Review of Chapter 8 through 14 Flashcards
When the project management team decides to use transference to respond to a risk, this is created between the buyer and the seller.
Risk-related contractual agreements
This plan defines staff acquisition, the timetable for staff acquisition, the staff release plan, training needs for the project team, any organizational compliance issues, rewards and recognition, and safety concerns for the project team doing the project work.
Resource management plan
The operational definitions that specify the measurements within a project and the expected targets for quality and performance
Quality metrics
A risk response that transfers the ownership of the risk to another party. Insurance, licensed contractors, or other project teams are good examples of this. A fee and contractual relationships are typically involved with the transference of a risk.
Transference
An ordinal scale that uses red, amber, and green (RAG) to capture the probability, impact, and risk score.
RAG rating
A contract that requires the buyer to pay for the cost of the goods and services procured plus a fixed fee for the contracted work. The buyer assumes the risk of a cost overrun.
Cost plus fixed fee contract
Anything that interferes with or disrupts a message.
Noise
A simple approach to ensure that work is completed according to the quality policy.
Checklist
A simulation technique that got its name from the casinos of Monte Carlo, Monaco. The simulation is completed using a computer software program that can simulate a project, using values for all possible variables, to predict the most likely model.
Monte Carlo technique
Anyone, whether certified as a project manager or not, who has joined the Project Management Institute.
PMI member
All opinions are formed by one component. A great engineer doesn’t always make a great projectmanager.
Halo Effect
A system to record the actual time to complete project activities.
Time reporting system
A contract that requires the buyer to pay for the costs of the goods and services procured plus a percentage of the costs. The buyer assumes all of the risks for cost overruns.
Cost plus percentage of costs
A quantitative risk analysis tool that examines each risk to determine which one has the largest impact on the project’s success.
Sensitivity analysis
Feedback loops and barriers to communications
Sender–receiver models
Diagrams that show the relationship between variables within a process and how those relationships may contribute to inadequate quality. The diagrams can help organize both the process and team opinions, as well as generate discussion on finding a solution to ensure quality.
Cause-and-effect diagrams
A stakeholder who sees the benefits of the project and is in favor of the change the project is to bring about.
Positive stakeholder
This defines the procedures for how the contract may be changed. The process for changing the contract includes the forms; documented communications; tracking; conditions within the project, business, or marketplace that justify the needed change; dispute resolution procedures; and the procedures for getting the changes approved within the performing organization.
Contract change control system
These seven tools are used in quality planning and in quality control: cause-and-effect diagrams, flowcharts, check sheets, Pareto diagrams, histograms, control charts, and scatter diagrams.
Seven basic quality tools
A risk response effort to reduce the probability and/or impact of an identified risk in the project.
Mitigation
Anyone who is affected by the existence of the project or who can affect the project’s existence. These can enter and exit the project as conditions change within the project.
Stakeholder
These are associated with new, unproven, or complex technologies being used on the project. Changes to the technology during the project implementation can also be a risk. These are the levels set for expectations of impractical quality and performance.
Technical, quality, or performance risks
The performing organization can contribute to the project’s risks through unreasonable cost, time, and scope expectations; poor project prioritization; inadequate funding or the disruption of funding; and competition with other projects for internal resources.
Organizational risks
A meeting of all the project’s potential vendors to clarify the contract statement of work and the details of the contracted work.
Bidder conference