High Difficulty Flashcards
QFD
Quality Function Deployment
RBS
Resource Breakdown Structure / Risk Breakdown Structure
TQM
Total Quality Management
CI
Configuration Item
RTY
Rolled Throughput Yield
RPN
Risk Priority Number
SYD
Sum of the Years Digit (a depreciation calculation method)
CM
Configuration Management
SIPOC
Supplier Input Process Output Customer
DfX
Design for X
PMCD
Project Manager Competency Development (Framework)
ES
Earned Schedule
TPM
Total Productive Maintenance
TOC
Theory of Constraints
PESTLE
Political, Economic, Social, Technological, Legal, Environmental
TECOP
Technical, Environmental, Commercial, Operational, Political
VUCA
Volatility, Uncertainty, Complexity, Ambiguity
BIM
Building Information Model
MSA
Master Services Agreement
MVP
Minimum Viable Product
MMF
Minimum Marketable Feature
What is the acronym to describe the characteristics of effective feedback?
Balanced, Observed, Objective, Specific, and Timely (BOOST)
What is the acronym to describe the characteristics of effective goals?
Specific, Measurable, Attainable, Relevant, and Timely (SMART)
MBTI
Myers Briggs Type Indicator
SAFe®
Scaled Agile Framework
NPS
Net Promoter Score
CFD
Cumulative Flow Diagram
EVA
Earned Value Analysis / Economic Value Added
How do Agile projects ensure quality? (4)
- Frequent reviews throughout the project
- Customer engagement with the team
- Recurring retrospectives to check effectiveness of the quality processes
- Incremental delivery
What is the fundamental principle of Lean?
Making improvements by reducing waste (extra inventory, unnecessary waiting, and even untapped creativity).
What are the characteristics of a well-groomed backlog?
DEEP (Detailed appropriately, Estimated, Emergent, and Prioritized)
What are the 3 C’s of a user story?
Card, Conversation, Confirmation
What is the purpose of a spike in agile projects?
To test a technological approach and stop as soon as it’s clear.
What type of team members are ideal for an agile team - I-shaped or T-shaped?
T-shaped
What are the characteristics of a good XP Metaphor?
It should be simple and non-technical, enabling the stakeholders to understand the overarching approach being taken to provide a capability or solve a problem.
What are the characteristics of a good user story?
INVEST (Independent, Negotiable, Valuable, Estimable, Small, and Testable) is a set of criteria used to assess the quality of a user story.
What are the components of the business value of a project?
- Shareholder value
- Customer value
- Employee knowledge
- Channel partner value
- Social value
What are the 3 pillars of empirical process control in the Scrum framework?
- Transparency - Inspection - Adaptation
What are the six layers of the Agile Planning Onion?
The 6 layers of the Agile Planning Onion are Strategic, Portfolio, Product, Release, Iteration, and Daily.
What are the 3 forms of waste in Lean?
The 3 forms of waste in Lean are: - Variability (mura) - Overburden (muri) - Non-value adding actions (muda)
What is the Shu-Ha-Ri model?
The Shu-Ha-Ri model is often used to address the appropriate time and opportunity for process tailoring in agile. Level 1 is Shu (follow), Level 2 is Ha (break away), and Level 3 is Ri (fluency or go beyond and transcend).
What are the agile coaching styles that align with the Shu Ha Ri model?
The Agile coaching styles that align with the Shu-Ha-Ri model are: - Shu - Teaching - Ha - Coaching - Ri - Advising
Name a popular agile adoption pattern for teams new to agile.
Shu Ha Ri model
Code of Account vs Chart of Account
Code of Account is any numbering system used to uniquely identify each component of the WBS, whereas Chart of Account is any numbering system used to monitor project costs by category.
Project Schedule vs Schedule Baseline
Project Schedule is the “actual” schedule progress of the project whereas Schedule Baseline is the “planned and approved” version of the project schedule. Schedule variance is measured by comparing the (actual) Project Schedule with the Schedule Baseline.
Validate Scope vs Control Quality
Scope validation differs from quality control in that scope validation is primarily concerned with acceptance of the deliverables, while quality control is primarily concerned with correctness of the deliverables and meeting the quality requirements specified for the deliverables. Quality control is generally performed before scope validation but the two can be performed in parallel as well.
Work Performance Data (WPD) vs Work Performance Information (WPI)
WPD are the raw observations or measurements gathered as work on the project is carried out (e.g. percent completion, quality/technical performance measures, activity start/finish dates, no. of change requests/defects, actual costs/durations, etc.) WPD is processed and analyzed to generate WPI (e.g. status of deliverables/change requests, forecasts, EV measures - SV, CV, SPI, CPI, etc.).
Progressive Elaboration vs Rolling Wave Planning
Rolling Wave Planning is a form of Progressive Elaboration.
Progressive Elaboration vs Prototyping
Prototyping is a form of Progressive Elaboration.
Padding vs Buffer (or Reserve)
Padding is the amount of unreasonable extra time added to the estimate, just to feel confident with the estimate. Buffer is the extra time added to the estimate to account for uncertainty or risk. Buffer is clearly identified in schedule documentation whereas padding is hidden.
Manage Quality vs Control Quality
Manage Quality checks whether quality standards are being followed, whereas Control Quality checks whether quality standards are being met. Audits and root cause analysis are examples of Manage Quality. Peer reviews and testing are examples of Control Quality. In Manage Quality think about “process”, and in Control Quality think about “deliverables”.
Quality vs Grade
Quality is the degree to which a deliverable meets the requirements. Grade is a category assigned to a product or a service that has the same functional use but different technical characteristics. For example, a software application may be of good quality (no defects, good performance, etc.), but low grade (limited features). Low grade may not be a problem, but low quality is almost always a problem.
Product Quality vs Project Quality
Product Quality focuses on the quality of the “product” of the project. It is measured in terms of the degree to which the product conforms to customer’s requirements. Whereas, Project Quality focuses on the quality of “project management processes”. It is measured in terms of the degree to which the project meets its objectives (scope, time, cost, customer satisfaction, etc.).
Product Scope vs Project Scope
Product Scope refers to requirements that specifically relate to the “product” of the Project. Project Scope is all the “work” that goes in to producing the project deliverables (products, services or results).
Requirements vs Product Scope
Requirements are “what” the customer needs. Requirements can be of many types. For example, product related requirements, performance requirements, quality requirements, project management requirements, etc. Whereas, Product Scope refers to requirements that specifically relate to the “product” of the project.
Precision vs Accuracy
Precision means that values have very little scatter (very close to each other). Accuracy means that values are very close to the true value. Precise values may not be accurate and vice versa. E.g., if your office starts at 8 am and you reach at 8:30 am sharp every day, you are precise, but not accurate. Whereas, if you reach between 7:45-8:15 am every day, you are more accurate, but less precise.
Attribute Sampling vs Variable Sampling
In Attribute Sampling, data is in the “attribute” form, and the result either conforms or does not conform. In Variable Sampling, data is in the “variable” form, and the result is rated on a continuous scale that measures the degree of conformity. For example, whether a car starts in first attempt or not is Attribute Data, but the mileage of the car per liter of gasoline is Variable Data.
Tolerance vs Control Limits
Tolerances are used to determine whether individual components are acceptable, whereas Control Limits are used to control the process. Control Limits usually fall within Tolerance Limits.
Common Cause vs Special Cause
Common Cause is a source of variation that is inherent in the system and predictable, whereas Special Cause is not inherent in the system, and is unpredictable and intermittent. On a control chart, Common Cause appears as random data points within the control limits, whereas Special Cause appears as data points outside the control limits or non-random points within the control limits.
Authority vs Responsibility
Authority is the “right” to do something, whereas Responsibility is the “obligation” to do something.
Responsibility vs Accountability
Responsibility is the “obligation” to do something. Whereas, Accountability is the acceptance of success and failure. Responsibility can be delegated to some extent, but Accountability cannot.
Team Performance Assessments vs Project Performance Appraisals
Team Performance Assessments are the assessments of the entire team’s performance. They are measured in terms such as on-time, on-budget, etc. Project Performance Appraisals are the appraisals of individual project team members’ performance.
Residual Risks vs Secondary Risks
The risks that remain after risk responses have been implemented are called Residual Risks. New risks that emerge as a result of applying risk response strategies are called Secondary Risks.
Risk Tolerance vs Risk Threshold
Risk Tolerances are the areas of risk that are either acceptable or unacceptable. For example, “we’ll not accept any risk to employees’ safety”. Risk Threshold is the point at which a risk moves from being acceptable to unacceptable. For example, “if the price of raw materials increases beyond 10%, we must employ the contingency plans for this risk”.
Configuration Control vs Change Control
Configuration Control is the activity of managing the specifications of project’s deliverables and processes throughout the lifecycle of the project. Change Control is the process of managing changes to the project’s documents, deliverables, and baselines (scope, schedule, cost, etc.).
Schedule Model vs Project Schedule
Scheduling tool populated with project schedule data (e.g. activities, resources, duration estimates, etc.) is known as a Schedule Model. Assigning calendar dates to the Schedule Model results in the Project Schedule. In simple terms, Project Schedule = Schedule Model + Calendar Dates.
Change Control System vs Contract Change Control System
Change Control System is used to manage the changes to the project documents, deliverables, and baselines (scope, schedule, cost, etc.). Contract Change Control System is used to manage changes to the contracts on the project, and is integrated with the project’s integrated change control system.
Business Need vs Business Case
Business Need is the “trigger” for a project. Business Case is the “justification” for a project. Business need is usually a part of the business case for the project.
Feasibility Study vs Cost-Benefit Analysis
Feasibility Study is about “can we do it?”, whereas Cost-Benefit Analysis is about “should we do it?”
Corrective Action vs Defect Repair
Corrective Action is taken to bring the project performance (in terms of scope, schedule, cost, quality, etc.) in line with the baselines. Defect Repair is undertaken to fix a “flaw” (or deficiency) in the project’s deliverables.
Responsibility vs Role
Responsibility is the duty to take ownership of one’s actions and the consequences of those actions. Role is a function that a person is assigned to perform. Example, project manager’s “role” is to manage the project and achieve its objectives, and it’s the project manager’s “responsibility” to ensure project success.
Resource Loading vs Resource Leveling
Resource Loading is to allocate work to project resources. Resource Leveling is the technique to produce a resource-limited schedule. For example, if the project requires 3 resources in May, 10 in June and 2 in July, but a maximum of only 4 resources are available, then resource leveling may be used to stretch out the project to work with 4 resources (May - 3; June - 4; July - 4; Aug - 4).
Variance Analysis vs Value Analysis
Variance Analysis is a project management technique to assess the magnitude of variance (in scope, time, cost, quality, etc.) from the baseline and determine whether corrective or preventive action is required. Value analysis is a product analysis technique to perform the same work at lesser cost.
Qualitative Risk Analysis vs Quantitative Risk Analysis
Qualitative risk analysis is the process of short-listing top priority risks on the project. Quantitative risk analysis is the process of numerically analyzing the impact of top priority risks, identified through the qualitative risk analysis process, on the project objectives. Qualitative analysis is faster and more cost-effective than quantitative analysis. Former must be done on all projects, but latter is optional.
Statement of Work (SOW) vs Project Scope Statement
SOW is the description of products, services or results to be supplied. Project Scope Statement is the description of project scope i.e. all the “work” that must be done to produce the products, services or results.
Verification vs Validation
Verification checks whether the product was built right. Validation checks whether the right product was built. Verification is usually an internal process, whereas Validation is external. Verification usually takes place before Validation.
Mandatory Dependency vs Discretionary Dependency
Mandatory dependencies are those that are contractually required or inherent in the nature of the work. Example, foundation needs to be laid before the building can be constructed. Discretionary dependencies are established based on knowledge of best practices within a particular application area. Example, construction work should wait until the rainy season is over.
Manage Team vs Develop Team
Manage Team process is about managing the performance of individual team members, whereas Develop Team is about the performance of the “team” as a unit.
Project Requirements vs Product Requirements
Project requirements are related to the work that goes into producing the deliverables of the project. For example, the project should be completed by Dec 31, 2014. Whereas, Product requirements are concerned with the actual product or deliverable of the project. For example, the building structure should be able to withstand earthquakes of magnitude up to 7.5 on Richter scale.
Direct Costs vs Indirect Costs
Direct costs are costs that can be directly attributed to a specific project, e.g. labor, raw materials, and equipment rental costs. Direct costs are included in the project budget. Indirect costs are costs that cannot be directly attributed to a specific project, e.g. management, general administration, rental and utility costs. Indirect costs may or may not be included in the project budget.
Known Unknowns vs Unknown Unknowns
Known Unknowns are things we know that we don’t know, whereas Unknown Unknowns are things we don’t even know that we don’t know. From risk management perspective, former are risks that are identified during risk management and mitigated using Contingency reserves. Latter are risks that are not even identified during risk management, and managed using Management Reserves.
Scope Creep vs Gold Plating
Scope Creep is adding features and functionality (project scope) without addressing the effects on time, costs, and resources, or without customer approval. Whereas, Gold Plating is giving customer extras like extra functionality, high quality, better performance than what is part of the project requirements. Gold Plating need not be only in terms of Scope.
Project Management System vs Project Management Information System
All the processes, tools, techniques, methodologies, resources, and procedures to manage a project are collectively known as Project Management System. Project Management Information System is an information system (consisting of the tools and techniques) used to manage the outputs of project management processes.
Resource Leveling vs Resource Smoothing
Resource Leveling is performed to balance the demand and supply of resources. Resource Smoothing is performed to achieve a more uniform resource utilization over a period of time. Resource Leveling may change the critical path, but Resource Smoothing does not.
Data vs Information
Data is raw, unorganized facts that need to be processed. Data can be something simple and seemingly random and useless until it is organized. When Data is processed, organized, structured or presented in a given context so as to make it useful, it is called Information.
Compliance vs Conformance
Compliance is the act of complying with a rule, standard, law, or requirement such that the result is either compliant or non-compliant. Conformance is delivering results that fall within an acceptable range.
Explicit Knowledge vs Tacit Knowledge
Explicit knowledge is knowledge that can be documented using words, pictures, and numbers. Tacit knowledge is knowledge that is personal and difficult to express, such as beliefs, insights, experience, and “know-how”. Explicit knowledge is easy to share but lacks context and not easy to understand and apply. Tacit knowledge has context and easier to understand and apply.
Risk Audits vs Risk Reviews
Risk Audits are used to assess the effectiveness of the risk management process. Risk Reviews are meetings to examine and document the effectiveness of risk responses.
Risk Register vs Risk Report
Risk Register is a document that captures details of individual project risks. Risk Report is a document that summarizes information on individual project risks and the level of overall project risk.
Iterative vs Incremental Life Cycles
Iterative - deliver the product as a whole and add features later. Incremental - deliver the product in pieces, but each piece is fully featured.
Earned Value Management (EVM) vs Earned Schedule (ES)?
ES It is an extension to the theory and practice of EVM. EVM measures performance in terms of cost, whereas ES measures it in terms of time. ES replaces EVM’s Schedule Variance and Schedule Performance Index formulas and provides the schedule variance is terms of time instead of cost. ES also provides formulas for forecasting the project completion date.
Manage Quality vs Quality Assurance
Quality Assurance is about using project processes effectively. Manage Quality includes all the quality assurance activities, and is also concerned with the product design aspects and process improvements. In other words, Quality Assurance is a subset of Manage Quality.
Communication vs Communications
The term “communication” indicates the act of communicating, such as facilitating a meeting, giving information and active listening. The term “communications” indicates the artifacts of communication, such as memos, presentations, and emails.
Resource Histogram vs Resource Calendar
The Resource Histogram shows when resources are “needed” for the project, and the Resource Calendar shows when the resources are “available” for the project.
Benefits vs Value
Benefits are gains realized by an organization or beneficiaries through portfolio, program, or project outputs and resulting outcomes. On the other hand, ‘value’ is the net result - tangible or intangible - of realized benefits less the cost of or effort for achieving those benefits.
Burndown Chart vs Burnup Chart
A Burndown Chart tracks how much work remains on your project and whether the deadline will be met. A Burnup Chart tracks how much work is done. It shows more information than a Burndown Chart because it also has a line showing how much work is in the project as whole and allows progress to be tracked independently of scope changes.
Business Case vs Business Value
Business Case is the justification for doing a project, whereas Business Value is the tangible or intangible benefits from project investment.
What is the fundamental difference between PERT and CPM?
PERT estimates the activity durations based on probability, whereas CPM assumes that the activity durations are fixed.
What is the fundamental difference between Accountability and Responsibility when it comes to delegation?
Responsibility can be delegated, but Accountability cannot be.
What is the relationship between Accountability, Authority and Responsibility?
With Authority and Responsibility comes Accountability. Accountability = Authority + Responsibility
Minimum Viable Product (MVP) vs Minimum Marketable Feature (MMF)
Minimum Viable Product (MVP) is a version of a product that has just enough features to be usable by early customers who can then provide feedback for future product development. Minimum Marketable Feature (MMF) is a small, self-contained feature that can be developed quickly and delivers significant value to the user. MMF is about delivering value to customers, whereas MVP is about learning more about the ultimate product. An MVP can contain zero, one or more MMFs.
Definition of Done (DoD) vs Definition of Ready (DoR)
Definition of Done (DoD) is a team’s checklist of all the criteria required to be met so that a deliverable can be considered ready for customer use, whereas, Definition of Ready (DoR) is a team’s checklist for a user-centric requirement that has all the information the team needs to be able to begin working on it.
Vision vs Mission
A vision statement is usually aspirational in nature and describes how the project aligns with the stakeholder and organization goals. The mission statement defines the overall purpose of the project.
Earned Value Management (EVM) vs Expected Monetary Value (EMV)
EVM is a “project management technique” that integrates scope, schedule and cost to measure project performance and progress in an objective manner. EMV is a “statistical technique” that calculates the profit or loss of an outcome (e.g. a project) based on different scenarios, by taking into consideration the probability of occurrence and the expected profit or loss from each scenario.
Result vs Deliverable
A Result is an output of a process or an activity. It could be an outcome (e.g. a business process, an upgraded system, a research study, a trained resource, etc.) or a document (e.g. a new policy document, a training plan, a research report, etc.). A Deliverable is any tangible output produced by the project. It could be a product, service or result. Result is a type of Deliverable.
Product vs Deliverable
A Product is an end item or a component of the end item produced by a project (e.g. a building, a software application, etc.). A Deliverable is any tangible output produced by the project. It could be a product, service or result. Product is a type of Deliverable.
Product vs Result
A Product is an end item or a component of the end item produced by a project (e.g. a building, a software application, etc.). A Result could be an outcome (e.g. a business process, an upgraded system, a research study, trained resources, etc.) or a document (e.g. a new policy document, a training plan, a research report, etc.). Both Product and Result are considered deliverables of the project.
Project Life Cycle vs Product Life Cycle
A Project Life Cycle is a series of phases from concept to closure through which a project passes through. A Product Life Cycle is a series of phases from concept to end of life (or disposal) through which a product passes through. A product life cycle may contain one or more project life cycles.
Iterative and Incremental Life Cycles vs Adaptive Life Cycles
Adaptive Life Cycles are also iterative and incremental, but differ in that iterations are very rapid (usually with a duration of 2 to 4 weeks) and are fixed in time and cost. In Iterative and Incremental projects, the iterations may overlap, but in Adaptive projects, the iterations are usually performed in sequence, and do not overlap.
Manage Stakeholder Engagement vs Monitor Stakeholder Engagement
Manage Stakeholder Engagement is about communicating and working with stakeholders i.e. implementing the strategies defined in the Stakeholder Engagement Plan. Monitor Stakeholder Engagement is about monitoring the relationship with stakeholders i.e. evaluating the effectiveness of the Stakeholder Engagement Plan and adjusting the strategies and plans for engaging stakeholders.
Manage Communications vs Monitor Communications
Manage Communications is the process of creating, collecting, distributing, storing, retrieving, and disposition of project information i.e. implementing the Communications Management Plan. Monitor Communications is about monitoring and controlling communications i.e. evaluating the effectiveness of the Communications Management Plan and adjusting it.
Management vs Leadership
Management is more closely associated with directing another person to get from one point to another using a known set of expected behaviors. In contrast, leadership involves working with others through discussion or debate in order to guide them from one point to another.
Is float a resource or a constraint for a project?
Float is a resource. It should be managed judiciously to cover for risks or other unforeseen events.
Total Float belongs to the ____________, whereas Free Float belongs to the ____________.
Total Float belongs to the <u>project</u>, whereas Free Float belongs to the <u>individual activities</u>.
________ is a probabilistic method, whereas ________ is deterministic. (Options: PERT / CPM)
<u>PERT</u> is a probabilistic method, whereas <u>CPM</u> is deterministic.
How do you calculate the float of a network path in Critical Path Method?
The float of a path is the difference between the duration of the Critical Path and the duration of the (given) path.
If a project is being done under a contract, who owns the “float”?
50% is owned by the buyer, and 50% by the seller
What is the most critical EVA metric?
Cost Performance Index (CPI)
What is the formula for Negative Float?
Negative Float = LS - ES or Negative Float = LF - EF where LF is Late Finish, EF is Early Finish, LS is Late Start and ES is Early Start. Either formula can be used.
What is the formula for Rolled Throughput Yield (RTY)?
RTY = TPY of Process 1 * TPY of Process 2 * … * TPY of Process N where TPY is Throughput Yield
What is the formula for Risk Priority Number (RPN)?
RPN = S x O x D where S is Severity or Impact, O is Occurrence or Probability, and D is Detection.
What is the formula for Duration Uncertainty?
Duration Uncertainty = P - O where P is the Pessimistic Estimate, and O is the Optimistic Estimate.
What is the formula for Estimate At Completion (EAC) when the project is having a negative cost performance to date, and needs to meet a deadline?
EAC = AC + (BAC - EV) / (SPI * CPI)
What is the formula for Present Value (PV)?
PV = FV / (1 + r) ^ n where FV is the future value, r is the interest rate and n is the number of time periods
(Gain from an investment - Cost of the Investment) / Cost of the Investment is the formula for?
Return on Investment (ROI)
What is Network Logic?
All activity dependencies in a project schedule network diagram.
What is a Performance Measurement Baseline?
An integration of scope, schedule and cost baselines of the project. It is used for measuring project performance including earned value measurement.
What is a Planning Package?
A WBS component within a Control Account that is identified and budgeted in early planning, but is not yet sub-divided into work packages.
What is Product Scope?
The features and functions that characterize a product, service, or result.
What is Sensitivity Analysis?
A quantitative risk analysis and modeling technique used to help determine which risks have the most potential impact on the project. It examines the extent to which the uncertainty of each project element affects the objective being examined when all other uncertain elements are held at their baseline values. The typical display of results is in the form of a Tornado Diagram.
What is Validation?
The process to check whether the right product (or deliverable) was built. It is usually an external process and involves customer acceptance.
What is Verification?
The process to check whether the product (or deliverable) was built right. It is often an internal process.
What is Activity-on-Node (AON)?
A method of representing a precedence diagram.
Define Attribute Sampling.
A method of measuring quality that consists of noting the presence (or absence) of some characteristic (attribute) in each of the units under consideration.
What is a Backlog?
A listing of product requirements and deliverables to be completed, written as stories, and prioritized by the business to manage and organize the project’s work.
What is a Prioritization Matrix?
A quality management planning tool used to identify key issues and evaluate suitable alternatives to define a set of implementation priorities.
What is a Configuration Item (CI)?
An item that is placed under configuration control. It may include the product, its components, documentation or project artifacts (plans and documents).
What is Configuration Control?
Configuration Control is the activity of managing the specifications of project’s deliverables and processes throughout the lifecycle of the project.
What is Configuration Status Accounting?
The recording and reporting of all the changes to the configuration items.
What is Configuration Verification and Audit?
The process of verifying the correctness of the product and its components in order to ensure conformance to requirements.
What is Product Analysis?
It is a tool to define the scope by studying how a product is to be built, how it should work, how it should look like, what it should cost, etc. It is used when the deliverable of the project is a product (as opposed to a service or result).
What is Joint Application Development (JAD)?
A methodology that involves the customer or end users in the design and development of an application, through a series of collaborative workshops. It uses customer involvement and group dynamics to accurately depict the user’s view of the business need and to jointly develop a solution. It is used in the software development industry.
What is Quality Function Deployment (QFD)?
A facilitated workshop technique used in manufacturing industry that helps transform customer needs (the voice of the customer [VOC]) into engineering characteristics for a product or service. These characteristics are then prioritized, and goals are set for achieving them.
What is Apportioned Effort?
Effort that cannot be divided among or attributed to individual tasks or work packages on the WBS, an example being quality assurance effort.
What is Discrete Effort?
Effort that can be measured and directly attributed to a project activity or a work package on the WBS, for example, the effort required to develop a software, which is identified as a deliverable of the project. Discrete effort is one of three earned value management (EVM) types of activities used to measure work performance.
What is Level of Effort (LOE)?
A support activity which is difficult to measure but is directly related to the project’s objectives. It usually consists of short amounts of work which must be repeated periodically. Examples of such an activity may be project budget accounting, customer liaison, etc.
What is Negative Float?
The amount of time by which the early date (start or finish) of an activity exceeds its late date.
What is Standard Deviation?
A statistical concept that gives a measure of the “spread” of the values of a random variable around the mean of a distribution. It shows how much variation there is from the average or the mean value.
What is Resource Smoothing?
A technique aimed to “smoothen” or achieve a more uniform resource utilization over a period of time. For example, instead of using 7 resources in Month 1 and 3 resources in Month 2, it is better to use 5 resources each month as long as the activities stay within their free and total float.
What is the Learning Curve Theory, and how is it relevant to project management?
It says that the time required to perform a task decreases as the task is repeated, and the amount of improvement decreases as more units are produced. In project management, this theory is used for schedule and cost estimation.
What is Heuristic Estimation?
Heuristic estimation technique uses “Rule of Thumb” or certain generally acceptable rules for estimation. Heuristic estimates are derived based on experience (on past projects) and not from scientific rules or formulae. For example, a software development company may have learned from experience that testing usually takes about 20% of the time it takes for coding.
What is Kaizen?
A Japanese term - Kai (take apart) and Zen (make good). It’s process improvement technique.
What is Total Productive Maintenance (TPM)?
It is a holistic approach to equipment maintenance that strives to achieve perfect production with no breakdowns, slowdowns, defects or accidents. It emphasizes proactive and preventive maintenance to maximize the operational efficiency of equipment. It places a strong emphasis on empowering operators to help maintain their equipment.
What does Journey to Abilene mean?
Organizations frequently take actions in contradiction to the problem they are trying to solve, and as a result, compound their problem rather than solve it.
What is the Theory of Constraints (TOC)?
It is a methodology for identifying the most important limiting factor (i.e. constraint) that stands in the way of achieving a goal and then systematically improving that constraint until it is no longer the limiting factor. In manufacturing, the constraint is often referred to as a bottleneck.
What is Risk Premium?
The extra return in excess of (over and above) the risk-free rate of return of an investment (example, a project). It’s a compensation for the risk to the party (example, a contractor to whom the risk is transferred) that accepts the risk.
What is Risk Priority Number (RPN) methodology?
A technique for analyzing the risk associated with potential problems identified during Failure Mode and Effects Analysis (FMEA). RPN is calculated by multiplying Severity (S) or Impact, Occurrence (O) or Probability, and Detection (D). RPN = S x O x D.
