The Project Notebook

PMP® Challenge Question – 5/15

In our last challenge on 4/15, the question was: Explain the function of sum of the years depreciation.

This method requires that you first determine the number of years over which the asset will be depreciated. The amount of annual depreciation is then a fraction. The denominator of the fraction is the sum of the years. So if the number of years is 4, the denominator is 1+2+3+4=10. The year numbers are the numerators in reverse order. So the first year, the depreciation is 4/10, the second year is 3/10, and so on.

Now here’s the challenge for 6/1: What does RACI stand for?

PMP® Challenge Question – 4/15

Happy Tax Day! Just a little late with the post since I took the day off in celebration. On 4/1, I asked what does each abbreviation stand for:

CR – Cost Reimburseable. This is a contract where the seller is reimbursed for their costs. There is usually a fee or some other payment representing the profit.
CPFF – Cost Plus Fixed Fee. The contract is a variant of cost reimburseable with a fixed fee component. This type of contract tends to favor the buyer.
FPFT – Fixed Price, Fixed Time. This is a contract in which the seller absorbs all the risk by guaranteeing a price and time to complete.
CPRC – Oops? Did you think this stood for something? Its not a valid procurement abbreviation.

Now for the 4/15 challenge:

Explain the function of sum of the years depreciation.

Good luck with the challenge!

PMP ® Challenge Question – 4/1

On March 15th, the challenge was:

You have finished project management training and desire to earn your PMP® credential. What are some constructive ways you can go about applying your new knowledge and obtaining your first project management assignment at your company?

Certainly one of your first steps might be a discussion with your manager. Let him/her know about your accomplishment and how you might be able to apply your knowledge in a work assignment. Your HR manager is another possible resource. Another constructive tactic might be to have a discussion with existing project managers in the company and ask if you can be considered for a role on a project team. If you have any additional ideas to share, please leave a comment or drop me a line at sdcapmp@aol.com.

Now for the new challenge. Here are some acronyms found in the procurement knowledge area. What does each stand for? Provide a brief sentence or two about what each is.

CR
CPFF
FPFT
CPRC

Good luck with the challenge!

PMP® Challenge Question – 1/15

This is it! The last question in the series of three …

For the first reader to successfully email a correct response to two of three challenge questions (12/15, 1/1, and 1/15), I have the following gift:

Emotional Intelligence for Project Managers – The People Skills You Need to Achieve Outstanding Results by Anthony Mersino, PMP.

So without further ado, here is the final question:

In Project Management, what does the acronym “RACI” stand for?

Good luck! Email your responses to sdcapmp@aol.com.

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© 2010-2012 Ray W. Frohnhoefer, MBA, PMP, CCP