Definitions "F" Flashcards
Fast Tracking
Performing project phases in parallel that are normally done sequentially.
Feasibility Study
A documented expression of what the research has told the project manager. This plan is written to help determine the validity of a proposed project, of a section of a project, or the scope of a given project. The feasibility study is divided into eight sections: executive summary, defined business problem or opportunity, requirements and purpose of the study , description of the options assessed, assumptions used in the study , audience impacted, financial obligations, and recommended action.
Final Project Report
The collection of all the cumulative reports may serve as a final record of each phase’s work, with a few additions. It includes the project vision statement, the project proposal, the project plan, the WBS, the PND, meeting minutes, and Project Change Requests forms, all written notices relevant to the project deliverables, the client acceptance agreement, and the post-project audit.
Finish No Earlier Than (FNET) Constraint
Semi-flexible constraint that requires that a task be completed on or after a specified date.
Finish No Later Than (FNLT) Constraint
Semi-flexible constraint that requires that a task be completed on or after a specified date.
Finish-to-Finish (FF) Tasks
A finish-to-finish relationship specifies that the successor tasks cannot finish until the predecessor task finishes.
Finish-to-Start (FS) Tasks
These task are successors and cannot begin until the predecessor task is completed.
Fishbone / Ishikawa Diagrams
A cause analysis tool that shows the causal factors and the effect to be solved. The diagram looks somewhat like a fishbone, hence the name.
Fixed-Fee Contact
A contract that provides a set price for the work defined in the statement or work and in the contract. Fixed fee contracts are generally a low-risk solution of the buyer, as any cost overruns go back to the vendor. Also known as a fixed priced contract.
Flexible Constraints
Constraints that do not have dates assigned to their activities and are bound only by their predecessor and successor activities. User flexible constraints as much as possible.
Flexible Deadline
A deadline that doesn’t assign an exact time for completion.
Float
The amount of time a task can be delayed without delaying the project completion. Technically, there are three different types of float:
Free Float - is the total time a single activity can be delayed without delaying the early start of any successor activities.
Total Float - is the total time an activity can be delayed without delaying project completion.
Project Float - is the total time the project can be delayed without passing the customers expected completion date.
Float is also know as slack.
Flowchart
A chart that illustrates how the parts of a system occur in sequence.
Focus Groups
A type of stake holder analysis that aims to gather requirements for the project. Stakeholders are led through a discussion about the opportunity or problem by an impartial moderator. A scribe or recorder keeps the minutes in the meeting, and then the results are analyzed. An average focus group has six to twelve participants. The participants can be considered homogenous if they all share the same characteristics, such as all sales people. Or the project manager can use a heterogeneous group, where the participants are stakeholders with different backgrounds, such as users of a software application from different departments within the organization.
Force Majeure
Often a clause in contracts to release the parties from obligations in the case of a powerful and unexpected event, such as a hurricane or other disaster.
Forcing
A decision-making approach in which the person with the power makes the decision. The decision made may not be the best decision for the project, but it’s fast. As expected, this autocratic approach does little for team development and is a win-lose solution. Used when the stakes are high and time is of the essence or if relationships are not important.
Forecasting
An educated estimate of how long the project will take to complete. It can also refer to how much the project may cost to complete.
Formal Acceptance
The formal acceptance of a projects deliverables is a process that is completed by the client of the project and the appropriate members of the project team. These acceptances are contingent on a project acceptance agreement.
Formal Power
The type of power in which the project manager has been assigned by senior management to be in charge of the project.
Forming
This stage of team development allows the project team to come together and learn about each other. Project team members feel each other out, find out who’s who, and learn about other team members.
Fully Burdened Workload
The amount of work, in hours, required by the staff to complete each phase of the project.
Functional Decomposition
This method simply takes a large problem and breaks it down into smaller, manageable components.
Functional Structure
An organizational structure that groups staff members according to their area of expertise. Functional structures require the project team members to report directly to the functional manager. In this type of structure the project managers authority and decision-making ability is less than the functional managers.
Future Value
A formula to calculate the future value of present money. The future value formula is PV x (1 + i), where i is the interest rate and n is the number of time periods.
