Predictive Vocab Flashcards
Project
a temporary endeavor undertaken to create a unique product, service, or result
Project Initiation Context
initiated in response to business factors broken down into
four categories; regulatory/legal, stakeholder needs, business change/tech strategies, build/improve products, processes, or services
Project Management
application of knowledge, skills, tools, techniques, to project
activities to meet project requirements effectively and efficiently while integrating PM processes
Program
a group of related projects coordinated to allow for more control
Portfolio
a collection of projects and programs aligned to achieve strategic
business objectives
Phases
a group of related project activities allowing for more control and often completes major deliverables; may leverage a phase gate at the end to validate performance and progress
Organizational Project Management (OPM)
the alignment of projects, programs, and portfolios and aligning them to strategic organizational goals
Project and Development Life Cycles
a group of project phases defined by an organization into a framework allowing for more control
Tailoring
selection of the appropriate processes, inputs, tools, techniques, outputs and life cycles to best fit the unique needs of each project
Performance Measurement Baseline
the original approved plan plus/minus all approved changes; the current approved version of the plan. the combined scope, schedule, and cost baselines
System
a set of formal policies, procedures, rules, or processes that defines how things are done
Progressive Elaboration
an iterative approach to planning; plans are created in multiple passes rather than all at once
Historical Information
documents or data from previous projects which are used to
assist in future project decisions
Enterprise Environmental Factors
the environment you work in that can impact your project; corporate culture, industry standards, infrastructure, political climate, market conditions, etc
Organizational Process Assets
any documented processes and procedures; corporate knowledge base (e.g. project archives)
Functional Organization Structure
a departmentalized structure where employees work for only one manager; project manager has little or no power
Matrix Organization Structure
employees report to both a functional manager and a
project manager (power is shared); in a weak matrix the PM has little power, in a balanced matrix the PM has moderate power, and in a strong matrix the PM has nearly full power and authority
Project-oriented Organization Structure
employees work directly for and report only to the project manager; project manager has full power and authority
Stakeholder
a person or organization actively involved in the project, or whose interests may be positively or negatively impacted by the project, or who might exert influence over the project
Business Case
market demand, business need or strategic opportunity, customer request, technological advance, legal requirement, ecological impact, social need
Project Manager
tasked with achieving the project objectives; lead person responsible for communicating with all stakeholders including sponsor; may report to a functional manager or program or portfolio manager
Project Integration Management
specific to Project Managers whereas other knowledge areas may be managed by subject specialists
Agile/Adaptive Environments
detailed product planning and delivery may be delegated to the team as the PM focuses on building a collaborative decision-making environment
Project Management Plan
a formal, approved document that defines how the project
is executed, monitored, and controlled
18 PM Plan Components
Change Management Plan,
Configuration Management Plan,
Scope Management Plan,
Schedule Management Plan,
Cost Management Plan,
Quality Management Plan,
Resource Management Plan,
Procurement Management Plan,
Communications Management Plan,
Risk Management Plan,
Stakeholder Engagement Plan,
Requirements Management Plan,
Scope Baseline,
Schedule Baseline,
Cost Baseline,
Performance Measurement Baseline,
Project Life Cycle Description,
Development Approach
Project Charter
formally authorizes the project to exist, establishes the project
manager’s authority, and documents high-level requirements, milestones, budget, risks, and success criteria
Lessons Learned
things learned on the current or previous projects used to improve
current or future project performance and may be tracked in the Lessons Learned Register
Work Authorization Systems
defines how project work will be authorized to ensure work is done by the right organization, at the right time, and in the right order
Change Request
a formal request for a change to the project; can be a change to scope,
cost/budget, schedule, policies, procedures, processes, or to any of the project plans
Issue
a point or matter in question, in dispute, or over which there are disagreements
Preventive Actions
actions taken to ensure future project work is aligned with the project management plan (prevent/minimize impact of potential problems)
Corrective Actions
actions taken to realign project work with the project management
plan
Project vs. Product Scope
product scope is the features and functions the final product must have or be;
Project scope is the work required to deliver the final product
Scope Completion is measured against?
Project vs Product Scope
project scope is measured against the project management plan
while product scope is measured against project requirements
Detail on Predictive and Agile “to do’s”
adaptive life cycles use backlogs (represented as product requirements and user stories) whereas predictive projects would use a WBS and
WBS dictionary;
scope may not be clear or may dynamically change and therefore
backlogs, releases, and prototypes are used as requirements emerge over time
Value Engineering
an approach used to optimize project life cycle costs, save time,
increase profits, improve quality, expand market share, solve problems, and/or use resources more efficiently; see the tool and technique of Product Analysis
Data Gathering Techniques
Brainstorming (group creativity), Focus Groups, Benchmarking, Document Analysis, Observation/Conversation
Data Representation
Idea and Mind Mapping, Affinity Diagrams (grouping into categories)
Group Decision Making
Nominal Group Technique (voting and ranking ideas), Multicriteria Decision Analysis
Group Decision - Making Techniques
Unanimity (all agree),
Majority (over 50%),
Plurality (largest block),
Autocratic (one person decides),
Consensus (all agree to go along,
even if it’s not their first choice),
Delphi Technique (blind/anonymous)
Delphi Technique
blind/anonymous
Project Scope Statement
describes in detail the project’s deliverables and the work
required to create those deliverables; it contains explicit project inclusions and exclusions, acceptance criteria, assumptions, and constraints
Decomposition
the process of continually breaking down project deliverables into small
parts to the point where activity costs and durations can be reliably estimated and managed
WBS
a hierarchical decomposition of the work to be completed on a project; each lower level represents an increasingly detailed definition of the work; lowest level is the work package; each node has a unique identifier
WBS Dictionary
provides a detailed description of each
WBS component
Scope Baseline includes…
includes the WBS, WBS Dictionary, Project Scope Statement, Work Packages, and Planning Packages
Project Scheduling
represents how and when the project will deliver services,
products, and results defined in the project scope and aids with performance reporting and communications
Schedule Model
comprised of Scheduling Method (such as Critical Path Method),
Scheduling Tool, and Project Information resulting in a project schedule
Agile/Adaptive Considerations
often short cycles are used to start work allowing for rapid feedback and manifest as on-demand (such as Kanban) and iterative schedules (with a backlog)
Project Schedule Network Diagram
a graphical depiction of the relationships among project activities
Precedence Diagramming Method
a network diagramming method using rectangles (nodes) to represent
activities and arrows to show logical relationships between
the activities; also known as Activity-On-Node (AON)
Types of Dependencies
used for dependency determination; Mandatory (hard logic),
Discretionary (preferred, arbitrary, soft logic), External and Internal
Mandatory Dependency
hard logic
Discretionary Dependency
preferred, arbitrary, soft logic
Logical Relationships
dependencies between two activities where one activity must be
started or finished before the other can be started or finished; four types: Finish-to-start (FS), Finish-to-finish (FF), Start-to-start (SS), Start-to-finish (SF)
Lead
starting an activity prior to the completion of the preceding activity; getting a head-start on an activity
Lag
delaying the start of an activity after the completion of a preceding activity; delaying an activity
Bottom-Up Estimating
breaking a project or activity down into smaller components that are easier to estimate, then aggregating (rolling-up) those costs or durations
Analogous Estimating
using a previous project or activity as a starting point to estimate activity costs or activity durations
Parametric Estimating
using a statistical relationship to calculate cost or duration;
typically involves multiplying the number of units by a cost or duration per unit; time example:
4 hours per server x 20 servers = duration of 80 hours; cost example: $100 cost per square foot x 2,000 square feet = $200,000 construction cost
Three-Point Estimating
a weighted average method used to increase estimation
accuracy; uses Optimistic, Pessimistic, and Most Likely estimates to calculate the estimated activity cost or duration; Beta Distribution Formula (PERT): ( O + 4xML + P ) / 6; Triangular Distribution Formula: (O + M + P) / 3
Reserve Analysis
contingency reserves used to account for schedule or cost uncertainty (risks)
Critical Path
the path of activities along which any delays will cause the project to
be delayed; the longest duration path through the schedule network diagram; the chain of tasks which all have the least amount of float (normally zero)
Total Float (Slack)
the amount of time an activity can be delayed without delaying the
project completion date
Free Float
the amount of time an activity can be delayed without delaying the earliest following (successor) activity
Critical Path Method
a schedule analysis method calculating the shortest path for
the project, float for each activity, and possible start and finish dates for each activity
Schedule Compression Techniques
used to shorten the project schedule; two-methods: Crashing (adds extra resources, results in higher costs) or Fast-tracking (doing activities in parallel, which increases risk)
Agile Release Planning
high-level agile schedule (usually 3-6 month view) based on a
roadmap depicting number of iterations (sprints) needed to deliver releasable product
Resource leveling
used to adjust the resource schedule when resources have been
over-allocated; often lets the schedule slip in order to level out resource utilization; a histogram (bar chart) is the tool used to do this
Resource smoothing
used to adjust the activities within the schedule to keep resources
from exceeding limits; with resource smoothing, the completion date is not delayed
What-if Scenario Analysis
a statistical analysis method used to predict the schedule
based on various possible scenarios; or simulations such as Monte Carlo Analysis
Monte Carlo Analysis
a computer-based simulator which conducts thousands of random scenarios to predict likely possible outcomes
simulates the combined effects of individual project risks to evaluate their potential impact on achieving project objectives
Milestone List
list of significant points or events in the project; may denote milestone
types such as optional (e.g., historical information) or mandatory (e.g., required by contract)
Schedule Baseline
the accepted and approved version of the project schedule
Cost Management
primarily focused on costs of resources needed to complete project work
Earned Schedule (ES)
an extension of EVM leveraged in conjunction with actual time (AT). ES is used to calculate an alternate form of Schedule performance index and Schedule variance using ES ÷ AT and ES - AT respectively
Agile/Adaptive Considerations
If scope is not fully defined or the project faces a high degree of uncertainty alternatives to detailed cost calculations such as lightweight methods for high-level forecasts and detailed estimates for short-term “just in time” needs can be used.
Cost Estimates
estimation of cost of all resources applied and presented in either
summary or detail form, may be represented as a range at varying levels of confidence and may include contingency and management reserves
Funding Limit Reconciliation
adjustments made to project expenditures to account for funding limits (e.g. quarterly budgets)
Financing
acquiring funds (internally and/or externally) for the project
Cost Baseline
authorized, time-phased, total project budget, excluding management
reserves, which is used to measure, monitor & control cost performance
Variance Analysis
measuring the difference between planned and actual (used for both
costs and durations)
Earned Value Management (EVM)
an objective mathematical approach to measure cost and schedule performance
Contingency Reserves
amounts set aside by PM to cover known risks and are included in the baselines (can take the form of time and money)
Management Reserves
amounts management sets aside to cover unknown risks and
are not included in the baseline (can take the form of time and money)
Net Present Value (NPV)
present value of a future income stream, offset against initial
investment amount
Benefit Cost Ratio
compares financial yield to the cost of doing the project
Payback Period
amount of time needed to recoup the project’s investment
Quality Management
the processes for incorporating the orgainzation’s quality policy,
used by the project to ensure the deliverables meet the stakeholders’ objectives
Quality vs. Grade
Quality is the ability for the item to do what it was designed to do;
Grade is a category used to label different products or services that compete to meet the same needs of the end user
Grade
a category used to label different products or services that compete to meet the same needs of the end user
Quality
the ability for the item to do what it was designed to do
Prevention over inspection
prevention is keeping errors our of the process; inspection is keeping errors out of the hands of the customer
Attribute sampling
pass/fail testing
Variable sampling
testing with a range of acceptable results
Tolerance
specified range of acceptable results
Control limits
boundaries of common variance
Most effective quality management occurs when
quality is planned into the project and supported by a company culture committed to quality
Five Levels of Effective Quality Management
- Let the customer find the defects (most expensive approach)
- Detect and correct the defects before the deliverables are in the customer’s hands
- Use quality assurance to examine and correct the process itself, not just special defects
- Incorporate quality into the planning and designing of the project and product
- Create a culture throughout the organization that is aware and committed to quality processes and products
The Three Quality Processes
Plan: Plan Quality Management; Create the plan
Do: Manage Quality; Asks the question,
“Are we doing the procedures, processes and actions we planned?
Check/Act: Control Quality; Follows the plan, checks deliverables and takes action to correct identified defects
Cost of Quality -
Conformance vs. Non-Conformance
Conformance:
Prevention Costs - Training, Document processes, Equipment, Time to do it right
Appraisal Costs - Testing, Destructive testing, Inspection
Non-Conformance:
Internal Failure Costs - Rework, Scrap
External Failure Costs - Liabilities, Warranty work, Lost business
Precision
the values of repeated measurements are clustered and have little scatter
Accuracy
the measured value is very close to the true value
Cost-Benefit Analysis
helps determine if the quality activities are cost effective, high
quality results in less rework, higher productivity, lower costs and increased profitability
Mutually Exclusive
two events can’t occur at the same time (if one event occurs, then
the other event cannot)
Statistical Independence
the occurrence of one event makes it neither more nor less
probable that the other occurs; past coin flips of heads do not change the probability of the next coin flip being heads
Statistical Sampling
choosing a small random sample, and the sample’s properties
should represent the entire group
Control Chart
displays process stability and performance
Rule of 7
seven consecutive data points on a control chart, all on one side of the mean; signifies the process is out of control
Benchmarking
comparing your project or process to a known standard
Flowcharting
visual depiction of a process
Design of Experiments (DOE)
a statistical technique that analyzes several variations
(product bundles or feature combinations) at once
Pareto Chart
a type of chart containing both bars and a line graph, where individual values are represented in descending order by bars, and the cumulative total is represented by the line; focus on…
80/20 rule says 80% of problems are from 20% of the causes, and dictates you should focus most of your attention on those top few causes
Scatter Diagram
plots data points to show the relationship between 2 variables (X,Y)
Cause and Effect Diagram
shows how various factors might be linked to potential problems or effects (also known as an Ishikawa or Fishbone diagram)
Kaizen
Japanese word for “continuous improvement”; uses the Plan Do Check Act cycle
ISO
a quality management certification that requires documenting and following processes
W. Edwards Deming
developed the 14 points of Quality Management; stated that poor
quality is a result of management problems 85% of the time
the father of Total Quality Management (TQM)
Joseph Juran
defined quality as “fitness for use”; promoted conformance and quality
by design, promoted the use of the 80/20 rule, developed management’s responsibility
Philip Crosby
believed in conformance to requirements; zero defects; cost of quality
Standard Deviation
represented with the variable σ; it is used
to understand variation (dispersion) from the average (mean);
formula: Standard Deviation = (Pessimistic - Optimistic) / 6
Confidence Intervals
1 Sigma = 68.26% ( 317,500 defects per million)
2 Sigma = 95.46% ( 45,000 defects per million)
3 Sigma = 99.73% ( 2,700 defects per million)
6 Sigma = 99.999% (3.4 defects per million)
Control Chart
Mean———————–
Lower Limit
*dots scattered throughout
Influence Diagram
flowchart style diagram detailing where influence derives
Pareto Chart
histogram that is used to rank causes of problems in a hierarchical
format
Used to focus corrective actions on the problems having the greatest
effect on overall quality performance
Scatter Diagram
A graph that shows the relationship between two
variables
Demonstrates a relationship between any element
of a process, environment, or activity on one axis
and a quality defect on the other axis
Process Flowchart
visio style flowchart
Fishbone Diagram
why-why diagrams, or Ishikawa diagrams
Breaks down the causes of the problem statement identified into discrete branches, helping to identify the main or root cause of the problem
Resource Management Key Concepts
The knowledge area covers both physical and human resources.
* The project manager must have different skills to manage the two above categories.
* The PM should function as a leader and at times a manager when acquiring, managing,
motivating and empowering team members.
* The development of team skills and competence, as well as motivation, is the responsibility
of the PM.
* Physical resource management is focused on efficient and effective means of resource
allocation and utilization.
Maslow’s Hierarchy of Needs
people can only ascend to a higher level after fulfilling each of the lower levels
5 levels are:
-Physiological (food water, shelter),
-Safety (security, stability, freedom from harm),
-Social (friends, family, love),
-Esteem (self-respect, self-confidence),
-Self-Actualization (optimal performance, growth, learning)
Herzberg’s Hygiene Theory
certain factors in the workplace cause job satisfaction, while a separate set of factors could cause dissatisfaction;
Hygiene factors (status, job security, salary and fringe benefits) do not cause satisfaction, but if they are missing it could cause dissatisfaction
McClelland’s Theory of Needs
people are motivated by either (1) achievement,
(2) affiliation, or (3) power and are managed accordingly
McGregor’s Theory X-Y
Theory X managers (authoritarian) believe people dislike work and employees must be watched closely; Theory Y managers (participatory) believe people are self-motivated and can be trusted to work hard on their own
Expectancy Theory
employees are motivated by the expectation of realistic positive
outcomes and related rewards; they remain motivated as long as rewards meet expectations
Responsibility Assignment Matrix (RAM)
a grid showing the relationship between work packages (rows) and team members (columns)
RACI Chart
Responsible (does the work), Accountable (ensures the work is done),
Consult (input required from SME), Inform (updated on status); a type of RAM
Forms of Power
- Formal/Legitimate (power based on position or title),
- Expert (power based on knowledge or expertise, such as a SME),
- Reward (you reward desirable behavior with incentives, aka the carrot method),
- Referent (power based on respect or adornment),
- Punishment/Penalty (WORST; threats of punishment, aka the stick method)
Conflict Resolution (5 Types)
- Collaborating/Problem Solving (examine various perspectives;
win-win), - Compromising/Reconciling (both parties give something up; win-some/lose-some),
- Forcing/Directing (pushing one’s viewpoint at the expense of others; win-lose),
- Smoothing/Accommodating (emphasis on areas of agreement, but ignore the true problem; lose-lose),
- Withdraw/Avoiding (retreating from conflict; lose-lose)
Conflict Resolution - Collaborating/Problem Solving
examine various perspectives; win-win
Conflict Resolution - Compromising/Reconciling
both parties give something up; win-some/lose-some
Conflict Resolution - Forcing/Directing
pushing one’s viewpoint at the expense of others; win-lose
Conflict Resolution - Smoothing/Accommodating
emphasis on areas of agreement, but ignore the true problem; lose-lose
Conflict Resolution - Withdraw/Avoiding
retreating from conflict; lose-lose
Team Development (Tuckman ladder) - 5 Types
- Forming (team is shy),
- Storming (not seeing eye-to-eye),
- Norming (begin to work together),
- Performing (well-oiled machine),
- Adjourning (team disbands)
Interpersonal Skills
leading, influencing, effective decision-making; aka soft skills
Tuckman ladder - Forming
team is shy, new team forms
Tuckman ladder - Storming
not seeing eye-to-eye, test team charter
the team begins to address the project work, technical decisions, and the project management approach. If team members are not collaborative or open to differing ideas and perspectives, the environment can become counterproductive
Tuckman ladder - Norming
begin to work together, standards are set
team members begin to work together and adjust their work habits and behaviors to support the team. Team members learn to trust eachother
Tuckman ladder - Performing
well-oiled machine
Teams that reach this stage function as a well-organized unit. They are independent and work through issues smoothly and effectively
Tuckman ladder - Adjourning
team disbands
the team completes the work and moves on from the project. Staff is released from the project as deliverables are completed or as a part of close project or phase
Communication Management - Key Concepts
- Communication is the process of exchanging information. Communications, however, describes the means by which information can be sent or received. Project Communications Management not only addresses how communication will take place during the project but
also how artifacts will be archived. - Effective communication is clear and concise, and allows all stakeholders whose difference will generally have an impact or influence on the project success to share information in order to achieve understanding.
- Communication activities include internal and external, formal and informal, written and oral.
Communication - Up, Down, Horizontal
- Communication can be sent to individuals above the project (Sponsor) this is referred to as “up”,
- “down” when directed at the project team members.
- “horizontally” when directed at peers.
Communications Management Plan
documents who sends info, who receives info, what info is sent, how info is sent, when and how often info is sent
Communication Methods - 3 Types
Interactive (multi-directional, such as a meeting),
Push (one-way outbound, such as an email),
Pull (one-way inbound, such as a download from a website; self-service)
Communication Methods - Interactive
multi-directional, such as a meeting
Communication Methods - Push
one-way outbound, such as an email
Communication Methods - Pull
one-way inbound, such as a download from a website; self-service
Risk Management - Key Concepts
- Every project has risk. Organizations choose to take project risk in order to create value, while balancing risk and reward.
- Project Risk Management aims to identify and manage risks not covered by other project management processes.
- Project Risk Management processes are conducted iteratively because risks can be discovered during the lifetime of the project.
- The project manager and team must be aware of the organization’s thresholds for risk in order to manage risk effectively during the project.
Two levels of project risk
- Individual project risk
- Overall project risk
Individual project risk
an uncertain event which could have a positive or negative effect on the project objectives
Overall project risk
the effect of uncertainty on the project as a whole, arising from all sources of uncertainty including individual risks, representing the exposure of stakeholders to the implications of variations in project outcome, both positive and negative.
Risk
uncertainty; an unknown future event; positive risks are opportunities, negative risks are threats
Residual Risk
any risk remaining after the risk response strategy is implemented; left-over risk
Secondary Risk
a risk that arises from the execution of a risk response plan
Qualitative Risk Analysis
a quick and easy risk assessment method that combines the probability and impact to assign a risk score
Probability and Impact Matrix
used to rank two variables; a matrix used during qualitative risk analysis that multiplies the risk probability (high, medium or low) by the
impact to come up with a risk score, which is then used to create a prioritized list of risks
Hierarchical Charts
used to display risk using three or more variables (Bubble Charts)
Expected Monetary Value (EMV)
formula: EMV = Probability X Impact
Sensitivity Analysis
shows the variance in risk within the different risk categories on the
project (best case vs. worst case scenario)
determines which individual project risks have the most potential impact on project outcomes
Tornado Diagram
uses the results of a sensitivity analysis to graphically show which
variables have the greatest impact on the project (top level is…)
Threat Strategies
- Escalate (risk is above the threshold of risk the PM is authorized and the risk event must be reported, then managed at the program/portfolio level),
- Avoid (change something so the threat no longer exists),
-Transfer (shift the risk to a third party, perhaps via a contract), - Mitigate (increase or decrease the probability and/or impact, an alternate plan),
- Accept (includes passive and active approaches)
Opportunity Strategies
- Escalate (risk is above the threshold of risk the PM is authorized and the risk event must be reported then managed at the program/portfolio level),
- Exploit (change something to ensure the opportunity occurs),
- Share (share with a third party, perhaps via a joint venture),
- Enhance (increase or decrease the probability and/or impact, an alternate plan),
- Accept (includes passive and active approaches)
Reserves
money or time set aside in case a risk occurs; contingency reserves are for identified risks, management reserves are for unidentified risks
Procurement Management - Key Concepts
- The project manager should be familiar with the procurement process for the organization in order to make informed decisions regarding contracts and contractual relationships.
- Procurement involves agreements describing the relationship between a buyer and a seller.
- Agreements can be complex and the procurement approach discussed in the procurement management plan should reflect the degree of complexity.
- Agreements must comply with local, national, and international laws regarding contracts. It can be a contract, a service-level agreement, an understanding, a memorandum of agreement, or a purchase order.
- The role of the project manager is to ensure all procurements meet the needs of
the project, usually using a SOW and reviews of the vendor’s performance; also, ensuring organizational policies are followed; to do this the PM is assessed by procurement specialists. - The legally binding nature of an agreement is why many parts of this knowledge area are led by a procurement specialist to ensure the agreement is in compliance with the laws and regulations regarding procurements.
- A complex project may involve multiple contracts. The buyer-seller relationship may exist at many levels and between organizations.
- Contract types are used to shift risks.
Procurement Documentation - Items
RFP = Request for Proposal,
RFB = Request for Bid,
RFQ = Request for Quote,
RFI = Request for Information,
IFB = Invitation for Bid
Procurement Statement of Work
provided seller with clearly worded goals, requirements and outcomes
Independent Cost Estimates
from uninterested party used as a sanity check to compare against actual bids from interested parties
Source Selection Criteria
weights or evaluation criteria in order to evaluate the different proposals
Fixed Price - risk level
risk is high for the seller (also called vendor or contractor)
Fixed Price - types
FFP = Firm Fixed Price (most common, seller covers any cost increases),
FPIF = Fixed Price Plus Incentive Fee (includes an extra performance bonus),
FP-EPA = Fixed Price with Economic Price Adjustment (used on long-term projects,
buyer covers inflation costs);
Cost-Plus - risk level
buyer assumes some risk (risk is high for the organization too)
Cost Plus - types
CPPC = Cost Plus Percentage of Cost (seller reimbursed for costs, plus a % commission),
CPFF = Cost Plus Fixed Fee (seller reimbursed for costs, plus a fixed $ commission),
CPIF = Cost Plus Incentive Fee (seller reimbursed for costs, plus an objective bonus),
CPAF = Cost Plus Award Fee (seller reimbursed for costs, plus a subjective bonus)
Time & Materials - risk level
risk is closer between the buyer & seller, but the buyer has slightly more
Time & Material - define
T&M = Time & Material (hybrid, moderate risk to buyer, often used for staff
augmentation and consultants)
Stakeholder Management - Key Concepts
- Every project has stakeholders, both positive or negative. With varying amounts of
influence on the project work. - The project manager and team’s ability to identify and appropriately engage with all of the stakeholders can mean the difference between project success and failure.
- Stakeholder identification and engagement should be conducted as soon as possible when the project manager has been assigned and the team begins to form, usually after the charter has been signed.
- Effective stakeholder engagement is a focus on appropriate and timely communication with all stakeholders. Stakeholder satisfaction should be identified and managed as a key project objective.
- The process of identifying and engaging stakeholders is iterative, particularly when
the project begins a new phase, or if there are changes to the organization or external stakeholders.
Stakeholder Register
lists stakeholders and relevant details for each
Stakeholder Engagement Plan
outlines strategies for managing various stakeholders’ expectations/involvement
Issue Log
tracks disagreements and/or unresolved matters and outlines plan for resolving
Change Log
shows all changes made during a project along with their impact on various constraints
Stakeholder Engagement Assessment Matrix
used to identify gaps between current engagement of a stakeholder and desired engagement of that stakeholder
Issue Log
documents issues over which there is disagreement, and monitor who is responsible for resolving specific issues by a target date
Cost of Quality: Conformance - Prevention Costs
Training, Document processes, equipment, time to do it right
Cost of Quality: Conformance - Appraisal Costs
Testing, Destructive Testing, Inspection
Cost of Quality: Non Conformance - Internal Failure Costs
Rework, Scrap
Cost of Quality: Non Conformance - External Failure Costs
Liabilities, Warranty work, Lost business
Mind Mapping
Data Representation used to visually organize information about stakeholders and their relationship to each other and the org
Affinity Diagram
Data Representation technique that allows large numbers of ideas to be classified into groups for review and analysis. Capture, group, label
special cause variance
variations that were not observed previously and are unusual, non-quantifiable variations
All Special Cause variations are addressed by the Operator
Roll Out Plan
documents procedures for moving into production
document the knowledge transfer, training, and readiness activities required to implement the business change
Watchlist
where you note risks that don’t have a high enough probability or impact to make it into the risk register, yet still need to be monitored
project overview statement
a short document (ideally one page) that concisely states what is to be done in the project, why it is to be done, and what business value it will provide to the enterprise when completed
Decision Tree
a diagramming and calculation technique for evaluating the implications of a chain of multiple options
Regression Analysis
an analytical technique where input variables are examined in relation to output variables to develop a statistical relationship
Claims administration
the process of processing, adjudicating and communicating contract claims
Project Phases
Feasibility
Design
Develop
Deploy
Transactional Leadership
Focus on goal setting
Management by exception (what happened/didn’t happen)
Transformational Leadership
Empowered by the leaders behaviors
Leadership by example
Power/Interest Grid
groups stakeholders on the basis of their authority and interest in the project
Power/Influence Grid
A classification model that groups stakeholders on the basis of their levels of authority and involvement in the project
Stakeholder Cube
Stakeholder cube model - Degree of interest, Power/Influence, Attitude (Backer/Blocker)
Salience Model
Classification model that groups stakeholders on the basis of their level of authority, their immediate needs, and how appropriate their involvement is in terms of the project
Kano Model
an approach to prioritizing features on a product roadmap based on the degree to which they are likely to satisfy customers
*used for user experience
-exciters
-indifferent
-satisfiers
dissatisfiers
MoSCoW
a popular prioritization technique for managing requirements
*used for Min Viable Product (bike example)
-must-have
-should-have
-could-have
-won’t-have, or will not have right now
100 Points Method
a voting scheme of the type that is used in brainstorming exercises.
Each stakeholder is given 100 points that he or she can use for voting in favor of the most important requirements. The 100 points can be distributed in any way that the stakeholder desires
*useful for large groups
Paired Comparison
Used to compare multiple criteria against each other in order to find the ranked order of importance
*useful for Min Business increment of the MVP
Risk Appetite, Threshold, Tolerance
Risk Appetite is a tendency towards risks
Risk Tolerance is an acceptable variance
Risk Threshold is a quantified limit beyond which you will not accept the risk
Risk Breakdown Structure (RBS)
The RBS describes risk categories and the lowest level can be used as a checklist to help identify risks.
Risk owners are not assigned from the RBS; they’re assigned during the Plan Risk Response process
