Definitions 361-390 Flashcards
Define Value.
The worth, importance, or usefulness of something.
What is VDO? (Value Delivery Office)
A project delivery support structure that focuses on coaching teams; building agile skills and capabilities throughout the organization; and mentoring sponsors and product owners to be more effective in those roles.
What is a Value Delivery Systems?
A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.
What is a Value Proposition?
The value of a product or service that an organization communicates to its customers.
What is a Value Stream Mapping?
A lean enterprise method used to document, analyze, and improve the flow of information or materials required to produce a product or service for a customer.
What is Vanity Metric?
A measure that appears to show some result but does not provide useful information for making decisions.
Define Variance.
A quantifiable deviation departure, or divergence away from a known baseline or expected value.
What is a Variance Analysis?
A method for determining the cause and degree of difference between the baseline and actual performance.
What is VAC? (Variance at Completiong)
A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion.
Define Velocity.
A measure of a team’s productivity rate at which the deliverables are produced, validates, and accepted within a predefined interval.
What is a Velocity Chart?
A chart that tracks the rate at which the deliverables are produced, validated, and accepted within a predefined interval.
Define Verification.
The evaluation of whether or not a product, service, or result complies with a regulation, requirement, specification, or imposed condition. Also known as validation.
What is a Virtual Team?
A group of people with a shared goal who work in different location and who engage with each other primarily through phones and other electronic communications.
What is a Vision Statement?
A summarized, high-level description about the expectations for a product such as target market, users, major benefits, and what differentiates the product for others in the market.
What is a Visual Data and Information?
Artifacts that organize and present data and information in a visual format, such as charts, graphs, matrices, and diagrams.
What is the Voice of the Customer?
A planning method used to provide products, services, and results that truly reflect customer requirements by translating those customer requirements into the appropriate technical requirements for each phase of project or product development.
Define Volatility.
The possibility for rapid and unpredictable change.
Define Waste.
Activities that consume resources and/or time without adding value.
What is a WBS Dictionary?
A document that provides detailed deliverable, activity, and scheduling information about each component in the work breakdown structure.
What is a Wideband Delphi?
An estimating method in which subject matter experts go through multiple rounds of producing estimates individually, with a team discussion after each round, until a consensus is achieved.
What is a WBS? (Work Breakdown Structure)
A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish he project objectives and create the required deliverables.
