Key Terms L-O Flashcards
late finish
The latest date an activity can complete without impacting the project end date
late start
The latest date an activity can start without impacting the project end date.
lessons learned
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.
lines of communication
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.
loaded rate
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.
logical relationships
The dependency relationships that may exist between tasks. Finish -to - start is the most common logical relationship.
make - or - buy analysis
Determines the cost effectiveness of producing goods or services in - house vs. procuring them from outside the organization.
managerial reserve
An amount of money set aside by upper management to cover future expenses that can’t be predicted during project planning.
mandatory dependency
A type of dependency where the relationship between two tasks is created by the type of work the project requires.
materials
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
mathematical analysis
Calculating theoretical early and late start and finish dates for all project activities.
matrix organization
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.
metric
A standard of measurement that specifically defines how something will be measured.
milestone
A major deliverable or key event in the project used to measure project progress.
Monitoring and Controlling
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.
multiple business unit project
A project that is initiated by multiple business units.
negotiating
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.
net present value (NPV)
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.
network diagram
A depiction of project activities and the interrelationships between these activities.
operations
Operations typically involve ongoing functions that support the production of goods or services. They don’t have a beginning or an end.
order of magnitude
e A high - level estimate of the time and cost of a project based on the actual cost and duration of a similar project
organizational planning
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.
