Common Confusions Flashcards
Risk Audits vs Risk Review Meetings
Audits (macro) are more associated with the Risk Mgmt Plan
Risk Review Meetings (micro) are more focused on the Risk Register and Risk Report - Responses to individual risks
Project Charter vs Project Scope Statement
Charter formally authorizes the project to exist. It outlines the project objectives but not the project deliverables
Scope statement would describe the actual deliverables; it outlines what we will deliver to meet the objectives in the charter
Sign-off on the Project Charter vs sign-off on the Project Mgmt Plan
Charter sign-off by the initiator or sponsor
Proj Mgmt Plan sign-off by whole project team
Project Scope vs Product Scope
Project Scope defines the way in which the deliverables will be created - how we will deliver the product
Product Scope - deliverables being created, design specifications/features; defined in Prodduct Requirements - features and functions being delivered
Work Performance Data vs Work Performance Information
Work Perf Data - output of Direct and Manage Project Work; shows where we are at a given area and what has been accomplished; data rolls up into Work Perf Information
Work Perf Information - variances and analysis; provided to stakeholders to demonstrate project performance
Work Package vs Activity List
Work Package - created first in the Define Activities process - lowest level project work is broken down
Activity List created after the Work Package during the Create WBS process
Analogous vs Parametric Estimating
Analogous looks at past project activity to create an estimate. least reliable estimate
Parametric scales the figures taken from historical project information
Total Float vs Free Float vs Project Float
Total float is the difference between a Late Finish and an Early Finish. If Late Finish and Early Finish are the same, there is 0 float.
Free float is the amount of time that an activity can be delayed without delaying the start of the earliest successor activity
Project Float is the amount of time the project completion date could be delayed without impacting an imposed deadline
Cost of Conformance vs Non-Conformance
Conformance - all costs incurred to prevent defects in the deliverables
Non-conformance - arises when a defect has already occurred
Cost of Conformance: Prevention Costs vs Appraisal Costs
Prevention - spent on front end to help prevent defects from arising
Appraisal - costs incurred to uncover defects; testing and inspection costs
Cost of Non-Conformance: Internal vs External Failure Costs
Internal - defect discovered while still in your possession
External - defect discovered by customer; warranty repairs, lawsuits, and lost business
Contingency Reserves vs Management Reserves
Contingency - buffers that PMs add to their project cost baseline; known unknowns
Management - set by senior management and not part of cost baseline; unknown unknowns
Control Quality vs Manage Quality
Control Quality ensures the correctness of deliverables; deliverables meet the requirements
Manage Quality looks at processes and methodologies we employ in the Quality Management Plan
Communication Methods vs Communication Technology
Methods - Interactive, push, and pull
Technology - email, phone, fax
Risk Management Plan vs Risk Register vs Risk Report
Risk Management Plan - The ways in which we will manage risk and who has responsibility; contains the Risk Breakdown Structure
Risk Register contains each risk facing the project and our planned response; updated many times
Risk Report contains information about overall project risk, and summary information on individual project risk; an executive summary
