|Summary of Key Terms for the PMP Exam
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|Product Life Cycle
|A project life cycle is a collection of generally sequential and sometimes overlapping project phases whose name and number are determined by the management and control needs of the organization or organizations involved in the project, the nature of the project itself, and its area of application.
|These are graphical representations of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.
|Milestone is a significant point or event in the project. Since milestones only indicate when a particular task is going to be started or completed, they will not have any duration, i.e., the duration for milestone is zero.
|Organizational theory provides information regarding the way in which people, teams, and organizational units behave. Effective use of this information can shorten the amount of time, cost, and effort needed to create the human resource planning outputs and improve the likelihood that the planning will be effective.
|The performance goals should be SMART – Specific, Measurable, Achievable/Attainable, Relevant and Timely.
|Gathering input separately from multiple experts, then compiling it and resending it for review to the same experts. This allows for objective submission and review of ideas.
|Non-critical risks documented during qualitative risk analysis for later review (during monitoring and controlling).
|Risks that have been realized are documented here and provide a recourse to stakeholders when they cannot be handled immediately.
|Strengths, Weaknesses, Opportunities, and Threats analysis of project.
|Histogram (bar chart) organized by results to prioritize most critical to help identify root cause.
|Doing critical paths in parallel that were originally sequenced.
|Change Control System
|Standardized processes, tools and OPAs like forms and software to track project changes.
|Address predicted, potential variance from PMP performance baselines.
|A comparative approach to project selection. Methods includes murder board, peer review, scoring models, and economic models.
|Determines when the benefit of quality improvements equal expenses incurred to make them, after which the return is not worthwhile.
|Tracking how close to the baseline ( e.g. to product requirements) the project is.
|Design of Experiments
|Statistical experimentation that simultaneously changes all important variables for a faster, more accurate identification of the most critical.
|Nominal Group Technique
|A group’s ranking of ideas, usually those generated in same brainstorming meeting.
|Area on a control chart composed of that indicates the customer’s requirements.
|The measurement of the variable.
|Voice characteristics like pitch and tone.
|Real-time contingency response to an issue, used in monitoring and controlling. Also referred to as ‘winging it’.
|Conflict Resolution Techniques
|In order of preference: confronting/problem solving, compromising, withdrawal, smoothing, collaborating, and forcing.
|Change Process steps
|Evaluate the impact, create options, get internal approval, and get customer buy-in.
|A specific group of expertise discuss product ideas via a moderator.
|Work may be needed during collect requirements to define the product being requested.
|The schedule baseline is the agreed upon schedule for the project. It’s created via iterations during planning and part of the PMP.
|The project funding allotment minus (what is budgeted) and the cost baseline (what is needed). Accounts for unforeseen expenses.
|Contract changes to address a particular project’s risks, requirements, legal, or other issues.
|Things a buyer does that interfere with the seller’s ability to meet the contractual obligations. At that point the seller may file a claim.
|The amount of range, sigma or exactitude in an estimate.