Definitions 361-390

Question 1

Define Value.

Answer 1

The worth, importance, or usefulness of something.

Question 2

What is VDO? (Value Delivery Office)

Answer 2

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.

Question 3

What is a Value Delivery Systems?

Answer 3

A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.

Question 4

What is a Value Proposition?

Answer 4

The value of a product or service that an organization communicates to its customers.

Question 5

What is a Value Stream Mapping?

Answer 5

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.

Question 6

What is Vanity Metric?

Answer 6

A measure that appears to show some result but does not provide useful information for making decisions.

Question 7

Define Variance.

Answer 7

A quantifiable deviation departure, or divergence away from a known baseline or expected value.

Question 8

What is a Variance Analysis?

Answer 8

A method for determining the cause and degree of difference between the baseline and actual performance.

Question 9

What is VAC? (Variance at Completiong)

Answer 9

A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion.

Question 10

Define Velocity.

Answer 10

A measure of a team’s productivity rate at which the deliverables are produced, validates, and accepted within a predefined interval.

Question 11

What is a Velocity Chart?

Answer 11

A chart that tracks the rate at which the deliverables are produced, validated, and accepted within a predefined interval.

Question 12

Define Verification.

Answer 12

The evaluation of whether or not a product, service, or result complies with a regulation, requirement, specification, or imposed condition. Also known as validation.

Question 13

What is a Virtual Team?

Answer 13

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.

Question 14

What is a Vision Statement?

Answer 14

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.

Question 15

What is a Visual Data and Information?

Answer 15

Artifacts that organize and present data and information in a visual format, such as charts, graphs, matrices, and diagrams.

Question 16

What is the Voice of the Customer?

Answer 16

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.

Question 17

Define Volatility.

Answer 17

The possibility for rapid and unpredictable change.

Question 18

Define Waste.

Answer 18

Activities that consume resources and/or time without adding value.

Question 19

What is a WBS Dictionary?

Answer 19

A document that provides detailed deliverable, activity, and scheduling information about each component in the work breakdown structure.

Question 20

What is a Wideband Delphi?

Answer 20

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.

Question 21

What is a WBS? (Work Breakdown Structure)

Answer 21

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.