PMP - Project Management Professional Exam Prep Flashcards

Question 1

5 Project Management Process Groups

Accepted Answer

1. **Initiating**: Define a new project or phase by obtaining authorization.
2. **Planning**: Establish scope, refine objectives, and define action plans.
3. **Executing**: Complete work defined in the management plan.
4. **Monitoring & Controlling**: Track, review, and regulate progress and performance.
5. **Closing**: Formally conclude all activities across process groups.

Question 2

Earned Value Management (EVM): Core Metrics

Accepted Answer

- **Planned Value (PV)**: Authorized budget assigned to scheduled work.
- **Earned Value (EV)**: Measure of work performed expressed in terms of the budget authorized for that work.
- **Actual Cost (AC)**: Real cost incurred for work performed.

Question 3

Schedule Variance (SV) and Cost Variance (CV)

Accepted Answer

- **Schedule Variance**: $SV = EV - PV$ - $SV > 0$: Ahead of schedule - $SV < 0$: Behind schedule - **Cost Variance**: $CV = EV - AC$ - $CV > 0$: Under budget - $CV < 0$: Over budget

Question 4

Cost Performance Index (CPI) and Schedule Performance Index (SPI)

Accepted Answer

- **CPI**: $CPI = \frac{EV}{AC}$
  - $CPI > 1.0$: Cost efficient (under budget)
- **SPI**: $SPI = \frac{EV}{PV}$
  - $SPI > 1.0$: Time efficient (ahead of schedule)

Question 5

Estimate at Completion (EAC) Calculations

Accepted Answer

- **If current performance trends continue**: $EAC = \frac{BAC}{CPI}$
- **If future work will be performed at the planned rate**: $EAC = AC + (BAC - EV)$
- **If original plan is flawed**: $EAC = AC + Bottom	ext{-}up\ ETC$

Question 6

Critical Path Method (CPM) & Total Float

Accepted Answer

- **Critical Path**: The longest path through a network diagram, representing the shortest possible project duration. Float = $0$.
- **Total Float**: Amount of time an activity can be delayed without delaying the project completion date ($TF = LS - ES$ or $LF - EF$).
- **Free Float**: Time an activity can be delayed without delaying the early start of any successor.

Question 7

Scope Baseline Components

Accepted Answer

The scope baseline is an approved, controlled document containing:
1. **Project Scope Statement**: Project deliverables and acceptance criteria.
2. **Work Breakdown Structure (WBS)**: Hierarchical decomposition of total project scope.
3. **WBS Dictionary**: Detailed deliverable, activity, and scheduling information for each WBS component.

Question 8

Work Breakdown Structure (WBS) & Work Packages

Accepted Answer

- **WBS**: A deliverable-oriented hierarchical decomposition of work.
- **Work Package**: The lowest level of a WBS where cost and duration can be estimated and managed.
- **100% Rule**: WBS must include 100% of the work defined by project scope and no extra work.

Question 9

Agile Roles: Scrum Master, Product Owner, Development Team

Accepted Answer

- **Product Owner (PO)**: Maximizes product value; owns and prioritizes the Product Backlog.
- **Scrum Master**: Servant leader and coach; removes impediments and facilitates Scrum events.
- **Development Team**: Cross-functional, self-organizing group responsible for delivering working increments.

Question 10

Core Agile Ceremonies (Scrum Events)

Accepted Answer

1. **Sprint Planning**: Define what can be delivered in the sprint and how.
2. **Daily Standup**: 15-minute daily sync (What did I do? What will I do? What blocks me?).
3. **Sprint Review**: Inspect increment with stakeholders and adapt backlog.
4. **Sprint Retrospective**: Reflect on team dynamics, processes, and improvements for the next sprint.

Question 11

Burndown vs. Burnup Charts

Accepted Answer

- **Burndown Chart**: Graph showing total remaining effort (story points/hours) over time. Helps track progress toward sprint goal.
- **Burnup Chart**: Graph showing total cumulative work completed alongside total project scope. Useful for tracking scope creep.

Question 12

Hybrid Project Management

Accepted Answer

An approach combining **predictive (waterfall)** and **adaptive (agile)** methodologies.
- *Example*: Using predictive management for high-risk physical construction while using Agile for software and user-interface development.

Question 13

Qualitative vs. Quantitative Risk Analysis

Accepted Answer

- **Qualitative Analysis**: Prioritizes individual project risks by assessing their probability and impact (e.g., High/Medium/Low rating matrix).
- **Quantitative Analysis**: Numerically analyzes the combined effect of identified risks on overall project objectives (e.g., Monte Carlo simulations, Decision Trees).

Question 14

Expected Monetary Value (EMV)

Accepted Answer

A quantitative risk technique calculated as:
$$EMV = 	ext{Probability} 	imes 	ext{Impact}$$
- Positive EMV represents opportunities; negative EMV represents threats.
- Used to calculate contingency reserve amounts.

Question 15

Risk Response Strategies: Threats vs. Opportunities

Accepted Answer

- **Threats (Negative Risks)**: Escalate, Avoid, Mitigate, Transfer, Accept.
- **Opportunities (Positive Risks)**: Escalate, Exploit, Enhance, Share, Accept.

Question 16

Manage Quality vs. Control Quality

Accepted Answer

- **Manage Quality (QA)**: Process-oriented. Audits quality requirements and ensures effective process adherence.
- **Control Quality (QC)**: Deliverable-oriented. Inspects specific project outputs to verify compliance with standards.

Question 17

Stakeholder Engagement Assessment Matrix

Accepted Answer

A tool that tracks stakeholder engagement levels by categorizing them into:
- **Unaware**, **Resistant**, **Neutral**, **Supportive**, **Leading**
- Maps Current ($C$) state versus Desired ($D$) state to target stakeholder management activities.

Question 18

Communication Channels Formula

Accepted Answer

Calculates the total potential paths of communication based on total team size $n$:
$$C = \frac{n(n - 1)}{2}$$
*Key takeaway*: Adding team members increases communication complexity exponentially.

Question 19

Change Control Process (Predictive)

Accepted Answer

1. Identify and document change request.
2. Assess impact on scope, schedule, cost, and risk.
3. Submit request to Change Control Board (CCB).
4. Obtain approval, rejection, or deferral.
5. Update baselines and communicate to stakeholders.

Question 20

Resource Leveling vs. Resource Smoothing

Accepted Answer

- **Resource Leveling**: Adjusts start/finish dates based on resource constraints. May change the critical path and extend project duration.
- **Resource Smoothing**: Adjusts activities within available float. Does **not** affect the critical path or delay overall project completion.

PMP - Project Management Professional Exam Prep

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