Project+ Extra 10 Flashcards
Automated Leveling : often pushes out project completion date. Resources may be reallocated to work at times that are inappropriate due to other constraints.
Resource Smoothing : involves rescheduling activities in project to ensure appropriate resources are allocated to each activity. Doesnt create delay in project completion date but only allows for delays in activities w/in their float.
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??? visual of project schedule in bar chart form. Tasks listed down left side and dates listed across top or bottom w/bars to indicate start/finish dates. Time is represented w/horizontal bars that correspond w/activities. Shows dependencies of project activities, and % of activity completed to date and actual progress in relation to planned progress.
Gantt Chart
Resource Calendar : lists time during which project resources can participate in project tasks.
Activity Resource Requirements : description of resources, like people, equipment, and location and quantities of resources necessary to complete project activities.
Resource Breakdown Structure : hierarchy of identified resources, organized by category and type. Category includes labor and equipment and type includes resource skills and grade levels. Helps organize and report project schedule info along w/resource utilization data.
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??? risk that is inherent in a business endeavor when a company assumes that it will spend money and make money and that any project undertaken carries with it the potential for success or failure, profit or loss.
Business Risk :
Subjective Probability : based on peoples opinions, which may be shaped by info, experience, and attitude.
Objective probability : deduced mathematically.
Standard Deviation : measure of spread of data, or statistical dispersion of values in your data set.
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Probability Distribution : scattering of values assigned to likelihood in a sample population. Visually depicted in form of PDF.
Normal Distribution PDF : symmetrical range or variation in probabilities of each outcome. Visually shown as shape of bell w/single peak resulting in bell curve.
Triangular Distribution PDF : results when there is an asymmetrical distribution of probabilities.
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Impact Scale : rating system of values that reflect magnitude of impact of risk event on project objectives. Impact scale can use values like very low, low, moderate, high, and very high.
Levels of Uncertainty : describe risks of project based on how much is known about source and effect of risk, which is described as knowns, known-unknowns, and unknown-unknowns.
Known-unknown = items that you know could affect you, although you are not able to predict how or how much they will affect you. ex: competition in the marketplace. Unknown-unknown = items beyond your ability to foresee, predict, or prepare for. ex : Hurricane Katrina.
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??? risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, and risk response planning.
Project Management Process is a high-level process having following outputs :
??? document describing teams approach to managing risks. It determines methodology, approaches, and tools that’ll be used; documents the roles and responsibilities for those involved, identifies the budgeting and scheduling for risk management activities, and lists the risk categories.
Risk Management plan :
??? Methodology, Roles and Responsibilities, Definitions of risk probability and impact, probability and impact matrix, revised stakeholder tolerances, budgeting, timing, risk categories, reporting formats, tracking.
Risk Management Components :
