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PROJECT MGT-GOOGLE-GLOSSARY > Course Three: Project Initiation: Starting a Successful Project > Flashcards

Course Three: Project Initiation: Starting a Successful Project Flashcards

1
Q

Backward pass

A

Refers to starting with a final task or milestone and moving backwards through the schedule to determine the shortest path

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2
Q

Baseline

A

The dollar amount used to measure against to find out whether a project is on track or not and to measure the success of the project

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3
Q

Baseline a budget

A

The act of creating a fixed reference point of spending to measure and compare a project’s progress against

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4
Q

Bottom-up approach

A

Thinking about all the parts of a project from the beginning to the end–including making a list of anything that comes with an associated cost–and adding all of it together

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5
Q

Budget

A

The estimated monetary resources needed to achieve the project’s goals and objectives

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6
Q

Budget risk

A

The possibility that the costs of a project will increase due to poor planning or expanding the project’s scope

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7
Q

Buffer

A

Extra time added to the end of a task or project to account for unexpected slowdowns or delays in work progress

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8
Q

Capacity

A

The amount of work that the people or resources assigned to the project can reasonably complete in a set period of time

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9
Q

Capacity Planning

A

Refers to the act of allocating people and resources to project tasks and determining whether the necessary resources required to complete the work on time have been acquired

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10
Q

CAPEX

A

Capital expenses; refers to expenses which businesses incur to create a benefit in the future

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11
Q

Cash flow

A

The inflow and outflow of cash on a project

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12
Q

Cause-and-effect diagram

A

A visual that shows the possible causes of an event or risk; also known as a fishbone diagram

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13
Q

Communicatiuon

A

The flow of information; includes everything that’s shared, how it’s shared, and with whom

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14
Q

Communication Plan

A

A document that organizes the process, types, and expectations of communications for a project

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15
Q

Contingency budget

A

Money that is included to cover potentially unforeseen events that aren’t accounted for in a cost estimate

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16
Q

Contingency reserves

A

Money added to the estimated project cost to manage identified risks

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17
Q

Cost of Quality

A

Costs that are incurred to prevent issues with products, processes, or tasks

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18
Q

Cost performance index (CPI):

A

The ratio of the percentage complete to the actual costs

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19
Q

Cost variance (CV):

A

The difference between the amount of budget expected to be spent on versus what is actually spent for work completed at a point in time

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20
Q

Critical path

A

The list of project milestones that must be reached in order to meet the project goal on schedule, as well as the mandatory tasks that contribute to the completion of each milestone

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21
Q

Decision tree

A

A flowchart that helps visualize the wider impact of a decision on the rest of a project

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22
Q

Dependency

A

A relationship between two project tasks, where the start or completion of one depends on the start or completion of the other

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23
Q

Dependency graph

A

A visual representing the dependencies in the flow of work during a project

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24
Q

Earliest start date

A

In the critical path method, the earliest possible date on which a task (or the project itself) can begin

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25
Q

Earned value management (EVM)

A

A technique where a project’s performance or actuals for budget and schedule are regularly monitored against the planned budget and schedule

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26
Q

Effort estimation

A

A prediction of the amount and difficulty of active work required to complete a task

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27
Q

Empathy

A

A person’s ability to relate to the thoughts and feelings of others

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28
Q

Ethical trap

A

An issue that may cause a person to make unethical choices

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29
Q

Finish-to-finish (FF)

A

In this type of dependency relationship, the first task must be completed before the second task can be completed

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30
Q

Finish-to-start (FS)

A

In this type of dependency relationship, the first task must be completed before the second task can start

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31
Q

Fishbone diagram

A

A visual that shows the possible causes of an event or risk; also known as a cause-and-effect diagram

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32
Q

Fixed contract

A

A contract that is paid for when certain milestones are reached

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33
Q

Fixed costs

A

Costs that won’t change over the course of a project

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34
Q

Fixed start date

A

The date on which work on a task must start in order to achieve a goal

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35
Q

Float

A

The amount of time that can be waited to begin a task before it impacts the project schedule and threatens the project outcome

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36
Q

Forecast

A

A cost estimate or prediction over a period of time

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37
Q

Forward pass

A

Refers to starting at the beginning of a project task list and moving forward towards the end of the project

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38
Q

Gantt chart

A

A horizontal bar chart that visually maps out a project schedule and tasks, with clear breakdowns of who’s responsible for the work and when those tasks are due

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39
Q

High-level risk

A

A risk that is serious and can affect the overall success of a project; requires direct communication with stakeholders to go over plans to mitigate and address

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40
Q

Impact

A

The damage a risk could cause, if it occurs; determined on a scale of high, medium, or low

41
Q

Indirect costs

A

Costs that can’t be linked directly to a project

42
Q

Inherent risk

A

The measure of a risk, calculated by its probability and impact

43
Q

Issue

A

A known and real problem that can affect the ability to complete a task

44
Q

Kanban board

A

A visual tool used to manage tasks and workflows

45
Q

Kickback

A

A corruption scheme where a certain percentage of an awarded contract is offered to an official who can ensure that their company wins the bid

46
Q

Knowledge management:

A

A way of ensuring that project data can be accessed in the future by others who need it for informing decisions or planning similar projects

47
Q

Latest start date

A

In the critical path method, the latest possible date on which a task (or the project itself) can begin

48
Q

Leverage experts

A

Refers to gathering experts’ insights to do something more effectively

49
Q

Low-level risk

A

A risk that may not greatly impact the project and may have a low probability of occurring, so a project manager may or may not communicate it to stakeholders

50
Q

Management reserves

A

A percentage of the budget set aside for unknown risks

51
Q

Medium-level risk

A

A risk that requires direct communication with stakeholders and should be treated as urgent, as it will most likely impact the project

52
Q

Milestone

A

An important point within the project schedule that indicates progress and usually signifies the completion of a deliverable or phase of the project

53
Q

Need-to-know basis

A

Telling someone facts they need to know at the time they need to know them, and nothing more

54
Q

Network diagram

A

A visual that sequences project tasks in order of dependencies

55
Q

OPEX (operating expenses)

A

Refers to expenses which are required for day-to-day tasks

56
Q

Optimism bias

A

When a person believes that they are unlikely to experience a negative event

57
Q

Parallel tasks

A

Tasks that can happen at the same time as other tasks

58
Q

Personally identifiable information (PII)

A

Information that could be used on its own to directly identify, contact, or precisely locate an individual; includes email addresses, mailing addresses, phone numbers, precise locations, full names, and usernames

59
Q

Planning fallacy

A

Describes people’s tendency to underestimate the amount of time it will take to complete a task, as well as the costs and risks associated with that task

60
Q

Planning phase

A

The second phase of the project life cycle; includes the schedule, the budget, and the risk management plan

61
Q

Probability and impact matrix

A

A tool used to prioritize project risks

62
Q

Procurement

A

Obtaining all of the materials, services, and supplies required to complete the project

63
Q

Project budget

A

The estimated monetary resources needed to achieve the project’s goals and objectives

64
Q

Project buffer

A

Extra time tacked onto the end of a project

65
Q

Project kick-off meeting

A

The first meeting in which a project team comes together to ground everyone in a shared vision, gain a shared understanding of the project’s goals and scope, and understand each person’s individual roles within the team

66
Q

Project management baseline (PMB)

A

A clearly-defined fixed starting point for your
project that includes the scope, budget, and schedule

67
Q

Project plan

A

A document that records the scope, tasks, milestones, and overall activities of a project; generally contains these five basic elements: tasks, milestones, people, documentation, and time

68
Q

Project task

A

An activity that needs to be accomplished within a set period of time

69
Q

Reforecast

A

Creating a separate revised budget based on how a project is tracking

70
Q

Request for proposal (RFP)

A

Document that outlines the details of a project

71
Q

Reserve analysis

A

A method to check for remaining project resources

72
Q

Resource cost rate

A

The cost of a resource

73
Q

Risk

A

A potential event which can occur and impact a project

74
Q

Risk appetite:

A

The willingness of an organization to accept the possible outcomes of a risk

75
Q

Risk assessment

A

The stage of risk management where qualities of a risk are estimated or measured

76
Q

Risk management

A

The process of identifying and evaluating potential risks and issues that could impact a project

77
Q

Risk register

A

A table or chart that contains a list of risks

78
Q

Root cause

A

The initial cause of a situation that introduces a risk

79
Q

Schedule

A

The project timeline, which includes the start date, the end date, and dates for events in between

80
Q

Schedule performance index (SPI)

A

The ratio of the percentage of work complete to the planned budget for the planned work

81
Q

Schedule variance (SV)

A

The difference between the amount of work expected to have been completed and the amount actually completed at a given point in time

82
Q

Scope risk

A

The possibility that a project won’t produce the results outlined in the project goals

83
Q

Sequential tasks

A

Tasks that must be completed in a specific order

84
Q

Single point of failure

A

A risk that has the potential to be catastrophic and halt work across a project

85
Q

Slack

A

The amount of time that a task can be delayed past its earliest start date without delaying the project

86
Q

Soft skills

A

Personal characteristics that help people work effectively with others

87
Q

Sole-supplier sourcing

A

When a company restricts the bidding process to one supplier, preventing competition

88
Q

Start-to-finish (SF)

A

In this type of dependency relationship, the first task must begin before the second task can be completed

89
Q

Start-to-start (SS)

A

In this type of dependency relationship, the second task can’t begin until the first task begins

90
Q

Statement of work (SoW)

A

A document that clearly lays out the products and services a vendor or contractor will provide for the organization

91
Q

Subtasks

A

Smaller tasks that are required to complete a larger task

92
Q

Task buffer

A

Extra time tacked on to a specific task

93
Q

Time and materials contract

A

Contract paid monthly based on the hours worked and other fees associated with the work, like travel and meals

94
Q

Time estimation

A

A prediction of the total amount of time required to complete a task

95
Q

Time risk

A

The possibility that project tasks will take longer than anticipated to complete

96
Q

Time-phase a budget

A

The act of spreading budget items out over the duration of a project

97
Q

Total cost of ownership (TCO)

A

The total cost of a project, from the initiation phase through completion

98
Q

Vendors

A

Individuals or businesses who provide goods and services to the project

PROJECT MGT-GOOGLE-GLOSSARY (12 decks)

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