and needs strong cost controls.
- Guaranteed maximum price
- A cost-reimbursable contract with a ceiling; costs above the GMP are the contractor's responsibility unless the owner approves a change.
- Time and materials contract
- Payment by agreed labor rates and material costs for work of uncertain quantity; the owner bears quantity risk.
- Performance bond
- A surety guarantee that compensates the owner if the contractor fails to perform; it is not the same as insurance.
- Retention
- A percentage withheld from progress payments to protect the owner until completion and correction of defects, released per contract terms.
- Notice of claim
- A contractual communication giving timely written notice of an event that may lead to additional cost or time; late notice may bar recovery.
- Construction change directive
- A written owner-directed instruction to proceed with changed work before price and time are agreed; pricing follows later.
- Risk register
- A living log of identified risks with owners, causes, impacts, probability, response plans, triggers, and status.
- Expected monetary value
- EMV equals probability times impact; summing EMVs across risks estimates contingency for the risk portfolio.
- Monte Carlo simulation
- A probabilistic technique running many random iterations of cost or schedule inputs to produce a distribution of possible outcomes.
- Total float
- The amount an activity can slip without delaying the project finish; calculated as late start minus early start.
- Crashing
- A schedule compression technique adding resources or overtime to critical-path activities, usually increasing cost and risk.
- Fast tracking
- A schedule compression technique overlapping activities that would normally be sequential, increasing coordination and rework risk.
- Resource leveling
- Adjusting activity start and finish dates to resolve resource over-allocation; it may change the critical path and extend duration.
- Risk transfer
- Shifting financial consequence of a risk to another party, such as through insurance, bonds, or contract clauses; the risk itself remains.