Key Terms P Flashcards
parametric estimating
A quantitatively based estimating technique that is typically calculated by multiplying rate times quantity
Pareto diagram
A Quality Control technique used to rank importance of a problem based on its frequency of occurrence over time. This diagram is based on the Pareto principle, more commonly referred to as the 80/20 rule, which says that the majority of defects are caused by a small set of problems.
payback period
The length of time it takes a company to recover the initial cost of producing the product or service of the project.
performance reporting
Collecting information regarding project progress and project accomplishments and reporting it to the stakeholders, project team members, management team, and other interested parties. It also makes predictions regarding future project performance.
planned value (PV)
The cost of work that ’ s been budgeted for an activity during a certain time period.
planning
The process group where the project plans are developed that will be used
throughout the project to direct, monitor, and control work results. The primary result of
this process is the project plan.
post - mortem analysis
Performed when a project is canceled or ends prematurely. It describes the reasons for cancellation or failure and documents the deliverables that were completed.
post - project review
Conducted at the end of the project to document lessons learned
precedence diagramming method (PDM)
A network diagramming method that places
activities on nodes, which connect to dependent activities using arrows. Also known as activity on node .
predecessor
A task on the network diagram that occurs before another task.
preliminary investigation
An investigation at project request time to determine the costs and benefits of the project, as well as examine alternatives to the proposed solution in order to determine the feasibility of carrying out the project.
preventive action
A type of change request that usually occur during the Monitoring and Controlling process group. Preventive actions are implemented to help reduce the
probability of a negative risk event.
prevention
A Quality Control tool and technique that keeps errors from reaching the
customer. Prevention is less expensive than having to fix problems after they’ve occurred.
prevention costs
The cost of activities performed to avoid quality problems, including quality planning, training, and any product or process testing.
probability
The likelihood a risk event will occur. Probability is expressed as a number
between 0.0 and 1.0.
procurement planning
The process of identifying what goods or services will be purchased from outside the organization. It uses make - or - buy analysis to determine whether goods or services should be purchased outside the organization or produced internally.
product description
Explains the major characteristics of the product and describes the relationship between the business need and the product. This is also referred to as high -level requirements
product verification
Occurs in the Close Procurements process and determines whether the work of the contract is acceptable and satisfactory.
program
A grouping of related projects that are managed together to capitalize on
benefits that couldn’t be achieved if the projects were managed separately.
program evaluation and review technique (PERT)
Calculates the expected value, or weighted average, of critical path tasks to determine project duration by using three estimates: most likely, pessimistic, and optimistic. The PERT calculation is
(optimistic + pessimistic + (4 × most likely)) / 6
progress reports
Reports from project team members listing the tasks each team member is working on, the current progress of each task, and the work remaining
project
Temporary in nature, with a definite start and end date; creates a unique product,
service, or result. It is completed when the goals and objectives of the project have been met and signed off on by the stakeholders.
project - based organization
An organizational structure focused on projects. Project managers generally have ultimate authority over the project, and sometimes supporting departments such as human resources and accounting might report to the project manager. Project managers are responsible for making project decisions and acquiring and assigning resources
project champion
The person who fully understands, believes in, and espouses the
benefits of the project to the organization. This is the cheerleader for the project.
project charter
An official, written acknowledgment and recognition that a project exists. It’s signed by the project sponsor and gives the project manager authority to assign organizational resources to the work of the project.
project closure
The formal acceptance of a project and the activities required to formally end the project work.
project description
Documents the key characteristics of the product or service that will be created by the project.
project execution
Carrying out the project plan. Activities are clarified, the work is authorized to begin, resources are committed and assigned to activities, and the product or service of the project is created. The largest portion of the project budget will be spent during this process.
project justification
Documentation in the project charter that includes the reason the project is being undertaken and the business need the project will address.
project life cycle
The grouping of project phases in a sequential order from the beginning
of the project to the close.
project management
Applying skills, knowledge, and project management tools and
techniques to fulfill the project requirements
Project Management Institute (PMI)
The world’s leading professional project
management association
project management knowledge areas
The nine project management groupings, or
Knowledge Areas, that bring together common or related processes. They are Integration, Scope, Time, Cost, Quality, Human Resource, Communications, Risk, and Procurement
project management office (PMO)
Established by organizations to create and maintain procedures and standards for project management methodologies to be used throughout the organization
Project Manager
The person responsible for applying the skills, knowledge, and project management tools and techniques to the project activities to successfully complete the project objectives.
project performance indicators
Measures that the project manager uses to determine whether the project is on track, such as any deviation from the baseline schedule or the
baseline budget.
project plan
A document, or assortment of documents, that constitutes what the project
is, what the project will deliver, and how all the processes will be managed. Used as the guideline throughout the project Executing and Controlling phases to track and measure project performance and to make future project decisions. Also used as a communication and information tool for stakeholders, team members, and management.
project review
A formal presentation by the project manager or project team members to the sponsor, the client, and the other executive stakeholders.
project schedule
Determines the start and finish dates for project activities and assigns resources to the activities
project selection
Used to determine which proposed projects are approved to move forward.
proof concept
A project that undertakes to prove that a specific activity can be done or an idea can be accomplished
