Hi PMP aspirant, welcome to AKVTutorials, in this article, you will know about Rita Mulcahy PMP Exam Hot Topics Flashcards Notes USA 2024. To get success in PMP exam in first try, you need to Rita Mulcahy’s PMP Exam Prep Book, then you should know about what Rita Mulcahy’s PMP Exam Prep Book 7th, 8th, 9th and 10th Edition chapters included. Rita Mulcahy’s PMP Exam Hot Topics Flash Cards is a type of short notes for PMP Certification Training Course. So you must read this flash cards for revision regularly.

Rita Mulcahy PMP Exam Hot Topics Flashcards

Rita Mulcahy Hot Topics Flash Cards for passing the Project Management Professional (PMP) exam is a type of short notes of each chapters which is given in PMP Exam Prep Book. There are following chapter’s PMP flashcards are given in this article.

1. Project Management Framework
2. Project Management Processes
3. Integration Management
4. Scope Management
5. Schedule Management
6. Cost Management
7. Quality Management
8. Resource Management
9. Communication Management
10. Risk Management
11. Procurement Management
12. Stakeholder Management
13. Professional and Social Responsibility 

PMP Flashcards 1 to 31 for Project Management Framework

Flashcard 1: What is a Project Management Framework?

Temporary endeavor—with a beginning and an end Creates a unique product, service, or result.

Flashcard 2: What is Operational Work?

Ongoing work to support the business and systems of the organization.

Flashcard 3: What is the definition of a program ?

A group of related projects, managed in a coordinated way.

Flashcard 4: What is the definition of portfolio?

A group of programs, individual projects, and other related operational work that are prioritized and implemented to achieve a specific strategic business goal

Flashcard 5: What is the difference between a project team and a project management team?

A project team is a group of people, including the project manager, who will complete the work of the project. A project management team is a group of project team members selected by the project manager to help perform some project management activities.

Flashcard 6: What is organizational project management (OPM)?

A framework that guides portfolio, program, and project management to achieve the organizations strategic goals.

Flashcard 7: What is Organizational Governance ?

Organizational governance refers to the overall structure of an organization

Flashcard 8: What are Internal Requirements?

Internal requirements include policies and procedures regarding portfolio, program, and project work, which help to ensure that these endeavors are within the strategic plan of the organization and that they contribute to the delivery of specific benefits or value

Flashcard 9: What is a Project Management Office(PMO)?

A department that oversees and standardizes the management of projects

Flashcard 10: What are three possible forms of a PMO?

• Supportive
• Controlling
• Directive

List project constraints that may occur throughout the life of a project, and explain the potential impact of a constraint.

• Schedule
• Cost
• Risk
• Scope
• Quality
• Resources
• Customer satisfaction Constraints limit options during planning and beyond

Flashcard 11: Who are Stakeholders?

Anyone whose interests may be positively or negatively impacted by the project, or the product of the project. A stakeholder may be an individual or an organization; may be internal or external to the organization.

Flashcard 12: What is the purpose of Stakeholder Management?

To keep stakeholders informed
To solicit their input
Work to satisfy their needs and expectations.

Flashcard 13: What are three primary forms of Organizational Structure?

• Functional
• Project-oriented
• Matrix

Flashcard 14: What is a Functional Organization?

The organization is grouped by areas of specialization (for example, accounting and marketing)

Flashcard 15: What is a Project Oriented Organization?

• The organization is organized by project
• The team has no department to
  go to at project end.
• The project manager has control of the project

Flashcard 16: What is a Matrix Organization?

In an attempt to maximize the strengths of both the functional and project oriented structures, the team member reports to two managers (the project manager and functional manager). Team members do project work in addition to normal departmental work.

Flashcard 17: What is a Strong Matrix Organization?

A matrix organization where the balance of power rests with the project manager instead of the functional manager.

Flashcard 18: What is a Weak Matrix Organization?

A matrix organization where the balance of power rests with the functional manager instead of the project manager.

Flashcard 19: What is a Balanced Matrix Organization?

A matrix organization where power is equally balanced between the project manager and the functional manager.

Flashcard 20: What is a Project Expediter?

The project expediter acts primarily as a staff assistant and communications coordinator; the expediter cannot personally make or enforce decisions.

Flashcard 21: What is a Project Coordinator?

The project coordinator is similar to the project expediter, except the coordinator has some authority and power to make decisions, and reports to a higher-level manager.

Flashcard 22: What are Enterprise Environmental Factors (EEFs)?

Enterprise environmental factors provide context within which to plan the project; these factors can be either internal or external. They are generally outside the control of the project team.

Flashcard 23: What are Organizational Process Assets (OPAs)?

Company processes, procedures, and policies. Organizational knowledge repositories (historical information, lessons learned)

Flashcard 24: What can historical information include?

Historical information can include:
•Activities
•WBSs
•Benchmarks
•Reports
•Risks and risk response plans
•Estimates
•Resources used
•Project management plans
•Project documents
•Baselines
•Correspondence
Records of the current project that will become part of organizational process assets.

Flashcard 25: What is an Assumption Log. Define Assumption?

A repository of both assumptions and constraints. What your management and stakeholders believe to be true about the project; assumptions may not be . entirely based on fact.

Flashcard 26: What is a Project Management Information System (PMIS)?

The PMIS may include automated tools such as scheduling software, a configuration management system, shared workspaces for file storage or distribution, work authorization software, time-tracking software, and procurement management software.

Flashcard 27: What is a Work Performance Data?

Measurements and details about activities gathered during the Direct and Manage Project Work process in executing. Measurements and details about activities gathered during the Direct and Manage Project Work process in executing.

Flashcard 28: What is a Work Performance Information?

Work performance data analyzed to make sure it conforms to the project management plan and to assess what it .means for the project as a whole.

Flashcard 29: What are Work Performance Reports?

Work performance information organized into reports that are distributed to the stakeholders.

Flashcard 30: What is the purpose of expert judgement?

Sometimes, the easiest way to get information is to consult experts. This is a common tool of the project management planning processes.

Flashcard 31: When is a meeting most useful?

Meetings are an effective way to get input or feedback from groups of people. This knowledge area requires you to understand the five project management process groups: initiating, planning, executing, monitoring and controlling, and closing. Many people find this knowledge area to be one of the most difficult, because the exam tests your understanding of these processes at the expert level.

PMP Flashcards 32 to 44 for Project Management Processes

Flashcard 32: What is a Project Life Cycle?

A progression of phases through a series of developmental stages. Serves as the methodology for managing a project and is the logical breakdown of what needs to be done to produce the project deliverables.

Flashcard 33: What is a Development Life Cycle?

All the phases within a project life cycle. Used to ensure that the expected or planned result of each phase is achieved.

Flashcard 34: What is a difference between a plan-driven project and a change-driven project?

Plan-driven projects have predictive development life cycles (also called waterfall or traditional life cycles) that require scope, schedule, and cost to be determined in detail early in the project. Change-driven projects use iterative, incremental, or adaptive (agile) development life cycles, and have varying levels of early planning for scope, schedule, and cost.

Flashcard 35: What is the Project Management Process. What efforts are included in this process. 

Includes the management efforts of:

• Initiating
• Planning
• Executing
• Monitoring and controlling
• Closing

Flashcard 36: What occurs during the initiating process group?

Stakeholders are identified and analyzed. The project vision is created. A project or phase is formally authorized. Project manager is provided with the authority and information necessary to begin the project.

Flashcard 37: What occurs during the planning process groups?

A determination is made about whether the objectives in the project charter and the expected business benefits can be achieved. A decision is made about how the project objectives will be accomplished.

Flashcard 38: What occurs during the executing process groups?

Work defined in the project management plan is completed to meet project objectives and achieve the expected business value.

Flashcard 39: What occurs during the monitoring and controlling process groups?

In monitoring:
• Attention is focused on how the project is progressing
• An assessment is made about how stakeholders are participating, communicating, and feeling about the project, the work, and the identified project uncertainties
In controlling:
• Hard data on how the project is conforming to the plan is evaluated
• Action is taken to address variances outside of acceptable limits—by recommending changes to the way the work is being done (including corrective and preventive actions and defect repair) or adjusting baselines to reflect more achievable outcomes.

Flashcard 40: What occurs during the closing process groups?

Acceptance of the final product of the project is obtained and documented. The completed project is transferred to those who will use it. Customer feedback about the product and project is solicited. Lessons learned are completed. Files are indexed and archived.

Flashcard 41: Which process groups must be competed in a certain order?

Planning is the only process group with a set order.

Flashcard 42: What does ‘input’ mean?

“What do I need before I can…”

Flashcard 43: What does ‘output’ mean?

“What will I have when I am done with…”
“What am I trying to achieve when I am doing…

Flashcard 44: What is a Progressive elaboration?

The process of continually refining estimates and scope definition

PMP Exam Flashcards 45 to 96 for Integration Management

Flashcard 45: What is the process of integration management?

• Develop Project Charter
• Develop Project Management Plan
• Direct and Manage Project Work
• Manage Project Knowledge
• Monitor and Control Project Work
• Perform Integrated Change Control
• Close Project or Phase

Flashcard 46: What is the Develop Project Charter Project Process?

Creating the project charter, which involves planning the project at a high level to assess whether it is feasible within the given constraints.

Flashcard 47: What are its outputs?

• Project charter
• Assumption log

Flashcard 48: What is the Develop Project Management Plan Process?

The process of creating a project management plan that is bought into, approved, realistic, and formal.

Flashcard 49: What is its output?

Project management plan

Flashcard 50: What are the key outputs of the Direct and Manage Project Work process?

• Issue log
• Deliverables
• Work performance data
• Change requests
• Updates to the project management plan
  and project documents
• Updates to organizational process asset

Flashcard 51: What is the key output of the manage project knowledge process?

• Change requests
• Work performance reports
• Updates to the project management plan
• Project documents

Flashcard 52: What are the key outputs of the Monitor and Control Project Work process?

A temporary endeavor undertaken to create a unique product services or result. It is usually progressively elaborated. A project derives changes in organization and enables business value creation. They move an organization from one state to other states in order to achieve a specific objective.

Flashcard 53: What are the key outputs of the Close Project or Phase process ?

A project manager must get formal acceptance of the project and its deliverables, issue a final report that shows the project has been successful, issue the final lessons learned, and index and archive all the project records.

Flashcard 54: Explain the project manager’s role as an integrator

Pulling all of the pieces of the project into a cohesive whole that gets the project done faster, cheaper, and with fewer resources, while meeting project objectives.

Flashcard 55: What are the two major categories of project selection methods?

• Benefit measurement methods
  (comparative)
• Constrained optimization methods
  (mathematical)

Flashcard 56: What are the economic measures for selecting a project?

• Return on investment
• Present value
• Net present value
• Internal rate of return
• Payback period
• Cost-benefit analysis 

Flashcard 57: What is a Define Present Value? How it is interpreted?

• Present value: The value today of future cash flows.
• Net present value: The present value of total benefits (income or revenue) minus costs over many time periods.
• Generally, if the net present value of a project is positive, the investment is a good choice—unless an even better investment opportunity exists.

Flashcard 58: What is Define Internal Rate of Intern(IRR)?

The rate at which a project’s inflows and outflows are equal (i.e., the rate of return of an investment in a project)

Flashcard 59: What is define payback period?

The length of time it takes for the organization to recover its investment in the project before it starts accumulating profit.

Flashcard 60: How it is interpreted?

Payback period is likely to be one of only several financial factors used in selecting a project; in some cases, the best choice might be a project that has a longer payback period.

Flashcard 61: Define Cost-Benefit Analysis?

Comparing the expected costs of a project to the potential benefits it could bring the organization

Flashcard 62: What is the result of this analysis?

The benefit-cost ratio (BCR)

Flashcard 63: How it is interpreted ?

The higher the BCR, the better

Flashcard 64: What concept is concerned with whether the project returns to the company more value than the initiative costs?

Economic Value Added (EVD)

Flashcard 65: Define opportunity cost?

The opportunity given up by selecting one project over another (i.e., the value of the project not selected)

Flashcard 66: Define sunk costs?

Sunk costs should not be considered when deciding whether to continue with a troubled project

Flashcard 67: Define the law of diminishing returns?

After a certain point, adding more input will not result in a proportional increase in productivity

Flashcard 68: Define working capital?

An organizations current assets minus its current liabilities (e.g., the amount of money the company has available to invest, including investing in projects)

Flashcard 69: What are the two types of depreciation?

Straight-line depreciation: Depreciate the same amount each time period
Accelerated depreciation: Depreciates faster than straight-line depreciation

Flashcard 70: What is a Business Case?

The justification for a project or initiative. Explains why the project was selected, how it fits into the organizations strategic goals, and how it will bring business value to the organization.

Flashcard 71: What is the purpose of a Benefits Management Plan?

To capture the organization’s desired benefits from a project, whether economic or intangible, and how those benefits will be maximized and sustained.

Flashcard 72: What are Constraints?

Factors that limit the teams options, such as limits on resources, budget, schedule, and scope.

Flashcard 73: What are Assumptions?

Things that are assumed to be true but that may not be true

Flashcard 74: What is included in a Project Charter?

• Project title and description
• Project manager assigned and authority level
• Business case
• Preassigned resources
• Key stakeholder list
• Stakeholder requirements as known
• High-level product description and key deliverables
• High-level assumptions
• High-level constraints
• Links the project to the ongoing work of the organization
• Project approval requirements
• Overall project risks
• Project exit criteria

Flashcard 75: What is included in an Assumption Log?

An assumption log contains a list of all assumptions and constraints that relate to the project

Flashcard 76: What is included in a Project Management Plan?

• Project life cycle
• Project management processes that will
  be used on the project
• Development approach
• Management reviews
• Knowledge area management plans
• Scope, schedule, and cost baselines
• Requirements management plan
• Change management plan
• Change control system
• Configuration management plan
• Configuration management system

Flashcard 77: What are Baselines?

The parts of the project management plan that are used to compare the projects actual performance against planned performance

• Schedule baseline
• Scope baseline
• Cost baseline

Flashcard 78: What is a change management plan ?

The change management plan describes how changes will be managed and controlled.

Flashcard 79: What is a Configuration Management System?

Contains the organizations standardized configuration management tools, processes, and procedures that can be used to track and control the evolution of the project documentation.

Flashcard 80: What is the purpose of Change Controlled System?

To track and control changes and includes standardized forms, reports, processes, procedures, and software. Both of these are part of the project management information system (PMIS)

Flashcard 81: What is a Configuration Management Plan?

A plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versions. It defines the naming conventions, the version control system, document storage and retrieval system, and how you will manage the changes to the documentation.

Flashcard 82: What are Project Documents?

Any project-related documents that
aren’t part of the project management
plan, including:

• Assumption log
• Issue log
• Cost and duration estimates
• Lessons learned register
• Project schedule and resource
  calendars
• Quality reports
• Resource requirements and
  requirements documentation
• Any other such documentation

Flashcard 83: What is a Kickoff Meeting?

A meeting of the key parties involved in the project (customers, sellers, the project team, senior management, functional management, and the sponsor) to make sure everyone is “on the same page”

Flashcard 84: When does it occur?

Before the Develop Project Management Plan process is completed.

Flashcard 85: What is a Work Authorization System?

The project managers system for authorizing the start of work packages or activities. It ensures work is only started when a formal authorization is given.

Flashcard 86: What is required for successful knowledge management?

An organizational culture of trust in which the project manager and stakeholders exchange knowledge without fear of judgement.

Flashcard 87: What are the types of knowledge?

Explicit knowledge: Fact-based, and can be easily communicated through words
and symbols
Tacit knowledge: Includes emotions, experience, and ability, which are more difficult to communicate clearly

Flashcard 88: Information management tools and techniques apply to which type of knowledge?

A temporary endeavor undertaken to create a unique product services or result. It is usually progressively elaborated. A project derives changes in organization and enables business value creation. They move an organization from one state to other states in order to achieve a specific objective.

Flashcard 89: What do lessons learned described?

What went right, what went wrong, and what would be done differently if the project could be redone.

Flashcard 90: What are Change Requests?

Formal requests to change parts of the project after the project management plan is approved.

Flashcard 91: What are Corrective Actions?

Corrective action, preventive action, defect repair

Flashcard 92: What are Preventive Actions?

Actions taken to deal with anticipated or possible deviations from the performance measurement baseline and other metrics

Flashcard 93: What is a Defect Repair?

Rework required when a component of the project does not meet specifications

Flashcard 94: What is a Change Control Board?

A temporary endeavor undertaken to create a unique product services or result. It is usually progressively elaborated. A project derives changes in organization and enables business value creation. They move an organization from one state to other states in order to achieve a specific objective.

Flashcard 95: Who might be on Change Control Board?

May include the project manager, customer, experts, sponsor, functional managers, and others. For the exam, assume that most projects have change control boards, with the exception of change-driven projects.

Flashcard 96: What steps are involved in the process for making changes to a project?

Evaluate the impact: Evaluate (assess) the impact of the change on all aspects of the project
• Identify options: This can include cutting other activities, compressing the schedule by crashing or fast tracking, or looking at other options
• Get the change request approved internally
• Get customer buy-in (if required)

PMP Exam Flashcards 97 to 118 for Scope Management

Flashcard 97: What is the Process of Scope Management?

• Plan Scope Management
• Collect Requirements
• Define Scope
• Create WBS
• Validate Scope
• Control Scope

Flashcard 98: What is the Definition of Scope Management?

Defining what work is required and then making sure all of that work—and only that work—is completed

Flashcard 99: What are the key outputs of the Plan Scope Management Process?

-Scope management plan
-Requirements management plan

Flashcard 100: What are the key outputs of the Collect Requirements Process?

-Requirements documentation
-Requirements traceability matrix

Flashcard 101: What is the key output of Define Scope Process?

Project Scope Statement

Flashcard 102: What are the key outputs of the WBS Process?

• Work breakdown structure (WBS)WBS dictionary
• Scope baseline (the WBS, WBS dictionary, and the project scope statement are components of the scope baseline)

Flashcard 103: What are the key output of Validate Scope Process?

• Work performance information
• Accepted deliverables
• Change requests
• Updates to the lessons learned register,
  requirements traceability matrix, and
• requirements documents

Flashcard 104: What are the key outputs of Control Scope Process?

• Work performance information
• Change requests
• Updates to the project management plan
  and project documents

Flashcard 105: What is the definition of Project Scope?

The work the project team will do to deliver the product of the project. Name several requirements-gathering techniques.

• Brainstorming
• Interviews
• Focus groups
• Questionnaires and surveys
• Benchmarking
• Voting
• Multicriteria decision analysis
• Affinity diagrams
• Mind maps
• Nominal group technique
• Observation
• Facilitation
• Context diagrams
• Prototypes Business requirements
• Stakeholder requirements
• Solution requirements
• Transition requirements
• Project requirements
• Quality requirements
• Technical requirements

Flashcard 106: What is the definition of Product Scope?

The requirements related to the product, service, or result of the project.

Flashcard 107: What is the value of Requirement Traceability Matrix?

Helps link requirements to objectives and/or other requirements to ensure the strategic goals are accomplished.

Flashcard 108: What must be included in the Required Documentation?

Requirements documentation must include acceptance criteria

Flashcard 109: What are the key items included in a Project Scope Statement?

• Product scope
• Project scope
• Deliverables of the project
• Acceptance criteria
• What is not part of the project
• Assumptions and constraints

Flashcard 110: Product Analysis is a part of which Scope Management Process?

Define Scope

Flashcard 111: When a Work Breakdown Structure (WBS) created and what it is used for ?

Created during project planning by the team and used to define or decompose the project into smaller, more manageable pieces. Graphically provides a structured vision m for a project and helps ensure that nothing is missed and no deliverables are forgotten.

Flashcard 112: What is another term for Decomposition?

Deconstruction 

Flashcard 113: What is a Control Account?

A control account is a tool to collect and analyze work performance data regarding costs, schedule, and scope. Each work package in the WBS is assigned to only one control account.

Flashcard 114: What is a WBS Dictionary?

A description of the work to be done for each work package

Flashcard 115: How are Work Packages different from activities ?

Work packages are deliverables (things), rather than actions (activities). Work packages are shown in a WBS. Activities are shown in an activity list and network diagram.

Flashcard 116: What makes up the Scope Baseline?

• Project scope statement
• WBS
• WBS dictionary

Flashcard 117: What is the Validate Scope Process?

The process of gaining formal acceptance of the deliverables by the customer or sponsor

Flashcard 118: When it is done?

During project monitoring and controlling and at the end of each phase of the project life cycle.

PMP Flash Cards 119 to 167 for Schedule Management

Flashcard 119: What is the process of Schedule Management ?

• Plan Schedule Management
• Define Activities
• Sequence Activities
• Estimate Activity Durations
• Develop Schedule
• Control Schedule

Flashcard 120: What is the key output of Plan Schedule Management Process?

Schedule Management plan 

Flashcard 121: What are the key outputs of Define Activities Process?

• Activity list
• Activity attributes
• Milestone list
• Change requests

Flashcard 122: What is the key outputs of the Sequence Activity Process?

Project Schedule Network Diagram 

Flashcard 123: What are the key outputs of Estimate Activity Duration Process?

• Duration estimates
• Basis of estimates
• Updates to project documents

Flashcard 124: Describe the Develop Schedule Process?

An iterative process that creates a project schedule that is bought into, approved, realistic, and formal

Flashcard 125: What are some of its key outputs?

• Project schedule
• Schedule baseline
• Change requests
• Schedule data

Flashcard 126: What are the key outputs of the Control Schedule Process?

• Work performance information
• Schedule forecasts
• Change requests
• Updates to the schedule management
  plan, performance measurement
• baseline, and project documents

Flashcard 127: What is a Triangular Distribution?

A simple average giving equal weight to each of the three point estimates when calculating the expected activity duration or cost; it uses the formula (P+0+M)/3

Flashcard 128: What is a Beta Distribution?

A weighted average that gives stronger consideration to the most likely estimate; it uses the formula (P + 4M + 0)16

Flashcard 129: What is a Alternatives Analysis?

Alternatives analysis involves evaluating the impact of each option on project constraints, including financial investment versus time saved and level of risk. This process will result in the determination of the best approach to completing project work within the constraints.

Flashcard 130: What are the two types of reserves being evaluated in Reserve Analysis ?

Contingency reserves and management reserves

Flashcard 131: What is Rolling Wave Planning ?

Planning at a higher level and developing more detailed plans when the work is to be done

Flashcard 132: What do Network Diagram show?

The network diagram shows just dependencies (logical relationships). If estimates and leads and lags are added to the diagram later in the schedule management process, it can also show. the critical path. If plotted out against time (or placed against a calendar-based scale), the network diagram is a time-scaled . schedule network diagram.

Flashcard 133: What are the four types of logical relationships between activities in the precedence diagramming method?

Finish-to-start (FS): An activity must finish before the successor can start
Start-to-start (SS): An activity must start before the successor can start
Finish-to-finish (FF): An activity must finish before the successor can finish
Start-to-finish (SF): An activity must start before the successor can finish

Flashcard 134: What are Mandatory Dependencies?

The order in which activities must be done, due to the inherent nature of the work or as required by a contract; also called “hard logic”

Flashcard 135: What are Discretionary Dependencies?

The order in which the organization has chosen to have work performed; also called “preferred,” “preferential,” or “soft logic”

Flashcard 136: What are External Dependencies?

Dependencies based on the needs of a party outside the project.

Flashcard 137: What are Internal Dependencies?

Dependencies based on the needs of the project; may be under the control of the project team

Flashcard 138: What is a lag?

Waiting time inserted between activities

Flashcard 139: What is a lead?

How soon an activity can start before its predecessor activity is completed

Flashcard 140: What tool can be used when creating complex project schedule network diagrams that include leads and lags (as well as other dependencies)?

An automated scheduling system that is part of the PMIS

Flashcard 141: What are some inputs to Estimate Activity Durations?

Activity list and activity attributes
• Assumption log
• Lessons learned register
• Resource breakdown structure
• Resource requirements
• Project team assignments
• Resource calendars
• Risk register

Flashcard 142: What does a Resource Breakdown Structure show?

The categories of resources required for the project

Flashcard 143: What is a Padding?

A pad is extra time or cost added to an estimate because the estimator does not have enough information

Flashcard 144: What is the problem of Padding?

Padding undermines the professional responsibility of a project manager to develop a realistic schedule and budget

Flashcard 145: What is Analogue Estimating?

Analogous estimating uses expert judgment and historical information to predict the future

Flashcard 146: When it is done?

It can be done at various times, and the level of accuracy depends on how closely the project or activity matches the past historical data used

Flashcard 147: What is Parametric Estimating?

Parametric estimating involves creating a mathematical equation using data from historical records or other sources, such as industry requirements or standard metrics, to create estimates

Flashcard 148: What tools might an estimator use to create parametric estimate?

Regression analysis or a learning curve

Flashcard 149: What is an example of heuristics?

The 80/20 rule .A heuristic is a generally accepted rule, or best practice

Flashcard 150: What is a Three-Point Estimating?

A technique where estimators give an optimistic (O), pessimistic (P), and most likely (M) estimate for each activity. Three-point estimates can be used to calculate a risk-based expected duration estimate for an activity by taking either a simple average (triangular distribution) or a weighted average (beta distribution) of three estimates.

Flashcard 151: What does a Schedule Model differ from a schedule?

The schedule model consists of all the project data that will be used to calculate the schedule, such as the activities, duration estimates, dependencies, and leads and lags. The project schedule is the output of the schedule model—consolidates the schedule data that becomes the schedule baseline and part of the project management plan

Flashcard 152: What is a Critical Path Method?

Determining the longest duration path through the network diagram, the earliest and latest an activity can start, and the earliest and latest it can be completed

Flashcard 153: What is a Near Critical path?

The path closest in duration to the critical path; the closer in length the critical and near-critical paths are, the more the risk to the project

Flashcard 154: Define Total float, free float and Project float ?

Total float: The amount of time an activity can be delayed without delaying the project end date or an intermediary milestone
Free float: The amount of time an activity can be delayed without delaying the early start date of its successor(s)
Project float: The amount of time the project can be delayed without delaying the externally imposed project completion date required by the customer or management (also referred to as positive total float)

Flashcard 155: What are the two formulas for calculating float?

Late start (LS) – Early start (ES)
Late finish (LF) – Early finish (EF)

Flashcard 156: What does a critical path help us in manage project?

• Helps prove how long the project will take.
• Shows which activities have float and can therefore be delayed without delaying the project.
• Provides information needed to compress the schedule during project planning and whenever there are changes
• Helps determine where to focus your project management efforts
• Helps determine which activities have more risk associated with them
• Helps determine if a delayed activity needs immediate attention

Flashcard 157: What is Crashing?

Adding or adjusting resources in order to compress the schedule while maintaining the original project scope

Flashcard 158: What is a Fast Tracking?

Compressing the schedule by doing more critical path activities in parallel

Flashcard 159: What is a Monte Carlo Analysis?

A technique that uses computer software to simulate the outcome of a project, based on the three-point estimates(optimistic, pessimistic, and most likely) for each activity and the network diagram. Monte Carlo analysis is also used as a risk management tool to quantitatively analyze risks

Flashcard 160: What is a Resource Optimization?

Finding ways to adjust the use of resources

Flashcard 161: What is a Resource Levelling?

A resource optimization technique that allows you to level the peaks and valleys of the schedule from one month to the other, resulting in a more stable number of resources

Flashcard 162: What is a Resource Smoothing?

A modified form of resource leveling, where resources are leveled only within the limits of the float of their activities, so the completion dates of activities are not delayed

Flashcard 163: What are the main presentation formats of the schedule?

Network diagrams
Bar charts
Milestone charts

Flashcard 164: What do simple bar charts show?

Progress reporting and control; they are weak planning tools

Flashcard 165: What do milestones chart shows?

High-level project status; they only show major events

Flashcard 166: What is the Schedule Baseline?

The schedule baseline is the version of the schedule model used to manage the project; it is what the project teams performance is measured against

Flashcard 167: What is a Reestimating?

Estimating the project again at least once during the life of the project to make sure you can still satisfy the project objectives within the schedule, budget, and other project constraints, and to adjust the project if you cannot. This is part of the monitoring and controlling process group.

PMP Flash Cards 168 to 201 for Cost Management

Flashcard 168: What is the Process of Cost Management?

• Plan Cost Management
• Estimate Costs
• Determine Budget
• Control Costs

Flashcard 169: What is the output of Plan Cost Management Process?

Cost Management Plan 

Flashcard 170: What are the key inputs to the estimate costs process?

• Quality management plan
• Scope baseline
• Lessons learned register
• Project schedule
• Resource requirements
• Risk register
• Enterprise environmental factors
• Organizational process assets
• Project management costs

Flashcard 171: What are the key outputs of estimate costs process?

• Cost estimates
• Basis of estimates
• Updates to project documents

Flashcard 172: What are the key outputs of the determine budget process?

• Cost baseline
• Project funding requirements
• Updates to project documents

Flashcard 173: What are the key outputs of the Control Costs Process?

• Work performance information
• Cost forecasts
• Change requests
• Updates to project management plan
• and project documents

Flashcard 174: What does Life Cycle Costing mean?

Considering costs over the entire life of the product, not just the cost of the project to create the product

Flashcard 175: What is a Value Analysis?

Finding a less costly way of doing essentially the same work (also known as value engineering)

Flashcard 176: What three knowledge areas use the concepts of costs risks?

• Cost
• Procurement
• Risk

Flashcard 177: What calculations can be used to determine whether the project will be paid for with the organizations existing funds or will be funded through equity or debt?

• Net present value (NPV)
• Return on investment (ROI)
• Payback period
• Internal rate of return (IRR)

Flashcard 178: What is a Discounted Cash Flow?

A technique used in project selection to estimate the attractiveness of an investment by predicting how much money will be received in the future and discounting it to its current value. In cost management planning, it is used to evaluate the potential revenue to be earned from specific project work.

Flashcard 179: What are control thresholds? When are they determined?

The amount of variation allowed before you need to take action. Determined while creating the cost management plan

Flashcard 180: How do variable costs differ from fixed costs?

Variable costs change with the amount of production or amount of work done on the project. Fixed costs do not change as production changes

Flashcard 181: What is a Direct Cost?

A cost that is directly attributable to the work on the project

Flashcard 182: What is a Indirect Cost?

Overhead costs or costs incurred for the benefit of more than one project

Flashcard 183: What are the advantages of analogous estimating?

• Quick
• Activities do not need to be identified
• Less costly to create
• Project manager will have data to
  evaluate high-level project feasibility
• Overall project costs will be capped

Flashcard 184: What are the advantages of bottom-up estimating?

• More accurate
• Gains buy-in from the team
• Based on a detailed analysis of the
  project and the deliverables
• Provides a basis for monitoring
• and controlling, performance measurement, and management

Flashcard 185: What is a Reserve Analysis?

Reserve analysis involves identifying which activities on the project have significant risk and determining how much time and money to set aside to account for those risks in case they occur

Flashcard 186: What is the difference between a contingency reserve and a management reserve?

Contingency reserves are used for known risks, which are specifically. identified risks. Management reserves are used to accommodate unknown or unidentified. risks

Flashcard 187: What is a Cost of quality?

Name the typical range for the following:
– rough order of magnitude (ROM) estimate
– budget estimate
– definitive estimate
Cost Management 325
Cost Management
• ROM estimate:
-25 to +75 percent from actual
• Budget estimate:
-10 percent to +25 percent from actual
• Definitive estimate:
+/—10 percent from actual

Flashcard 188: What is the difference between a cost budget and a cost baseline?

The cost budget adds management reserves to the cost baseline

Flashcard 189: How can progress reporting help the project manager?

It can help control schedule and costs. It can help the project manager assess whether the project is on track through earned value analysis

Flashcard 190: What is earned value analysis, and how is it used?

It is used in performance reviews to measure project performance against the scope, schedule, and cost baselines. Using the work performance information gathered through earned value analysis, a project manager can reate reports, including cost forecasts, and other communications related to the projects progress; it may also result in change requests

Flashcard 191: What combined baselines are called the performance measurement baseline?

Scope, schedule, and cost baselines

Flashcard 192: What is the difference between planned value and earned value?

Planned value is the estimated value of the work planned, as of today. Earned value is the estimated value of the work actually accomplished, as of today

Flashcard 193: What is a Actual cost?

The actual cost incurred for the work accomplished, as of today

Flashcard 194: What is a Budget at Completion?

The projects planned budget; indicates what the end cost of the project would be if everything went according to plan

Flashcard 195: What is the formula for cost variance?

EV – AC = CV

Flashcard 196: What is the formula for cost performance index?

EV/AV = CPI

Flashcard 197: What is the formula for schedule performance index?

EV/PV = SPI 

Flashcard 198: What are the formulas for estimate completion?

AC + Bottom-up ETC = EAC

BAC / CPI = EAC

AC + (BAC – EV) = EAC

AC + (BAC – EV ) = EAC

AC + (BAC – EV) / CPIc- SPI = EAC

Flashcard 199: What is the formula for to-complete performance index?

(BAC – EV)/ (BAC – AC ) = TPCI

Flashcard 200: What is the formula for estimate to complete?

EAC – AC = ETC 

Flashcard 201: What is the formula for variance at completion?

BAC – EAC = VAC 

PMP Exam Prep Flashcards 202 to 249 for Quality Management

Flashcard 202: What is the process of quality management?

• Plan Quality Management
• Manage Quality
• Control Quality.

Flashcard 203: What are the key outputs of the Plan Quality Management process?

• Quality management plan
• Quality metrics
• Updates to project management plan
• and project documents

Flashcard 204: What are the key outputs of the Manage Quality Process?

• Test and evaluation documents
• Quality reports
• Change requests
• Updates to project management plan
• and project updates

Flashcard 205: What are the key outputs of the Control Quality process?

• Quality control measurements
• Validated changes
• Work performance information
• Updates to project management plan
  and project documents
• Change requests
• Verified deliverables

Flashcard 206: What is a Definition of quality?

The degree to which the project fulfills requirements

Flashcard 207: How does quality differ from grade?

Whereas quality is the degree to which a project (or deliverable) fulfills requirements, grade refers to a general category or classification of a deliverable or resource that indicates common function, but varying technical specifications

Flashcard 208: What does Gold Plating mean?

Adding extra items and services to customer deliverables that do not necessarily contribute added value or quality

Flashcard 209: Why is “prevention over inspection” important?

Because the cost of avoiding or preventing mistakes is much less than the cost of correcting them

Flashcard 210: What does continuous improvement involve?

Continuous improvement involves continuously looking for ways to improve the quality of work, processes, and results

Flashcard 211: How much inventory is maintained in a just in time (JIT) environment?

Little inventory is maintained

Flashcard 212: How does this affect attention to quality?

It forces attention to quality as well as schedule

Flashcard 213: Who has responsibility for quality on a project?

Although team members must inspect their own work, the project manager has the ultimate responsibility for quality

Flashcard 214: What are some tools and techniques that are used in the Plan Quality Management process?

• Interviews
• Brainstorming and benchmarking
• Decision-making
• Cost-benefit analysis
• Cost of quality (COQ)
• Logical data models
• Matrix diagrams
• Mind mapping
• Flowcharts
• Test and inspection planning
• Meetings

Flashcard 215: Define Benchmarking?

Comparing your project to other projects or organizations to establish quality metrics, acceptable variance ranges, and measure quality

Flashcard 216: Define Cost- Benefit Analysis ?

Comparing the costs of an effort to the benefits of that effort

Flashcard 217: What are the impacts of poor quality?

• Increased costs
• Decreased profits
• Low morale
• Low customer satisfaction
• Increased risk
  Rework

Flashcard 218: What does the Cost of quality (COQ) do ?

Ensures the project is not spending too much to achieve a particular level of quality

Flashcard 219: What are examples of costs of conformance and costs of nonconformance?

• Costs of conformance:
• Quality training
• Studies
• Measuring quality of interim
• deliverables Surveys
• Efforts to ensure everyone knows
  the processes to use to complete
  their work
• Costs of nonconformance:
• Rework
• Scrap
• Inventory costs
• Warranty costs
• Lost business

Flashcard 220: What are costs of nonconformance associated with?

Costs of nonconformance are associated with poor quality

Flashcard 221: Which should be greater, the costs of conformance or nonconformance?

An analysis focused on finding the point at which the benefits or revenue to be received from improving quality equals the incremental cost to achieve that quality

Flashcard 222: What is a Logical Data Analysis?

It contains a description of the quality needs of the project and is used to understand the requirements, clarify business rules, and define processes

Flashcard 223: What does a Flowchart Analysis?

How a process or system flows from beginning to end, how the elements interrelate, alternative paths the process can take, and how the process translates inputs into outputs

Flashcard 224: What is the purpose of test and inspection planning?

For the team to determine how it will confirm that the required level of quality has been achieved in the completion of project deliverables, and how the deliverable will be evaluated for performance and reliability.

Flashcard 225: What are Quality Metrics?

Specific measures of quality that the project manager uses to determine how the project is performing

Flashcard 226: What are some of the tools and techniques used in the Manage Quality process?

• Checklists
• Cause-and-effect diagrams
• Histograms
• Scatter diagrams
• Document analysis
• Alternatives analysis
• Process analysis
• Root cause analysis
• Multicriteria decision analysis
• Flowcharts
• Affinity diagrams
• Audits
• Design for X
• Problem-solving

Flashcard 227: What is Design of experiments?

A technique that allows you to systematically change the important factors in a process and see which combinations have an optimal impact on the project deliverables

Flashcard 228: In what form is probability usually explained ?

It analyzes failed components of deliverables, or failed processes to determine what led to that failure

Flashcard 229: What does mutual exclusivity mean ?

As a decimal or fraction 

Flashcard 230: What is a Normal distribution curve ?

A bell-shaped frequency distribution curve used to measure variation. This is the most common probability density distribution chart

Flashcard 231: What is a Statistical Independence?

The probability of event “B” occurring does not depend on event “A” occurring. (for example, the probability of rolling a six on a die is statistically independent from the probability of getting a five on the next roll)

Flashcard 232: What does signify in a process?

It is a measure of how far you are from the mean (not the median)

Flashcard 233: What another name for sigma ?

Standard Deviation 

Flashcard 234: Name some Control Quality tools and techniques.

• Checklists and checksheets
• Statistical sampling
• Questionnaires and surveys
• Performance reviews
• Root cause analysis
• Inspection
• Control charts
• Cause-and-effect diagrams
• Histograms
• Scatter diagrams
• Meetings

Flashcard 235: What is a Quality checklists?

A list of items to inspect, a list of steps to perform, or a picture of an item to be inspected, with space to note any defects found

Flashcard 236: How does a checksheet differ from a quality checklists?

Although a checksheet is a type of checklist, its primary purpose is to keep track of data. In Control Quality, checklists are used to determine that all required features and functions are included, and that they meet acceptance criteria.

Flashcard 237: What is a Statistical Sampling?

Inspecting by testing only part of a population (a statistically valid sample)

Flashcard 238: What is a Control Chart?

Control charts are used in Control. Quality to help determine if the results of a process are within acceptable limits

Flashcard 239: What are Control limits?

Control limits are the acceptable range of variation on a control chart

Flashcard 240: What are the specification limits on a control chart?

Specification limits: The customer expectations or contractual requirements for performance and quality on the project

Flashcard 241: What is a mean on a control chart?

The average, the middle of the range of acceptable variation

Flashcard 242: How do we define a process as statistically out of control?

A data point falls outside the upper or lower control limit

Flashcard 243: What does out of control mean?

There are nonrandom data points; these may be within the upper and lower control limits

Flashcard 244: What is the rule of seven?

It refers to a group or series of nonrandom data points that total seven on one side of the mean

Flashcard 245: What does it signify?

The rule of seven tells you that, although none of these points are outside of the control limits, they are not random and the process is out of control

Flashcard 246: What is an assignable cause/special cause variation?

An assignable cause or special cause variation signifies that a process is out of control. If there is an assignable cause or special cause variation, it means a data point, or a series of data points, requires investigation to determine the cause of the variation.

Flashcard 247: What is a cause-and-effect diagram?

A graphical tool that helps determine the possible root causes of a problem. It is also called a fishbone, Ishikawa, or why-why diagram

Flashcard 248: What is a Pareto Chart?

A histogram that arranges the results from most frequent to least frequent to help identify which root causes are resulting in the most problems

Flashcard 249: What does a scatter diagram show?

The relationship between two variables and the quality of the results

PMP Exam Prep Flashcards 250 to 288 for Human Resource Management

Flashcard 250: What is a Process of Resource Management?

• Plan Resource Management
• Estimate Activity Resources
• Acquire Resources
• Develop Team
• Manage Team
• Control Resources

Flashcard 251: What are the key outputs of the Plan Resource Management process?

• Resource management plan
• Team charter
• Project documents updates

Flashcard 252: What are the key outputs of Estimate Activity Resources?

• Resource requirements
• Resource breakdown structure

Flashcard 253: What are the key outputs of the Acquire Resources process?

• Physical resource assignments
• Project or work assignments
• Resource calendars

Flashcard 254: What are the key outputs of the Develop Team process?

• Team performance assessments
• Change requests
• Project management plan updates
• Project documents updates
• Organizational process assets updates

Flashcard 255: What are the key outputs of the Manage Team process?

• Change requests
• Project management plan updates
• Project document updates
• Enterprise environmental factors updates

Flashcard 256: What are the key outputs of the Control Resources process?

• Work performance information
• Updates to project documents and
  project management plan
• Change requests

Flashcard 257: What are the resource responsibilities for project managers?

• Determine human and physical resources needed
• Negotiate with resource managers and confirm availability of assigned resources
• Create a project team directory and job descriptions for team members
• Make sure all roles and responsibilities are clearly assigned
  Create a resource management plan

Flashcard 258: What is the difference between a RAM and a RACI chart?

The Responsibility Assignment Matrix (RAM) chart cross-references team members with the activities or work packages they are to accomplish

Flashcard 259: What does RACI stand for?

The RACI chart defines role assignments more clearly by noting how team members are to be involved with four categories: Responsible, Accountable, Consulted, Informed (RACI)

Flashcard 260: What is the purpose of an organizational breakdown structure?

To assign project responsibilities to divisions or departments within the organization, such as marketing, product development, or IT

Flashcard 261: What are the key elements of a resource management plan?

• Human resources
• Identification of human resource requirements
• Roles and responsibilities
• Project organizational charts
• Process for acquiring human resources
• Training, team development, and recognition
• Project team management
• Compliance
• Safety
• Release of human resources
• Physical resources
• Identification of physical resource requirements
• Process for acquiring physical resources
• Inventory management
• Release of resources
• A temporary endeavor undertaken to create a unique product services or result. It is usually progressively elaborated. A project derives changes in organization and enables business value creation. They move an organization from one state to other states in order to achieve a specific objective.

Flashcard 262: What is  the purpose of team charter?

A working agreement developed by the members of the project team; it describes the approach the team will take regarding communications, decisionmaking, and conflict resolution, as well as ground rules for team meetings.

Flashcard 263: What is a Reassignment?

Resources, both physical and team, that are assigned before the project begins

Flashcard 264: When is Negotiation necessary?

Negotiation is necessary when resources are not preassigned; this includes gaining resources from within your organization and in procurement situations

Flashcard 265: What is a multicriteria decision analysis?

Using a set of criteria (such as availability, cost, experience, location, skill set, knowledge, or training) to evaluate potential team members

Flashcard 266: Name and explain the four motivation theories.

McGregors Theory of X and Y: Managers believe workers are incapable (X) or employees can direct their own efforts (Y)
Maslows Hierarchy of Needs: People are motivated by using their skills and contributing to the project
McClellands Theory of Needs: People are motivated by one of three needs (achievement, affiliation, power)
Herzberg s Two-Factor Theory of Motivation: Hygiene factors are not sufficient to motivate people; motivating agents will keep people energized and engaged

Flashcard 267: What are the responsibilities of the project manager when it comes to team building? What are some characteristics of team building

• Guide, manage, and improve the interactions of team members
• Improve trust and cohesiveness among team members
• Incorporate team-building activities into project activities
• Team building requires a concerted effort and continued attention throughout the life of the project
• WBS creation is a team-building activity because it allows team members to actively engage in the planning and ownership of the project
• Team building should start early in the life of the project

Flashcard 268: According to the Tuckman ladder, what are the stages of team formation and development?

• Forming
• Storming
• Norming
• Performing
• Adjourning

Flashcard 269: Why is influencing an important part of the project manager’s role?

By listening to differing viewpoints, acknowledging them, and then using communication and persuasive skills, a project manager can develop mutual trust, and, eventually, agreement within the team

Flashcard 270: What is team performance assessment?

An assessment by the project manager meant to evaluate and enhance the effectiveness of the project team

Flashcard 271: What are project performance appraisal?

Evaluations of the performance of individual team members

Flashcard 272: How can the training of team members positively impact the project?

Training can help decrease the overall project cost and schedule by increasing efficiency

Flashcard 273: What is a Colocation?

The entire team has offices together in one place or one room

Flashcard 274: What are the challenges of a virtual team ?

Extra efforts will be required to keep everyone on a virtual team informed, engaged, and committed to the project work; there is an emphasis on communication

Flashcard 275: Name some communications technology tools that can help a team keep in touch during a project.

• A shared portal
• Video or audio conferencing
• Email and online chat

Flashcard 276: Why is it valuable to provide recognition and rewards to a team or individual team members?

In addition to recognizing past accomplishments, rewards provide incentive for ongoing achievement and efforts

Flashcard 277: What are some of the key actions a project manager can take to help challenge team members to be part of a high-performing team?

• Track and evaluate team performance
• Provide leadership
• Deal with team issues and facilitate conflict resolution
• Negotiate and influence
• Adjust plans based on performance data
• Manage risks to team success
• Observe what is happening
• Use an issue log to track resolution
• Actively look for and help resolve conflicts among team members

Flashcard 278: What is an Issue Log?

A record that lists the project issues, their causes and impacts on the project, the person(s) responsible for resolving each issue, the issue status, and target resolution dates

Flashcard 279: What are some of the different types of leadership and management styles?

• Directing
• Facilitating
• Coaching
• Supporting
• Influencing
• Delegating
• Consultative
• Consensus Democratic(participative)
• Analytical
• Charismatic
• Laissez-faire
• Driver
• Autocratic
• Consultation autocratic
• Bureaucratic

Flashcard 280: What are the different types of power?

• Formal (legitimate)
• Reward
  Penalty (coercive)
• Expert
• Referent Formal (legitimate)
• Reward
• Penalty (coercive)
• Expert
• Referent

Flashcard 281: List the most common sources of conflict on projects, in order of most to least common.

• Schedules
• Project priorities
• Resources
• Technical opinions
• Administrative procedures
• Cost
• Personality

Flashcard 282: Name some conflict resolution techniques.

• Collaborating (problem-solving)
• Compromising (reconciling)
• Withdrawal (avoidance)
• Smoothing (accommodating)
• Forcing (directing)

Flashcard 283: Define collaborating (problem-solving).

Postponing a decision or avoiding the problem

Flashcard 284: Define compromising (reconciling)

Finding an outcome that brings some degree of satisfaction to all parties involved (a lose-lose solution)

Flashcard 285: Define withdrawal (avoidance)

Finding an outcome that brings some degree of satisfaction to all parties involved (a lose-lose solution)

Flashcard 286: Define smoothing (accommodating)

Emphasizing agreement rather than differences of opinion

Flashcard 287: Define forcing (directing)

Pushing one viewpoint at the expense of another (a win-lose solution)

Flashcard 288: What is a Emotional Intelligence?

The ability to recognize and express ones emotions appropriately, and to perceive and manage the emotions being expressed by others using observation, communication, and interpersonal skills

PMP Hot Topics Flashcards 289 to 305 for Communication Management

Flashcard 289: What is the process of communications management?

• Plan Communications Management
• Manage Communications
• Monitor Communications

Flashcard 290: What is the key output of the Plan Communications Management process?

Communications management plan

Flashcard 291: What are the key outputs of the Manage Communications process?

• Project communications
• Updates to project management plan and project documents
• Updates to organizational process assets

Flashcard 292: What are the key inputs to Monitor Communications?

• Project management plan
• Project communications
• Issue log
• Lessons learned register
• Work performance data
• Enterprise environmental factors
• Organizational process assets

Flashcard 293: What are the key outputs of the Monitor Communications process?

• Work performance information
• Change requests
• Updates to project management plan and project documents

Flashcard 294: How should communications flow on a project?

Project communications occur internally and externally to the core project team— vertically (up and down the levels of the organization) and horizontally (between peers)

Flashcard 295: What are the four types of communication?

• Formal written
• Formal verbal
• Informal written
• Informal verbal

Flashcard 296: Describe an interactive model of communication.

Interactive communication includes three main components: the sender, the receiver, and the confirmation that the message is correctly understood Factors such as the receiver s perception of the message, everyday distractions, or even lack of interest (also known as “noise”) can affect the way the receiver decodes a message

Flashcard 297: What are the components of effective communication?

Effective communication:

• Nonverbal communication
• Verbal
• Effective listening
• Active listening

Flashcard 298: What are the components of effective listening?

• Face-to-face interactions
• Telephone
• In writing
• Instant messaging
• Email

Flashcard 299: Define interactive, push, and pull communication methods.

Interactive: The sender provides the information, and recipients receive and respond to it
Push: The sender provides the information but does not expect feedback on that information
Pull: The sender places the information in a central location, and recipients are responsible for retrieving it

Flashcard 300: What is the formula for communication channels?

n(n-1)/2

n =  the number of stakeholders

Flashcard 301: What is the purpose of a communications management plan?

To document both the communications needs of stakeholders and a strategy to meet those needs

Flashcard 302: What are the communication blockers that can get in the way of communicating?

• Noisy surrounding
• Distance between those trying to communicate
• Improper encoding of messages
• Language
• Culture

Flashcard 303: What are some rules for effective meetings?

• Set a time limit, and keep to it
• Create an agenda with team input
• Distribute the agenda beforehand
• Stick to the agenda
• Let attendees know their responsibilities in advance
• Bring the right people together
• Chair and lead the meeting with a set of rules
• Assign deliverables and time limits for all work assignments that result
• from meetings
• Document and publish meeting minutes

Flashcard 304: What are some important elements of project reporting?

• Reports should provide the kinds of information and the level of detail required by stakeholders
• Reports should be designed for the needs of the project
• Use the most appropriate communication method when sending information
• Reports should include measurements against the performance measurement baseline set in the project management plan

Flashcard 305: Name some of the different types of project reports.

• Status report
• Progress report
• Trend report
• Forecasting report
• Variance report
• Earned value report
• Lessons learned documentation

PMP Hot Topics Flashcards 306 to 350 for Risk Management

Flashcard 306: What is the process of risk management?

• Plan Risk Management
• Identify Risks
• Perform Qualitative Risk Analysis
• Perform Quantitative Risk Analysis
• Plan Risk Responses
• Implement Risk Responses
• Monitor Risks

Flashcard 307: What is the key output of the Plan Risk Management process?

Risk management plan 

Flashcard 308: What are the key outputs of the Identify Risks process?

• Risk register
• Risk report 

Flashcard 309: What key outputs of the Perform Qualitative Risk Analysis process are added to the risk register?

• Risk ranking for the project compared to other projects
• List of prioritized risks and their probability and impact ratings
• Results of other risk parameter assessments
• Risks grouped by categories
• List of risks for additional analysis and response
• List of risks requiring additional analysis in the near term
• Watch list (noncritical risks)

Flashcard 310: What key outputs of the Perform Quantitative Risk Analysis process are added to the risk register?

• Prioritized list of quantified individual project risks
• The quantified probability of meeting project objectives
• Trends in quantitative risk analysis
• Initial contingency time and cost reserves needed
• Assessment of overall project risk exposure
• Possible realistic and achievable completion dates and project costs
• Recommended risk responses

Flashcard 311: What key outputs of the Plan Risk Responses process are added to the risk register?

• Residual risks
• Contingency plans Fallback plans
• Risk owners
• Secondary risks
• Risk triggers
• Contracts
• Reserves for time and cost

Flashcard 312: What are the key outputs of the Monitor Risks process?

• Work performance information
• Risk register updates
• Change requests
• Project management plan updates
• Organizational process assets updates

Flashcard 313: What key outputs of the Monitor Risks process are added to the risk register?

• Outcomes of risk reassessments and risk audits
• Results of implemented risk responses
• Updates to previous parts of risk management
• Closing of risks that are no longer applicable
• Details of what happened when risks occurred
• Lessons learned

Flashcard 314: What is a Risk?

A future occurrence that may or may not happen that can have a positive (opportunity) or negative (threat) impact on the project

Flashcard 315: What are the four key factors that need to be determined for each risk?

• Probability
• Impact
• Timing
• Frequency

Flashcard 316: Define risk appetite and risk threshold.

Risk appetite: A general, high-level description of the acceptable level of risk to an individual or organization
Risk threshold: The specific point at which risk becomes unacceptable

Flashcard 317: A person who is risk averse is

Someone who does not want to be negatively impacted by threats

Flashcard 318: What are the inputs to the risk management process?

• Project charter
• Project management plan
• Project documents
• Enterprise environmental factors
• Organizational process assets
• Agreements
• Procurement documentation
• Work performance data and reports

Flashcard 319: Name the risk categories.

• External
• Internal
• Technical
• Commercial
• Unforeseeable

Flashcard 320: What is a risk breakdown structure?

An organizational or hierarchical chart that can help identify and document risk categories.

Flashcard 321: Name the categories of non-event risks.

Ambiguity (lack of understanding) and variability (inability to predict changes)

Flashcard 322: What are some examples of risk identification techniques?

• Brainstorming
• Checklist analysis
• Interviewing
• Root cause analysis
• Assumption analysis
• Constraint analysis
• SWOT analysis
• Documentation reviews
• Prompt lists
• Facilitation

Flashcard 323: What is Assumption Analysis?

Assessing the assumptions made on the project and determining whether they are valid

Flashcard 324: When it is done?

Assessing the assumptions made on the project and determining whether they are valid

Flashcard 325: What is a Purpose of Prompt list?

A prompt list can help a project team identify risks to individual elements of the project as well as risks to the overall project

Flashcard 326: What is a Purpose of risk report?

The purpose of a risk report is to keep stakeholders apprised of risk management efforts and outcomes

Flashcard 327: What is a Risk data quality assessment?

Determining how accurate, reliable, and well understood the risk information is

Flashcard 328: When it is done?

Done during Perform Qualitative Risk Analysis

Flashcard 329: What is a data representation technique that can be used during the Perform Qualitative Risk Analysis process?

A probability and impact matrix

Flashcard 330: What can a project manager use in order to determine quantitative probability and impact?

• Expert judgment from trained risk specialists and team members
• Data-gathering techniques, such as interviewing
• Data analysis techniques, such as Monte Carlo analysis Interpersonal and team skills
• Representations of uncertainty
• Cost and schedule estimating
• Use of historical records from previous projects 

Flashcard 331: What is the purpose of Monte Carlo analysis?

Monte Carlo analysis is used to simulate the cost or schedule results of the project

Flashcard 332: What is sensitivity analysis?

A technique to analyze and compare the potential impacts of identified risks

Flashcard 333: What is a decision tree?

A model of real situations used to make informed decisions by taking into account the associated risks, probabilities, and impacts

Flashcard 334: What is the formula for expected monetary value?

Expected Monetary Value:
Probability times impact, or EMV = P x I

Flashcard 335: What is the formula for schedule?

Schedule:
EV = P x I

Flashcard 336: What are the possible risk response strategies for threats?

• Avoid: Eliminate the threat by eliminating its cause
• Mitigate: Reduce the probability or impact of the threat
• Transfer: Make another party responsible for the risk (outsourcing, insurance, warranties, bonds, guarantees)
• Escalate: Move the threat to the program or portfolio level
• Accept
• Passive acceptance—do nothing; if it happens, it happens
• Active acceptance—develop contingency clans in advance

Flashcard 337: What are the possible risk response strategies for opportunities?

• Exploit: Make sure the opportunity occur
• Enhance: Increase probability or positive impact of the risk event
• Share: Allocate full or partial ownership of the opportunity to a third party
• Escalate: Move the opportunity to the program or portfolio level
• Accept: Do nothing; if it happens, it happens

Flashcard 338: What are residual risks?

Risks that remain after risk response planning

Flashcard 339: What are secondary risks?

New risks created by the implementation of risk response strategies

Flashcard 340: What are Contingency plans?

Contingency plans are plans describing the specific actions that will be taken if the opportunity or threat occurs

Flashcard 341: What are a Fallback plan ?

Fallback plans are actions that will be taken if the contingency plan is not effective

Flashcard 342: Who is risk owner?

Each risk must be assigned to someone who will help lead the development of the risk response and who will be assigned to carry out the risk response or “own” the risk

Flashcard 343: What are risk triggers?

Early warning signs that a risk event has occurred, or is about to occur. They let risk owners know when to take action

Flashcard 344: What are Reserves?

Time or cost added to the project to account for risk
Management reserve
Contingency reserve

Flashcard 345: What are workarounds?

Unplanned responses developed to deal with the occurrence of unanticipated events or problems on a project (or to deal with risks that had been accepted because of unlikelihood of occurrence and/or minimal impact)

Flashcard 346: What is Reserve Analysis? When it is done during the risk management process 

Reserve analysis is checking to see how much reserve remains and how much might be needed. It is done during the Monitor Risks process

Flashcard 347: What is a Risk review?

A discussion of the effectiveness of planned risk responses that have been implemented on the project; it may result in the identification of new risks, secondary risks created by risk response plans, and risks that are no longer applicable; risk reviews may also result in risk reassessments, identifying new risks and/or closing risks.

Flashcard 348: How often do they take place?

A risk review is held regularly

Flashcard 349: What are risk audits?

Assessments of the overall process of risk management on the project

Flashcard 350: What are some common risk management mistakes?

Risk identification is completed without knowing enough about the project. Overall project risk is evaluated using tools that do not identify specific individual project risks. Risk identification ends too soon. Padding is used Some things considered risks are facts, and are therefore not risks. The identified risks are general rather than specific. 

Rita Mulcahy PMP Flashcards 351 to 420 for Procurement Management

Flashcard 351: What is the process of procurement management?

• Plan Procurement Management
• Conduct Procurements
• Control Procurements

Flashcard 352: What are the inputs to the Plan Procurement Management process?

• Project charter
• Business documents
• Project management plan
• Project documents
  
• Project team assignments
• Requirements documentation
• Resource requirements
• Risk register
• Stakeholder register
• Enterprise environmental factors
• Organizational process assets

Flashcard 353: What are the key outputs of the Plan Procurement Management process?

• Procurement strategy
• Procurement statement of work
• Source selection criteria
• Make-or-buy decisions
• Bid documents
• Independent cost estimates
• Change requests
• Project document updates
• Organizational process assets updates

Flashcard 354: What are the key outputs of the Conduct Procurements process?

• Selected sellers
• Agreements
• Change requests
• Project management plan updates
• Project documents updates
• Organizational process assets updates

Flashcard 355: What are the key outputs of the Control Procurements process?

• Closed procurements
• Procurement documentation updates
• Work performance information
• Change requests
• Project management plan updates
• Project documents updates
• Organizational process assets updates

Flashcard 356: What is an Agreement?

A document or communication that outlines internal or external relationships and their intentions

Flashcard 357: What is an Contract?

A type of written or verbal agreement, typically created with an external entity, where there is some exchange of goods or services for some type of compensation (usually monetary); a contract forms the legal relationship between the entities

Flashcard 358: What is the difference between centralized and decentralized contracting?

Centralized: There is one procurement department, and the procurement manager handles procurements for many projects
Decentralized: There is no procurement department or procurement manager assigned, and the project manager may be responsible for the plan, as well as conducting and monitoring work on all procurements

Flashcard 359: What are the advantages and disadvantages of centralized contracting?

Advantages:
Higher level of procurement expertise. Standardized practices provide efficiency. Clear career path in procurement management. Continuous improvement, training, and shared lessons learned
Disadvantages:
Procurement managers attention is divided among many projects. More difficult for the project manager to obtain contracting help when needed

Flashcard 360: Describe the project managers role in procurement.

• Make sure the contract contains all the scope of work and project management requirements
• Incorporate mitigation and allocation of risks into the contract
• Be involved during contract negotiations to protect the relationship with the seller
• Protect the integrity of the project and the ability to get the work done
• Understand what contract terms and conditions mean so you can read and understand contracts
• Work with the procurement department to manage changes to the contract

Flashcard 361: What is a Qualified Seller list?

A list of sellers that have been preapproved

Flashcard 362: What is a Seller proposal or price quote?

A seller s response to the bid documents that represents an official offer from the seller; a proposal is usually the response to a request for proposal (RFP); a quote is usually the response to a request for quote (RFQ)

Flashcard 363: What is Make or Buy analysis?

Deciding whether the performing organization should d the project work itself or outsource some or all of the work

Flashcard 364: What is a Source selection analysis?

Determines the criteria that will be used to select sellers

Flashcard 365: What is a procurement management plan?

A plan that documents how procurements will be planned, executed, and controlled

Flashcard 366: What are the three broad categories of contracts?

• Cost-reimbursable (CR)
• Fixed-price (FP)
• Time and material (T&M)

Flashcard 367: What is a Fixed price contract?

There is one set fee for accomplishing all the work.

Flashcard 368: What are the advantages and disadvantages of the fixed pricing contract?

Advantages: Less work for the buyer to manage; seller has a strong incentive to control costs; companies have experience with this type of contract; the buyer knows the total price before the work begins
Disadvantages: Seller may try to make up profits by charging more; seller may try to not complete some of the procurement statement of work; requires more work for the buyer to write the procurement statement of work; can be more expensive than other types if the procurement statement of work is incomplete

Flashcard 369: Who has the cost risk in a cost reimbursable contract?

The risk is borne by the buyer. 

Flashcard 370: Who has the cost risk in a fixed-price contract?

The buyer pays a fixed price plus an award (paid in full or in part) based on the seller s performance

Flashcard 371: What is a fixed price incentive fee (FPIF) contract?

The buyer pays a fixed price plus an additional fee if the seller exceeds performance criteria stated in the contract

Flashcard 372: What is a fixed price award fee (FPAF) contract?

The buyer pays a fixed price plus an award (paid in full or in part) based on the seller s performance

Flashcard 373: What is a time and material contract?

The buyer pays on a per-hour or per item basis

Flashcard 374: What are the advantages and disadvantages of a time and material contract?

Advantages: Can be created quickly; contract duration is brief; good choice when you are hiring “bodies”
Disadvantages: Every hour or unit billed is profit for the seller; the seller has no incentive to control costs; appropriate only for small levels of effort on projects; requires a great deal of day-to-day oversight

Flashcard 375: What is a Purchase Order?

A unilateral contract typically used for buying commodities. Purchase orders become contracts when the buyer accepts the terms

Flashcard 376: What is a cost-reimbursable contract?

All the seller s costs are reimbursed by the buyer

Flashcard 377: What are the advantages and disadvantages of a cost-reimbursable contract?

Advantages: Allows for a simpler procurement statement of work; usually requires less work to define scope; generally less costly
Disadvantages: Requires auditing seller s invoices; requires more work for the buyer; seller has only a moderate incentive to control costs; the total price is unknown

Flashcard 378: What is a cost plus fixed fee (CPFF) contract?

All the seller s costs are reimbursed by the buyer, and a fixed fee is negotiated for the seller s profit

Flashcard 379: What is a cost plus percentage of cost (CPPC) contract?

All the seller s costs are reimbursed by the buyer, and the buyer also pays a specified percentage of those costs as a fee or profit

Flashcard 380: What is a cost plus incentive fee (CPIF) contract?

The seller will be paid for actual costs plus a fee; the seller gets a percentage of the savings if the actual costs are less than target costs or shares the cost overrun with the buyer

Flashcard 381: What is a cost plus award fee (CPAF) contract?

All the seller s costs are reimbursed by the buyer, and the buyer pays a base fee plus an award amount (a bonus) based on performance

Flashcard 382: What do incentives accomplish?

Incentives are used to bring the seller s objectives in line with the buyer’s

Flashcard 383: What might incentives be used for?

Incentives are used for cost, performance, or schedule

Flashcard 384: What does a sharing ratio describe?

How the cost savings or cost overrun will be shared as apportioned by percentage (e.g., 80% buyer/20% seller)

Flashcard 385: What is target price compared to in order to measure success?

Final price (the cost, or end result)

Flashcard 386: What is the ceiling price?

The highest price the buyer will pay; its a condition of the contract that must be agreed to by both parties before signing

Flashcard 387: What is the point of total assumption?

For fixed price incentive fee contracts, the amount above which the seller bears all the loss of a cost overrun

Flashcard 388: Describe the three different types of procurement statements of work.

Performance: Conveys what the final product should accomplish
Functional: Conveys the end purpose or result (the minimum essential characteristics of the product)
Design: Conveys exactly what work is to be done and how it should be completed
Terms of Reference: If the procurement is for services rather than products

Flashcard 389: What is an independent cost estimate?

The factors the buyer will use to evaluate (weight or score) responses from the sellers

Flashcard 390: What are source selection criteria?

Source selection criteria are created during the Plan Procurement Management process, and are used during the Conduct Procurements process to pick a seller

Flashcard 391: What are the bid documents?

• Request for proposal (RFP)
• Request for quotation (RFQ)
• A request for information (RFI) is sometimes considered a bid document; however, its purpose is to get information, whereas the purpose of a bid document is to buy something.
• Invitation for bid (IFB) is another common term in relation to bid documents, and is generally equivalant to request for proposal

Flashcard 392: What is a nondisclosure agreement?

An agreement between the buyer and prospective sellers identifying the information or documents they will control and hold confidential, and who in the organization will have access to the confidential information

Flashcard 393: What is a standard contract?

A contract most commonly used by the buyer, who put their terms and conditions into a standard format that is used over and over

Flashcard 394: What are some examples of special provisions?

May include additions, changes, or deletions to a standard contract

Flashcard 395: What is a force majeure?

A temporary endeavor undertaken to create a unique product services or result. It is usually progressively elaborated. A project derives changes in organization and enables business value creation. They move an organization from one state to other states in order to achieve a specific objective.

Flashcard 396: What are waivers?

Statements saying that the rights under the contract may not be waived or modified other than by express agreement of the parties

Flashcard 397: What does privity mean?

A contractual relationship between two or more parties

Flashcard 398: What does noncompetitive procurement mean?

The work is awarded to a single source or a sole source without competition

Flashcard 399: What is a letter of intent?

A letter from the buyer, without legal binding, saying the buyer intends to hire the seller

Flashcard 400: What is a bidder conference?

A meeting, either in person or via an online forum, with prospective sellers to make sure they all understand the procurement and have a chance to ask questions

Flashcard 401: What should a project manager watch out for during a bidder conference?

• Watch for:
• Collusion
• Sellers not asking questions in front
• of the competition. Make sure all the questions and answers are documented and distributed to all the potential sellers

Flashcard 402: What does a weighting system do?

Enables the buyer evaluation committee to analyze seller responses using the weighted source selection criteria

Flashcard 403: What does a screening system do?

Eliminates potential sellers who do not meet the minimum requirements of the source selection criteria

Flashcard 404: What is the purpose of proposal evaluation?

Uses the source selection criteria identified in the Plan Procurement. Management process to assess the potential sellers’ responses for their ability and willingness to provide the requested products or services.

Flashcard 405: When are presentations used?

Done during Conduct Procurements. When procurements have costreimbursable contracts, to allow the seller to present their proposal. Can also be used when there is a lot to assess and/or when the way the seller. is going to do the work is of prime importance.

Flashcard 406: What are the objectives of negotiation?

Obtain a fair and reasonable price. Develop a good relationship between the buyer and the seller

Flashcard 407: What are some examples of negotiation tactics?

• Attacks
• Personal insults
• Good guy/bad guy
• Deadline
• Lying
• Limited authority
• Missing person
• Fair and reasonable
• Delay
• Extreme demands
• Withdrawal

Flashcard 408: What is included in a contract?

• Boilerplate language
• Business terms regarding payments
• Reporting requirements
• Marketing literature
• Proposal
• Procurement statement of work

Flashcard 409: What is required for a legal contract?

• Offer
• Acceptance
• Consideration
• Legal capacity
• Legal purpose

Flashcard 410: What is a contract change control system?

A system created to control changes to the contract. It is included in the contract so everyone is prepared for the amount of work it will take to make changes, in addition to completing the work described in the change

Flashcard 411: What is the purpose of a procurement performance review?

Verify that the seller is performing as they should. Identify what the buyer can do to help the seller do the work. Determine if any changes are needed to improve the buyer-seller relationship and the processes they are using.

Flashcard 412: Why might there be conflict between the procurement manager and the project manager?

The procurement manager is the only one with the power to change the contract

Flashcard 413: Define claims administration.

Managing claims (requests by the seller for compensation from the buyer)A temporary endeavor undertaken to create a unique product services or result. It is usually progressively elaborated. A project derives changes in organization and enables business value creation. They move an organization from one state to other states in order to achieve a specific objective.

Flashcard 414: When are procurements considered closed?

• Procurements are closed:
• When a contract is completed
• When a contract is terminated before the work is completed

Flashcard 415: What is the key function of a records management system?

Maintain an index of contract documentation and records so that they can be retrieved if necessary

Flashcard 416: What would be reasons for termination of a contract?

Cause: The buyer may terminate a contract for cause if the seller breaches the contract (does not perform according to the contract)
Convenience: The buyer can also terminate the contract before the work is complete because they no longer want the work done (termination for convenience)

Flashcard 417: What needs to be done for procurement closure?

• Product validation
• Procurement negotiation
• Financial closure
• Procurement audit
• Updates to records
• Final contract performance reporting
• Documentation of lessons learned
• Creation of procurement file

Flashcard 418: What is a procurement audit?

A structured review of the procurement process and identification of lessons learned to help future procurements

Flashcard 419: What is the purpose of formal acceptance?

Formal acceptance: For documentation, confirmed acceptance that may result in requirements for incentives or rewards at points in the contract.

Flashcard 420: What is a fixed price economic price adjustment (FPEPA) contract?

A fixed-price contract with a built-in economic price adjustment to cover cost increases due to future economic conditions

Rita Mulcahy PMP Flashcards 421 to 437 for Stakeholder Management

Flashcard 421: What is the process of stakeholder management?

• Identify Stakeholders
• Plan Stakeholder Engagement
• Manage Stakeholder Engagement
• Monitor Stakeholder Engagement

Flashcard 422: What are the key outputs of the Identify Stakeholders process?

• Stakeholder register
• Change requests
• Updates to project management plan
• and project documents

Flashcard 423: What is the key output of the Plan Stakeholder Engagement process?

Stakeholder engagement plan

Flashcard 424: What are the key outputs of the Manage Stakeholder Engagement process?

• Change requests
• Updates to the project management plan
• and project documents

Flashcard 425: What are the key outputs of the Monitor Stakeholder Engagement process?

• Work performance information
• Updates to project management plan and project documents

Flashcard 426: What should you do with stakeholders throughout a project?

• Identify all of them
• Determine their requirements
• Determine their expectations
• Determine their interest
• Determine their level of influence and
  authority
• Plan to engage them
• Plan how you will communicate with
  them
• Manage their expectations, influence,
  and engagement
• Monitor communications and
• stakeholder engagement
• Communicate with them

Flashcard 427: What are stakeholder expectations?

Beliefs about (or mental pictures of) the future. Some expectations will become requirements

Flashcard 428: Why is it important to identify all stakeholders as early as possible on a project?

Stakeholders discovered late in the project will likely request changes, which can impact the project and lead to delays

Flashcard 429: Who are considered stakeholders on a project?

Stakeholders are any people or organizations whose interests may be positively or negatively impacted by the project or its product, as well as anyone who can exert positive or negative. influence over the project, This group can include the sponsor, team members, senior management, subject matter experts, end users of the product or service, functional or operational managers, vendors, consultants, customers, and many more. If the project includes procurements, the parties to the contract(s) are also stakeholders.

Flashcard 430: Name some tools and techniques of Identify Stakeholders.

• Questionnaires and surveys
• Brainstorming and brain writing
• Stakeholder analysis
• Document analysis
• Stakeholder mapping

Flashcard 431: What factors should be considered during stakeholder analysis?

Stakeholder roles and responsibilities on a project. Level of authority and influence within the organization. Expectations and attitudes towards the project. How interested they are in the project. What is at stake for them.

Flashcard 432: Give some examples of stakes a stakeholder may have.

• Ownership
• Knowledge
• Interest
• Contribution
• Rights (legal or moral)

Flashcard 433: What information about stakeholders might be included in a stakeholder register

The stakeholder register may include each stakeholder s name, title, supervisor, project role, contact information, major requirements and expectations, assessment information, impact and influence, attitude about the project, stakeholder classification, and other relevant information

Flashcard 434: Why is it important to build good relationships with stakeholders?

Close relationships with stakeholders can provide an early warning system for problems on the project

Flashcard 435: Describe the different levels of stakeholder engagement.

• Unaware
• Resistant
• Neutral
• Supportive
• Leading

Flashcard 436: Name a data representation tool used to compare stakeholders current and desired level of engagement

Stakeholder engagement assessment matrix

Flashcard 437: What might be documented in a stakeholder engagement plan?

• Existing and desired levels of engagement for stakeholders
• Details about how stakeholders will be involved in the project
• Guidelines for evaluating how well the plan is meeting the needs of stakeholders and the project
• How communication will be used to help manage stakeholder engagement and expectations

PMP Flashcards 438 to 442 for Professional and Social Responsibility

Flashcard 438: What are the categories of professional and social responsibility?

• Responsibility
• Respect
• Fairness
• Honesty

Flashcard 439: What does “responsibility” in project management mean?

• Make decisions based on the best interests of the company and the team
• Only accept assignments you are qualified to complete
• If a project is beyond your qualifications or experience, alert the sponsor before you accept the assignment
• Use organizational resources as best you can
• Do what you say you will do
• Acknowledge your errors
• Respect confidentiality and protect proprietary information
• Uphold laws
• Report unethical behavior

Flashcard 440: What does “respect” in project management mean?

• Maintain an attitude of mutual cooperation’s
• Engage and invite ideas and best practices to be shared among team members
• Respect cultural differences
• Don t say things that could damage another persons reputation
• Engage in good faith negotiations
• Avoid using overtime to solve scheduling problems
• Respect others
• Be direct in dealing with conflict
• Do not use your power or position to influence others for your own benefit

Flashcard 441: What does “fairness” in project management mean?

• Act impartially
• Continuously look for and disclose
  conflicts of interest
• Do not discriminate
• Honor your duty of loyalty
• Do not use your position for personal or
  business gain

Flashcard 442: What does “honesty” in project management mean?

• Try to understand the truth
• Be truthful in all communications
• Create an environment where others tell the truth
• Do not deceive others