Midterm 1 Flashcards
Activities
A distinct, scheduled portion of work performed during the course of a project
Critical Path
The sequence of activities that represents the longest path through a project, which determines the shortest possible duration
Free Float
The amount of time that a schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint
Precedence Diagramming Method
A technique used for constructing a schedule model in which activities are represented by nodes and are graphically linked by one or more logical relationships to show a sequence in which the activities are to be performed
Finish-To-Start
A logical relationship in which a successor activity cannot start until a predecessor activity has finished
Risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives
Risk Management Plan
A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed
Risk acceptance
A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs
Risk Transfer
A risk response strategy whereby the project team shifts the impact of the threat To a third-party, together with ownership of the response.
Issue
An important topic or problem for a debate or discussion
Opportunity
A risk that would have a positive effect on one or more project objectives
Residual risk
The risk that remains after risk responses have been implemented
Secondary risk
A risk that arises as a direct result of implementing a risk response
Communications management plan
A component of the project, program, or portfolio management plan that describes how, when, and by whom information will be administered and disseminated
Critical path method
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the scheduled model
Network path
A sequence of activities connected biological relationships in a project schedule network diagram
Program evaluation and review technique
A technique used to estimate project duration through a weighted average of optimistic, pessimistic, and most likely activity durations when there is uncertainty with the individual activity estimates
Precedence diagramming method
A technique used for constructing a schedule model in which activities are represented by nodes in our graphically linked by one or more logical relationships to show a sequence in which the activities are to be performed
Duration
The total number of work Periods required to complete an activity or work breakdown structure component, expressed in hours, days, or weeks
