All Domains Flashcards
What is acceptance in risk management?
A risk response that chooses to accept the risk within the project without creating a strategy to counteract the risk event. Acceptance is often used with small risks.
What are action items in project management?
Actions or assignments that team members are to complete, usually determined in a project meeting.
What is an activity-on-the-arrow project network diagram?
Origin of the arrow is the ‘begin activity’ sign, and the end of the arrow is the ‘end activity’ sign. Also commonly referred to as the Arrow Diagraming Method (ADM).
What does the activity-on-the-node project network diagram focus on?
The project activities rather than on the start and end of activities. AON illustrates the sequencing of activities from the start of the project through the end of the project.
What are actual costs (AC) in earned value management?
Represents the actual cost of the work performed.
What is ad hoc reporting?
Impromptu reports on schedule, cost, scope, or other key performance indicators (KPIs) as requested by stakeholders with enough authority to cause the project manager to create the report.
What are add/move/change projects?
Generally smaller projects that add, move, or change some element within an organization. Approximately 10 percent of the project time is allotted to planning.
What is the adjourning phase in project management?
Finality of project calls for the team to disperse, or adjourn, to other projects and join different project teams.
What is administrative closure in project management?
When the customer or project sponsor documents and accepts the project results; also needed if a project is terminated.
What defines agile project management?
A change-driven approach to project management, where the project team moves through iterations, or sprints, of planning and executing.
What is analogous estimating?
A form of expert judgment that relies on historical information to predict estimates for current projects. Also known as top-down estimating.
What is the role of an architect in a project?
A role that creates the high-level plan or solution for the project scope.
Architects generally create the software, network, database, or communication structure for the project scope solution.
What does ALAP stand for in project management?
As late as possible constraint.
When you specify a task as ALAP, Microsoft Project will schedule the task to occur as late as possible without delaying dependent tasks.
What does ASAP stand for in project management?
As soon as possible constraint.
When you specify a task as ASAP, Microsoft Project will schedule the task to occur as soon as it can.
What is an assumptions log?
A document that records assumptions made during planning.
These assumptions are documented to track potential project impacts if they prove untrue.
Define asynchronous communication.
Any communication that doesn’t happen in real time.
Examples include e-mail, text, or PMIS solutions.
What is avoidance in risk management?
A response to a risk event where the risk is removed from the project.
This is achieved by planning a different technique.
What is a backlog in project management?
The list of things to complete in the project.
This includes defect resolution, added features, or documentation.
What is benchmarking?
The process of using prior projects to set quality standards.
This can be done within or external to the performing organization.
What are benefit measurement methods?
Methods used to compare the value of one project against another.
These methods are often used in project selection models.
What is a bid in project management?
A document from the seller to the buyer.
It is used when price is the determining factor in the decision-making process.
What is a bidder conference?
A meeting with prospective sellers to clarify project details.
It allows sellers to query the buyer on product details to ensure adequate proposals.
Define bottom-up cost estimating.
The process of creating a detailed estimate for each work component.
This includes labor and materials, based on the WBS and WBS dictionary.
What is brainstorming?
An approach that encourages participants to generate ideas about an opportunity or business problem
Useful at the research stage to determine different types of outcomes for the project.
What is a budget?
The finances allotted for the completion of a project
Essential for project planning and management.
What does budget at completion (BAC) refer to?
The sum of the budget for each phase of your project; the estimated grand total of your project
Helps in tracking project financials.
What is a budget burndown chart?
Shows the amount of funds the project has spent on the overall project budget to reach a specific point in the project
Represented in a declining line from start to target project end date.
What is a budget estimate?
A somewhat broad estimate used early in the planning processes, with a range of variance, for example, -10 percent to +25 percent
Important for initial project assessments.
What is burn rate?
The rate of consumption of resources, budget, and tasks
Often associated with how quickly the project is utilizing funds and completing tasks.
What does a burndown chart show?
The estimated effort remaining needed to complete the project or phase of the project
Displays the diminishing number of tasks left to complete.
What is a burnup chart?
Shows the effort spent completing user stories in an agile project
Displays the accumulation of tasks toward project completion.
What is the role of a business analyst?
Responsible for eliciting, documenting, and supporting the product requirements of the project
Key role in ensuring project requirements are met.
What is a business case?
A document that helps the organization determine if it can justify the cost of the project in proportion to the return on investment
Links the value of the project’s solution to the organization.
What are business cycles?
Times of business productivity when activities are very high or low
Example: An accounting firm may be busy during tax season.
Who are business partners?
Sellers, vendors, and contractors involved in a project through a contractual relationship
Provide goods, services, and subject matter experts needed for the project.
