Pmp Cheat Sheet 2 Questions 3a4w1b

Questions: 1.

What is a project?

2.

What is a program?

3.

What is a portfolio?

4.

Who are stakeholders?

5.

Define stakeholder characteristics?

6.

What is contingency reserve?

7.

What is management reserve?

8.

What is last step in project closing?

9.

How will you choose a project given NPV of many projects?

10.

What is value engineering?

11.

Who issues project charter?

12.

What type of contract is purchase order?

13.

Sensitivity analysis is a technique in which process?

14.

Name some techniques in Perform Quality Assurance?

15.

What is Kaizen approach?

16.

Quality is management problem is mentioned by?

17.

Zero defects/Do it first time is mentioned by?

18.

Components of decision tree?

19.

What is critical chain?

20.

What is constructive change?

21.

What is code of s?

22.

Difference between precision and accuracy?

23.

Difference between quality and grade?

24.

Difference between agreement and contract?

25.

Difference between product scope and project scope?

26.

What is free float?

27.

What is total float?

28.

What is project scope statement?

29.

How to interpret control chart?

30.

What is staffing management plan?

31.

What is resource histogram?

32.

What is pareto chart?

33.

What is workaround?

34.

What is control ?

35.

What are types of contracts?

36.

List some information gathering techniques used in identifying risk?

37.

Define Time and Material contracts?

38.

What are seven basic tools of quality?

39.

What are different types of conflict management techniques?

40.

What are ways to handle negative risks?

41.

What are ways to handle positive risks?

42.

What are different stages of team development?

43.

What is Maslow's hierarchy of needs (from bottom to top)?

44.

List different types of power?

45.

Which power is very effective?

46.

Mention some sources of conflicts?

47.

What is procurement audit?

48.

What is gold plating?

49.

What is point of total assumption?

50.

What is war room?

51.

What is the sequence of actions that should happen when an issue happens?

52.

What is scope baseline?

53.

What is marginal analysis?

54.

What is zero sum reward system?

55.

What is murder board?

56.

What is oligopoly?

57.

What is Ethnocentrism?

58.

What is force majeure?

59.

What is typical duration range for WBS activity?

60.

What are responsibilities of risk owner?

Answers: 1. Project is temporary endeavor undertaken to create unique product, service or result (has defined start and end date) 2.

Program is group of related projects

3. Portfolio is group of projects or programs (may or may not be dependent). They are grouped together for effective management.

4. Stakeholders are persons or organizations whose interests may be positively or negatively affected by the performance or completion of the project. Stakeholders include project team as well. 5. The stakeholders of a project typically have conflicting objectives. They have maximum influence during initial stages of the project. 6.

Contingency Reserve is to cover known unknowns (known risks)

7.

Management Reserve to cover unknown unknowns (unknown risks)

8. Last step in project closing is gather lessons learned and archive project info (Organization Process Assets updates) for future use 9.

Choose project with high NPV (i.e high net present value)

10. Value engineering is less costly method to deliver same scope without performance degradation 11.

Project sponsor issues project charter

12.

Purchase order is fixed price type contract

13.

Sensitivity analysis is a technique in Quantitative Risk Analysis

14. Quality audits, process analysis (includes root cause analysis) are some techniques in Perform Quality Assurance 15.

Kaizen approach is Continuous improvement

16.

Quality is management problem is mentioned by Deming

17. Zero defects/Do it first time is mentioned by CrosbySquare - Decision node, Circle- Chance node, Triangle - end of branch. 18. Decision tree components are square - decision node, circle- chance node and triangle - end of branch. 19.

Resource constrained critical path is critical chain.

20.

Undocumented change to contract is constructive change.

21. Code of s is numbering system used to uniquely identify each component of the Work Breakdown Structure (WBS). 22. Precision is values of repeated measurements are clustered and have little cluster. Accuracy is measured value is close to true value. 23. Quality is degree to which a set of inherent characteristics fulfill requirements. Grade is category assigned to products or services that have the same functional use but different technical characteristics. Low quality is not acceptable, but low grade may be acceptable. 24.

Agreement is not legally binding but a contract is legally binding.

25. Product scope means the features and functions of the product or service being built. Project scope means the work that's needed to build the product. 26. Free float is time that an activity can be delayed from it's early start date without delaying early start of any immediately following schedule activities.

27. Total float is time that an activity can be delayed from it's early start date without delaying the project finish date. 28. Project scope statement contains deliverables and also the work required to create those deliverables. 29. Process is considered out of control when a data point in control chart exceeds control limit or if seven consecutive points in control chart are above or below (i.e on one side) of the mean. 30. Staffing management plan adds time (schedule) component to Human Resource (HR) plan. It also includes rewards and recognitions, training requirements and release criteria. 31. Resource histogram is part of staffing management plan. It describes the type and quantity of resources needed over a period of time. 32. Pareto chart is type of histogram ordered by frequency of occurrence. It shows how many defects were generated by type of category of identified cause. 33. Workaround is response to negative risk event. Differs from contingency plan in that workaround is not planned in advance. 34. Control is management control point where scope, cost and schedule are integrated and compared to the earned value for performance measurement. 35. Different types of contracts are Fixed Price, Cost-Reimbursable, Time and material. 36. Information gathering techniques used in identifying risk are Brainstorming, Interviewing, Delphi technique and root cause analysis. 37. T&M contracts are hybrid type of contractual agreements that could contain aspects of both cost-reimbursable and fixed-price type arrangements. 38. Seven basic tools of quality are Cause and Effect (Fishbone or Ishikawa) Diagrams, Control Chart, Flowcharting, Histogram, Pareto Chart, Run chart and Scatter Diagram. 39. Conflict management techniques are Withdrawing/Avoiding, Compromising, Smoothing, Forcing, Collaborating and Confronting/Problem Solving, 40.

Ways to handle negative risks are Avoid, Transfer, Mitigate and Accept.

41.

Ways to handle positive risks are Exploit, Share, Enhance and Accept.

42. Different stages of team development are Forming, Storming, Norming, Performing and Adjourning. 43. Maslow's hierarchy of needs from bottom to top are Physiological needs, safety needs, social needs, self esteem needs and self actualization needs. 44. Different types of power are Reward power, Coercive (penalty) power, Legitimate power, Referent power and Expert power. 45.

Most effective power is Expert power.

46. Resources, schedules and priorities cause 50% of project problems and conflicts. Schedule is the biggest source of conflict. 47. Once you've closed out a procurement, it's important to conduct a procurement audit. This is where you go over everything that happened on the project to figure out the lessons learned, and look for anything that went right or wrong. 48. Gold plating is when the team adds more work to the project that was not requested by the sponsor or client. It is not scope creep. 49. The point of total assumption is the point at which the seller assumes the costs. In a firm fixed price contract, this is the point where the costs have gotten so large that the seller basically runs out of money from the contract and has to start paying the costs. 50.

The room the co-located team meets in is called a war room.

51. When an issue happens, analyze impact of issue -> submit change request > if approved, update schedule and scope baselines -> implement the change. 52. The scope baseline is made up of Project Scope Statement, WBS and the WBS Dictionary. 53. Marginal analysis - The best level of the quality is reached at the point where the incremental revenue being gained from improvements equals the incremental cost being spent to secure it. 54. A Zero Sum reward system is a win-lose recognition program. For example, with an employee of the month program their will only be one or two team who will win the award each month. Reward programs should be more win-win. 55. Murder board is a process where a committee asks questions from project representatives as part of the project selection process. 56. Oligopoly - There are few sellers and action of one seller will have impact on other sellers prizes. 57.

Ethnocentrism refers to belief that ones culture is superior to other cultures.

58. Force majeure is a powerful and unexpected event, such as hurricane or other disaster. 59.

WBS activity should be between 8 and 80 hours.

60. Every risk should have a risk owner listed in the . That person is responsible for keeping the response plan up to date and make sure the right actions are taken if the risk does occur.

Why Do Candidates Fail in the PMP Certification Exam? Posted by on July 22, 2011 · 51 Comments · Forward this article to your friends Two of my peers who have more than 15 years of IT experience in the banking industry and as a project manager for almost five years appeared for the PMP certification exam last week. They said they took a PMP Prep course from a ed PMI education provider and prepared well for the exam. However, still they were not able to the exam. Like them, several hundreds of project managers who appear for the exam fail to on their first attempt. As we all know the Project Management Institute (PMI) is the leader and the most widely recognized organization in promoting project management best practices. It was founded in 1969 and started offering the Project Management Professional (PMP) exam and Certified Associate in Project Management (CAPM) certifications in 1984. Many jobs require the candidate to have completed the PMP exam. There are many reasons why candidates fail in the exam. The most common reasons are: They have a shallow understanding and don‟t study deeply: This is one of the most common reasons why candidate fail to on their first attempt. Both practical and theoretical knowledge is required for one to the exam in the first attempt itself. Solution: I would suggest the exam takers to read PMBOK Guide latest version from cover to cover at least three times. You will be easily answering several questions if you read the Appendix sections from page 345 to 455. Concentrating more on Appendix section G (interpersonal skills) would help you to answer lot of behavioral oriented questions on the exam. They fail to read all answers: This is another mistake most of the exam takers do. They look at the given options sequentially and if they think the option 1 or 2 is right, they skip the other options. Solution: Read questions and given answers carefully. Re-read all questions containing negative words such as “not” “least” or “except”. Likewise check for all qualifying words: “all”, “most”, „some‟, “none” and keywords such as input, output, tools and project management process. Since the exam is four hours you have enough time to go through all the given four options. They do not think PMBOK is always right: Let me give a simple example here. Below is a sample exam question for your reference Phase exits, stage gates or kill points are all for: a. GO/No meeting b. Project closure criteria c. Kickoff for next phase d. Phase end reviews The right choice is “D”. Even though your organization may use different way of assessing the project phases and different terminologies for processes, the PMBOK says before closing a project or a phase the manager should Phase-end reviews. Solution: When you are taking the exam you need to think PMBOK Guide is always right and in order to the exam, we need to use the right Key word phases used in PMBOK Guide regardless of whatever you do today to manager your project. As some of may know already, PMP candidates are limited to three exam attempts within a year. If they fail three times within one year, they will have to wait one more year before submitting their application form. Hence, focus on the ing the pmp certification exam the first time. Anonymous

survey results show that less than 50% exam candidates actually the exam on their first attempt and I‟m pretty sure you can it at the first attempt if you avoid the mistakes highlighted here. Good Luck!