Medium Difficulty 2 Flashcards
What is Early Start Date (ES)?
In the critical path method, the earliest possible date on which a schedule activity can start without violating any schedule constraint.
What is Late Finish Date (LF)?
In the critical path method, the latest possible date that a schedule activity can complete without delaying the project or violating any schedule constraint.
What is Late Start Date (LS)?
In the critical path method, the latest possible date that a schedule activity can begin without delaying the project or violating any schedule constraint.
What is a Near-Critical Activity?
A schedule activity that has low total float.
What is Budget at Completion (BAC)?
The budget for all the work on the project. It is also the total planned value for the project.
What is Cost Performance Index (CPI)?
A measure of cost efficiency on a project. It is the ratio of earned value (EV) to actual cost (AC).
What is Cost Variance (CV)?
It is the amount of budget deficit or surplus at a given point in time, and is expressed as the difference between earned value (EV) and actual cost (AC).
What is a Schedule Performance Index (SPI)?
A measure of schedule efficiency expressed as the ratio of Earned Value (EV) to Planned Value (PV).
What is Schedule Variance (SV)?
A measure of schedule performance expressed as the difference between the Earned Value (EV) and the Planned Value (PV).
What is To-Complete-Performance-Index (TCPI)?
The cost performance that must be achieved on the remaining work to meet a BAC (or EAC) target. It is the ratio of “remaining work” to the “funds remaining”.
What is Actual Cost (AC)?
The “actual” cost incurred for the work accomplished. It is also referred to as the actual cost of work performed (ACWP).
What is Earned Value (EV)?
The estimated (monetary) value of the work accomplished expressed in terms of the budget authorized for that work. It is also referred to as the budgeted cost of work performed (BCWP).
What is Planned Value (PV)?
The authorized budget assigned to scheduled work.
What is a Control Account?
A management control point in the WBS where Earned Value measurements take place. It is also known as a Cost Account.
Define Earned Value Management (EVM).
A project management methodology that integrates scope, schedule and cost to measure project performance and progress in an objective manner.
What are Activity Attributes?
Additional details to describe an activity, such as activity codes, predecessor activities, successor activities, logical relationships, leads and lags, resource requirements, imposed dates, constraints, and assumptions.
What is an Approved Change Request?
A change request that has been processed through the integrated change control process and approved.
What is a Change Request?
A formal proposal to modify any document, deliverable, or baseline. It may include corrective actions, preventive actions, defect repairs, and updates to project documentation and plans.
What is a Communications Management Plan?
A component of the project, program, or portfolio management plan that describes how, when, and by whom information about the project will be administered and disseminated.
Define Contract.
A mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.
What is a Cost Management Plan?
A component of a project or program management plan that describes how costs will be planned, structured, and controlled.
What is a Cost Baseline?
The approved time-phased budget of the project (excluding any management reserves) that is used to compare actual costs to planned costs in order to determine variance and need for preventive or corrective action.
What is Estimate at Completion (EAC)?
The expected total cost of completing all the work on a project expressed as the sum of the actual cost to date and the estimate to complete.
What is Estimate to Complete (ETC)?
The expected cost to complete all the “remaining work” on a project.
What is a Resource Management Plan?
A component of the project management plan that describes how project resources are acquired, allocated, monitored, and controlled.
What are Work Performance Reports?
The physical or electronic representation of work performance information compiled in project documents, intended to generate decisions, actions, or awareness.
What are Procurement Documents?
The documents utilized in bid and proposal activities, including Invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal and seller’s responses.
What is a Procurement Management Plan?
A component of the project or program management plan that describes how a project team will acquire goods and services from outside of the performing organization.
What is a Project Calendar?
A calendar of working and non-working days for a project. It typically defines holidays, weekends, and shift hours.
What is a Project Charter?
A document issued by the project initiator or sponsor that formally authorizes the project. It outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager.
What is a Project Management Plan?
The document that describes how the project will be executed, monitored and controlled, and closed.
What is a Project Organization Chart?
A document that graphically depicts the project team members and their interrelationships for a specific project.
What is a Project Schedule?
An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.
What is a Project Schedule Network Diagram?
A graphical representation of the logical relationships among the project schedule activities. Always drawn from left to right to reflect project work chronology.
What is a Project Scope Statement?
The description of the project scope, including major deliverables, and exclusions. It provides a basis for making future project decisions and provides a common understanding of project scope among the stakeholders.
What is a Quality Management Plan?
A component of the project or program management plan that describes how applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives.
What is a Requested Change?
A formally documented change request that is submitted for approval to the integrated change control process.
What is a Risk Management Plan?
A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.
What is a Risk Register?
A repository in which outputs of risk management processes are recorded. It typically includes the list of identified risks along with their description, category, probability, impact, planned responses, owners and status.
What is a Schedule Baseline?
The approved version of a schedule model that can be changed only through formal change control procedures and is used as a basis for comparison to actual results.
What is a Schedule Management Plan?
A component of the project or program management plan that establishes the criteria and the activities for developing, monitoring, and controlling the schedule.
What is a Scope Management Plan?
A component of the project or program management plan that describes how the scope will be defined, developed, monitored, controlled, and validated.
What is a Work Breakdown Structure (WBS)?
A deliverable-oriented hierarchical breakdown of all the work that needs to be done in order to achieve the project objectives.
What is a Work Breakdown Structure (WBS) Dictionary?
A document that provides additional details on each element of the WBS, such as a unique ID for each element, description of the work to be done, deliverables, assumptions, milestones, etc.
What are Accepted Deliverables?
The deliverables that meet the acceptance criteria and have been formally signed off by the customer or sponsor through the Validate Scope process. These deliverables may be reviewed by the customer before giving a final sign-off on the entire project.
Define Acquisition.
Obtaining human and material resources necessary to perform project activities.
What is Activity Duration Estimate?
A quantitative assessment of the likely amount of time required to complete an activity.
What are Resource Requirements?
The types and quantities of resources required for each activity in a work package.
What is an Agreement?
Any document or communication that defines the initial intentions of a project. This can take the form of a contract, memorandum of understanding (MOU), letters of agreement, verbal agreements, email, etc.
What is Basis of Estimates?
Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels.
What is a Business Case?
A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition, and that is used as a basis for the authorization of further project management activities. In simple terms, it’s the justification for doing a project.
What are Closed Procurements?
Project contracts or other procurement agreements that have been formally acknowledged by the proper authorizing agent as being finalized and signed off.
What are Cost Forecasts?
An estimate or prediction of project’s future cost performance based on information and knowledge available at the time of the forecast. These are typically expressed as estimate to complete (ETC), estimate at completion (EAC), budget at completion (BAC), and to-complete performance index (TCPI).
What are Quality Control Measurements?
The documented results of Control Quality activities.
What are Quality Metrics?
A description of a project or product attribute and how to measure it.
What is Schedule Data?
The collection of information for describing and controlling the schedule.
What are Schedule Forecasts?
An estimate or prediction of a project’s future schedule performance based on information and knowledge available at the time of the forecast. These are typically expressed in terms of schedule variance (SV) and schedule performance index (SPI).
What are Seller Proposals?
Formal responses from sellers to a request for proposal or other procurement document specifying the price, commercial terms of sale, and technical specifications or capabilities the seller will do for the requesting organization that, if accepted, would bind the seller to perform the resulting agreement.
What are Source Selection Criteria?
A set of attributes desired by the buyer which a seller is required to meet or exceed to be selected for a contract.
What is a Benefits Management Plan?
The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program.
What are Bid Documents?
All documents used to solicit information, quotations, or proposals from prospective sellers.
What is a Change Management Plan?
A component of the project management plan that establishes the change control board, documents the extent of its authority, and describes how the change control system will be implemented.
What is a Configuration Management Plan?
A component of the project management plan that describes how to identify and account for project artifacts under configuration control, and how to record and report changes to them.
What are Test and Evaluation Documents?
Project documents that describe the activities used to determine if the product meets the quality objectives stated in the quality management plan.
What is a Requirements Management Plan?
A component of the Project Management Plan that describes how project and product requirements will be analyzed, documented, and managed throughout the project.
What are Project Funding Requirements?
Requirements that specify when funds need to be pumped into the project. They are derived from the cost baseline. Usually, funds are supplied in lump sum at specific times during the project.
What is a Change Log?
A document used for recording all the changes that occur during a project and their current status. It also includes the dates when changes were made and the corresponding impact to schedule, cost and risk.
What is an Issue Log?
A document used for recording and monitoring the resolution of issues.
What is a Stakeholder Register?
A document that contains the name and contact information of all the stakeholders, their assessment (major requirements, expectations, influence), and their classification (internal/external and supporter/neutral/resistor).
What is a Procurement Statement of Work?
A description of the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results. It includes specifications, quantity desired, quality levels, performance data, period of performance, work location, and other requirements.
What are Organizational Process Assets?
Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization.
What is Contingency Reserve?
Time or money allocated in the schedule or cost baseline for known risks (or “known-unknowns”) with active response strategies. It is also known as Contingency Allowance.
What is Leadership?
Leadership is the ability to lead a team and inspire them to do their jobs well.
What are Operations?
Ongoing activities that produce repetitive outputs (e.g. manufacturing, accounting, etc.).
Define Methodology.
A system of practices, techniques, procedures, and rules used by those who work in a discipline.
What is an Objective?
Something toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.
Define Portfolio.
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Define Practice.
A specific type of professional or management activity that contributes to the execution of a process and that may employ one or more techniques and tools.
Define Product.
An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item. It is also described as material and goods.
Define Program.
A group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually.
What is Program Management?
The application of knowledge, skills, and principles to a program to achieve the program objectives and obtain benefits and control not available by managing program components individually.
Define Project.
A temporary endeavor undertaken to create a unique product, service, or result.
What is a Project Life Cycle?
A series of phases from concept to closure through which a project passes through. For example, phases for an IT project could be requirements, design, development, testing and implementation.
What is Project Management Body of Knowledge?
A term that describes the knowledge within the profession of project management. The project management body of knowledge includes proven traditional practices that are widely applied as well as innovative practices that are emerging in the profession.
What is a Project Management Office (PMO)?
A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Who is a Project Manager (PM)?
The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives.
Who is a Sponsor?
A person or group who provides resources and support for the project, program, or portfolio and is accountable for enabling success.
What is Business Value?
The tangible and intangible benefits from an investment.
What is a Sponsoring Organization?
The entity responsible for providing the project’s sponsor and a conduit for project funding or other project resources.
What are Enterprise Environmental Factors?
The external or internal factors, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio. Examples include organizational culture, industry standards, existing infrastructure and human capital, marketplace conditions.
What is Progressive Elaboration?
Continuously improving and detailing a plan as more detailed and specific information is available, and thereby producing more accurate and complete plans.
What is McGregor’s Theory X?
A theory that assumes that the average worker is inherently lazy, avoids work and responsibility, and requires supervision.
What is McGregor’s Theory Y?
A theory that assumes that the average worker is willing to get the job done without constant supervision and seeks opportunity for personal improvement and self-respect.
What is McClelland’s Theory of Needs?
A theory that says that an individual’s needs are acquired over time and are shaped by his/her life experiences. Most of the needs can be classified into 3 categories - Achievement, Affiliation and Power. It is also known as Acquired Needs Theory, Three Needs Theory, or Learned Needs Theory.
What is the definition of Respect, in the context of ethics and professional conduct?
Our duty to show a high regard for ourselves, others, and the resources entrusted to us.
What is the definition of Fairness, in the context of ethics and professional conduct?
Our duty to make decisions and act impartially and objectively.
What is the definition of Honesty, in the context of ethics and professional conduct?
Our duty to understand the truth and act in a truthful manner both in our communications and in our conduct.
Define System.
A collection of various components that together can produce results not obtainable by the individual components alone.
Define Governance.
The framework within which authority is exercised in organizations.
Who is a Functional Manager?
Someone with management authority over an organizational unit (such as manufacturing, finance, IT, etc.) within a functional organization. The manager of any group that actually makes a product or performs a service. Sometimes called a Line Manager.
What is a Functional Organization?
An organizational structure in which staff is grouped by areas of specialization (such as engineering, marketing, IT, production, finance, etc.) and the project manager has limited authority to assign work and apply resources.
What is a Matrix Organization?
Any organizational structure, which is a hybrid of functional organization and projectized organization, where resources are controlled functionally by their functional manager, and for the project requirements by the project manager.
What is a Performing Organization?
An enterprise whose personnel are most directly involved in doing the work of the project or program.
What is a Projectized (or project-oriented) Organization?
An organizational hierarchy where resources are allocated on a dedicated basis to a project and are controlled by the project manager.
What are Regulations?
Requirements imposed by a governmental body.
What is a Weak Matrix Organization?
An organizational hierarchy that maintains many of the characteristics of a functional organization, and the project manager role is more of a coordinator or expediter than that of a true project manager.
What is a Strong Matrix Organization?
An organizational hierarchy that has many of the characteristics of the projectized organization, and can have full-time project managers with considerable authority and full-time project administrative staff.
What is a Balanced Matrix Organization?
An organizational hierarchy that recognizes the need for a project manager, but does not provide the project manager with the full authority over the project and project funding.
What is a Composite Organization?
An organizational hierarchy which may involve all structures (such as functional, matrix or projectized) at various levels.
What is the Acquire Resources process?
The process of obtaining team members, facilities, equipment, materials, supplies, and other resources necessary to complete project work.
What is the Control Procurements process?
The process of managing procurement relationships, monitoring contract performance, making changes and corrections as appropriate, and closing out contracts.
What is the Close Project or Phase process?
The process of finalizing all activities for the project, phase, or contract.
What is the Closing Process Group?
The process(es) performed to formally complete or close a project, phase, or contract.
What is the Collect Requirements process?
The process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives.
What is the Conduct Procurements process?
The process of obtaining seller responses, selecting a seller, and awarding a contract.
What is the Control Costs process?
The process of monitoring the status of the project to update the project costs and manage changes to the cost baseline.
What is the Control Schedule process?
The process of monitoring the status of the project to update the project schedule and manage changes to the schedule baseline.
What is the Control Scope process?
The process of monitoring the status of project and product scope, and managing changes to the scope baseline.
What is the Create WBS process?
The process of subdividing project deliverables and project work into smaller, more manageable components.
What is the Define Activities process?
The process of identifying and documenting the specific actions to be performed to produce the project deliverables.
What is the Define Scope process?
The process of developing a detailed description of the project and product.
What is the Determine Budget process?
The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
What is the Plan Resource Management process?
The process of defining how to estimate, acquire, manage, and utilize physical and team resources.
What is the Develop Project Charter process?
The process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
What is the Develop Project Management Plan process?
The process of defining, preparing, and coordinating all plan components and consolidating them into an integrated project management plan.
What is the Develop Team process?
The process of improving competences, team member interaction, and overall team environment to enhance project performance.
What is the Develop Schedule process?
The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule model for project execution and monitoring and controlling.
What is the Direct and Manage Project Work process?
The process of leading and performing the work defined in the Project Management Plan and implementing approved changes to achieve the project’s objectives.
What is the Manage Communications process?
The process of ensuring timely and appropriate collection, creation, distribution, storage, retrieval, management, monitoring, and the ultimate disposition of project information.
What is the Estimate Activity Durations process?
The process of estimating the number of work periods needed to complete individual activities with the estimated resources.
What is the Estimate Activity Resources process?
The process of estimating team resources and the type and quantities of material, equipment, and supplies necessary to perform project work.
What is the Estimate Costs process?
The process of developing an approximation of the monetary resources needed to complete project work.
What is the Executing Process Group?
The processes performed to complete the work defined in the project management plan to satisfy the project requirements.
What is the Identify Risks process?
The process of identifying individual risks as well as sources of overall risk and documenting their characteristics.
What is the Identify Stakeholders process?
The process of identifying project stakeholders regularly and analyzing and documenting relevant information regarding their interests, involvement, interdependencies, influence, and potential impact on project success.
What is the Initiating Process Group?
The processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase.
What is the Manage Team process?
The process of tracking team member performance, providing feedback, resolving issues, and managing changes to optimize project performance.
What is the Manage Stakeholder Engagement process?
The process of communicating and working with stakeholders to meet their needs and expectations, address issues, and foster appropriate stakeholder involvement.
What is the Monitor and Control Project Work process?
The process of tracking, reviewing, and reporting overall progress to meet the performance objectives defined in the project management plan.
What is the Monitor Risks process?
The process of monitoring the implementation of agreed-upon risk response plans, tracking identified risks, identifying and analyzing new risks, and evaluating risk process effectiveness throughout the project.
What is the Monitoring and Controlling Process Group?
The processes that track, review, and regulate the progress and performance of the project against the Project Management Plan; identify any areas in which changes to the plan are required; and initiate the corresponding changes.
What is the Perform Integrated Change Control process?
The process of reviewing all change requests, approving changes and managing changes to deliverables, organizational process assets, project documents, and the Project Management Plan, and communicating the decisions.
What is the Perform Qualitative Risk Analysis process?
The process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact as well as other characteristics.
What is the Manage Quality process?
The process of translating the quality management plan into executable quality activities that incorporate the organization’s quality policies into the project.
What is the Control Quality process?
The process of monitoring and recording results of executing the quality management activities to assess performance and ensure the project outputs are complete, correct, and meet customer expectations.
What is the Perform Quantitative Risk Analysis process?
The process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives.
What is the Plan Communications Management process?
The process of developing an appropriate approach and plan for project communication activities based on the information needs of each stakeholder or group, available organizational assets, and the needs of the project.
What is the Plan Procurement Management process?
The process of documenting project procurement decisions, specifying the approach, and identifying potential sellers.
What is the Plan Quality Management process?
The process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project will demonstrate compliance with quality requirements and/or standards.
What is the Plan Risk Management process?
The process of defining how to conduct risk management activities for a project.
What is the Plan Risk Responses process?
The process of developing options, selecting strategies, and agreeing on actions to address overall project risk exposure, as well as to treat individual project risks.
What is the Planning Process Group?
The processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.
What is the Sequence Activities process?
The process of identifying and documenting relationships among the project activities.
What is the Validate Scope process?
The process of formalizing acceptance of the completed project deliverables.
What is the Monitor Communications process?
The process of ensuring that the information needs of the project and its stakeholders are met.
What is the Monitor Stakeholder Engagement process?
The process of monitoring project stakeholder relationships, and tailoring strategies for engaging stakeholders through the modification of engagement strategies and plans.
What is the Plan Cost Management process?
The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled.
What is the Plan Schedule Management process?
The process of establishing the policies, procedures, and documentation for planning, developing, managing, executing, and controlling the project schedule.
What is the Plan Scope Management process?
The process of creating a scope management plan that documents how the project and product scope will be defined, validated, and controlled.
What is the Plan Stakeholder Engagement process?
The process of developing approaches to involve project stakeholders, based on their needs, expectations, interests, and potential impact on the project.
What is the Control Resources process?
The process of ensuring that the physical resources assigned and allocated to the project are available as planned, as well as monitoring the planned versus actual utilization of resources and performing corrective action as necessary.
What is the Implement Risk Responses process?
The process of implementing agreed-upon risk response plans.
What is the Manage Project Knowledge process?
The process of using existing knowledge and creating new knowledge to achieve the project’s objectives and contribute to organizational learning.
What is the definition of a Process?
A systematic series of activities directed towards causing an end result such that one or more inputs will be acted upon to create one or more outputs.
What is Present Value (PV)?
The current value of future cash flow, discounted to reflect the time value of money and other factors such as investment risk.
What is Return on Investment (ROI)?
It is the ratio of the profit (or loss) to the amount invested in the project.
What is a Murder Board?
A group of people who try to find reasons to not pursue a project.
What is the Law of Diminishing Returns?
The theory that after a certain point, the increase in input of a process does not lead to a proportional increase in the output.
What is Working Capital?
Current Assets minus Current Liabilities.
Define Reward Power.
The power of directly or indirectly rewarding the team member. Rewards may be in the form of salary, promotion, bonus or better work assignments.
Define Expert Power.
The power derived from special knowledge or expertise.
Define Referent Power.
The power derived from personality traits or charisma. It is also known as Charisma Power.
Define Legitimate Power.
The formal authority or power derived from the position. Team members perceive the project manager as being officially empowered to issue orders. It is also known as Formal Power.
Define Coercive Power.
The power to invoke discipline or negative consequences. It may be in the form of suspension, reprimand, unpleasant assignments, etc. It is also known as Punitive or Penalty Power.
What is a Buffer?
A reserve in the Project Management Plan to account for cost and/or schedule risk. It is also known as Reserve.
What is a Common Cause?
A source of variation that is inherent in the system and predictable. On a control chart, it appears as random data points within the control limits. It is also referred to as random cause.
What is a Dependency?
A logical relationship between two activities, or between an activity and a milestone. The four possible types are: Finish-to-Start; Finish-to-Finish; Start-to-Start; and Start-to-Finish. It is also known as Logical Relationship.
What is Float?
The difference between the time available for performing an activity and the time required to complete it. It is also known as Slack.
What is a Precedence Relationship?
The term used for a logical relationship in the Precedence Diagramming Method (PDM). Also referred to as logical relationship, and dependency.
What is a Slack?
Another name for float.
What is a Summary Activity?
A group of related activities, which are displayed and reported as a single activity, between two milestones or in a given time period. Mainly used for management communication and better control. It is also known as Hammock Activity.
What is a Cause and Effect Diagram?
A decomposition technique that helps trace an undesirable effect back to its root cause. It is also known as Fishbone Diagram or Ishikawa Diagram.
What is Preferential Logic also known as?
Discretionary Dependency.
What is Preferred Logic also known as?
Discretionary Dependency.
What is the Deming Cycle?
The checklist of the four stages which you must go through to get from “problem-faced” to “problem solved”. The four stages are Plan-Do-Check-Act. It is also known as Shewhart Cycle. It is used for continuous improvement.
What is a Pure Risk?
A risk that only provides a chance for a loss. It is also known as an Insurable risk.
What is a Non Disclosure Agreement (NDA)?
A legal agreement between parties that outlines confidential material, knowledge, or information that the parties wish to share with each other for certain purposes, but wish to restrict access to by third parties. It is also known as Confidentiality Agreement.
What is Analogous Estimating?
An estimating technique that uses duration or cost information from a previous, similar activity as the basis for estimating a future activity.
What is Bottom-up Estimating?
A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the work breakdown structure (WBS) into an overall estimate for the entire activity or work package.
What is Brainstorming?
A group creativity technique by which a group tries to find a solution for a specific problem by gathering a list of ideas spontaneously contributed by its members. It is particularly useful for identifying risks.
What is a Change Control System?
A set of procedures for managing and controlling changes to the project documents and deliverables. It’s a subset of the Configuration Management System.
What is Code of Accounts?
Any numbering system used to uniquely identify each component of the WBS.
What is a Configuration Management System?
A collection of procedures used to track project artifacts and monitor and control changes to these artifacts. It is a subsystem of the overall project management system.
What is a Control Chart?
A graphical display of the results of a process over time and against established control limits. Control Charts are used to determine whether a process is “in control” or in need of adjustment.
What is Cost of Quality (CoQ)?
The total cost of all quality related efforts throughout the product life cycle. It includes prevention and appraisal costs (cost of conformance), and failure costs (cost of non-conformance).
What is Crashing?
A schedule compression technique that involves determining an approach that brings maximum reduction in project duration with least incremental cost and risk, and without changing the scope.
What is Decision Tree Analysis?
A technique that employs decision trees to compare the outcomes of different scenarios in terms of their expected monetary values, in order to support decisions. It incorporates the probability and the cost or reward of each scenario to calculate the expected monetary value of the scenario.
What is Decomposition?
A technique for breaking down major project scope and deliverables into smaller, more manageable components.
What is Expert Judgment?
Judgment provided based upon expertise in an application area, knowledge area, discipline, industry, etc. as appropriate for the activity being performed. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training.
What is Fast Tracking?
A schedule compression technique that reduces the project duration by performing critical path activities in parallel that were originally planned to be performed in sequence.
