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Project Management
Project Management Mid-Term Flashcards
| Question | Answer |
|---|---|
| A _____ is an endeavor to accomplish a specific objective through a unique set of interrelated activities and the effective utilization of resources. | project |
| The _____ of a project is all the work that must be done in order to satisfy the customer that the deliverables meet the requirements or acceptance criteria agreed upon at the onset of the project. | scope |
| The _____ is based on a budget that includes an estimate of the costs associated with the various resources that will be used to accomplish the project. | project cost |
| The_____ for a project is the timetable that specifies when each activity should start and finish. | schedule |
| The _____ is based on estimated costs associated with the quantities of various resources that will be used to perform the project. | project budget |
| _____ adversely affect accomplishing the project objective. | Risks |
| The generic _____ has four phases: initiating, planning, performing, and closing the project. | project life cycle |
| In the_____, projects are identified and selected, and then authorized using a document referred to as a project charter. | initiating phase |
| The _____ includes defining the project scope, identifying resources, developing a schedule and budget, and identifying risks, all of which make up the baseline plan for doing the project work. | planning phase |
| In the _____, the project plan is executed and work activities are carried out to produce all the project deliverables and to accomplish the project objective. | performing phase |
| In the _____, project evaluations are conducted, lessons learned are identified and documented to help improve performance on future projects, and project documents are organized and archived. | closing phase |
| _____ is planning, organizing, coordinating, leading, and controlling resources to accomplish the project objective. | Project management |
| _____ are individuals and entities involved in, or who may influence, or may be affected by a project. | Project stakeholders |
| _____ involves evaluating various needs or opportunities, and then deciding which of those should move forward as projects to be implemented. | Project selection |
| Once a project has been selected, it is formally authorized using a _____, sometimes called a project authorization or project initiation document. | project charter |
| The purpose of preparing a _____ is to state, comprehensively and in detail, what is required, from the customer’s point of view, to address the identified need. | request for proposal |
| _____ establish the foundation for successful funding and contract opportunities. | Relationships |
| Establishing and building _____ is key to developing effective and successful relationships with clients and partners. | trust |
| In a _____ contract, the customer and the contractor agree on a price for the proposed work. | fixed-price |
| In a _____ contract, the customer agrees to pay the contractor for all actual costs (labor, materials, and so forth), regardless of amount, plus some agreed-upon profit. | cost-reimbursement |
| The _____ process is based on the project objective, which establishes what is to be accomplished. | planning |
| The_____ defines what needs to be done. | project scope |
| _____ are the products or outputs that the project team or contractor will produce and provide to the customer during and at the completion of the performance of the project. | Deliverables |
| _____ defines the major tasks that will need to be performed to accomplish the work and produce all the project deliverables. | Statement of Work (SOW) |
| _____ is a hierarchical decomposition of the project work scope into work packages that produce the project deliverables. | Work Breakdown Structure (WBS) |
| A _____ defines who will be responsible for the work. | responsibility assignment matrix (RAM) |
| A _____ defin the sequence of how the activities will get done. | network diagram |
| _____ is the earliest time at which a specific activity can begin, calculated on the basis of the project estimated start time and the estimated durations of preceding activities. | Earliest start time (ES) |
| _____ is the earliest time by which a specific activity can be completed, calculated by adding the activity’s estimated duration to the activity’s earliest start time. | Earliest finish time (EF) |
| EF = _____ + _____ | ES + Estimated Duration |
| _____ is the latest time by which a specific activity must be completed in order for the entire project to be finished by its required completion time. | Latest finish time (LF) |
| _____ is the latest time by which a specific activity must be started in order for the entire project to be finished by its required completion time. | Latest start time (LS) |
| LS = _____ - _____ | LF– Estimated Duration |
| _____ is the difference between EF time of last activity and the project required completion time. | Total slack |
| This longest path in the overall network diagram is called the _____. | critical path |
| A _____ is a bar chart tool for planning and scheduling. | Gantt chart |
| A_____ provides a timetable for each activity and shows the earliest start (ES) and earliest finish (EF) times and the latest start (LS) and latest finish (LF) times for each activity. | project schedule |
| _____, or smoothing, is a method for developing a schedule that attempts to minimize the fluctuations in requirements for resources. | Resource leveling |
| _____ can constrain the project schedule because the quantities of various types of resources available to perform the project activities may be limited. | Resources |
| The_____ is a measure of the cost efficiency with which the project is being performed. | cost performance index (CPI) |
| Cost performance index = _____ / _____ | Cumulative earned value/Cumulative actual cost or CPI = CEV/CAC |
| When the CPI goes_____ 1.0 or gradually gets smaller, corrective action should be taken. | below |
| Cost variance = _____ - _____ | Cumulative earned value – Cumulative actual cost or CV = CEV – CAC |
| Aggregating the estimated costs of the specific activities for the appropriate work packages in the work breakdown structure will establish a _____. | total budgeted cost (TBC) |
| The ____ is the amount that was actually spent to accomplish the work that was scheduled to be performed up to that point in time. | cumulative actual cost (CAC) |
| The ____ is the product of the percent complete and the sum of the estimated costs of all the specific activities that make up a work package or the project. | cumulative earned value (CEV) |
| ____ is the value of the work actually performed, and is a key parameter that must be determined throughout the project. | Earned value |
| The actual cost on a project is _____. | the amount of funds expended on the project |
Created by:
akomm11