Project+ Extra 15 Flashcards
??? project team gathers and updates project documentation and relevant records/reports. Project results compared w/customer and stakeholder expectations/requirements. Ensures that -> project or phase requirements were met and formal acceptance was granted. Project objectives were completely met.
Admin closure :
??? conduct project evaluation to review original proposed financial/operational benefits and determine whether or not they have been achieved over time. If not achieved you should evaluate and determine if further action is required.
After Admin Closure is complete :
Product Transition : formal hand-off of projects outcome to its recipients, which could be client or next phase of project.
Transition Plan : document describing how outputs of project be transferred either to another org. or to functional group w/in performing org. Must be created after detailed discussions w/both sponsors and customers. Can occur anytime during project as well.
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Product Training Events : demonstrations provided by company on product or service during its transition phase. Teach recipients how to use purchased products or services. ex : video walk-throughs, handbooks, service manuals, etc …
Extended Support : like it sounds to give support after warranty is expired. May come at a cost.
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Contingency Reserves : serves as buffer in recognition of scheduled risks or setbacks; usually determined by PM.
Management Reserves : buffers added to project for unforeseen changes to project scope and cost. Usually determined by Sponsor.
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??? used to predict duration or cost by using historical data in math model. Accuracy of parametric estimate will only be as good as accuracy of data used in it.
PERT : (O + 4(ML) + P) / 6
Parametric Estimating :
Schedule Compression : shortening of project schedule w/o affecting project scope.
??? process of compressing project duration by performing some activities concurrently that were originally scheduled sequentially. Usually no added costs but can result in increased risk and rework.
Fast-tracking :
??? analyzes cost and schedule trade-offs to determine how to obtain greatest schedule compression for least incremental cost. Typically allocates more resources to activities on CP in effort to shorten their duration, thereby increasing project costs.
Crashing :
??? project scheduling process where activities are postponed to accommodate the availability of resources. Delays may be caused by internal/external resources.
Delaying :
??? time-phased budget that will monitor and measure cost performance throughout project life cycle. Developed by adding estimated costs of project components by period. Typically includes a budget contingency to accommodate risk of incurring unidentifiable but normally occurring costs w/in the defined scope.
Cost Baseline :
