Pre Assessment Test Flashcards
Team Assessment
Exercise to evaluate teams strength and weakness
Team Charter
Document developed in group setting which clarifies team direction while establishing boundaries
Earned Value Management
Methodology that combines scope, schedule and resource measurements to assess project performance and progress
Earned Value
% of total budget completed at a point in time.
Earned value = % complete X budget
Difference between issue and risk
Issue has already happened. Risk is a potential issue that may or may not happen and may affect the project positively or negatively
Difference between activity and work package
Activity is a distinct, scheduled portion of work performed during the course of a project.
Work Package - The work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated and managed.
A work package is
1). smallest level of deliverable
2). is lowest component of a WBS.*
3). cannot be broken down further. It cannot be decomposed into a smaller level deliverable.*
4). provides some tangible value to the project stakeholder(s).
is recognized, required and valued by the project Stakeholder(s).
5). gives a sense of fulfillment & achievement to the project team.
provides satisfaction to the the project Stakeholder(s). It is handed
over to the project Stakeholder(s), once it is created.
WBS
A work breakdown structure is a deliverable oriented structure. A deliverable is a tangible outcome that gives satisfaction to one or more stakeholder.
Work packages are smallest deliverable in a project. They are resided at the lowest level of the WBS.
Agile terminology
Tacit Knowledge
Based on personal beliefs and experiences that provide context. Personal knowledge that can be difficult to share and articulate such as beliefs, experience, insights.
Goal of procurement audit
The review of contracts and contracting processes for completeness, accuracy and effectiveness.
1) . Evaluate the procurement process
2) . Establish a record for future procurements
What is risk avoidance?
Change the project plan to eliminate risk.
Service Level Agreement (SLA)
A contract between the service provider(internal or external) and end user that defines the level of service expected from the service provider
Rough Order of Magnitude
A type of estimate generally made early in the project. Developed without basis of detailed data and often based on high-level historical data, expert judgement, or a costing model. Accuracy: -25% to + 75%
Phased Estimate
Also called rolling wave or moving window. Allows the use of a less-detailed estimate ( perhaps ROM) for some later parts of the work, whereas work that must be done earlier in the project life cycle is estimated more accurately.
Definitive Estimate
Also controlled “control” or “detailed”. Based on detailed information about the project work. Developed by estimating the cost for each work package in the WBS. Accuracy: -5 % to + 10 %.
Analogous Estimate
Uses the cost of a previous project with similar scope or activities to predict the cost of future activities.
Can ensure no work is inadvertently omitted from work estimates
Can sometimes be difficult for lower-level managers o apportion cost estimates.
Cost Estimates- Tool and Techniques
Bottom-up Estimating
Estimates the cost of individual activities then “rolls up” to higher levels
Is accurate and gives lower- level managers more responsibility
May be time consuming and can be used only after the WBS has been well defined.
Three Point Estimate
Also called PERT. Incorporates 3 types of estimates into a singular cost estimate scenario.
- most likely
- optimistic
- pessimistic
