Management Flashcards
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
Acceptance criteria
A formal communications network that supplies relevant information for planning, control, decision-making, and evaluation
Accounting system:
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
Accounting
The ratio determining how well the company’s current liabilities can be
satisfied by its current assets less inventory
Acid test ratio:
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
Activity-based costing system
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
Administrative lead time
A project management methodology utilizing short-term sprints to react to changing scope requirements
Agile
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
Asset`
Provides detailed information about a company’s assets, liabilities, and
shareholder equity
Balance sheet
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)
Baseline
A company’s total earnings or losses over a specific time period, after
accounting for costs and expenses; also called net income
Bottom line
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
Budget
An average of the estimated costs per month, often based on staffing
estimates, used for estimating funding requirements
Burn rate
A statement reporting a company’s inflow and outflow of cash;
generally includes operating activities, investing activities, and financing activities
Cash flow statement
A formally constituted group of stakeholders responsible
for approving or rejecting changes to the project baselines
Change Control Board (CCB)
The process of controlling, documenting, and storing the changes to
control items; includes proposing the change, evaluating, approving or rejecting, scheduling and tracking
Change control
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
Charter
The effort or action of two or more commercial companies to obtain the same business from a third party
Competition
In terms and conditions, a phrase that either activates (condition precedent) or suspends (condition subsequent) a term
Condition
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
Constraint:
Involves “what if?” analysis to look at various situations if certain
environmental or economic conditions change
Contingency planning
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
Contingency
Monitoring and evaluating how well the team and organizational objectives are pursued and accomplished
Controlling
The ratio of current assets to current liabilities
Current ratio
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
Current
The ratio measuring the relation of debt and shareholder equity
used to finance the company’s operation
Debt-to-equity ratio
A tangible or intangible good or service delivered to fulfill all or part of a contract
Deliverable
Describes how buyers behave in the marketplace; the quantity a buyer
demands is what a buyer is willing to buy at a particular price
Demand
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
Detailed contract analysis
The management of people and processes to accomplish objectives
Directing
The process by which commodities move to final customers, including
return of goods
Disposition
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
Earned value
The science concerned with making decisions with scarce resources such as labor, capital, goods, and natural resources
Economics
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
Electronic government (e-government)
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
Equity
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
FedBizOpps
An assessment of the viability, stability, and profitability of a business
Financial analysis
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
Generally Accepted Accounting Principles (GAAP)
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
Gross profit
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
Income statement
The field concerned with collecting, organizing, storing, retrieving,
and protecting recorded data
Information science
Assets whose value comes from a legal claim or additional earning
power from a business transaction, such as goodwill, patents, or trademarks
Intangible assets
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.
Inventory control
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
Job-order cost system
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
Kraljic Matrix
The delay between when a cost is incurred and when that cost appears in the accounting system
Latency
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
Liability
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
Logistics
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
Long-term
Planning, managing, and performing the processing of materials into
intermediate or final products, usually in large quantities
Manufacturing
Involves the planning, acquisition, flow, and distribution of
production materials from the raw state to the finished product state
Materials management
A type of competition that exists when there is only one company in the marketplace and it has no competitors
Monopoly
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
Monopsony
The subtotal of gross profit minus the operating expenses that a
company pays to conduct its business
Net operating income
A type of competition that exists when there are only a few companies in an industry with slight differences in products or services
Oligopoly
Looks at the near-term goals and identifies how the organization
will meet its tactical goals
Operational planning
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
Operations management
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
Opportunity and risk management (ORM)
The measure of the probability of a positive desired change occurring and the desired impact of that event
Opportunity
Allocating resources to meet goals identified during the planning process
Organizing
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
Pareto analysis
A type of competition that exists when many companies produce
identical goods or services and no one company can influence the market
Perfect competition
Preparing the organization for the future
Planning
Includes all of the programs and projects in an organization; may be for the organization as a whole, or for individual lines of business
Portfolio
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
Process cost system
A series of integrated processes in new product development
chronicling steps from idea conception to commercialization
Product development
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
Program
The discipline of initiating, planning, executing, controlling, and
closing the work of a team to achieve specific goals and meet specific success criteria
Project management:
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
Project
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.
Quality control (QC)
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
Receiving
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
Resource-loaded schedule
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)
Risk
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
Scope creep
All the work required to deliver the product or outcome of a project
Scope
A ratio measuring the company’s ability to meet its current and long-term obligations; also called liquidity ratio
Solvency ratio
Analysis of the historical spending patterns in an organization, usually
by commodity or category
Spend analysis
The individual or group that provides the financial resources, in cash or in kind, for the project
Sponsor
Individuals and organizations who are involved in or may be affected by project activities
Stakeholder
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.
Start Date
An operations management tool that looks at identifying and
preventing quality problems
Statistical process control
Looks at long-term goals and objectives, typically based on the
organization’s mission statement
Strategic planning
The selection and management of suppliers with a focus on
achieving the long-term goals of a business
Strategic sourcing
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
Supply chain management
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
Supply Chain Operations Reference (SCOR)
All the tasks associated with taking raw materials and transforming them into the final product to deliver to the customer
Supply chain
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
Supply management
Indicates how sellers behave in the marketplace; the quantity supplied is what is
available to be bought at a particular price
Supply
Focuses on short-term goals and involves evaluating economic and
environmental issues to meet the strategic plan’s goals
Tactical planning
Assets whose values comes from their physical substance, such as land, buildings, and equipment
Tangible assets
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
Term
A “road map” estimating how much funding a contract will
require over time
Time-phased budget
The management of activities associated with buying and
controlling transportation services for a shipper or consignee or both
Traffic management
The storage and movement of internal materials and finished products
Warehousing
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
Work breakdown structure
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
Work package
