Key notes for use in review the day prior to test day
Integration
·
Integrated Change Control – Evaluate (always first), Identify
Options, Approval (internal, customer)
Scope
·
Scope Baseline – Project scope statement,
WBS, WBS Dictionary
Time (Schedule)
·
Schedule Baseline – Start and stop dates
for each activity
·
Float (Slack) – LS – ES or LF – EF
·
Crash: increases cost, shortens time by
increasing resources on an activity, law of diminishing returns
·
Fast-Track: increases risk, shortens time
by performing critical path activities simultaneously (0 float); often requires
rework
·
Critical Chain Method – includes buffers in-between
activities
·
Always advise of impact of change first
·
Know how to draw a network diagram and determine
length of critical path
·
Estimate
Types (for cost and time)
o
Analogous – top down (faster, less accurate)
o
Bottom Up – (takes longer, more accurate)
o
Parametric – relationship between two
variables (units per hour)
o
3 Point/PERT – Optimistic, Pessimistic,
Most Likely (gives risk assessment)
§
Weighted/Beta: (P + 4M + O) / 6
§
Simple/Triangular: (P + M + O) / 3
§
Standard Deviation/Range: (P-O) / 6; EAD
+ SD
o
Heuristics – Rule of thumb (ex: design is
always 15% of time)
Cost
·
Cost Baseline – Time-phased cost budget
(funds the project manager has to manage; incl. contingency reserves)
·
Earned
Value Calculations (understand and
practice, but no need to memorize formulas)
o
Earned Value (EV) = Actual % Complete *
Budget at Completion (BAC)
o
Planned Value (PV) = Planned % Complete *
Budget at Completion (BAC)
o
Actual Cost (AC) = Amount spent so far
o
Cost Variance (CV) = EV – AC (+ is good)
o
Schedule Variance (SV) = EV – PV (+ is good)
o
Cost Performance Index (CPI) = EV / AC (>1 is good)
o
Schedule Performance Index (SPI) = EV /
PV (>1 is good)
o
Estimate at Completion (EAC) = BAC/CPI (standard; varies if rate is expected to
change)
o
Estimate to Completion (ETC) = EAC – AC
o
Variance at Completion (VAC) = BAC – EAC
o
To-Complete Performance Index (TCPI) =
(BAC-EV) / (BAC-AC)
·
Value Analysis – how can decrease cost
while maintaining scope
·
Reserves
(includes cost and time)
o
Contingency – known unknowns; calculated
o
Management – unknown unknowns, lump sum
·
Accuracy
of Estimates
o
Rough Order of Magnitude – (initiating)
-25% to +75%
o
Budget – (planning) -10% to +25%
o
Definitive – (as progresses) +/- 10%
Quality
·
Quality is about meeting requirements
·
Prevention over Inspection
·
Quality Assurance (Executing Process) –
evaluate methods/“overall”
·
Quality Control (Monitoring &
Controlling Process) – evaluate deliverables
·
Quality Audit (Executing) – evaluate
compliance and effectiveness
·
Process Analysis (Executing) – evaluate
how to improve process
·
Quality
Diagramming Methods (7 Basic Tools) *know
which is used when
o
Cause and Effect Diagram (Fishbone, Ishikawa)
– root cause analysis
o
Flow Chart – process map
o
Checksheet – count of issues during
inspection
o
Pareto Diagram – issues by frequency
(high to low); where to focus efforts
o
Histogram – Same as Pareto but not in
order
o
Control Chart – specification limits,
control limits, where data points are
o
Scatter Diagram – two variables to detect
if there is correlation
·
Design of Experiments (DOE) – determine
which variables improve quality (fast, accurate)
·
Gold plating – should be avoided. Rarely
what customer wants; focus on delivering requirements
Human Resources (People/Teams)
·
Sources of Conflict (in order of
frequency) – Schedule, priorities, resources, technical opinions, procedures,
cost, personalities
·
Motivation
Models
o
Tucker Model – Forming, Storming,
Norming, Performing, Adjourning
o
McGregor’s Theory –
§
X – people avoid work, watch them
§
Y – people want to achieve, direct
themselves
o
Maslow’s Hierarchy – (in order of need)
Psychological, safety, social, esteem, self-actualization
o
Herzberg’s Theory – basic working
conditions are required but not a motivator; what motivates people is
responsibility, growth, recognition, and self-actualization
Communications
·
Communication Channels – [N (N – 1)]/2 *know this formula
Risk
·
Risk Audit (Monitoring & Controlling
Process) – evaluate process and effectiveness of responses
·
Information-Gathering
Techniques
o
Brainstorming – collaborative/building
upon each other’s ideas
o
Delphi – achieve consensus among experts
o
Interviewing – ask stakeholders
o
Root Cause Analysis
·
Qualitative – levels of probability;
impact
·
Quantitative – #s
·
Determining
Quantitative Probability and Impact
o
Any info gathering technique +
o
Sensitivity Analysis – compare potential
impacts (ex: tornado diagram)
o
Expected Monetary Value (EMV) =
Probability * Impact
o
Monte Carlo – simulation to determine likelihood
of particular cost and schedule outcomes
·
Responses
Threat (Opportunity)
o
Avoid (Exploit) – eliminate cause
o
Mitigate (Enhance) – reduce probability,
lessen risk
o
Transfer (Share) – deflect, allocate
o
Accept – do nothing (active acceptance –
create contingency plan)
·
Workaround – how to respond when risk
occurs that had no response planned
Procurement
·
Procurement Audit (Closing Process) – evaluate
how can improve in future
·
Contract
Types *Known when to use which type
o
Fixed Price (FP) – Risk on seller,
well-defined specifications, less management required
o
Time and Material (T&M) – Risk on
buyer, uncertain scope, quick start, management required
o
Cost Reimbursement (CR) – Risk on buyer,
expertise utilized, audits required
·
Items to Negotiate (in order) – Scope,
Schedule, Price
·
Procurement manager is only one who can
change contract
