1. Internal Rate of return
2. Law of diminishing returns
3. Journey to Ablene: Committee decisions can have the paradox outcome, that a jointly made or approved decision is not desired by any individual group member. ( Taken from Oliver Lehmann.)
4. Staffing management plan contains
- Training needs
- Recognition and Rewards
- Release criteria
5. Point of Total assumption. This is where seller assumes the cost. The costs have become so large in a fixed price contract (FPIF) that there is no benefit attached.
6. Motivational Theories
- McClelland Achievement Theory
- McGregor X and Y
Love and belonging
Herzberg – Hygiene theory
7. Funding Limit Reconciliation
8. Return on Investment
9. Cost baseline:
10. Network Templates or Schedule Network Templates
Expediting the preparation of networks of project activities. Useful when project includes identical or nearly identical deliverables.
11. Constructive change request: A direction by the buyer or an action taken by the seller that the other party considers an undocumented change to the contract. This can lead to a claim.
12. A Risk Management Plan includes:
R & R
Definitions of Risk categories and Impact
Probability and Impact Matrix
Revised Stakeholders’ tolerances
Reporting Formats (strange but yes)
13. Liquidated damages (LDs) are contractually agreed payments in order to cover the customer’s costs caused by late completion or failure to meet specifications by the contractor. ( Oliver Lehmann)
14 . Perform Integrated Change Control : This process includes configuration management activities such as
- Configuration Identification.
- Configuration Status Accounting.
- Configuration verification and Audit.
15. When Requirements Documentation is done?
16. Basis of Estimates include:
17 Assumptions Analysis is used during Identify Risk process.
18 Quality Control
Prevention – Keeping errors out of process
inspection – Keeping errors out of the hands of customer
Attribute Sampling – Result either conforms or not conforms
Variables Sampling – Result is rated on continuous scale. (measures degree of conformity)
Tolerance – Specified range of acceptable limits
Control Limits – thresholds, indicating if the process is out of control.
Hard logic – Mandatory Dependencies
Soft logic – Discretionary or preferential. ( Such as best practice).
19 The PM team is a subset of Project Team (Core, Executive or Leadership Team) :The Sponsor works with the PM team, assisting in matters such as funding, clarifying scope, monitoring progress and influencing others for benefit of the project. Ground rules establish clear expectations regarding acceptable behaviours by Team members.
20. Weighting System can be used to select a Seller. (Subjective)
21. Communications Management Plan: Comm needs and expectations of the project, how and in what format information will be communicated, when and where communication will be made and who is responsible for providing the information.
22. Stretch Assignment
23. Scope Creep – Uncontrolled Changes.
24. Active Risk Acceptance: Most common way is to build contingency reserve(time, money or resources).
25. Burn Rate – Inverse of CPI.
26 CPAF – The award is decided by the Buyer and generally not subjected to appeals.
27 Sensitivity Analysis – tornado diagrams.
28 Passive acceptance of risk requires no action except to document the strategy, leaving the project team to deal with the risk when it occurs.
Accept is a risk strategy for both, POSITIVE and NEGATIVE risks.
29 Joint Quality policy can help is multiple vendors environment. Project Team should ensure that participating orgs are aware of the policy.
30 Variance Analysis is used for control processes – control scope, schedule etc and Report Performance Process also.
31 In earned value management technique, Cost Performance Baseline is also referred as PMB – Performance Measurement Baseline. Cost Performance Baseline is used to assess funding requirements.
32 A heuristic is BEST described as a Rule of Thumb.
33. Conflicts on projects caused by
- Project Priorities
- Technical Opinions
34. Who determines the role of a Stakeholder?
35. Read Risk Reserves.
36. Matrix – Read Weak, Strong
37. What is RPN number?
AS A PROJECT MANAGER OF A RESEARCH PROJECT WHICH IS IN THE MIDDLE OF THE EXECUTION YOU REALIZE THAT YOUR ORIGINAL ESTIMATES WERE FLAWED AND ARE NO LONGER VALID. WHICH OF THE FOLLOWING FORMULA WOULD HELP YOU TO DEVELOP A FORECASTED ESTIMATE TO COMPLETE (EAC)?
HERE AC IS THE ACTUAL COST, EV IS THE EARNED VALUE ETC IS ESTIMATE TO COMPLETE, CPI IS COST PERFORMANCE INDEX AND BAC IS BUDGET AT COMPLETION
EXPLANATION : ANSWER (A) EAC = AC + BOTTOM UP ETC. IN THIS SCENARIO THE NEW FORECASTS FOR ESTIMATE TO COMPLETE (EAC) WOULD BE BASED ON NEW ESTIMATES TO COMPLETE THE REMAINING WORK OR ETC. THE MOST COMMON EAC FORECASTING APPROACH IS A MANUAL , BOTTOM-UP SUMMATION BY PROJECT TEAM . PLEASE REFER TO PMBOK 4TH EDITION PROJECT COST MANAGEMENT PN 184 FOR MORE DETAILS.
Problem Solving and Compromise are two best conflict resolution techniques,
in that order.