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Management Flashcards

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1
Q

Those criteria, usually stated in a contract and/or SOW that includes deliverables, performance requirements and essential conditions, which must be met to complete project deliverables and be accepted

A

Acceptance criteria

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2
Q

A formal communications network that supplies relevant information for planning, control, decision-making, and evaluation

A

Accounting system:

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3
Q

The way an organization collects, organizes, and records financial
information for making management decisions; the way to report a company’s transactions and to maintain accountability for its assets and liabilities

A

Accounting

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4
Q

The ratio determining how well the company’s current liabilities can be
satisfied by its current assets less inventory

A

Acid test ratio:

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5
Q

An accounting system focused on a production cycle and
based on the principles that an output needs activities to produce it and that those activities use certain resources; assigns costs through cost drivers that the activities use to create the outputs

A

Activity-based costing system

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6
Q

A measurement used by some organizations of how long it
takes to award a contract, starting when a procurement request is received and ending when the contract is awarded

A

Administrative lead time

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7
Q

A project management methodology utilizing short-term sprints to react to changing scope requirements

A

Agile

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8
Q

Something a company owns that has value and that can be sold or used by the company to make products or provide services that can be sold

A

Asset`

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9
Q

Provides detailed information about a company’s assets, liabilities, and
shareholder equity

A

Balance sheet

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10
Q

The original plan (for a project, a work package, or an activity) plus or minus approved changes; usually used with a modifier (e.g., cost baseline, schedule baseline
performance measurement baseline)

A

Baseline

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11
Q

A company’s total earnings or losses over a specific time period, after
accounting for costs and expenses; also called net income

A

Bottom line

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12
Q

When unqualified, refers to an estimate of funds planned to cover a project or specified period of future time; when approved, the estimate for the project or any work breakdown component or any scheduled activity

A

Budget

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13
Q

An average of the estimated costs per month, often based on staffing
estimates, used for estimating funding requirements

A

Burn rate

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14
Q

A statement reporting a company’s inflow and outflow of cash;
generally includes operating activities, investing activities, and financing activities

A

Cash flow statement

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15
Q

A formally constituted group of stakeholders responsible
for approving or rejecting changes to the project baselines

A

Change Control Board (CCB)

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16
Q

The process of controlling, documenting, and storing the changes to
control items; includes proposing the change, evaluating, approving or rejecting, scheduling and tracking

A

Change control

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17
Q

A document issued by the initiator of the project, usually the project sponsor that formally authorizes the existence of the project, and provides the project manager with the authority to apply organizational resources to project activities

A

Charter

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18
Q

The effort or action of two or more commercial companies to obtain the same business from a third party

A

Competition

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19
Q

In terms and conditions, a phrase that either activates (condition precedent) or suspends (condition subsequent) a term

A

Condition

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20
Q

The state, quality, or sense of being restricted to a given course of action or interaction; an applicable restriction or limitation, either internal or external, to the project that will affect the performance of the project or a process

A

Constraint:

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21
Q

Involves “what if?” analysis to look at various situations if certain
environmental or economic conditions change

A

Contingency planning

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22
Q

Something that may happen: an event that might occur in the future,
especially a problem, emergency, or expense that might arise unexpectedly and therefore must be prepared for; Provision made against future unforeseen events

A

Contingency

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23
Q

Monitoring and evaluating how well the team and organizational objectives are pursued and accomplished

A

Controlling

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24
Q

The ratio of current assets to current liabilities

A

Current ratio

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25
Q

Current assets are assets which can be converted into cash within one year; current liabilities are obligations that a business must pay within one year

A

Current

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26
Q

The ratio measuring the relation of debt and shareholder equity
used to finance the company’s operation

A

Debt-to-equity ratio

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27
Q

A tangible or intangible good or service delivered to fulfill all or part of a contract

A

Deliverable

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28
Q

Describes how buyers behave in the marketplace; the quantity a buyer
demands is what a buyer is willing to buy at a particular price

A

Demand

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29
Q

A document listing the contractual obligations and
requirements for the seller as well as for the buyer; the list contains the information extracted and provided in the form of a contract calendar which listed as every “seller will or shall” and its due date (if known) down to the task level

A

Detailed contract analysis

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30
Q

The management of people and processes to accomplish objectives

A

Directing

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31
Q

The process by which commodities move to final customers, including
return of goods

A

Disposition

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32
Q

A method for measuring project performance that compares the amount of work that was planned with what was actually accomplished to determine if cost and schedule performance went as planned

A

Earned value

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33
Q

The science concerned with making decisions with scarce resources such as labor, capital, goods, and natural resources

A

Economics

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34
Q

The use by the government of the Internet and
other information technologies, together with the processes and people needed to implement them, to enhance the delivery of information and services to the public and others to make improvements in government operations

A

Electronic government (e-government)

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35
Q

The amount of money that would be left if a company sold all of its assets and paid off all of its liabilities; this amount, also called capital or net worth, belongs to the owner(s) of the company

A

Equity

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36
Q

A web-based portal (www.fbo.gov) that allows vendors to review federal business opportunities, and buyers to create opportunity notices and awards, using secured accounts

A

FedBizOpps

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37
Q

An assessment of the viability, stability, and profitability of a business

A

Financial analysis

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38
Q

A set of uniform accounting rules for
assigning and measuring contract data to accurately represent an organization’s financial condition; nonregulatory guidance developed and used by certified public accountants

A

Generally Accepted Accounting Principles (GAAP)

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39
Q

The subtotal of total revenue made during an accounting period, minus any returns or discounts and the costs of goods sold, before deducting operating expenses

A

Gross profit

40
Q

A report that shows how much revenue a company earned over a
specific time period, and the costs and expenses associated with earning that revenue

A

Income statement

41
Q

The field concerned with collecting, organizing, storing, retrieving,
and protecting recorded data

A

Information science

42
Q

Assets whose value comes from a legal claim or additional earning
power from a business transaction, such as goodwill, patents, or trademarks

A

Intangible assets

43
Q

The management of inventories, including: decisions about which
items to stock at each location; how much stock to keep on hand at various levels of operation; when to buy; how much to buy; controlling pilferage and damage; and managing shortages and back orders.

A

Inventory control

44
Q

An accounting system under which the company accounts for
output by identifying specific physical units; the costs for each job or contract are accumulated under separate job orders

A

Job-order cost system

45
Q

A tool for portfolio analysis: a four-box matrix that reflects the
segmentation of spend based on an assessment of the value of the spend relative to the market risk to acquire

A

Kraljic Matrix

46
Q

The delay between when a cost is incurred and when that cost appears in the accounting system

A

Latency

47
Q

An amount of money owed by a company to another; may require a specific sum of money paid to a particular party at a specified time, or may be indefinite

A

Liability

48
Q

The process of planning, implementing and controlling the efficient, cost-effective flow and storage of raw materials, in-process inventory, finished goods and related information from point of origin to point of consumption for the purpose of conforming to customer requirements

A

Logistics

49
Q

Long-term assets are assets that a business cannot easily turn into cash and that are not used within one year; long-term liabilities are liabilities that will mature over one year from the balance sheet date

A

Long-term

50
Q

Planning, managing, and performing the processing of materials into
intermediate or final products, usually in large quantities

A

Manufacturing

51
Q

Involves the planning, acquisition, flow, and distribution of
production materials from the raw state to the finished product state

A

Materials management

52
Q

A type of competition that exists when there is only one company in the marketplace and it has no competitors

A

Monopoly

53
Q

A type of competition that exists when there is only one buyer, such as
when certain supplies or services can only be bought by a single entity

A

Monopsony

54
Q

The subtotal of gross profit minus the operating expenses that a
company pays to conduct its business

A

Net operating income

55
Q

A type of competition that exists when there are only a few companies in an industry with slight differences in products or services

A

Oligopoly

56
Q

Looks at the near-term goals and identifies how the organization
will meet its tactical goals

A

Operational planning

57
Q

A type of management activity that is mostly concerned with
the directing and controlling of management functions, which uses customer feedback to improve processes and procedures, to improve the activities or add value to the product or service

A

Operations management

58
Q

An interactive approach to managing opportunities and risks that may occur during the course of business that could affect the success or failure of the project, in which the probability of each event’s occurrence and its potential effect on the project are analyzed and prioritized or ranked from highest to lowest; beginning with the highest prioritized events and working down, the project management team determines what options and strategies are available and chooses the best strategy to maximize opportunities and reduce or prevent the
identified risks from occurring

A

Opportunity and risk management (ORM)

59
Q

The measure of the probability of a positive desired change occurring and the desired impact of that event

A

Opportunity

60
Q

Allocating resources to meet goals identified during the planning process

A

Organizing

61
Q

Analysis (also known as ABC analysis or 80:20 rule) which can be used
to categorize purchases according to dollar value; for example, 20 percent of the total number of items bought may account for 80 percent of the total value of the purchasing

A

Pareto analysis

62
Q

A type of competition that exists when many companies produce
identical goods or services and no one company can influence the market

A

Perfect competition

63
Q

Preparing the organization for the future

A

Planning

64
Q

Includes all of the programs and projects in an organization; may be for the organization as a whole, or for individual lines of business

A

Portfolio

65
Q

An accounting system under which direct costs are charged to a
project for more than one contract that are run through the process at the same time, even though the end items may not be identical; at the end of the accounting period, the costs incurred for that process are assigned to the units completed during the period and to the incomplete unit still in production

A

Process cost system

66
Q

A series of integrated processes in new product development
chronicling steps from idea conception to commercialization

A

Product development

67
Q

A group of projects and subprojects that are interdependent for the
program’s success, which happen in parallel, or in different stages, phases, or sequences

A

Program

68
Q

The discipline of initiating, planning, executing, controlling, and
closing the work of a team to achieve specific goals and meet specific success criteria

A

Project management:

69
Q

A unique endeavor undertaken to produce a product, service, or an
organizational change; projects are one-time occurrences that have a defined start and finish point

A

Project

70
Q

The seller’s process of measuring quality performance, comparing
it with the standard, and acting on the difference; All those tasks done within an organization to improve the quality of its output. This would include inspection systems set up by a seller to monitor its own output at key intervals in the contracting process.

A

Quality control (QC)

71
Q

The business function that is responsible for verifying that the goods received are the goods that the organization ordered; involves inspecting and accepting incoming shipments

A

Receiving

72
Q

A project schedule outlining what tasks will take place, when
they are scheduled to begin and end, and what resources are needed to accomplish them

A

Resource-loaded schedule

73
Q

The measure of the probability of an unwanted change occurring and the associated effect of that event; consists of three components: a risk event (an unwanted change), the probability of occurrence (uncertainty), and the significance of the impact (the amount at stake)

A

Risk

74
Q

Continuous or uncontrolled growth in a project’s scope, resulting from
changes after the project begins; can occur when the scope of a project is not properly defined, documented, or controlled

A

Scope creep

75
Q

All the work required to deliver the product or outcome of a project

A

Scope

76
Q

A ratio measuring the company’s ability to meet its current and long-term obligations; also called liquidity ratio

A

Solvency ratio

77
Q

Analysis of the historical spending patterns in an organization, usually
by commodity or category

A

Spend analysis

78
Q

The individual or group that provides the financial resources, in cash or in kind, for the project

A

Sponsor

79
Q

Individuals and organizations who are involved in or may be affected by project activities

A

Stakeholder

80
Q

The day and sometimes the time associated with a schedule activity’s start, usually qualified by one of the following: actual, planned, estimated, scheduled, early, late, target, baseline, or current.

A

Start Date

81
Q

An operations management tool that looks at identifying and
preventing quality problems

A

Statistical process control

82
Q

Looks at long-term goals and objectives, typically based on the
organization’s mission statement

A

Strategic planning

83
Q

The selection and management of suppliers with a focus on
achieving the long-term goals of a business

A

Strategic sourcing

84
Q

A process of integrating goods, services, and information to
meet the customer’s needs; involves managing the activities to produce and deliver a product or service from suppliers and their vendors to the customer

A

Supply chain management

85
Q

A model which shows the supply chain operation as three basic functions: “Source,” “Make,” and “Deliver;” using this model, these three basic functions of a company’s organization are linked to both the customer’s organization and the company’s suppliers

A

Supply Chain Operations Reference (SCOR)

86
Q

All the tasks associated with taking raw materials and transforming them into the final product to deliver to the customer

A

Supply chain

87
Q

The identification, acquisition, access, positioning and
management of resources and related capabilities the organization needs or potentially needs in the attainment of its strategic objectives

A

Supply management

88
Q

Indicates how sellers behave in the marketplace; the quantity supplied is what is
available to be bought at a particular price

A

Supply

89
Q

Focuses on short-term goals and involves evaluating economic and
environmental issues to meet the strategic plan’s goals

A

Tactical planning

90
Q

Assets whose values comes from their physical substance, such as land, buildings, and equipment

A

Tangible assets

91
Q

In terms and conditions, a part of the contract that addresses a specific subject; in most contracts, terms address payment, delivery, product quality, warranty of goods or services, termination of the agreement, resolution of disputes, and other subjects

A

Term

92
Q

A “road map” estimating how much funding a contract will
require over time

A

Time-phased budget

93
Q

The management of activities associated with buying and
controlling transportation services for a shipper or consignee or both

A

Traffic management

94
Q

The storage and movement of internal materials and finished products

A

Warehousing

95
Q

A top-down, hierarchical or tree-structured description of
the work to be accomplished as viewed from the standpoint of outputs or products Work breakdown structure

A

Work breakdown structure

96
Q

A group of related tasks within a project; the smallest unit of work that a project can be broken down to when creating the Work Breakdown Structure

A

Work package

Leadership Vocabulary (6 decks)

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