General Terms Flashcards
Scrum
A lightweight framework that helps people, teams and organizations generate value through adaptive solutions for complex problems.
Project Plan
A document created before starting the project that usually consists of approved cost, schedule, and project scope. It guides the execution of a project from initiation to project closure. The project plan also lays the foundation for all kinds of communication among the stakeholders.
Work Breakdown Structure (WBS)
A hierarchical diagram that comprehensively divides the project deliverables into manageable sections.
Critical Path Method (CPM)
An algorithm particularly used for scheduling project activities. It is used to determine the step-by-step sequence of activities, which in turn determines the total time of the project.
Project Portfolio Management (PPM)
The collective management of a series of projects to achieve organizational goals. It allows the teams to visualize the big picture of all projects and maximize the return on investment.
Agile Project Management
An iterative and incremental approach to delivering projects. The approach focuses on breaking down the project into small cycles, known as ‘iterations.’ These iterations are then prioritized in terms of urgency or importance. There are multiple frameworks associated with agile implementation, Scrum being one of the most popular ones.
Waterfall Model
A traditional project management approach to the project lifecycle. The approach development takes place systematically, from one phase to another in a downward fashion. Each phase has to be completed before moving on to the next phase and there is no overlapping of the phases, making it difficult to make any amendments.
Project Budget
A formally approved document featuring a comprehensive list of financial resources, including project expenses, required to complete a project.
Project Timeline/Schedule
A visual list of tasks or activities placed in chronological order, which lets project managers view the entirety of the project plan in one place. A project timeline typically takes the form of a horizontal bar chart, where each task is given a name and a corresponding start and end date.
Milestone
A term that represents a major event in a project lifecycle. It is used as a reference point to measure the progress of a project. Usually represented as diamonds, milestones greatly help with project scheduling and monitoring.
Dependencies
A term that specifies the relationship between project activities and the order in which they are to be performed. There are 4 kinds of dependencies (Finish-to-start, Finish-to-finish, Start-to-start, and Start-to-finish)
Work in Progress Limit
WIP limit restricts the maximum amount of work that can exist in different stages of a workflow. Limiting work in progress allows teams to identify bottlenecks faster and focus on single work items better.
Bottleneck
A bottleneck is a work stage where the inflow of workload is greater than the capacity of the system, resulting in hindering the smooth flow of work overtime.
Sprint (used in scum)
A fixed unit of time during which specific tasks has to be completed. Typically, the duration of a sprint is determined by the Scrum Master (team’s facilitator). During a sprint, daily standups are conducted to monitor the progress towards sprint goals.
Stand-up/ stand-up meeting / daily Scrum
A daily short meeting conducted to get an update from every team member about their work progress. Usually, a stand-up meeting is conducted at the same time and same place every day.
Meeting Agenda
A list of all the topics that are to be discussed during a meeting. It may include detailed topic descriptions, their sequence, and the expected outcomes of each topic.
Meeting Minutes
W ritten notes of whatever is discussed during a meeting. These minutes can be circulated among meeting participants after the meeting to gain valuable insights and take appropriate follow-up actions.
Follow Up
A term describing all the activities that are targeted towards collecting feedback from the meeting participants after a meeting. Sometimes a dedicated follow-up meeting is conducted to serve the purpose.
Resource Allocation
A process that involves scheduling and assigning resources for a project in the most efficient way possible. The purpose of resource allocation is to maximize the use of available resources in a way that supports the project’s end goals.
Resource Breakdown Structure
A comprehensive list of resources required to complete a project. This list is usually made according to the function and resource type, facilitating the planning and control of a project work.
Resource Leveling
The process of adjusting the project schedule in a way that keeps a resource use below a set limit. It ensures that a resource doesn’t have to work overtime. Resource leveling has an impact on the project’s critical path.
Resource Calendar
Indicates all the working and non-working days a specific resource will be available.
Risk Mitigation
A strategy devised to decrease the probability of adverse effects of risk is known as risk mitigation. A successful risk mitigation strategy focuses on developing actions that reduce possible threats to overall project objectives.
Risk Monitoring and Control
A process that involves tracking how the risk responses are performing in comparison with the original risk management plan.
Risk Owner
A person responsible for ensuring that a particular risk is managed appropriately is a risk owner. One of the core duties of a risk owner is to make sure that the mitigation strategy is implemented effectively. He can also sometimes be involved with performing qualitative and quantitative risk analysis.
Qualitative risk analysis
An assessment that involves identifying threats (or opportunities), how likely they are to happen, and the potential impacts if they do. The results are typically shown using a Probability/Impact ranking matrix. This type of analysis will also categorize risks, either by source or effect.
quantitative risk analysis
A quantitative assessment is a risk analysis performed with a focus on numerical values of the risks present. The quantitative risk analysis allows you to determine the potential risk of a project. This can help you decide if a project is worth pursuing.
Risk Vs. Threat
risk” is the effect of uncertainty on objectives. “Threat” is negative risk or risk with negative effect.
Issue Management
The comprehensive process of identifying, resolving, and tracking issues associated with your projects comes under issue management. The purpose of issue management is to timely resolve the issues before they become big disasters.
Issue Tracking
The process of identifying a possible bug or error in the product which is affecting its optimal performance. Most of the time, a professional issue tracking software is kept in place for efficient issue tracking.
