Key Terms L-O

Question 1

late finish

Answer 1

The latest date an activity can complete without impacting the project end date

Question 2

late start

Answer 2

The latest date an activity can start without impacting the project end date.

Question 3

lessons learned

Answer 3

Information gathered throughout the project (and again at the end of a project phase or the end of the project) that documents the successes and failures of the project. This information is used to benefit the current project and future projects.

Question 4

lines of communication

Answer 4

A mathematical formula that determines the number of lines of communication between participants in a meeting. The formula is
n (n – 1) / 2, where n represents the number of participants.

Question 5

loaded rate

Answer 5

A rate used for cost estimating of human resources that includes a percentage
of the salary to cover employee benefits, such as medical, disability, or pension plans.

Question 6

logical relationships

Answer 6

The dependency relationships that may exist between tasks. Finish -to - start is the most common logical relationship.

Question 7

make - or - buy analysis

Answer 7

Determines the cost effectiveness of producing goods or services in - house vs. procuring them from outside the organization.

Question 8

managerial reserve

Answer 8

An amount of money set aside by upper management to cover future expenses that can’t be predicted during project planning.

Question 9

mandatory dependency

Answer 9

A type of dependency where the relationship between two tasks is created by the type of work the project requires.

Question 10

materials

Answer 10

A catchall category of project resources that includes software, utility requirements such as electricity or water, any supplies needed for the project, or other consumable goods

Question 11

mathematical analysis

Answer 11

Calculating theoretical early and late start and finish dates for all project activities.

Question 12

matrix organization

Answer 12

An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project to team members and execute the project.

Question 13

metric

Answer 13

A standard of measurement that specifically defines how something will be measured.

Question 14

milestone

Answer 14

A major deliverable or key event in the project used to measure project progress.

Question 15

Monitoring and Controlling

Answer 15

This project process group is where activities are performed to monitor the progress of the project and determine whether there are variances from the project plan. Corrective actions are taken during this process to get the project back on course.

Question 16

multiple business unit project

Answer 16

A project that is initiated by multiple business units.

Question 17

negotiating

Answer 17

Negotiating is a leadership technique and a conflict - resolution technique. Negotiating is the act of two or more parties explaining their needs and coming to a mutual agreement on a resolution.

Question 18

net present value (NPV)

Answer 18

Evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. The total present value of the cash flows is deducted from the initial investment; this assumes that cash inflows are reinvested at the cost of capital. It is similar to discounted cash flows.

Question 19

network diagram

Answer 19

A depiction of project activities and the interrelationships between these activities.

Question 20

operations

Answer 20

Operations typically involve ongoing functions that support the production of goods or services. They don’t have a beginning or an end.

Question 21

order of magnitude

Answer 21

e A high - level estimate of the time and cost of a project based on the actual cost and duration of a similar project

Question 22

organizational planning

Answer 22

The process of addressing factors that may impact how to manage a project team, defining roles and responsibilities for project team members, identifying how the project team will be organized, and documenting a staffing
management plan.