Project Management Flashcards
Enterprise environmental factors
Conditions not under the control of the project team that influence constrain or direct the project organization structure culture or resources geographic distribution of resources political climate marketplace conditions organizations establish communication channels stakeholder risk tolerances
Variance at completion
A projection of the amount of budget deficit or sir plus expressed as the difference between budget at completion and the estimate of completion formula is VAC =BAC -EAC
Scope baseline
The approved version of a scope statement work breakdown structure and its associated WBS dictionary that can be changed only through formal change control procedures and is used as a basis for comparison
RACI diagram
Stands for responsible accountable consult inform chart useful tool to use one team consists of internal and external resources in order to ensure clear divisions of rules and expectations
Cost baseline
The approved version of the project budget excluding any management reserves which can be changed only through formal change control procedures and is used as a basis for comparison to actual results
Cost management plan
A component of a project or program management plan that describes how costs will be planned structured and controlled
Cost of quality
A method of determining the cost incurred to ensure a quality prevention and appraisal costs include cost for quality planning quality control and quality assurance to ensure compliance to require mints fill your costs include cost to rework products components or processes that are non-compliant
Fast tracking
Fast tracking is a scheduling technique in which activities her face is normally done and sequins are considered to be performed in parallel to reduce their durations discretionary dependencies are often considered one fast track and techniques are employed while mandatory dependencies are often legally or contractually required they cannot be easily changed discretionary dependencies are based on best practices and other options may be acceptable
Parametric estimating
In estimating technique in which an algorithm is used to calculate cost or direction based on historical data and project parameters
Three point estimating
Is a estimating method the calculates the values in the a = the best-case estimate
m = the most likely estimate
b = the worst-case estimate
Pareto diagram
A histogram ordered by frequency of occurrence that shows how many results were generated by each identified cause
Cost plus award fee contracts
A category of contract that involves payments to the seller for all legitimate actual cost incurred for completed work plus an award fee representing the seller profit
Cost plus incentive fee contract
A type of cost reimbursable contract where the buyer reimburses the seller for the sellers allowable costs and the seller owns its profit if it meets defined performance criteria
Cost plus fixed fee contract
A type of cost reimbursable contract for the buyer reimburses the seller for the sellers allowable cost plus a fixed amount of profit feet
Cost variance
The amount of budget deficit or surplus at a given point in time expressed is the difference between the old value and the actual cost
Critical chain method
A schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project uncertainties
Critical path method
A method used to estimate the minimum project ration and determine the amount of scheduling flexibility on the logical network paths within the schedule model
Decomposition
A technique used for dividing and subdividing the project scope and project deliverables into smaller more manageable parts
Delphi technique
An information gathering technique used as a way to reach a consensus of experts on the subject. Experts on the subject participate in this technique anonymously a facilitator uses a questionnaire to solicit ideas about the important project points related to the subject the responses are summarized and are then recirculated to the experts for for the common consensus may be reached in a few rounds the Delphey technique helps reduce by us and the data and keeps any one person from having undue influence in the outcome
Develop project charter
The process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities
Discretionary dependency
A relationship that is established based on knowledge of best practices within a particular application area or an aspect of the project where a specific sequence is desired
Early finished date
In the critical path method the earliest possible point in time when the uncompleted portions of the schedule activity can finish based on the schedule network logic the date the data data and any schedule constraints
Earned value EV
The measure of work performed expressed in terms of the budget authorized for that work
Finish to finish FF
Illogical relationship in which a successor activity cannot finish until a predecessor activity has finished