Project Integration Flashcards
Baselines
A baseline is an approved version of a project or artifact, fixed in time, used to compare future results and control changes.
Issue log
Where all issues are recorded, tracked, and resolved.
Who can approve, defer, or reject change requests?
Project manager, change control board, or assigned team member.
Change management plan
Describes how the change requests throughout the project will be formally authorized and incorporated.
Change request
The formal process used to propose and manage any changes to a baselined item, configuration element, or deliverable within a project.
Benefits management plan
Describes how and when the project benefits will be delivered and how we will measure those benefits.
Expert judgement
Expertise is provided to your project by someone with the appropriate education, experience, knowledge, or skill in an area, discipline, or industry.
Benefit-cost ratio
Benefit to cost or cost to benefit. You want the highest benefit to your cost. Cost should be lower than the benefit.
Payback period
The length of time it takes to break even on a project. The shorter the payback period the better.
Return on investment (ROI)
Simple equation that divides the net profit or loss from an investment by its cost. The higher the ROI the better.
Internal rate of return (IRR)
Resulting return on your investment in a given time period. The higher the internal rate of return the better.
Net present value (NPV)
The present value of a future stream of payments minus the initial investment cost. The higher the net present value the better.
Rates of return
Various financial measures used to measure project benefits and success.
Make-or-buy analysis
Shows us whether particular work should be completed by the project team, or purchased from outside sources.
Benchmarking
Compares our product or process to comparable organizations to identify best practices and generate ideas for improvement.
Solution options
Identify set of options to be considered for addressing the problem or opportunity. (Required, desired, optional)
Analysis of the situation
Root cause of problem or main contributors to the opportunity. Gap analysis - where we are to where we need to be. Risks known.
What’s in a business case?
Business needs, analysis of the situation, solution options, and recommendation.
Needs assessment
May precede the business case. Shows the organizations goals and objectives and recommends project ideas to meet those goals.
Business case
Feasibility study that shows us whether the time investment and cost is worth the expected benefit. Go/no go decision.
Business needs
What prompted the need for action? What is the problem or opportunity? Stakeholders and areas affected
Recommendation
Do nothing, do the minimum, do more than the minimum, which option will be pursued.
Configuration management plan
Describes which items will be baselined and how information will be recorded when changes are made so the product remains consistent.
Change log
Osmosis
Gap analysis
Root cause
Project management plan
Project charter
