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115 Cards in this Set
- Front
- Back
Framework:
Project Management Lifecycle (PMLC) |
Project management piece of the project.
Initiating, Planning, Executing, Monitoring & Controlling, Closing |
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Framework:
Project Lifecycle |
Process for completing the work of the project
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Framework:
Triple constraint |
Scope, Time and Cost
Equal importance |
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Framework:
5 process groups |
- Initiating = Project charter
- Planning = Project management plan - Executing = Create work results (deliverables) - Monitoring and Controlling = Corrective actions - Closing = Customer signoff; Final product |
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Framework:
Sponsor |
Pays for the project; Provide air cover
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Framework
Project Coordinator |
Communication link to senior management; Limited decision making
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Framework:
Project Expeditor |
Verify completion of assignments; DOES NOT have decision making abilities
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Framework:
Project Team Member responsibilities |
Estimate; Indentify risks; Help with WBS; Does the work
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Framework:
Stakeholders |
Affected by the project; may also be involved in planning
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Framework:
Knowledge areas |
Integration; Scope; Time; Cost; Quality; HR; Communication; Risk; Procurement
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Integration:
Integration definition |
Glue that holds all knowledge area processes together
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Integration:
Organizational process Assets (OPA) |
Inputs to many processes; Internal processes
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Integration:
Enterprise environmental factors (EEF) |
External rules, laws and regulations
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Integration:
Financial metric calculations |
- ROI = Return on Investment; BEST; Select biggest number or %
- IRR = Internal Rate of Return; Select biggest %; Accounts for inflation; Assumes investment at IRR %; No >1 sign change - MIRR = Modified IRR; Modified for investment assumptions - NPV = Net Present Value (years already factored); Select biggest number; Allows >1 sign change; Excel formula is wrong - BCR = Benefit Cost Ratio; select biggest ratio - Opportunity Cost; Select the amount for the project which is not selected - Payback Period; LEAST; Select shortest duration; No discounts (inflation); Does not look beyond the payback period |
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Integration:
Project Management Information System (PMIS) |
Communication and information distribution
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Integration:
Gold Plating |
Provide more then promised or committed
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Integration:
Work authorization system |
Ensure that work is done as planned
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Scope:
Delphi technique |
Using expert opinion and trying to get consensus by keeping identities protected and working in iterations
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Scope:
WBS dictionary |
Work packages; control accounts; organizations; supporting data not in WBS
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Scope:
Scope baseline |
Scope statement; WBS; WBS dictionary
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Scope:
100% rule |
100% of work needs to be represented in WBS
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Scope:
Breakdown structures |
- Organizational Breakdown Structure (OBS) = Org chart
- Risk Breakdown Structure (RBS) = Risk broken by category - Resource Breakdown Structure (RBS) = Type of resources used on a project - Bill of Materials (BOM = Components; sub-components and assemblies |
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Scope:
Analogous estimate |
Top down estimate; high level estimate
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Scope:
Group decision making technique |
Unanimity, majority, plurality, dictatorship
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Time:
Precedence Diagramming Method (PDM) |
- Activities on blocks with arrows connecting them
- AKA Activity-on-Node (AON) - Finish to start; Start to start; finish to finish; Start to finish |
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Time:
Arrow Diagramming Method (ADM) |
- Older
- AKA Activity on Arrow (AOA), Activity on Line (AOL) - Only finish to start option |
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Time:
Dependencies |
Mandatory (hard, must); Discretionary (soft, should); External
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Time:
Graphical Evaluation Review Technique (GERT) |
Uses feedback loops or multiple passes
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Time:
Start to Finish |
A new system must start before you can finish the old one
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Time:
Estimating methods |
- Analogous (aka Top Down); compared to a previous project; quick; lacks details
- Bottom up; detailed and accurate; takes significant time - Parametric (multiplication); using existing parameter; quick; accurate - Computerized/Monte Carlo; accurate; ramp-up time and cost to setup the tool |
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Time:
Program Evaluation Review Technique (PERT) |
(O+P+(4*R))/6
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Time:
Parkinson’s Law |
Work expands to consume the time scheduled for its completion OR the demand upon resource expands to match the supply of the resource
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Time:
Gant chart |
Is named Bar chart
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Time:
Free Slack |
Latest that an activity can START w/o delaying the FOLLOWED activity
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Time:
Total Slack |
Latest that an activity can START w/o delaying the PROJECT FINISH date
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Time:
Project Slack |
Latest that SOMETHING can be delayed w/o delaying the PUBLISHED PROJECT FINISH date
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Time:
Schedule compression techniques |
- Crashing = Adding resources to the critical path; no re-sequencing of activities; no changes to networking diagram or schedule; increases cost
- Fast tracking = Re-sequencing of activities in networking diagram; adding risk |
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Time:
Critical Chain Method |
leveling limited resources
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Time:
Standard Deviation |
(P-O)/6
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Time:
Variance |
((P-O)/6)Sq
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Time:
Three Point Estimate |
(P+O+R)/3
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Time:
Activity float/slack |
Critical path length – (minus) path length which includes the activity
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Time:
Project Slack for delayed completion date |
– (negative) X number of days
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Cost:
Direct vs Indirect Cost |
- Direct = Spent only on project related work
- Indirect = Needed for the project but not restricted to it |
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Cost:
Fixed vs Variable Cost |
- Fixed = Pay once and use many times
- Variable = Pay per use or fluctuate |
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Cost:
Future Value (FV) |
Present Value (PV)*(1+r)power of n r=interest rate; n=number of years
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Cost:
Sunk Cost |
Cost that has already spent on a project (do not consider sunk cost when making future project decisions)
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Cost:
Earned Value Reporting |
- Scope, Time and Cost
- Fixed formula progress reporting such as 25%, 50%, 75% and 100% - NOT exceeding TWO reporting periods |
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Cost:
Weighted Milestone |
For activities which are longer than 2 reporting periods
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Cost:
Cost Range (Estimates) |
- Rough Order of Magnitude (ROM); initiating; ±50%
- Budget; planning; -10% to + 25% - Definitive; planning; -5% to +10% |
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Cost:
Earned Value Measurement (EVM) |
Technique for measuring progress of a project by looking at scope, schedule and cost
- AC (Actual cost) - EV (Earned Value) - PV (Planned Value) - CV (Cost Variance) = EV-AC - CPI (Cost Performance Index) = EV/AC - SV (Schedule Variance) = EV-PV - SPI (Schedule Performance Index) = EV/PV |
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Cost:
Forecasts |
- BAC (Budget at Completion)
- EAC (Estimate AT Completion) = BAC/CPI - ETC (Estimate TO Complete) = EAC-AC - VAC (Variance at Completion) = BAC-EAC - TCPI (To Complete Performance Index) = (BAC-EV)/(BAC-AC) or (BAC-EV)/(EAC-AC) = Efficiency needed from remaining resources to complete the project cost goals |
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Quality:
Definition |
Degree to which a set of inherent characteristics fulfill requirements
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Quality:
Total Quality Management (TQM) |
Dr. Deming; Proactive; Planned; Conformance
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Quality:
Zero Defects |
Philip Cosby; Do it right initially and you will not need to repeat it
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Quality:
Fitness for Use |
Joseph Juran; Needs of the customers and stakeholders are defined and then attempt to satisfy
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Quality:
Continuous Improvement (Kaizen) |
Proactive; Make improvements throughout a process
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Quality:
Grade vs Quality |
- Grade deals with characteristics of the product
- Quality deals with stability or predictability of the product |
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Quality:
Accuracy vs Precision |
- Accuracy is alignment of value with target value
- Precision is consistency of output |
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Quality:
Design of Experiments (DOE) |
Determine factors that can influence variables associated with the product
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Quality:
Just-in-Time (JIT) |
Zero inventory
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Quality:
Sigma |
- aka Standard Deviation (P-O)/6
- 1 Sigma-68.26% - 2 Sigma-95.46% - 3 Sigma-99.73% - 6 Sigma-99.9997% |
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Quality:
Fishbone diagram |
Ishikawa; Cause and Effect diagram
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Quality:
Heuristic |
Rule of thumb
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Quality:
Histogram diagram |
Number of occurrence of a variable
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Quality:
Pareto diagram |
Frequency of defects; Cumulative Histogram; cumulative occurrence of variables from high to low
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Quality:
Scatter diagram |
Correlation between variables, positive or negative
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Quality:
Run chart |
- Process output over time
- Upper and Lower control limits UCL and LCL usually are ±3 Sigma - Upper and Lower Spec (tolerance) level USL and LSL; Bigger than UCL and LSL |
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Quality:
Run of 7 Rule |
If 7 consecutive data points are on either side of mean, the process is out of control and needs investigation
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HR:
Responsibility Assignment Matrix (RAM) |
Lets the project team know who is involved in each area and what they are responsible for
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HR:
Maslow’s Hierarchy of Needs |
- Key is to find where someone in the triangle and use items from that area to motivate him
- TOP = Self Actualization – Life cannot get much better - Esteem – How we are perceived and feel about ourselves - Belonging – Friends, love, existence, association - Safety – Feel comfortable and protected - BOTTOM = Physiological – Basic needs for survival, such as shelter and food |
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HR:
Herzberg’s Motivational Theory |
- Hygiene = Workplace
- Motivating agents = non-financial characteristics of work; money does not create motivation |
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HR:
McClelland’s Achievement Theory |
Achievement; Power; Affiliation
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HR:
McGregor’s Theory |
- Can apply to management or labor
- X = Old school mentality; Labor wanted and were told what to do and not motivated and not want to work; Management feel the need to supervise - Y = Modern; Labor can work with end goal in mind motivated, want to work and enjoy; Management can minimize supervision |
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HR:
Leadership and Mgmt styles w/project mgmt lifecycle |
- Early = Directing
- Gains Momentum = Coaching - Significant Work Complete = Facilitating - Closing = Supporting |
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HR:
Management Styles |
- Autocratic = Strong unlimited power
- Charismatic = Appealing persona which team enjoys working with - Coach = Bring the best out of team - Director = Drive the team to achieve specific goals - Facilitator = Keeps things progressing - Mediator = Try to find common ground - Mentor = Same as coach but focus on showing people how to improve - Visionary = See where need to go to; big picture |
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HR:
Roles and Responsibilities - Constructive |
- Initiators
- Information Seeker - Information Giver = enhance communication - Encourager - Clarifier - Harmonizer - Summarizer - Gate Keeper - Davil’s Advocate |
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HR:
Roles and Responsibilities - Destructive |
- Aggressor = Negative attitude
- Blocker = Interrupts the flow of information - Withdrawer - Recognition Seeker - Topic Jumper - Dominator |
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HR:
Halo Theory |
People make good project managers simply because they are good in their fields regardless of training
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HR:
Team Development Lifecycle |
Form; Storm; Norm; Perform; Adjourn (disbanded)
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HR:
Sources of Conflict |
Greatest-Scheduling Priorities; Least-Personality
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HR:
Conflict Resolution |
Preferred-Confronting/Problem Solving
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Exam Techniques:
Pick answers |
- 1 of polar opposites is right
- Process of Elimination (PoE) - Think like PMI - Notice words like “LEST”, “EXCEPT”… - Do not make assumptions - Identify keywords - Absolute answers are often wrong “COMPLETELY”, “NEVER”, “EVER” - Answers with non PMBOK terms are wrong - Pay attention where in the project am I (phases) - Consider risk when estimating time and cost |
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Exam Techniques:
Time management |
- 1 min per question
- Do not obsess about questions - Take a break every 50 min - Do not leave any question unanswered the 1st time - Narrow able/unable first - After 1st practice test do all practice tests with time constraints |
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Communication:
Communication Types |
- Formal = for contracts
- Internal - External - Vertical = up/down the organization - Horizontal = with peers - Official - Unofficial - Written and Oral - Verbal and non-Verbal = more than voice e.g. body language; formal verbal is conference presentation; informal verbal is conversation |
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Communication:
Communication Channels |
N(N-1)/2; N – Number of people inc PM
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Communication:
Communication Model |
Sender MUST ensure that the message is received AND understood
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Communication:
Performance Reports |
- Progress Reports = What was done in a point in time; e.g. since last week
- Status Reports = Sum of state of the project; e.g. what was done TOTAL so far |
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HR:
Types of Benefits |
- Fringe = Everyone in the company receives
- Perks = Offered to project or activity |
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Risk:
Types or Risk |
- Pure = Insurance can be purchased
- Business = Uninsurable |
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Risk:
Risk Tolerance |
- Risk-Averse = Avoidance
- Risk Seeker = Looking for risk - Risk-Neutral = Between the other two types |
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Risk:
Risk Calculation |
Probability X Impact
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Risk:
Probability |
Sum of all probabilities is equal 1 or 100%
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Risk:
Decision Tree and Expected Monetary Value (EMV) |
% Probability X $
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Risk:
Reserves |
- Contingency = KNOWN UNKNOWNS; for risks that you expect and are not budgeted
- Management = UNKNOWN UNKNOWNS; un-forecasted risks e.g. natural disaster |
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Risk:
Residual Risk |
e.g. deductible; Amount of risk remaining after a risk response has been implemented
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Risk:
Secondary Risk |
A new risk resulting from implementation of another risk response
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Risk:
Workaround |
Contingency put into action when a risk and any back up plans do not work
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Risk:
Risk Response Strategies for Positive Risks or Opportunities – SEE |
- Share = Split responsibility by e.g. joined small and big companies, small enjoys big sales force and big enjoys new technology
- Exploit = Ensure success by e.g. putting best consultants on a job - Enhance = Improve the size of the risk event e.g. when sales are exceeding projections hiring more sales people to ensure more customers are communicated |
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Risk:
Risk Response Strategies for Negative Risks or Threats – ATM |
- Avoid = Finding a way to get rid of the risk e.g. harness to a roof when putting a new roof
- Transfer = Reassign risk to another party e.g. outsourcing a work package or taking life insurance - Mitigate = Minimize the risk e.g. do more tests |
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Risk:
Risk Response for both Opportunities and Threats |
Acceptance; tolerate the risk
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Procurement:
Make or Buy Decisions |
- Make = Buyer owns intellectual property associated with the work
- Buy = Buyer does not possess the skills needed for the work |
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Procurement:
Rent or Buy Calculation |
- Rent = ($/day) X (# of days)
- Purchase = Purchase price + (Maintenance fee) X (# of days) |
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Procurement:
Contract Types |
- PO = Unilateral agreement
- Firm Fixed Price (FFP or Lump-Sum); Fixed Price Incentive Fee (FPIF); Fixed Price Economic Price Adjustment (FPEPA) = When I can specify exactly what I want; minimal risk to buyer, significant risk for seller; Includes incentive; Compensate for economic changes such as inflation - Time & Materials (T&M) = When needing staff supplementation or when needing discovery in the initial phase of a project; minimal risk to buyer, minimal risk for seller - Cost Plus Fixed Fee (CPFF); Cost Plus Incentive Free (CPIF) = Medium risk for buyer, minimal risk for seller; cost of work plus fee - Cost Plus Award Fee (CPAF) = Minimal risk for buyer, significant risk for seller; cost of work plus award based on buyer satisfaction criteria - Cost Plus Percentage of Cost (CPPC) or Cost Plus Fee (CPF) = Significant risk for buyer, minimal risk for seller; cost of work plus % of cost as fee |
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Procurement:
Point of Total Assumption |
- Point where the seller is responsible for the cost overruns associated with Fixed Price Incentive Fee (FPIF); the point that all overruns fall on seller; used in defense and government
- Target Cost (TC) = Cost per contract w/o overrun - Target Profit (TP) = Expected profit per contract - Profit Rate at Target Cost (%) = TP/TC - Target Price = TC+TP - Ceiling Price (CP) = Maximum cost with overruns; % TC with overruns, cap - Share Ratio (SR) = % share between buyer and seller of any cost savings or overruns; BS-Buyer Share - PTA = (CP – Target Price)/BS +TC; Total amount of money buyer will pay regardless of cost overruns |
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Procurement:
Scope of Work |
- Design = Buyer provide detailed requirements, e.g. construction
- Functionality = Buyer details functionality for new system or development, e.g. R&D project |
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Procurement:
Procurement Documents |
- Request for Quote (RFQ) = for commodity, small $ amount, no negotiation
- Request for Information (RFI) - Request for Proposal (RFP) = aka Request for Tender (RFT), bigger projects with negotiation - Invitation for Bid (IFB) = aka Request for Bid (RFB), for government with negotiation |
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Procurement:
Bidders Conference |
All sellers asking questions to buyer
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Procurement:
Non Competitive Form of Procurement |
- Sole Source = One company with no competition
- Single Source = Choosing a partner you prefer to work with |
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Procurement:
Negotiations |
Win/Win situation for both the buyer and seller; long term relationship
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Procurement:
Contract Administrator |
Manager of a contract for big projects
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Professional and Social Responsibility:
Responsibility |
Accept only assignments which you are qualified
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Professional and Social Responsibility:
Company Policy, Government, Law or Standards |
- Company employees should follow company policies, but not violate city, state or federal law
- At government level should report violations of city, county or state |
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Communication:
Stakeholder Types |
- Power/Interest = Power vs Concern
- Power/Influence = Power vs Active Involvement - Influence/Impact = Active Involvement vs Concern - Salience = Power, Urgency (need immediate attention), Legitimacy (their involvement is appropriate) |
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Risk:
Risk Analysis Types |
- Qualitative = Process of prioritizing risks based on probability and impact for further analysis
- Quantitative = Process of numerically analyzing the effect of identified risks on the overall project objectives; breaking the risks down from high, med and low to numerical values |