Super Extra 5 Flashcards
??? 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 :
??? hierarchical arrangement of identified risks that helps PMs organize potential sources of risk to a project. Much like WBS, RBS arranges categories into hierarchy, which allows project team to define risk at detailed levels.
Risk Breakdown Structure :
??? standards used to rate or score proposals, quotes, or bids and form a part of procurement solicitation documents. Objective Criteria -> can be readily demonstrated, specific, and measured. Subjective Criteria -> open to different interpretations.
Source Selection Criteria :
??? project scope baseline, requirements documentation, existing teaming agreements, project risk registers, risk-related contract decisions, activity resources requirements, project schedule, activity cost estimates, cost performance baseline, enterprise environmental factors, existing organizational process assets; after procurement plan is created other relevant outputs of procurement process -> procurements SOWs, make-or-buy decisions, procurement documents, source selection criteria, change requests.
Procurement Document Includes (procurement management plan) :
??? all roles and skills have been identified, all required resources are available and committed to project, and high performances are set. All project documents have been completed, reviewed and signed off on, including business, functional, and technical requirements, project charter, scope statement, all project plans, and SOW. All issued in regard to planning have been resolved. Project is still feasible. Expectations of stakeholders are aligned w/project plan.
During Meeting (Review Meeting from Planning to Executing Phase) :
??? tool used to communicate official permission to being work on activity or work package. Is component of PMIS. Is integrated w/communications plan. purpose ensure work is done appropriate time, by appropriate individual or group, w/in specific time, and in proper sequence.
Work Authorization System :
??? document used to list, track, and assign project items that need to be addressed by project team. Useful for regular follow-up w/project team and must be updated regularly. Serves as important organizational process asset. Can be used to track project issue, each issues unique no., issue status, and persons responsible for resolving certain issues by specific date.
Issue Log (Issue Register) :
??? any piece of work that needs to be performed by a resource. Not important enough to be in issues log and doesnt qualify as activity in project schedule. Happen throughout the project and may or may not be formally documented. They can result from meetings or be related to any project objective.
Action Items :
??? meetings conducted by buyer after issuing RFP but prior to submissions of a bid or proposal by vendors. During meeting buyer explains requirements, proposed terms, and conditions, and buyer clarifies vendors queries.
Bidder Conferences :
??? compare and evaluate project performance, w/project plan, recommend actions. Analyze, track and monitor risks to make sure they are being recognized and reported, and response plans are being executed. Maintain accurate info about project as it unfolds. Maintain integrity of baselines ensuring that only approved changes happen. Provide info to support status reporting, progress reporting, and forecasting. Provide forecasts to update recent cost/schedule info. Monitor execution of approved changes when they occur.
Monitor and Control Project Work :
??? tools that indicate if project is meeting specific goals. Should be defined early in project, should be quantifiable, and should be measured regularly. Common ??? relate to how well project is tracking against planned schedule and cost baseline and if project milestones are being met.
KPIs
Dashboards : graphical summaries of project measures, collection of multiple KPIs.
KPPs : key capabilities that must be met for a system to meet its goals. The threshold of KPPs is minimum acceptable value (cost, schedule, technology) below which system is unacceptable.
info
??? tool that integrates project management and portfolio management so projects are aligned w/org.’s strategy. Identifies small no. of financial and non-financial measures and attaches targets to them. When performance deviates from expectations managers can focus on areas where meaningful improvements in performance is possible.
Balanced Scorecard :
??? estimated budget required to complete the remaining project work. ETC -> value is estimated cost to finish all remaining project work. EAC -> estimated total cost of completing all work. expressed as sum of actual cost to date and estimate to complete.
Budget Forecast :
??? tools that help collect, store, and distribute project info to stakeholders. ex.’s -> Progress Report = summary of activities over period of time, such as week or month. Status Report = summary of activities over cumulative period of time, such as year to date or since start of project. Dashboard Report = simple status report commonly used colored indicators like red, yellow and green to show at-a-glance identifier for state of a project component.
Reporting Systems :
