Integration Management Flashcards
validate Scope Process
the process of formalizing acceptance of the completed project deliverables
Document Analysis
used to determine requirements by analyzing the existing document and identify the types of information that are important to the requirements.
Alternative Analysis
The evaluation of different choices available to achieve a particular project management objective.
Cost-benifit Analysis
A systematic approach to calculate the investment cost and received benefits
Product Analysis
A tool that is used to Define Scope. It generally involves asking questions about a product and forming answers to describe the use, characteristics, and other relevant aspects of what is going to be delivered at the end.
Project Charter
A formal document that authorizes the existence of a project and gives authority to the manager to use organizational resources for achieving the project objectives.
Project Management Plan
A formal, approved document that defines how the project is executed, monitored, and controlled. Contains (scope, requirements, schedule, cost, quality, resources, communication, risk management, procurement, and stakeholder engagement plans).
Business Case
A document that describes information of a particular business to determine if the project is worth the investment.
Feasibility Stage
An assessment of the practicality of a proposed project/plan.
Iterative Lifecycle
To create, test, and revise until they’re satisfied with the end result. (Trail & error)
Incremental Lifecycle
A process that focuses on small steps to reach the final product goal. (Step by step)
Iteration Zero
Represents the initiation stage of the project and the level set between end customers and development team.
Issue Log
A document used to record any challenges they face throughout the project life cycle.
Hard Costs
Costs that are directly related to your construction project. (Buidling supplies, landscaping, …etc)
Soft Costs
Costs that are indirectly related to your construction project. (Design, surveying, permits, loans…etc)
Cost Overrun
Occurs when a project’s hard or soft costs exceed its budget because of internal or external factors.
Opportunity Cost
Quantifies the impact of selecting one option instead of another ‘next best’ alternative.
Sunk Costs
Costs that cannot be recovered by the project.
Payback Period
The amount of time required to earn back the money invested in a project.
User Story
A short, simple sentence that describes a feature or function of an app from the user’s point of view.
Product Backlog
The product backlog is used to document and prioritize the requirements, features, functions, and user stories for releases or sprints
Go / No Go Decision
Determines whether a project is worth all the effort and investment or should it be halted.
Exit Criteria
Pre-determined requirements that must be met in order for a process, project or program to progress to the next step.
Lesson Learnd
Documented knowledge gained from previous projects in such a way that it can help future projects.
Data Analysis
The use of past and current project data to enable effective decisions on project delivery.
Change Control Board
A group of people from the project team that meets regularly to consider changes to the project.
Management Reserves
An amount of the project budget or project schedule held outside of the performance measurement baseline for management control purposes, that is reserved for unforeseen work that is within scope of the project.
Integration Management Process
The coordination of all elements of a project efficiently.
Project Management Lifecycle
initiation, planning, execution, and closure.
Project Lifecycle
The order of processes and phases used in delivering projects.
Steering Committee
A governing body of key stakeholders tasked with overseeing and supporting a project.
Key Stakeholders
Stakeholders who have the influence and authority to dictate whether a project is a success or not. (Aramco).
Net Present Value
The difference between the value of cash now and the value of cash at a future date.
Assumption Log
A place to log all assumptions and track the validation of each one.
Constraints
Any restriction that defines a project’s limitations. (Regulations, time, requirements).
Integrated Change Control
The process of reviewing all change requests; approving changes and managing changes to deliverables, project documents, and the project management plan; and communicating the decisions.
Kick-off Meeting
The first meeting with the project team and the client of the project where applicable. This meeting is the time to establish common goals and the purpose of the project.
Lesson Learnd
Documented information that reflects both the positive and negative experiences of a project.
Organizational process assets
tangible resources used by an organization to guide the management of its projects and operations. They include things like templates, contracts, processes, reports, and financial statements.
Enterprise environmental factors
all policies, practices, procedures, and legislation that exist both inside and outside of the organization that will impact the way you manage a project.
Net Present Value
What’s the value of an investment with multiple returns?
NPV = (present value of future cash flow) - (present value of investment)
WAAC
Weighted average cost of capital
