Predictive PMP Terms Flashcards

1
Q

8/80 Rule

A

each work package should take between 8 hours and 80 hours in order to avoid work packages being too narrow or too broad

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2
Q

Accelerated Depreciation

A

depreciates faster than straight-line depreciation

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3
Q

Acceptance Response

A

passively accepting a threat or opportunity (risk) by doing nothing other than creating a contingency plan and allocating time and cost reserves

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4
Q

Acceptance Terms and Conditions

A

in a contract, how you will know work is acceptable

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5
Q

Acceptance Test

A
  • represents some expected result from the system
  • customers are responsible for verifying the correctness of the acceptance tests and reviewing test scores to decide which failed tests are of highest priority
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6
Q

Acknowledgement

A
  • in the communication model, confirmation of receipt of a message
  • does not indicate agreement with message
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7
Q

Active Job Shadowing

A

shadow employee and ask questions or try work to gather requirements

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8
Q

Activity

A
  • a particular piece of work scheduled for a project
  • you should expect to manage to the activity level as a project manager
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9
Q

Activity-on-Node (AON)

A
  • type of network diagram that shows flow of project with precedence diagramming method
  • predecessors are upstream and successors are downstream
  • activities are nodes that are connected with arrows
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10
Q

Actual Cost

A

as of today, what is the actual cost incurred for the work accomplished?

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11
Q

Administrative Closure

A
  • when closing a project, make sure
    • deliverables are signed off on
    • close project accounts
    • reassign personnel
    • deal with excess material
    • reallocate facilities and other equipment
    • create final reports
    • index lessons learned and other historical records
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12
Q

Affinity Diagrams

A
  • ideas generated by other requirements gathering techniques grouped by similarity
  • each group is given a title which makes it easier to see additional areas of scope or risk that have not yet been identified
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13
Q

Agent Terms and Conditions

A

in a contract, who is an authorized representative of each party

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14
Q

Agreement

A
  • documents or communications that outline internal or external relationships and their intentions
  • not all agreements are contracts
  • the charter and project management plan are examples of agreements that aren’t contracts
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15
Q

Ambiguity Risks

A
  • risks caused by lack of understanding
  • type of non-event based risk
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16
Q

Analytical Management Style

A
  • depends on manager’s own technical knowledge and ability project managers often make the technical decisions for the project and then communicate those decisions to their team
  • effective for resolving conflicts, negotiating, prioritizing, and other decision-making activities
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17
Q

Apportioned Effort Activities

A

activities that support the project, such as quality assurance and integrated change control

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18
Q

Arbitration Terms and Conditions

A
  • in a contract, method to resolve disputes by third parties
  • usually paid for by the parties and generally faster and cheaper than the courts
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19
Q

Assignable Cause (Special Cause Variation)

A

a data point or series of data points require the project manager to investigate the cause of the variation

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20
Q

Assignment Terms and Conditions

A

in a contract, refers to the circumstances under which one party can assign its rights or obligations under the contract to another

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21
Q

Assumption Testing

A
  • in identify risks, use what-if analysis to determine if assumption is valid or not
  • will assumption cause delay or extra costs?
  • is the information the assumption is based on reliable?
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22
Q

Assumptions

A
  • what is believed to be true about the project but is not a fact; incorrect assumptions introduce risk and thus they are recorded in the assumption log
  • examples are team member availability and that they will do a good job
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23
Q

Authority Terms and Conditions

A

in a contract, who has the authority to do what

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24
Q

Autocratic Management Style

A
  • top-down approach; manager may coach or delegate, but everyone does what the manager says
  • can create challenges for project team
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25
Autocratic Voting
single person is assigned to make decision for entire group
26
Avoiding Power
project manager refuses to act or get involved
27
Balanced Matrix
* power is shared between functional manager and project manager * project manager is often part-time and manages a part-time team * team members report to project manager and functional manager * may have part-time administrative help * project manager and functional manager share authority over staff and budget
28
Barriers
* in the communication model, anything that completely blocks communication * more than just noise
29
Beneft to Cost Ratio
* in project selection, compares the cost of the project to the expected benefit (revenue) it could bring * greater than one = benefit outweighs the cost * less than one = cost outweighs the benefit * the ratio is how many times over the revenue outweighs (or does not) the cost * example: a benefit to cost ration of 1.7 means the revenues brought in by the project are 1.7 times the cost
30
Bid (Quotation)
* from seller to buyer * price is the determining factor in the decision making process
31
Bidder Conference
* meeting in which the seller gets to ask questions of the buyer and gather information about the buyer * all questions and answers are documents and added as addenda to bid documents.
32
Bonds Terms and Conditions
* in a contract, payment or performance bonds that must be purchased * ex: a payment bond would protect the buyer from claims of nonpayment by the seller
33
Breach/Default Terms and Conditions
* in a contract, occurs when any obligation of a contract is not met * a breach on the seller’s part cannot be fixed by a breach on the buyer’s part * for example failure to complete an item in the SOW cannot be handled by the buyer stopping all payments
34
Budget at Completion (BAC)
how much did we budget for the total project effort?
35
Budget Estimate
* based on scope * more accurate than ROM but not as accurate as definitive estimate * narrowed range before you begin iterating the plan * typically in the range of -10% to +25%
36
Bureaucratic Management Style
* following procedures exactly * effective for work in which details are critical or when specific safety or other regulations must be strictly adhered to
37
Business Requirements
higher-level needs of the organization
38
Ceiling Price
in a contract, the highest price a buyer will pay
39
Centralized Contracting
* there is one procurement department and procurement manager reports organizationally to the head of the procurement department and not the project manager
40
Change Control System
* part of PMIS * standardized forms, reports, processes, procedures, and software for managing change requests
41
Changes Terms and Conditions
in a contract, how changes will be made, what forms will be used, and what are the timeframes for notice and turnaround
42
Charismatic Management Style
* energize and encourage their teams in project work * in this style, project success may become dependent on the presence of a charismatic leader, with the team relying on the leader for motivation * can create challenges for project team
43
Checklists
when the same work is done repeatedly, checklists ensure the work is done the same way each time
44
Coaching Management Style
project manager advises and makes recommendations, helping the team and other stakeholders achieve their goals
45
Code of Accounts
numbering system assigned to control accounts in the WBS
46
Collaborative Problem Solving
* team members will work together to resolve conflict * it does not matter who is right or who is wrong * win/win situation * preferred method for PMI
47
Commercial Risks
* customer stability, terms, and conditions within the project vendors
48
Communication Blockers
* factors that cause miscommunication and can lead to disagreement, such as noisy surroundings, distance between those trying to communicate, improper encoding, language differences, cultural differences
49
Communication Channels
* when you add one more person to the team, there is a substantial increase in communication channels, not just one * n = the number of stakeholders * n(n – 1 ) / 2
50
Composite Organization
* made up of multiple organizational structures * an example is one where the organization is mostly functional but creates a project team where the project manager has the authority to accomplish a temporary result * do not confuse with hybrid organization
51
Compromising/Reconciling Problem Solving
* neither party gets what they want * lose/lose situation
52
Confidentiality Terms and Conditions
in a contract, what information should not be given to third parties
53
Configuration Identification
identification and documentation of the product and its components
54
Configuration Status Accounting
* documentation of the product information * includes the metrics and specifications that the customer will inspect against
55
Configuration Verification and Auditing
concerned with performance and functional attributes of the product; is the functionality acceptable?
56
Connectivity Risk Parameter
indicates how one risk is connected to another risk
57
Consensus Approach
achieves general agreement about a decision and those who prefer a different option are willing to accept the decision supported by most members of the group
58
Consensus Management Style
* project manager encourages problem-solving in a group and makes decisions based on group agreement * effective for resolving conflicts, negotiating, prioritizing, and other decision-making activities
59
Constraints
* factors that limit options such as time, cost, risk, scope, quality, resources, customer satisfaction * can be policies and procedures, regulations, predetermined budgets and schedules, resource utilization, requirements, and approaches to work * use them to evaluate competing demands * management either directly or indirectly sets priority of constraints * consider how changing one constraint affects another * changes to the project generally impact multiple constraints
60
Consultative Management Style
* bottom-up approach * uses influence to achieve results * project manager considers others’ opinions and acts as servant-leader to team * effective for resolving conflicts, negotiating, prioritizing, and other decision-making activities
61
Context Diagram
* used to define and model scope * shows boundaries of product scope by highlighting the product and its interfaces with people, processes, or systems * shows flow of data through a system and actors
62
Contingency Reserves
* typically associated with cost * reserves allocated for the identified risks remaining after the Plan Risk Responses process -- think of these as known unknowns * they are included in the project schedule (or cost) baseline * developed by looking at identified risks, multiplying the probability of the risk happening (decimal) by the financial impact (dollars), which yields the expected value of each risk * adding all of the expected values is the how the contingency reserve is calculated
63
Contingent Risk Responses
* fall-back plan for worst-case scenario * document triggers for this contingency plan
64
Contract
* a type of agreement that can be written or verbal * created with an external entity and involve exchange of goods or services for some type of compensation
65
Control Account
* tool that allows you to collect and analyze work performance data regarding costs, schedule,and scope at a higher level than a work package * control account usually has more than one work package assigned to it, but a work package is assigned to only one control account * assigned unique identifiers with the code of accounts
66
Controlling PMO
* provides support and guidance in the organization on how to manage projects * trains others in project management and related systems * assists with specific project management tools * ensures compliance to organizational practices and through framework and governance * can coordinate and prioritize all projects within the organization * moderate level of control
67
Corporate Knowledge Base
* indexed historical records and lessons learned from previous knowledge and is available to all * a knowledge base is an OPA
68
Corrective Action
* brings project performance in line with the baselines established in the project management plan * result of deviation from the project performance measurement baseline * requires a change request to implement
69
Corrective Action Change Requests
* bring expected future project performance in line with project management plan * typically undertaken to adjust performance within the existing baselines but do not change the baselines
70
Cost
* how much an item costs the seller to create, develop, or purchase * buyer’s costs include the seller’s cost and profits
71
Cost Contract
cost-reimbursable contract that provides for payment to the seller of actual costs plus a negotiated fee fixed before work begins
72
Cost of Prevention
* what is the cost of preventing a risk versus the cost of the impact, considering also how likely it is for risk to happen and other possible costs of a risk such as schedule delays
73
Cost of Quality (COQ)
* ensuring project is not spending too much to achieve a particular level of quality * costs of conformance should be lower than costs of nonconformance; includes prevention, appraisal—time and money to audit and evaluate, and failure—the cost of non-conformance such as redoing work and fines
74
Cost Plus Award Fee Contract (CPAF)
* a type of incentive contract in which the buyer pays all costs and a base fee plus an award amount (bonus) based on performance * similar to CPIF but the incentive is a potential award and there is no possibility of a penalty * award amount is usually determined in advance and apportioned depending on performance
75
Cost Plus Fee (CPFP)/Cost Plus Percent of Costs (CPPC) Contracts
* require the buyer to pay for all costs plus a percentage of costs as a fee * generally not allowed for government contracts * bad for buyers because seller profit is based on a percentage of everything billed—no incentive to control costs
76
Cost Plus Incentive Fee Contract (CPIF)
a cost-reimbursable contract that provides for seller to be paid for actual costs plus a fee that will be adjusted based on whether specific performance objects stated in the contract are met \* original estimate is made (target cost) and a fee for work is determined (target fee)
77
Cost Variance (CV)
* difference between the earned value and the actual cost * shows variance in cost; the negative is over budget * positive is under budget * EV = earned value * AC = actual cost * CV = EV – AC
78
Cost-Reimbursable Contract (CR)
* used when the exact scope of work is uncertain and thus costs cannot be estimated accurately enough to use a fixed-price contract * provides for the buyer to pay the seller allowable incurred costs to the extent prescribed * requires seller to have an accounting system that can track costs by project * buyer has the MOST risk because of the unknowns * seller provides an estimate but it’s not binding * research and development and information technology projects in which the scope is unknown are typical examples
79
Crashing
* adding or adjusting resources in order to compress the schedule while maintaining the original project scope * always results in increased cost, may result in increased risk trades time for money, and law of diminishing returns must be considered
80
Critical Path
* longest duration path or paths through a network diagram and thus determines the shortest time it could take to complete the project * there can be multiple criticals paths but that increases risk * activities on the critical path have zero float unless they are completed earlier OR they are behind and have negative float * cannot leave project with negative float -- must compress schedule * if schedule cannot be compressed, must adjust baseline
81
Dangerous Stakeholders
* in salience model of stakeholder assessment, dangerous stakeholders possess both power and urgency * type of expectant stakeholder * they can have disastrous impacts on a project
82
Decentralized Contracting
* there is no procurement department and the project manager may be responsible for conducting and monitoring all work on procurements.
83
Decoding
* in the communication model, translating the message into meaningful thoughts and ideas
84
Dedicated Teams
* most of the team members work full-time exclusively for the project * easiest form of team to work with as team members can dedicate most of their energy to the project and often directly report to the project manager * most common in projectized organizations
85
Defect Repair
* rework * modifies nonconformance to project requirements * requires a change request
86
Defect Repair Change Requests
rework if component of project does not meet specifications
87
Definitive Estimate
* most refined estimate as a result of planning process * typically +/- 10%
88
Delegating Management Style
* project manager establishes goals and then gives the project sufficient authority to complete the work * for basic project management, the manager involves the team in the planning process and assigns or delegates planning and executing work to team members
89
Urgent Stakeholders
* in the salience model of stakeholder analysis, urgent stakeholders have significant interest but not legitimacy or power * type of latent stakeholder * often a squeaky wheel
90
Demanding Stakeholders
* in salience model of stakeholder assessment, they possess all three attributes -- urgency, power, and legitimacy
91
Deming's PDCA
Plan, Do, Check, Act in quality management
92
Democratic (Participative) Management Style
* encouraging team participation in the decision-making process * team members “own” the decisions made by the group, resulting in improved team cooperation * effective for resolving conflicts, negotiating, prioritizing, and other decision-making activities
93
Dependent Stakeholders
* type of expectant stakeholder * in the salience model of stakeholder assessment, dependent stakeholders have legitimacy and urgency but not power * often depend on dominant stakeholders for their interests in project
94
Design Statement of Work
* conveys exactly what work is to be done, including materials used and how work should be completed * often used for construction and equipment purchases
95
Detectability Risk Parameter
indicates how easily the risk can be detected
96
Development Life Cycle
* phases of the project associated with the producing the product, service, or result of the project * development life cycle performed within the project life cycle * predictive development life cycle/waterfall * iterative development life cycle * incremental development life cycle * hybrid development life cycle
97
Direct Costs
costs that can be directly attributed to the work on the project, such as wages, materials, and team travel
98
Directing Management Style
project manager uses expertise to guide team members in what to do
99
Directive PMO
* prioritizes projects * provides project managers and manages all projects throughout the organization * responsible for results of projects * high level of control
100
Discrete Effort Activities
* activities that are required to complete the project scope * focused on creating the deliverable
101
Discretionary Stakeholders
* in the salience model of stakeholder assessment, discretionary stakehodlers have legitimacy but not power or urgency
102
Discretionary Dependencies (Soft Logic)
activities for which order can be changed but there are generally best practices
103
Dispute Resolution Terms and Conditions
in a contract, how disputes regarding the contract will be settled; generally either courts or arbitration
104
Distributive Negotiation
reach a deal through tactics so both parties receive the highest amount of value possible
105
Dominant Stakeholders
* type of expectant stakeholder * in the salience model for stakeholder analysis, dominant stakeholders have power and legitimacy * they will have an impact on your project so you will want to keep them very involved
106
Dormant Stakeholders
* in the salience model of stakeholder assessment, dormancy is the idea that there are stakehodlers who have power but do not have interest in your project * dormant stakeholders are one of the three types of latent stakeholders
107
Dormancy Risk Parameter
anticipated time between when a risk occurs and its impact is felt on the project
108
Driver Management Style
* manger with a driver style is constantly giving directions * competitive attitude drives team to win; can create challenges for project team
109
Duration
how long an activity takes
110
Earned Value Management
* measures project performance against the scope, schedule, and cost baselines * indicates whether there any potential deviations from the performance measurement baseline * forecasts future performance and project completion dates and costs
111
Economic Value Added (EVA)
whether or not the project returns to the company more than the initiative costs
112
Effort
* billable time for labor * not the same time as duration
113
Effort-Driven Activity
* an activity that can be finished more quickly with additional labor * crashing can be used to speed up these activities
114
Emergent Risks
* risks which we are unable to see because they are outside our experience or mind set, so we don't know that we should be looking for them * also known as unknown unknowns which are things that we do not know but where we are unaware of our ignorance * require project resilience * frequent reviews can reveal triggers for emergent risks
115
Encoding
in the communication model, translating ideas into language, usually written or verbal language
116
Enterprise Environmental Factors
* generally outside control of the project team * governmental and other rules and regulations * internal factors * structure * culture * systems * location * available resources such as documentation of skills and preapproved external resources * resource management system * quality management system * procurement system
117
Enterprise Environmental Factors (EEFs)
company culture and existing systems that the project will have to deal with or can make use of; think of company baggage; outside of control of the team
118
Escalation Response
responding to a threat or opportunity (risk) by moving it up the chain of responsibility when it is outside of the scope of the project or beyond the project manager's authority
119
Escaped Defects
defects reported after the delivery by the customer
120
Exceptional Management Style
reward the top employees and punish the bottom employees but don't treat everyone equally; not preferred
121
Expectant Stakeholders
* in the salience model of stakeholder assessment, expectant stakeholders have two of the three attributes * power + legitimacy = dominant * power + urgancy = dependent * legitimacy + urgency = dangerous
122
Expert Power
* power comes from being the technical or project management expert * team members look to past record for authority
123
Explicit Knowledge
* fact-based * easily communications * lessons learned are part of this knowledge category
124
External Dependencies
activities for which sequencing depends on an external constraint, such as waiting on a vendor
125
External Risks
* risks originating from outside the project * regulatory, environmental, or governmental issues * market shifts * weather problems with project sites
126
Facilitating Management Style
project manager enables communication and helps remove roadblocks
127
Fast-Tracking
* taking **critical path** activities that were originally planned in a series and doing them instead in parallel (overlapping) * increases risk * sometimes results in rework * requires more attention to communication
128
Feasibility Study
* often the first phase of a waterfall project * can determine whether the project is * worth undertaking * will be profitable * will meet safety regulations * completion of feasibility study and subsequent approval triggers beginning of requirements phase
129
Feedback/Response
* in the communication model, after the communication has been received and understood * the receiver may send a message with thoughts and ideas about the message
130
Finish-to-Finish Activity
* an activity must finish before successor can finish * example: must finish interface testing so you can finish documentation
131
Finish-to-Start Activity
* activity must finish before successor can start * example: you must finish digging a hole before you plant a tree
132
Five Cs of Communication
* these enhance the likelihood that communications will be correctly interpreted * correct grammar and spelling * concise and well-crafted * clear and purposeful * coherent and logical * controlled flow of words and ideas
133
Fixed Cost
cost that does not change with production or work, such as setup, rent, and utilities
134
Fixed-Duration Activity
activity that cannot be done more quickly even if more labor is added, like testing or paint drying
135
Fixed-Price Contracts (FP)
* should be used for acquiring goods, products, or services will well-defined specifications * if costs are more than the agreed upon amount, the SELLER bears the additional cost \* least risk to buyer * seller most concerned about statement of work because it helps determine their bid to make a profit * profit not revealed to seller * seller might try to reduce scope of work if profit is threatened
136
Fixed-Price Incentive Fee Contracts (FPIF)
fixed-price contract with incentives so the profit can be adjusted based on the seller meeting specific performance criteria, such as getting the work done faster, cheaper, or better
137
Fixed-Price with Economic Price Adjustments Contract
fixed-price contract with a long life because the future cost of supplies and equipment might be unpredictable
138
Force Majeure Terms and Conditions
* in schedule, an assumption that it won't happen but it could * in a contract, what acts of nature are allowable excuses for either party not meeting contract requirements * considered to be neither party’s fault * who pays for the cost of items destroyed in force majeure
139
Forcing/Directing Problem Solving
* authority makes the decision * win/lose situation
140
Formal (Legitimate/Positional) Power
power based on your position
141
Formal Verbal Communication Type
* planned meetings and stakeholder briefings * can be face-to-face or remote
142
Formal Written Communication Type
* project management plan and other formal documents such as charter * can be both physical and electronic
143
Four Types of Emotional Intelligence
* inboud * self-management * self-awareness * outbound * social awareness * relationship management
144
Free Float
* amount of time an activity can be delayed without the start date of its successor(s) and still adhering to any imposed schedule constraints
145
Fringe Benefits
standard benefits given to all employees
146
Functional or Resource Manager
* manager who is responsible for human and physical resources in a department * works with the project manager to meet the needs of the project
147
Functional Organizational Structure
* most common form of organization * grouped by areas of specialization * projects generally occur in single department * employees go through department heads to transmit requests from other departments * otherwise communication stays within the project * project team members complete normal work and project work * functional manager controls the budget and resources * project manager is part-time and often called a coordinator or expeditor * advantages * easier management of specialists * team members only report to one supervisor * similar resources are centralized * there are clearly defined career paths in specialization areas * disadvantges * people place more emphasis on their functional speciality to the detriment of the project * limited career path in project management * project manager has little to no authority
148
Functional Requirements
solution requirements such as new features, bug fixes, and new or different behavior for a product
149
Functional Statement of Work (SOW)
* conveys the end purpose or result rather than the specific procedures or approach * example: "design a car with 10 cup holders"
150
Funding Limit Reconciliation
* reconcile the planned versus the actual costs * if they don't match, we have cost variances and we need to request changes
151
Generalizing Specialists
individuals do many different roles on a team in an adaptive environment
152
Gold-Plating
adding extra features not originally in the scope of project because money is left over at the end of the project
153
Governance Frameworks
defines what you can and cannot do in an organization such as the rules and policies, procedures for activities, cultural norms, and systems and processes
154
Grade
* refers to a general category or classification of a deliverable or resource that indicates common function, but varying technical specification * low grade products can be of acceptable quality to meet quality requirements and high grade products can be of unacceptable quality if it does not meet standards
155
Graduated Fixed-Price Contract
* commonly used in adaptive environments * no sandbagging; focus on results and not hourly rate * both parties share the risk and reward * on-time, they get paid their hourly rate * early delivery means a higher hourly rate * late delivery means a lower hourly rate
156
Guilt-Based Power
project manager makes the team feel guilty to gain compliance
157
Halo Effect
tendency for positive impressions of a person, company, brand or product in one area to positively influence one's opinion or feelings in other areas
158
Herzberg’s Two-Factor Theory of Motivation
* motivators * recognition * varied work * sense of achievement * demotivators * poor pay * company policies * continual pressure * motivation is influenced by hygiene factors * poor hygiene destroys motivation but improving them does not improve motivation * working conditions * salary * personal life * wor * relationships security * status
159
Heuristics
in estimating, it's a generally accepted rule, such as the 80/20 rule
160
High-Uncertainty Work
* subject matter experts collaborate and solve problems to create a new design or solution * exploratory work with high rates of change, complexity, and risk
161
Hybrid Life Cycle
* combination of predictive and adaptive life cycles * often predictive is used to manage project requirements that are well-defined while adaptive is to manage requirements that are less clear
162
Hybrid Organization
* uses a mix of predictive and agile development techniques * teams might be using predictive processes but then put incremental delivery goals in the processes * do not confuse with composite organization
163
Incentives Terms and Conditions
in a contract, possible benefits seller might receive for meeting buyer’s objectives in risk, cost, etc.
164
Incremental Life Cycle
* early planning of high-level scope sufficient to allow for preliminary estimate of time and cost * scope is developed a little more with each iteration * delivers a complete, usable portion of the product for each iteration * detailed scope is elaborated for each iteration * example: a project to build a website would involve prioritizing requirements into iterations that deliver a fully functioning part of the site at the end of each iteration
165
Indemnification (Liability) Terms and Conditions
in a contract, who is liable for personal injury, damage, or accidents
166
Independent Contractor
in a contract, the seller is not an employee of the buyer
167
Indirect Cost
overhead cost such as taxes, fringe benefits, janitorial services
168
Individual Project Risks
specific risk events on a project
169
* Influence Management Style
project manager emphasizes teamwork, team building, and team decision-making, and works with their team to influence collaborative, successful project implementation
170
Influencing
* project manager actively listens to differing viewpoints expressed by team members * acknowledging viewpoints helps project develop mutual trust with team and eventually agreement
171
Informal Verbal Communication Type
unscheduled meetings and conversations
172
Informal Written Communication Type
email, handwritten notes, text messages, instant messaging, social media, and websites
173
Informational Power
control of data and distribution of information
174
Ingratiating Power
* project manager uses flattery to motivate the team * wears down over time
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Inspection Terms and Conditions
in a contract, does anyone have a right to inspect work during the execution of a project and when
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Inspection
keeping errors out of the customers' hands by routinely auditing product and taking corrective action when quality is out of bounds
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Intangible Business Value
projects that add intangible business value do not create new things but instead new ideas, concepts, and experiences, such as goodwill, brand recognition, strategic alignment
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Intangible Reward
saying thank you, public recognition, training throughout the project life cycle
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Integrated Risk Management
* risks are owned by each project within a program or portfolio * some risks might be escalated to higher levels
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Intellectual Property Terms and Conditions
in a contract, who owns the intellectual property used in connection with or developed as part of the contract
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Interactive Communication
reciprocal and involves two or more people; three main components: \* the sender encodes the message and the receiver decodes the message \* the receiver acknowledges receipt of the message \* both the sender and receiver are responsible for confirming the message has been correctly interpreted by the receiver
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Internal Dependencies
type of hard logic which occurs when activities depend on something within the organization, such as waiting for a team member to return from vacation
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Internal Rate of Return (IRR)
* used when organizations are evaluating which projects to do * tells which project is going to yield the highest return * discount rate that makes the net present value of all cash flows from a project equal to zero * choose projects with the highest IRR value
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Internal Risks
schedule, scope, or budget changes; inexperienced team members; issues with staffing or equipment
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Invitation for Bid (IFB)
requests a total price to do all the work; form of RFP where the work described in the procurement statement of work is detailed enough for the bidders to determine a total price
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Invoicing Terms and Conditions
in a contract, when invoices will be sent and specific documents required
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Joint Application Design (JAD) Sessions
facilitated sessions in software development involve eliciting input and requirements to enhance the processes of developing the software
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Just in Time (JIT)
a production strategy that strives to improve a business' return on investment by reducing in-process inventory and associated carrying costs.” JIT was first developed and used by the Toyota Motor Corporation
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Kickoff Meeting
* AFTER THE PROJECT PLAN IS APPROVED * last stage of developing the project management plan * meeting with all key parties involved * announce start of project * provide overview of details * ensure commitment from everyone
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Lag
positive time that extends the schedule; waiting time between activities; example: paint doesn't dry a quickly as expected so exhedule has to be pushed out because other activities require dry paint; ADD
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Laissez-Faire Management Style
project manager is not directly involved with the work of the team but manages and consults as necessary; this can be appropriate for a highly-skilled team
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Latent Stakeholders
* in the saliency model of stakeholder assessment, latency is the idea that there are stakeholders who hold only one of the three attributes -- power, urgency, or legitimacy * dormant latent stakeholders have power but not urgency or legitimacy * discretionary latent stakeholders have legitimacy but not urgency or power * demanding latent stakeholders have urgency but do not have power or legitimacy and are often the squaky wheel
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Law of Diminishing Returns
after a certain point, adding more input (such as staff) will not produce a proportional increase in productivity
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Lead
negative time that occurs when we allow activities to overlap; an activity that can start before its predecessor finishes and allows schedule compression; example: priming the walls of one room while painting walls that have already been primed in another; SUBTRACT
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Leading
art of establishing direction aligning people, and motivating the project team to complete the project
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Learning Curve
time required to learn how to do new work; associated with estimating schedule and cost because learning curve for new technology should be added to schedule but once something has been learned you can subtract time when doing analogous estimating
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Legitimate Stakeholders
* in the salience model of stakehodler assessment, stakeholders with legitimacy have a legitimate need or interest
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Lessons Learned
document that includes what was done right and what was done wrong and what would be done differently if the project could be redone; collect and review lessons learned before starting a new project; once project is underway you add lessons learned to the company database (OPAs)
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Letter of Intent
* also known as memorandum of understanding * not a legally-binding contract, but a letter stating that the buyer intends to hire the seller * gives the seller confidence that the contract will be signed soon so they can hire people or order materials
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Level of Effort (LEO) Activities
support activities, such as reporting and budgeting, that don't contribute to scope but are necessary to manage the project
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Life Cycle Costing
determine costs over the entire life of the product, not just the cost of the project to create the product; this includes maintenance costs and determining if a cheaper product will actually be more expensive to maintain over the life of the product
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Liquidated Damages Terms and Conditions
in a contract, estimated damages for specific defaults described in advance
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Logical Data Models
description of the quality needs of the project; use an entity relationship diagram—method of representing and analyzing data
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MacGregor’s Theory of X and Y
all workers fit into two categories; X is managers believe people need to be watched every minute as employees are incapable, avoid responsibility, and avoid work; Y is managers who believe people are willing to work without supervision and want to achieve; PMI encourages the Y perspective
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Majority Voting
group chooses the decision that more than half the members support
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Manageability and Controllability Risk Parameter
indicates level of difficulty involved in dealing with an identified risk, should it occur
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Management Requirements Terms and Conditions
in a contract, what attendance is required at meetings and who approves the staff assigned to a project
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Management Reserves
* additional funds and time to cover unforeseen risks * excluded from schedule and cost baselines but part of overall project duration or budget * in the project budget, management reserves make up the difference between the cost baseline and budget * require approval of a formal change request to use them
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Management Reviews
* milestones for when management and stakeholders will compare project progress to what was planned and ID needed changes to any of the plans * built into the project management plan
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Mandatory Dependencies (Hard Logic)
activities that must happen in a specific order
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Maslow’s Hierarchy of Need
employees are not motivated most by security or money but highest motivation in work is for people to contribute and use their skills; created the pyramid below \* self-actualization is when workers achieve self-fulfillment, growth, learning \* esteem is when there is accomplishment, respect, attention, appreciation \* social is love, affection, approval, friends, and association \* safety is security, stability, freedom from harm \* physiological is need for air, water, food, housing, clothing
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Material Breach
breach of contract that is so large it may not be possible to complete the work
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Matrix Organizational Structure
* an attempt to maximize the strengths of both functional and project-oriented structures * communication goes from team members to both managers * team members do project work in addition to normal department work * types of matrix organizations * strong: power rests with project manager * weak: power rests with functional manager * balance: power is shared between functional manager and project manager * advantages * highly visible project objectives * project manager has more control over resources than in functional organizations * more support from functional areas * better coordination * maximum utilization of scarce resources * better horizontal and vertical dissemination of information * team members maintain a "home" * disadvantages * extra administration is required * project team members have more than one manager * more complex to monitor and control * resource allocation is more complex * extensive policies and procedures are necessary * functional managers may have different priorities than project managers * higher potential for conflict
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McClelland’s Theory of Needs (Acquired Needs Theory)
people are motivated by one of three needs and they should all be managed differently \* achievement: people who should be given projects that are challenging but reachable; they like recognition \* affiliation: people who work best when cooperating with others; seek approval instead of recognition \* power: people whose need for power is socially oriented, rather than personally oriented, are effective leaders and should be allowed to manage others; they like to organize and influence
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McGregor's Theory of X and Y
as proposed by Douglas McGregor, Theory X and Theory Y describe two different types of workers and how they should be managed. Theory X states that management believes that workers will do as little as possible to get by, and thus need a great deal of direction. Theory Y states that management believes that workers are interested in doing their best and, given the freedom, will perform well.
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Medium
in the communication model, means of conveying the message; sometimes the medium is referred to as the channel
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Meeting Rules
\* set a time limit and keep it \* create an agenda with team input \* distribute agenda beforehand \* stick to agenda \* let attendees know responsibility beforehand \* bring the right people together \* chair and lead the meeting with a set of rules \* assign deliverables and time limits for all work assignments that result from meetings \* document and publish meeting notes
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Memoranda of Agreement (MOA)
* a written document describing a cooperative relationship between two parties wishing to work together on a project or to meet an agreed upon objective * serves as a legal document and describes the terms and details of the partnership agreement * more formal than a verbal agreement, but less formal than a contract * organizations can use an MOA to establish and outline collaborative agreements, including service partnerships or agreements to provide technical assistance and training
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Milestones
significant events within project schedule; have no duration; could be required checkpoint, phase gate, customer-imposed due date for interim deliverables
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Murder Board
In benefits measurement when deciding whether or not to do a project, it's a committee that asks every possible question about a project to determine whether or not it should be selected
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Must Start/Finish On
most restrictive schedule constraint
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Near-Critical Path
path is closest in duration to the critical path; becomes critical if something shortens the critical path or lengthens the near-critical path; the closer in length they are, the most risk the project has
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Negative Risk Responses
escalate (management or someone higher up handles the risk), avoidance (don't do that portion of the project; change the plan or reduce scope), transference (hire someone else to own the risk), mitigation (reduce the probability and/or the impact of the risk), acceptance (don't take action; usually reserved for low-impact risks); documented in risk register
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Net Present Value (NPV)
* total benefits (income or revenue) minus costs over many time periods * accept a project when NPV \> 0 reject a project is NPV is less than zero * while comparing two projects **always select the project with a higher NPV**
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Network Diagram
* visualization of the flow of project activities and the order in which they will be performed * helps plan parallel activities, leads, and lags * helps justify project manager's estimate for project * helps control project * shows interdependencies and thus risk * shows sequence of work for the team * helps identify opportunities for schedule progression * can be used for project progress in reporting
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Noise
in the communication model, anything that interferes with the transmission of the message, including static, distractions, preconceptions and stereotypes, cultural norms, malfunctioning transmitting equipment, or anything that deteriorates or causes a barrier to successful transmission
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Non-Functional Requirements
sometimes called quality attributes, they're things expected in deliverables that aren't features, such as performance, reliability, error handling, and ease of use
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Nondisclosure Agreement (NDA)
identifies the information or documents that should be kept confidential during procurement
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Nonfunctional Requirements
solution requirement that describes the environmental condition or qualities of the product or deliverable
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Notice Terms and Conditions
in a contract, to whom certain correspondence should be sent
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Observation
job shadowing or participating in work
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Oligopoly
marketplace is so tight that the actions of one seller affects the price and availability of others
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OPM3
organizational project management maturity model to help organizations determine their level of maturity
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Opportunity Cost
* what is given up by selecting one project over another * equals the value of the project not selected * example: project A will bring in $95,000 in revenue and project B will bring in $45,000 in revenue * the opportunity cost for not selecting project B is $45,000
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Opportunity Responses
in risk management, you make the most of risks that are opportunities by exploiting, enhancing, or sharing; exploiting means adding work or change to make sure the opportunity occurs; enhancing means increasing the likelihood of the opportunity or positive impact of it; sharing means allocating ownership or partial ownership to whom is best able to achieve the opportunity
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Order of Ethical Responsibilities
1) laws of the country 2) company policies 3) customs 4) personal ethics
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Organic (Simple) Organizational Structure
* work groups in organization are flexible * people work alongside each other despite roles * project manager has little or no authority over project * resources dedicated to project are low * owner in charge of budget
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Organizational Governance
* the overall structure of an organization that supports its specific culture and attributes * includes the policies and procedures for how work will be performed to meet strategic goals and support organizational operations and decision-making * external governance: generally a board of directors ensures work comforms to government or regulatory standards * internal governance: the policies and procedures regarding portfolio, program, project, and operations work
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Organizational Hierarchy
typically organizations are organized by operational, middle management, and strategic
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Organizational Knowledge Repositories
* one of the two types of OPAs * information that can be used to plan and manage projects to avoid mistakes from the past and standards and templates * activities * baselines * backlogs * benchmarks * configuration management * correspondences * documents * estimates * financia data * issues logs * lessons learned * metrics * plans * prototypes * WBSs * reports * retrospective findings * risks and risk response plans
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Organizational Process Assets (OPAs)
* organizations' information that provide direction and guidance in planning and help the project benefit from past company experience * two categories of OPAs * processes, policies, and procedures * organizational knowledge bases
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Organizational Project Management (OPM)
a framework for keeping the organization as a whole focused on the overall strategy and provides direction on how portfolios, programs, projects, and other organizational work should be prioritized, managed, executed, and measured to best achieve strategic goals
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Organizational Systems
define how work is done at your organization as defined by management; provides structure and governance; provides permissions such as the work authorization system
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Out of Control
process for creating deliverable is out of a state of statistical control and the deliverables show a lack of consistency and predictability in the process results; happens when 1) data point falls outside the upper or lower control limits or 2) there are outliers within upper and lower limits
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Overall Project Risk
overall project risk exposure; how risky the project is to an organization
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Ownership Terms and Conditions
in a contract, who owns the tangible items, such as materials and equipment, used in connection with or developed as part of the contract
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Paralingual Communication
communication beyond words; pitch, tone, and inflections
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Pareto Principle (80/20 Rule)
states that 80% of problems are due to 20% of the root causes
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Parking Lot
storage place for ideas that distract from the main goal during a meeting.
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Parkinson’s Law
states that work will expand to fulfill the time allotted to it; bloated tasks will take all the time allotted; use management reserve instead
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Part-Time Teams
team members spend a portion of their time working on the project while also working on other projects and/or their regular work; most often seen in functional organizations
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Participatory Decision Models
stakeholders involvement in decision making with techniques such as a simple vot
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Partnership Teams
teams come from multiple organizations participating in a project together plus the project manager for the organization taking the lead;
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Passive Job Shadowing
shadow employee to gather requirements without asking questions
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Payback Period
* how long it takes for organization to recover the investment in a project before it starts accumulating a profit * does not consider the time value of money — cash coming in five years from now is worth less than it is today, which is why banks charge interest on loans * consider other factors in addition to payback period when performing project selection
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Payments Terms and Conditions
in a contract, when payments will be made, what are reasons for nonpayment; can include stop payments for certain parts of work
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Penalty (Coercive) Power
power stems from ability to penalize team members
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Performance Statement of Work
what final product should accomplish rather than how it should be built; ex: car that will go from zero to 120 km per hour in 4.2 second
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Performance Statement of Work (SOW)
describes what the final product should accomplish instead of how it will be built or the design characteristics; ex: build a car that will go 80 mph in 4.2 seconds
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Persuasive Power
project manager gives a sales pitch for a specific outcome
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Phase Gate (Kill Point)
required end of phase event during which results of the complete phase are analyzed by comparing the results with the business documents, the project charter, and project management plan; reviews the cost of that phase and if it was on track with the baseline; based on that, a decision is made with the options of \* redoing the same phase \* moving forward to the next phase \* terminating the project
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Plan-Driven (Predictive/Traditional/Waterfall) Life Cycle
\* scope, schedule, and cost are determined early in the project, before work begins to produce deliverables \* know many aspects of the project up before work gets started \* changes to scope are tightly controlled and thus change averse
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Planned Value
as of today, what is the estimated value of the work planned to be done? \* PV = planned value \* BAC = budget at completion \* PV = % planned x BAC
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Planning Package
tool that allows you to collect and analyze work performance data regarding costs, schedule, and scope at a higher level than a work package
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Planning Process Group
\* detailed analysis of whether the objectives in the project charter and expected benefits can be achieved \* decide how objectives will be accomplished \* determine what processes are appropriate and tailoring them \* all stakeholders are involved in planning \* project formally authorized when sponsor signs project charter \* project management plan produced and approved by sponsor \* projects can move back to planning throughout the project
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Plurality Voting
group chooses decision with most supporters; majority not necessary
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PMI Code of Ethics
\* must be honest and truthful on the exam application and on test items \* report PDUs honestly \* report violations with clear and factual violations \* cooperate PMI audits \* disclose appearance of conflict of interest \* truth in advertising and sales \* comply with laws, regulations, and ethical standards of country where project is being held \* respect intellectual property of others \* customer is in charge in a project \* confidentiality (privity) with customers \* refrain from accepting inappropriate compensation
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PMI Talent Triangle
* **technical**: apply project management knowledge to deliver objectives of project and define critical success factors * **strategic**: describe business needs of project and understand how they align to organization's goals * **leadership**: impart vision, gain consensus for strategic goals, establish direction, and motivate others
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Point of Total Assumption
amount above which the seller bears all the loss of a cost overrun \* costs over the PTA are assumed to be due to mismanagement \* only relates to fixed price incentive fee contracts \* PTA = ((Ceiling Price – Target Price)/Buyers Share Ratio) + Target Cost
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Portfolio
* a group of programs, projects, and other related operational work that are prioritized and implemented to achieve a specific business goal * portfolio approach can optimize the use of resources, enhance benefits, and reduce risk * all about ROI
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Portfolio Manager
responsible for governance at an executive level; get best return on resources invested; manage projects that might be largely unrelated to each other
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Positive Risk Response
escalate (management or someone higher up handles the risk), exploit (make everything right in a project to take advantage of a positive risk), share (partner with another organization to take advantage of a risk you could not handle on your own), enhance (put the odds in favor of the positive risk happening), accept; documented in risk register
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Power/Interest Grid Stakeholder Map
group stakeholders by level of power and their interest in the project’s outcome
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Precendence Diagramming Method
* creating a network diagram that shows predecessors and successors; arrows represent relationship between activities and dependencies; where a = predecessor and b = successor * Finish-to-Start: activity a must finish so activity b can start * Start-to-Start: activity a must start so activity can start; two activities happen at the same time but typically a starts a little bit before b; example: start developing the training and once they are in training the software is pushed out * Finish-to-Finish: activity a must finish before activity b can finish; example: finish installing the network cable so the computers can be connected; two activities finish at about the same time; chase each other * Start-to-Finish: cyclic production; activity a must start for b to finish
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Precision
measure of exactness but does not mean accuracy; something can be precise but not accurate
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Prerequisites (Perks)
some employees receive special rewards
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Present Value
\* value today of future cash flows \* present value = future value / ((1 + interest rate) ^ number of time periods)
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Pressure-Based Power
project manager restricts choices for team to get them to do the work
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Prevention
keeping errors out of the project management and product development process to ensure quality requirements are met
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Preventive Action
* action to deal with anticipated or possible deviations * ensures future project performance will not be compromised * requires a change request to implement * example: changing a resource because the resource's last activity nearly failed to meet the acceptance criteria
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Preventive Action Change Requests
* deal with anticipated or possible deviations from performance measurement baseline and other actions * typically do not change baselines
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Privity
a contractual relationship
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Procurement Statement of Work (SOW)
scope of work to be done on each procurement \* break down the project scope baseline into the work the project team will do and the work purchased from the seller \* include all work and activities the seller is to complete \* finalized by the time the contract is signed and is considered part of the contract
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Product Backlog
product scope in an adaptive environment; always prioritized before the current sprint
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Product Scope
requirements that relate to the product, service, or result of project; also defined as product deliverables and their associated features and functions; derived from collect requirements; measured against project requirements; confirmed in validate scope
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Profit (Fee)
amount gained by the seller as a result of work; in a fixed-price and time and materials contracts, profit is defined but in cost-plus contracts the profit is negotiated by the buyer and seller
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Program
* a group of related projects that is focused on the interdependencies between projects and may help achieve decreased risk, economies of scale, and improved management
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Program Manager
manages a group of related projects; there to provide control, support, and guidance
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Progressive Elaboration
start very broad in planning and use deductive reasoning to get more specific \* start with a very broad idea \* formulate the idea with information gathering \* create the business case \* perform a feasibility study \* execute the project
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Project
* a temporary endeavor (ends when project is closed) and creates a unique service or result * projects drive change (MACD) * move * add * change * delete
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Project Calendar
shows when project can take place
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Project Coordinator
* similar to a project expediter but has some power to make decisions and reports to higher-level manager * most likely to be found in functional organizations
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Project Documents
any project-related documents that are not part of the project management plan; mostly created by project manager and are not shown to or approved by sponsor; must be updated frequently
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Project Expediter
* acts as a staff assistant and communication coordinator * cannot personally make or enforce decisions * most likely to be found in functional organizations
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Project Float
amount of time a project can be delayed without delaying the externally imposed project complete date required by the customer or management
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Project Governance
* an organization's established criteria, procedures, and guidelines to make sure projects meet the organization’s strategic goals * predictive: typically involves formal documentation and upfront analysis and agreement * agile: less structured but still aligns with necessary policies and procedures * can be established and administered by a PMO * ECO task 14 in Process domain: establish project governance structure
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Project Information System (PMIS)
software, shared workspaces for file storage or distribution, and repositories for historical information; a PMIS is an EEF
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Project Life Cycle
what you need to do the work; an organization or department’s methodology for managing a project; logical breakdown of what needs to be done to produce the deliverables; either or plan or change driven
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Project Management
manages change in organizations and all of the logistics in the change
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Project Management Office (PMO)
is an office and not a single person \* centralizes and standardizes the management of projects \* manages interdepencies \* integrates information \* provides resources \* recommends termination of project when appropriate \* monitors compliance \* gathers lessons learned \* provides templates \* provides centralized communication \* provides project governance
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Project Manager
responsible for managing the project to meet the project objectives and deliver value and benefits to the organization
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Project Requirements
required actions, processes, or other conditions of the project
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Project Resilience
awareness of project unknowable unknowns -- risks that can only be identified after they happened
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Project Scope
work the project team will do to deliver the product of the project; all of the required work and only the required work to obtain project objectives; defined at beginning in predictive environment and resistant to change but developed through iterations and changes are expected in adaptive; measured against the project plan at completion
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Project Sponsor/Initiator
provides financial resources for the project, provides support, protects project from unnecessary changes; approves changes in project deliverables; protect project from termination; approve additional work if it affects the schedule or cost
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Project-Based Organization (PBO)
organizations that create temporary frameworks around their projects that allow them to circumvent any obstacles inherent in their existing organizational structure
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Project-Oriented Organizational Structure
* also known as "projectized" * entire company is organized by projects * project manager has control of the project * personnel are assigned and report to project manager * team members only complete project work and do not have a home department * assigned to a project ends, they are assigned to a new project * communication generally happens within the project * advanages * efficient project organization * team loyalty to project * more efficient communications in project * project manager has power to make decisions * disadvantages * no home for project team members when project ends * lack of specialization in disciplines * duplication of facilities and job functions * could result in less efficient use of resources
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Prompt Lists
list of categories that have been identified as possible sources of risk to the project
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Propinquity Risk Parameter
indicates how key stakeholders perceive the risk
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Proposal
from seller to buyer; contains more than just price; also includes ideas
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Prototypes
model of product presented to stakeholders for feedback
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Proximity Risk Parameter
indicated how long before the risk affects a project objective
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Pull Communication
the sender places the information in a central location and recipients are responsible for retrieving it from that location
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Purchase Order
fixed-price contract that is the simplest and most straightforward; only type of contract that is unilateral -- signed by only one party -- as opposed to bilateral -- signed by both parties; becomes a contract when the buyer accepts the goods
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Pure (Insurable) Risks
risks of loss, such fire, theft, or personal injury; risk that only has a downside
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Push Communication
one-way stream of information; sender provides information to the people who need it but do not expect feedback; examples include status reports and company memos.
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Qualitative Risk Probability Impact Matrix
lists each risk and then provides a rating of how likely the risk is to happen and how big of an impact there is if the risk happens; usually a scale or low, moderate, high or RAG; gives an overall risk score that's also qualitative
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Quality Audit
document the best practices used, document variances, recommend best practices, implement recommendations for quality improvement, and document quality audit in lessons learned
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Quality Costs
prevention (quality assurance to ensure delivery of the exact project scope; appraisal (quality control to test, audit, and evaluate); failure (scrap and rework that results in loss of time and money)
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Quality Functional Deployment (QFD) Session
also known as Voice of the Customer (VoC), it's a faciliated session to elicit and prioritize customer requirements in manufacturing
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Quality Management
creating and following the organizational policies and procedures and tailoring them to ensure the project also meets the needs of the customer
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Quality Process Map
alternative paths a process can take to help determine the cost of quality by mapping the expected monetary value of pursuing paths of conformance and nonconformance
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Quality Requirements
requirements to validate the successful completion of a project deliverable or fulfillment
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Quantitative Risk Probability Impact Matrix
Lists each risk event, numerical probability of the risk happening, monetary value of the impact, and then the expected value; sum the expected monetary value to get the contingency reserve
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RACI Chart
(Responsible, Accountable, Consult, Inform) a type of responsibility assignment matrix that clearly defines role assignments and designates people as one or more of the RACI; multiple people can be R, C, or I, but only one person is A * Responsible: responsible for doing the work * Accountable: accountable for the success of the task and is the decision-maker * Consulted: who needs to be consulted for details and additional info on requirements; typically the person (or team) to be consulted will be the subject matter expert. * Informed: who needs to be kept informed of major updates; typically senior leadership.
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Receiver
in the communication model, recipient of the message, responsible for decoding the message and providing feedback. The receiver is responsible for making sure that the entire message is received and understood by encoding a message back to the sender conveying that.
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Referent Power
power comes from another person liking or respecting you or wanting to be like you; power of charisma and fame
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Reporting Terms and Conditions
in a contract, what reports are required and when
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Request for Information (RFI)
might be used before bid documents are created; helps buyer identify which companies are qualified to handle the procurement or determine what work is possible
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Request for Proposal (RFP)
requests a detailed proposal with information on price, how work will be done, who will do it, and company experience
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Request for Quotation (RFQ)
request a price quote per item, hour, or other unit of measure
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Requirements
conditions or capabilities that must exist in a product, service, or result we create
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Residual Risk
new risk as a result of another risk response; for example, hiring a vendor to assume a risk
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Resource Breakdown Structure
shows organizational chart to assign resources for work packages
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Resource Calendar
different from the project calendar; shows what resources are available when
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Resource Leveling
* produce a resource-limited schedule * lengthens the schedule and increases the cost to deal with a limited number of resources, resource availability, and other resource constraints
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Resource Smoothing
* limits labor except for critical path * resources are leveled only within the float of their activities, so the complete dates of activities are not delayed * the goal is to adhere to the deadline
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Retainage Terms and Conditions
in a contract, amount of money, usually 5% to 10%, withheld from each payment and given when final work is complete
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Reverse Shadowing
a more senior team member teaches a more inexperienced team member how to do something by watching them and coaching them through a task. This is more than just on the job training because of the coaching aspect.
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Reward Power
power stems from ability to give rewards
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Rewarding
making team feel values and promote good performance and behavior because people feel motivated when they are rewarded; must be formal and achievable for team; power to reward the team must be given to the project manager; only good work should be work not sloppy team members
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Risk Appetite (Risk Tolerance)
general, high-level description of the level of risk acceptable to an individual or organization; high profile projects typically have lower risk appetite or tolerance; typically set at the launch of the project
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Risk Categories
ways to lump similar risks together to create risk breakdown structure
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Risk Efficiency
organization's approach to identifying and dealing with risks
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Risk of Loss Terms and Conditions
in a contract, allocates risk between the parties in the event goods or services are lost or destroyed
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Risk Reviews
meetings to discuss the effectiveness of planned risk responses that have been implemented on the project may result in identification of new risks, secondary risks, and risks that are no longer applicable.
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Risk Threshold
refers to the specific point at which a risk becomes unacceptable
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Risk Triggers
events that trigger the contingency response
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Rough Order of Magnitude (ROM)
made during project initiating; typical range is -25% to +75%
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Rule of Seven
if there is a group of seven or more outliers (nonrandom data points) on a control chart, the process is out of control; more than seven shows the data points are not random
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Schedule Bar Chart
good for reporting to customers and for control, but not an effective planning tool
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Schedule Control Threshold
at what point does schedule variance become an issue?
353
Schedule Variance (SV)
shows variance between earned value and planned values; difference between earned value and planned value; negative is behind schedule; positive is ahead of schedule \* EV = earned value \* PV = planned value \* SV = EV – PV
354
Scope Management
process of defining what work is required and then making sure all of that work and only that work is completed
355
Secondary Risk
domino effect of risk response; one risk if it happens creates another not necessarily smaller risk
356
Seller Proposal (Price Quote or Bid)
seller’s response to the bid documents
357
Sender
in the communication model, person who conveys a message and is responsible for making the content clear and complete; also responsible for confirming that the receiver understands the message correctly.
358
Service Level Agreement (SLA)
* a contract between a service provider and its client * outlines how the service is going to be performed and provided, as well as what is to happen if the company fails to provide the service * often used in the IT industry
359
Should-Cost Estimate
process of independent estimating; the independent estimate before taking bids is the mean used to compare vendors' bids for the work
360
Showing Ratio
in contracts, these incentives are typically expressed as a ratio such as 90/10; ratio described how cost savings or cost overrun will be shared; first number represents the buyer portion of the ratio and the second number represents the seller portion
361
Single Source Procurement
buyer contracts directly with preferred seller without going through the bid process for procurement; buyer prefers to work with just one although there are multiple options
362
Site Access Terms and Conditions
in a contract, requirements for access to site where the work will be completed
363
Situational Leadership
a manager using different leadership styles based on the people and project work they are dealing with; project manager needs to be more directing at the beginning of the project and coaching, facilitating during executing
364
Six Sigma
quality methodology for achieving organizational improvement and high levels of correctness with extremely reduced variances; standard deviation between 3 or 6 sigma
365
Smoothing/Accommodating Problem Solving
downplay petty conflict and smooth them over
366
Sole Source Procurement
there is only seller that can complete the work; ex: a company that owns a critical patent
367
Solution Requirements
features, functions and characteristics of the product or service; can be functional or nonfunctional
368
Special Provisions (Special Conditions)
additions, changes, or deletions for contracts determined by the project manager; result of meeting with procurement manager if there is one to determine final contract terms and conditions
369
Stakeholder Engagement Levels
used in planning stakeholder engagement to create goals; unaware, resistant, neutral, supportive, leading
370
Stakeholder Requirements
needs of a stakeholder or stakeholder group
371
Stakeholder Stakes
ways in which stakeholders might a stake in a project \* interest: how they are affected by the project \* rights: legal and moral rights to the project \* ownership: ownership of an asset used in the project \* knowledge: knowledge that helps the project \* contribution: funds or resources that support the project
372
Stakeholders
any people or organizations whose interests may be positively or negatively impacted by the project or exert influence on the project \* actively involved or have a more advisory role \* internal or external to organization \* keep stakeholders informed, solicit their input, and work to satisfy their needs and expectations
373
Standard Contract
standard format for a contract that has been created by the buyer and used repeatedly; usually drafted or at least reviewed by lawyers; generally do not require additional review if used for the purpose for which they were intended
374
Standard Deviation
distance from the normal bell curve; could be a way to measure possible range for the estimate; for example, an activity estimate of 30 hours that has a standard deviation of +/-2 is expected to take between 28 and 32 hours; also used in quality to determine the acceptable threshold for variation in quality
375
Start-to-Finish Activity
an activity must start before the successor can finish
376
Start-to-Start Activity
activity must start before the successor can start; example: must start designing and wait for two weeks’ lag in order to have enough of the design completed to start coding
377
Statement of Work (SOW)
describes the complete scope of a procurement; lays out all work and activities (including meetings, reports, and communications) the seller is to complete, acceptance terms; level of detail depends on the contract type
378
Statistical Independence
probability of one event occurring does not affect the probability of another event occurring; mathematical tool to determine root cause
379
Step Funding Requirements
represents funding at different phases of project added to cost baseline; shows infusions of money at each phase and then money spent in that phase
380
Storytelling
team members and experts explain tacit knowledge during Manage Knowledge
381
Straight-line Depreciation
same amount of depreciation is taken each year (item with a ten year useful life and no salvage value)
382
Strategic Impact Risk Parameter
refers to the degree to which the occurrence of a risk would affect the strategic goals of the organization
383
Strong Matrix
* power rests with project manager but project team has functional manager also * project manager is full-time on projects * project manager has more power and authority than functional managers * often has full-time support staff
384
Sunk Costs
* costs already expended * should not be considered when deciding whether to continue with a troubled project
385
Supporting Management Style
project manager encourages and provides assistance to team members and stakeholders in working through the situations they encounter
386
Supportive PMO
* provides the policies, methodologies, templates and lessons learned * attempts to promote consistency and streamline efforts * consultative * low level of control
387
System Dynamics
relationship between components in an organization such as department, projects, people, bureaucracy, politics, and policies
388
Tacit Knowledge
* emotions, experience, and ability, which are more difficult to communicate clearly and require an atmosphere of trust
389
Tangible Business Value
projects that add tangible business value create new products and things, such as new hardware or software, or even bring in new money
390
Tangible Reward
money
391
Target Price
in procurement process, used to compare the end result (final price) with what was expected (target price); a measure of success \* don't confuse target price with target cost or target fee \* target cost plus target fee = target price
392
Team-Building
guiding, managing, and improving the interactions of team members and is the project manager’s responsibility; creating the WBS is a team-building activity because it allows the team to actively engage in planning the project and helps them take ownership of it; training is team building; define rules to handle team disagreements
393
Technical Risks
changes in technology, technical processes, or interfaces
394
Termination
stopping work before it is completed
395
Termination for Convenience
buyer terminates a contract before the work is complete because they no longer want the work to be done
396
Terms of Reference (TOR)
* for procurement of services rather than products * includes the work seller will perform * standards the seller is expected to achieve * data and services that will be provided to the buyer
397
Testing
tests the product against the quality standards in your discipline; done throughout the project not just before scope validation because that could be costly
398
Theory of Constraints
identify the most limiting factor in processes and improve it so it’s not longer the most limiting factor
399
Threat Responses
in risk management, you try to avoid, mitigate, or transfer; avoid means attempt to eliminate the cause of a threat, and this is used for risk that is particularly high-impact; mitigate reduces the probability or impact and is also used for higher-impact risks; transfer means you make a party outside of the project responsible and can be done by purchasing insurance or warranties or outsourcing work
400
Tight Matrix
* co-located team
401
Time and Material Contract (T&M)
buyer pays on a per-hour or per-item basis; used for time and materials in service efforts for which the level of effort cannot be defined when the contract is awarded; \* \* \* has elements of fixed-price contract because hourly/per-item rate is fixed \* has elements of cost-reimbursable contract in that materials and labor cost total is unknown \* allows for quicker negotiations because terms and conditions are simpler \* best used for small dollar amount work \* seller's profit is built into rate, so they have no incentive to get work done quickly or efficiently \* often includes "not to exceed" clause \* buyer has a MEDIUM amount of risk compared to cost-reimbursable or fixed-rate
402
Time Is of the Essence Terms and Conditions
in a contract, delivery dates that are strictly binding; seller on notice that time is important and any delay is a material breach
403
Time-Boxing
set a fixed deliver date for a project or release
404
To Complete Performance Index (TCPI)
can you meet the BAC? can you meet the EAC? answers the question to stay within the budget, what rate do we need to meet for the remaining work? greater than one is bad; less than one is good \* BAC = budget at completion \* EV = earned value \* AC = actual cost \* TCPI = (BAC – EV) / (BAC – AC) \* TCPI = (BAC – EV) / (EAC – AC)
405
Tornado Diagram
shows the risks with the largest probability of happening and largest effects
406
Total Float
asset that provides schedule flexibility; total float is the amount of time an activity can be delayed without delaying the project end or an intermediary milestone while still adhering to any imposed schedule constraints
407
Transition Requirements
look at patterns that can predict future results; analyze delivery time, cost variance, and number of incorrect items; analyze whether or not corrective action has reduced errors
408
Triangular (Simple Average) Estimating
(P + O + M)/3
409
Tuckman Ladder Model
team-building happens in the following stages: \* forming: people are brought together as team \* storming: people position themselves to leaders or followers; disagreements as people learn to work together \* norming: people accept their roles; project work begins; team members begin to build rapport \* performing: team becomes efficient and works effectively together \* adjourning: project ends and team is disbanded
410
Uncertainty
lack of knowledge about an event that reduces confidence in conclusions drawn from data
411
Unforseeable Risks
only a small portion of risks are truly unforeseeable, and then generally involve the customer, a lack of project management effort or knowledge, suppliers, or resistance to change
412
Urgency Risk Parameter
indicates if the risk if likely to occur soon or if the risk requires a long time to plan a response; urgent risks may be moved directly into risk response planning
413
Value Engineering
what’s the minimum amount of engineering or design to get the required value
414
Variability Risks
* risks caused by inability to predict future changes, such as defects, weather, malfunctioning equipment, new technology, new laws, the complexity of the project * type of non-event based risk
415
Variable Cost
cost that changes with the amount of production or work, such as materials, supplies, and wages
416
Virtual Team (Non-Collocated Team)
* team scattered around the country or world * more inclusive because people with mobility issues can be on the project BUT communication is key
417
Vroom’s Expectancy Theory
finding a less costly way to do the same work while maintaining scope
418
Waivers
statements saying that rights under the contract may not be waived or modified other than express agreement of the parties
419
Warranties
promises of quality for the goods or services delivered under the contract usually restricted to a certain time period
420
Weak Matrix
* power rests with functional manager and project manager is comparable to that of a coordinator or expediter * functional manager controls the budget * project manager and project team are part-time
421
Whole Cost
consider the entire cost of resources for the project, including things like shipping
422
Withdrawal (Avoidance) Style of Conflict Management
parties retreat or postpone decision on a problem; not usually the best choice on exam, although there may be situations where necessary
423
Work Authorization System
* component of the PMIS * coordinates when and in what order work is performed so that work and people may properly interface with other work and people * part of project management integration
424
Work for Hire
work provided under the contract will be owned by the buyer
425
Work Package
scope is broken down until each package can be realistically and confidently estimated including the activities, duration, and cost; advantages—can be completed quickly, can be completed without interruption or need for more information, may be outsourced; for example a particular function in a piece of software or a window in a room
426
Work Performance Data
initial measurements and details about activities gathered during project work (executing)
427
Work Performance Information
work performance data that have been analyzed to make sure they conform to the project management plan and to assess what they mean for the project (controlling)
428
Work Performance Reports
work performance information that has been organized into reports and distributed to the various stakeholders (monitor and control)
429
Work Shadowing
a knowledge management technique during which the learner follows the expert
430
Working Capital
* an organization’s current assets minus current liabilities * thus how much the organization has available to invest, including investing in projects
431
Zero Sum Rewards
avoid these when developing a team; only one person can win zero sum awards
432
Path Convergence
* activity on a project schedule network diagram with two more activities directly preceding it * represents added risk to schedule
433
Path Divergence
* activity on a project schedule network diagram with two more activities directly succeeding it * represents added risk to schedule
434
Specification Limits
* customer's requirements for quality and performance * unlike control limits, which are the organization's quality standards
435
436
Four Main Sources fo Team Problems
1. schedule 2. project priorities 3. resources 4. technical opinions