Misc Definitions Flashcards
Activity
Discrete unit of work to be performed. It should be measurable, one resource (i.e. painting not patching), specific, and no interruptions (meaning not reliant on someone/thing else like writing and publishing)
Milestone
Measurement point or event. Have zero duration. Example - contract approved
Rolling wave planning
Used often in agile. Form of progressive elaboration.
Risks
Potential positive or negative impacts to the activity
PMI Talent Triangle
Technical project management; Leadership; Strategic and business management
Analogous estimating
Used in preliminary estimating. Most common type. Top-down estimating that begins with information from prior project and supplements with information from the team and SMEs. Adjust for differences in new project.
Parametric estimating
Used in preliminary estimating. Uses known values and multiples them by a variable. Known values could be published rates, number of gallons, etc. Works best with tangible outcomes.
Three-point estimating
Used in budgetary estimating. Three estimates: optimistic, pessimistic, most likely. Perform weighted calculation. PERT formula: PERT = (O + 4ML + P) / 6 where O = optimistic, ML = most likely, and P = pessimistic. Represent a 50% confidence level. Expected = 50% confidence.
Delphi estimating
Used in budgetary estimating. Obtain one estimate, most likely, from multiple people. Mitigates estimator bias and is consensus based. Done over rounds to reach consensus, each round throw out high and low.
Definitive estimates
Bottom-up estimating technique performed immediately preceding the scheduled work, sometimes referred to as a two-week look-ahead. Most accurate. Associated with implementation phases.
Triple constraint (of quality)
Scope, time, cost
Performance Measurement Baseline (PMB)
Another term for cost baseline used when using Earned Value Management (EVM). Time-scaled project budget. Can’t be changed without approval. Integrates scope, cost, and schedule baselines into one. Used to compare actual performance to planned performance
S-Curve
Projects generally start with low cost, then increase, then level out. When graphed, it looks like a lazy S shape
Budget at Completion (BAC)
Budget completed in time (at 10 weeks) and by money ($10,000). Marks end point for completion. Represents the planned budget at completion.
Planned Value (PV)
The dollar value of work planned as of that point in time
Earned Value Analysis (EVA)
Determines how well project is progressing by measuring work plan, work performance, and actual spending. Includes 4 elements: Planned Value (PV), Budget at Completion (BAC) aka cumulative planned value, Earned Value (EV) aka how much work has been completed, Actual Cost (AC) aka how much was spent to complete the work
Earned Value (EV)
How much work has been completed
Actual Cost (AC)
How much was spent to complete the work
Data date or time now
Point in time Planned Value, Earned Value and Actual Cost are measured. Before the time now, it does not have a planned value (history) after the time now it does have planned value
Variance
Difference between planned and actual performance. Can be favorable or unfavorable
Estimate at Completion (EAC)
Revised Budget at Completion (BAC) taking Time Now statuses into account
Estimate to Complete (ETC)
Amount of additional funds needed to get to EAC based on how much spent so far and how much work remains
Earned Schedule (ES)
Schedule equivalent of Earned Value. Look at EV compared to PV and where it falls on the schedule. For example may be at week 5 but only completed work equivalent to week 4. Minor concept.
Prevention Costs
Money spent to avoid quality problems
Appraisal Costs
Money spent on measuring and monitoring quality activities such as running tests or audits
