Top Terms
Costs that have been invested into the project (and cannot be recouped)
What is Sunk Cost
This formula calculates the number of channels needed based on the number of project stakeholders
What is Communication Channels?
n*(n-1) / 2
The four components of SWOT analysis
What are Strengths, Weaknesses, Opportunities, and Threats?
Planned procrastination that results in unnecessary stress and diminished safety margins -- and reminiscent of collegiate life
What is Student Syndrome?
According to Andrew, you should not do this before taking the PMP exam
1. Drink heavily
2. Sedate yourself
3. Stay up all night
This term refers to doing extra work that is not in the project scope
What is Gold Plating?
The amount of time you can delay an activity without delaying the project end date, calculated using late/early start and finish
What is Float?
Late Start minus Early Start or Late Finish minus Early Finish
(LS - ES) or (LF - EF)
The three types of procurement/ contract strategies
A common tool in conflict management (and real life!), this PM term refers to saying or doing things that cannot hurt you, now or in the future.
What is Self-Protection?
According to Andrew, wearing this color will bring you good luck on exam day!
What is Blue?
The longest path from start to finish (without any loops or overlaps)
What is the Critical Path?
The equation for expected activity duration using a weighted average of three estimates (Optimistic, Pessimistic, and Realistic)
What is the Three Point Estimate (PERT):
(Optimistic + (4 x Realistic) + Pessimistic) / 6
When closing your project, ensure these three elements are included in your final report.
1. Summary (what took place in the project?)
2. Success (was the project a success?)
3. Variation (any variations in the baselines?)
Runners, take your mark...
This PM term refers to the handing off of work from one team to another, often resulting in wasted time if the second team is not ready.
What is Dropped Baton?
According to Andrew, this project aspect is always present, and it is the job of the PM to identify and respond to it over the project lifecycle.
What is Risk?
Unauthorized work added to the scope
What is Scope Creep?
Critical to Earned Value Management, this calculation tells you the amount of money worth of work you actually did on the project
What is Earned Value?
EV = Actual % Complete X Budget at Completion
A stakeholder has identified the need for a change request! These three steps must happen next.
1. A written change request submitted to PM
2. The PM assesses the change impact, considers options
3. The change request is submitted to Change Control Board for approval
You may be guilty of this PM term if you are always under-promising and over-delivering
What is sandbagging?
According to Andrew, successful projects (and relationships) depend on these two things.
What are Communication and Engagement?
This paired term refers to the overlap as well as the delay between first and second activities
What is Leads and Lags
This culminative Earned Value Management equation indexes the performance that needs to be met to complete the project within budget.
What is To-Complete Performance Index (TCPI)?
TCPI = (BAC - EV) / (BAC - AC)
BAC = Budget at Completion; EV= Earned Value; AC = Actual Cost
The five rungs of Tuckman's Ladder
hint: they rhyme
What are forming, storming, norming, performing, and adjourning?
Not to be confused with the neurodegenerative disease, this law states that 'work expands to fill the time available for its completion'.
What is Parkinson's Law?
In a ______ organization, the PM has little to no control, while in a ______ organization, the PM very high or total control.
What are Functional and Projectized?