PMP Exam 2021 Terminology

Regulation - ANSWER A mandate, usually enforced by a government or public entity, that must be followed. Apportioned Effort - ANSWER An activity where effort is allotted proportionately across certain discrete efforts ...

Regulation - ANSWER A mandate, usually enforced by a government or public entity, that must be followed. Apportioned Effort - ANSWER An activity where effort is allotted proportionately across certain discrete efforts and not divisible into discrete efforts. (Note: It is one of three earned value management [EVM] types of activities used to measure work performance) Control Costs - ANSWER The process of monitoring cost performance on the project, determining the cause and degree of any variances and recommending any necessary changes. Expectancy Theory - ANSWER This theory that hypothesizes an individual presumes to be rewarded for their work. They will remain motivated as long as the rewards meet their expectations and desires. Estimate Costs - ANSWER The process to estimate the approximate amount of money needed to complete each activity. Resource Management Plan - ANSWER A component of the project or program management plan that describes how the roles and responsibilities, reporting relationships, and staff management will be addressed and structured. Activity - ANSWER A distinct, scheduled portion of work performed during the course of a project. Agile Approach - ANSWER An iterative project life cycle approach wherein the deliverables are defined at the beginning of each iteration. Project Scope - ANSWER The work performed to deliver a product, service, or result with the specific features and functions. Critical Path Activity - ANSWER Any activity on the critical path in a project schedule. Risk Mitigation - ANSWER A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk. Project Expeditor - ANSWER A staff assistant to a mid-level manager, has very little, if any, decision-making ability, and is primarily responsible for ensuring resources are available when needed. Gantt Chart - ANSWER A bar chart of schedule information where activities are listed on the vertical axis, dates are shown on the horizontal axis, and activity durations are shown as horizontal bars placed according to start and finish dates. Monitor Risks - ANSWER The process of monitoring and controlling existing risks, looking for new risks, verifying the effectiveness of both the risk response plans and the overall risk management effort. A technique used to analyze a system as a whole to identify and end wasteful activities? - ANSWER Value Steam Mapping Manage Project Knowledge - ANSWER The process of using existing knowledge and creating new knowledge to achieve project objectives and contribute to organization learning Common Cause - ANSWER A term used to identify a normal and predictable variation, in either a product or process. Plan Stakeholder Engagement - ANSWER The process to develop the stakeholder management plan. Agile Release Planning - ANSWER A technique which provides a high-level, summary timeline of the release schedule, based on the product roadmap and product vision. Program Management Office - ANSWER A management structure that standardizes the program related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques. Staffing Management Plan - ANSWER A component of the human resource plan that described when and how team members will be acquired and how long they will be needed. What defines a sprint objective and can be used to help improve a team's focus? - ANSWER The sprint goal Summary Activity - ANSWER A group of related schedule activities aggregated and displayed as a single activity. Claims Administration - ANSWER A generic term for any process used to resolve disputes between the buyer and seller. Corrective Action - ANSWER An intentional activity that realigns the performance of the project work with the project management plan. Project Float - ANSWER The amount of time that a project can be delayed without overrunning a deadline imposed by the project sponsor, or a commitment made by the project manager. Meetings - ANSWER A gathering of a group of stakeholders to discuss, and/or decide the outcome, of issues, or to share, transmit or receive information. Rolling Wave Planning - ANSWER An iterative planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level. Project Management Information System (PMIS) - ANSWER A collection of various systems used to manage the inputs and outputs of the project management processes. Program - ANSWER A group of related projects, subprograms, and program activities that are managed in a coordinated way to obtain benefits not available from managing them individually. What does IRR stand for? - ANSWER Internal Rate of Return Manage Stakeholder Engagement - ANSWER The process of ensuring stakeholders are properly involved throughout the lifecycle of the project, and managed according to the stakeholder management plan. What are the 3 Scrum Roles? - ANSWER Product Owner Scrum Master Development Team BAC - ANSWER The original, estimated and approved project budget plus or minus any approved changes. Agile methodologies require what leadership style to be demonstrated most frequently? - ANSWER Servant Leadership Effort - ANSWER The number of labor units required to complete a schedule activity or work breakdown structure component, often expressed in hours, days, or weeks. What is the primary objective of Sprint Planning? - ANSWER For the team to make a commitment Stakeholder cube - ANSWER A three-dimensional model used to identify and classify stakeholder based on various dimensions of the stakeholder community. Manage Quality - ANSWER The process of ensuring the project is following all of the proper policies and procedures, and recommending any necessary changes. Funding Limit Reconciliation - ANSWER A technique applied to the cost baseline to ensure funds are available when needed, and if not, adjustments to the project schedule or the cost baseline are made. This is an oversized backlog item that would need to be decomposed into smaller component user stories to be completed within a single sprint? - ANSWER Epic What is the only way to ensure code is testable? - ANSWER Create a unit test and write code to make the test pass Quantitative Risk Analysis & Modeling Techniques - ANSWER A technique employing various approaches and tools, such as charts and graphs, using both project-oriented and event-oriented analysis, to ascertain the overall probable impact of risks and a project. Stakeholder Management - ANSWER The knowledge area which contains all of the processes necessary to identify, plan for managing, and engaging stakeholders. Delphi Technique - ANSWER A technique used to gain consensus of a group of stakeholders when multiple levels of experience, politics, or conflict is present. Sometimes called blind requirements gathering. Optimistic Duration - ANSWER An estimate of the shortest activity duration that takes into account all of the known variables that could affect performance. Develop Project Team - ANSWER The process used to build a cohesive, high performing team. In Scrum, who has formal authority to ensure process adherence? - ANSWER ScrumMaster Wireframes, prototypes, and spike solutions are all types of? - ANSWER Modeling What-If Scenario Analysis - ANSWER The process of evaluating scenarios in order to predict their effect on project objectives True or False: It is not acceptable to extend the end date of a sprint regardless of whether or not all functionality has been completed? - ANSWER True Work Package - ANSWER The work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated. Cost Reimbursable - ANSWER A category of contract types wherein the costs incurred by seller or vendor is returned to them. Depending on the specific type, an additional fee may also be paid to the seller. Risk Escalation - ANSWER A risk response strategy employed to send the risk to higher authority for planning, monitoring and control (use when the risk is outside the scope of the project or the PM's authority) Forward Pass - ANSWER A critical path method technique for calculating the early start and early finish dates by working forward through the schedule model from the project start date or a given point in time Portfolio Management - ANSWER The centralized management of one or more portfolios to achieve strategic objectives Program Management - ANSWER The application of knowledge, skills, tools, and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing projects individually How is cycle time defined? - ANSWER The amount of time it takes a work item to progress from start to finish Cost Plus Incentive Fee - ANSWER A contract type wherein the seller is reimbursed for all cost incurred on the contract plus a fee, either in the form of a bonus or a penalty, based upon hitting specific time and cost targets. Responsibility Assignment Matrix - ANSWER A grid that shows the project resources assigned to each work package Backward Pass - ANSWER A critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date Estimate to Complete - ANSWER A forecasted amount of money needed to complete the remaining portion of the project Float - ANSWER The concept of slack time between activities, or the amount of slack time and activity can be delayed without delay in the project, or the amount of time that a project to be delayed without overrunning an imposed deadline Cost Performance Index - ANSWER A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost. Formula: EV/AC Mutual Exclusivity - ANSWER A term used to logically identify two events that cannot occur at the same time. Resource Management Plan - ANSWER A component of the project management plan that describes how project resources are acquired, allocated, monitored, and controlled. Monitor Stakeholder Engagement - ANSWER The process of observing stakeholder interactions and making adjustments as needed to the stakeholder management strategies. Successor Activity - ANSWER A dependent activity that logically comes after another activity in a schedule. Probability Distributions - ANSWER A method of assigning a probability of the possible outcome, based upon a process, procedure or experiment, and are generally divided into two categories - continuous and discrete What are the two parts of the Sprint Planning meeting? - ANSWER Part 1: The "what" - led by the Product Owner Part 2: The "how" - led by the Development Team Pre-Assignment - ANSWER A technique in which a resource is assigned in advance of the project. Progressive Elaboration - ANSWER The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available Enterprise Environmental Factors - ANSWER Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio What is the term used to describe the cost of a team per sprint? - ANSWER Burn Rate Implement Risk Responses - ANSWER The process of implementing agreed-upon risk response plans Identify Stakeholders - ANSWER The process for recognizing all potential individuals and organizations who will be involved in or impacted by the project. Communication Requirements Analysis - ANSWER A technique employed to identify the desired communications methods and technologies of the stakeholders. Constraint - ANSWER Any factor that limits the ability for the project team to meet the project objectives, execute a project, a program, portfolio, or process This type of testing is written by programmers, for programmers, in a programming language - ANSWER Unit Test Risk Breakdown Structure - ANSWER A hierarchical representation of risks that is organized according to risk categories Risk - ANSWER An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives Project Calendar - ANSWER A calendar that identifies working days and shifts that are available for scheduled activities Activity Relationships - ANSWER Logical interactions between activities, usually determined by the type of dependency that exists Plan Communications Management - ANSWER The process to develop the project communications management plan, which will be used to ensure the right information gets to the right audience, at the right time. What Scrum ceremony has the objective of inspecting and adapting team processes and performance? - ANSWER Retrospective Negative Float - ANSWER A situation that exists when schedule constraints violate the network logic. Risk Management - ANSWER The knowledge area that contains all of the processes used to increase the likelihood and impact of opportunities, and decrease the likelihood and impact of threats. Defect Repair - ANSWER An intentional activity to modify a nonconforming product or product component This type of communication allows information to be absorbed simply by having team members in the same location? - ANSWER Osmotic Root Cause Analysis - ANSWER A technique applied to find the underlying reasons for why something happened. Threat - ANSWER A risk that would have a negative effect on one or more project objectives In what level of conflict are two parties if there is really no alternative other than separating them? - ANSWER Level 5 - (World War) Change Request - ANSWER A formal proposal to modify any document, deliverable, or baseline Start-to-Start - ANSWER A logical relationship in which a successor activity cannot start until a predecessor activity has started Scope Baseline - ANSWER The approved version of a scope statement, work breakdown structure (WBS) and its associated WBS dictionary, which can be changed only through formal change control procedures and is used as a basis for comparison True or False: For agile to be effective, teams should be devoid of conflict? - ANSWER False - some conflict should be expected and encouraged, the most unhealthy teams are conflict avoidant Risk Category - ANSWER A group of potential causes of risk AC - ANSWER The actual amount of money expended for work that has been completed. RACI Chart - ANSWER A format used in responsibility assignment matrix, that indicates who is responsible, who is accountable, who must be consulted and who must be informed. Checklist - ANSWER A document used to ensure that each and every step has been performed. Quality Management Plan - ANSWER A component of the project or program management plan that described how an organization's quality policies will be implemented. Variance at Completion - ANSWER A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion. Formula: BAC-EAC Stakeholder Engagement Assessment Matrix - ANSWER A tool that is used to record and analyze current engagement levels of various stakeholders relative to the desired levels of engagement Control Scope - ANSWER The process of monitoring the status of the project and product scope, and managing changes to the scope baseline. Expert Judgement - ANSWER A technique employed to acquire and use the most knowledgeable professionals Variance Analysis - ANSWER A technique for determining the cause and degree of difference between the baseline and actual performance Point of Total Assumption - ANSWER The calculated point in an FPIF contract wherein the seller bears the burden and all further responsibility for cost overruns Early Finish Date - ANSWER In the critical path method, the earliest point in time when the uncompleted portions of a schedule activity can finish based on the schedule network logic, the data date, and any schedule constraints Three-Point Estimate - ANSWER A mathematical technique employed to account for uncertainty in cost or duration estimates, wherein a most likely, an optimistic and a pessimistic estimate are used Procurement Statement of Work - ANSWER The explicit sections of the project's statement of work, WBS and WBS dictionary that pertain to a particular procurement Herzber'g Motivation-Hygiene Theory - ANSWER The theory that hypothesizes the notion that the amount of pay an employee receives does not satisfy, but will prevent dissatisfaction Fait Accompli - ANSWER A French word for is complete, and in negotiations it is used as a tactic when attempting to deflect the conversation away from an negotiable issue Tolerances - ANSWER A term used to identify the range of acceptable variations Risk Transference - ANSWER A risk response strategy whereby the project team shifts the impact of threat to a third party, together with ownership of the response Residual Risk - ANSWER The amount of the original impact of a risk that remains after implementation of a response plan Resource Calendar - ANSWER A calendar that identifies the working days and shifts upon which each specific resource is available Brainstorming - ANSWER A highly-creative technique used to generate ideas and stimulate thought amongst a group of stakeholders Unknown-Unknown - ANSWER A risk event that cannot be proactively identified or managed What is the difference between verification and validation? - ANSWER Verification determines if a product has been built right, validation determines if the right product was built Most Likely Duration - ANSWER An estimate of the most probable activity duration that takes into account all of the known variables that could affect performance Project Staff Assignments - ANSWER The formal assignment of human resources to the project Project Management Plan - ANSWER The document that describes how the project will be executed, monitored, and controlled