Terms Flashcards
Net Present Value (NPV)
Concept used to determine the value of a project or undertaking an initiative after factoring all the gains and losses.
Earned Value
Measure of work performed expressed in terms of the budget authorized for that work.
Planned Value
PV is the authorized budget assigned to schedule work.
Plan Stakeholder Engagement
Process of developing approaches to involve project stakeholders based on their needs, expectations, interests and potential impact of the project
Collect Requirements
Process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives
Identify Stakeholders
Process of identifying and analyzing project stakeholders, and documenting information regarding their interests, involvement, influence, and potential impact of project success
Plan Communication Management
Process of developing an approach and plan for project communications based on the information needs of stakeholders, available organization assets, and the needs of the project.
Develop Project Management Plan
Process that involves preparing a document the defines all the project work
Develop Project Charter
Process of drafting a document that when approved, will formally initiate the project
Monitor and controll work
Process of tracking and analyzing project performance to ensure the project is progressing according to the Project management plan
Corrective Action
is an intentional activity that realigns the performance of the project work with the project management plan
Issue Log
Issue log is a project document where information about issues is recorded and monitored.
Resource Calendar
Identify the working days, shifts, weekends, hours and holidays when resources are available.
Project Team Assignments
Record the team members and their roles and responsibilities for the project. When team development results in new duties, the project team assignments documentation should be updated
Risk register
Project document that captures the result of the risk management activities.
Benefits management Plan
Defines the process for creating, maximizing, and sustaining the benefits provided by a project
Performance Measurement Baseline
PMB is a plan that integrates the scope, schedule, and cost baseline. When changes are implemented, the PMB must be updated to reflect those changes
Risk Register
Repository in which the outputs of the risk management processes are recorded.
Requirements traceability matrix
Grid that links product requirements from their origin to the deliverables that satisfy them.
Burndown Chart
Graphical representation of the reserves remaining over time and is a common method of capturing reserve information for communication to stakeholders
Tornado Diagram
Special type of bar chart used in sensitivity analysis for comparing the relative importance of the variables
Control Quaility
Process of measuring the quality of the deliverables to determine if they meet the requirements outlined in the quality management plan.
Monte Carlo Simulation
Analysis technique where a computer model is iterated many times and outputs are generated to represent the range of possible outcomes for the project.
Multicriteria decisions Analysis
Technique that utilizes a decision matrix to provide a systematic analytical approach for establishing criteria, such as risk levels, uncertainty and valuation, to evaluate and rank many ideas.
Technical Performance Analysis
Compares technical accomplishments during project execution to the schedule of technical achievement.
Perform Quantitative Risk Analysis
Process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives
Affinity Diagrams
technique that allows large numbers of ideas to be classified info groups for review and analysis.
Alternative Analysis
Technique used to evaluate identified options in order to select the options or approaches to use to execute and perform the work of the project.
Monte Carlo Simulation
Analysis technique where a computer model is iterated many times, with the input values chosen at random for each iteration driven by the input data, including probability distributions and probabilistic branches.
Project Schedule
Project document that shows which resources are needed, when they are needed and the location they are needed
Resource Requirements
Document identifies the needed materials, equipment, supplies, and other resources.
Physical Resource Assignments
Document that contains the type, amount, and location of resourcecs.
Project Charter
Document issued by the project initiator of sponsor that formally authorizes the existence of a project.
Configuration Management Plan
Defines which project artifact will be formally controlled and therefore require a change requests to make modificationos
Performance Measurement Baseline
Integrates the scope, schedule, and cost baseline
Change management plan
Defines how change requests will be managed, approved and incorporated
Requirements Management Plan
Defines how the project requirements will be managed
Business Case
Documents the economical feasibility study of the proposed project and provides information from a business perspective to determine whether the expected outcomes of the project justify the required investment.
Project Scope Statement
Describes the deliverables of a project in detail as well as documenting assumptions and constraints.
Alternatives Analysis
Technique used in the define scope process to evaluate the requirements identified in the collect Requirements Process.
Nominal Group Technique
Structured form of brainstorming using a voting process to rank the generated ideas
Perform Stakeholder Analysis
Technique of systematically gathering quantitative and qualitative information to determine whose interests would be taken into account throughout the project. Primary performed during the identify stakeholder process to develop the stakeholder register.
Reserve Analysis
An analytical technique to determine the essential features and relationships of components in the project management plan to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project.
Technical Performance Analysis
Compares technical accomplishments during project execution to the schedule of technical achievement. Primarily used during the Monitor Risks Process.
Estimate at Completion Formula
EAC = AC + (BAC - EV)
Sensitivity Analyisis
Helps determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes. Example is the tornado diagram
Tornado Diagram
Presents the correlation for each risk that can influence the project outcome.
Decision Tree Analysis
Used to support the selection of several different courses of action, each of which has potential opportunities and threats.
Defect Repain
Intentional activity that modifies a nonconforming product of product component
Preventative Action
Intentional activity that ensures the future performance of the project work is aligned with the project management plan
Corrective Action
Intentional activity that realigns the performance of the project work with the project management plan.
Risk mitigation
action being taken to reduce the probability of occurrence and / or impact of a threat
Risk Acceptance
Acknowledges the existence of a threat, but not proactive action is taken. For low priority threats
Risk Transfer
transfer to third party (vendor)
Risk Avoidance
Strategy for high priority threats with a high probability of occurrence which would have a large negative impact
Stakeholder Cube
Refinement of a grid model
Salience model
describes classes of stakeholders based on assessments of their power, urgency, and legitimacy.
What are the stages of Tuckman’s ladder
Forming, Storming, Norming, Performing, and adjourning
Fast Tracking
Schedule compression technique in which activities normally done in a sequence are performed in parallel for at least a portion of their duraction
Resource Smoothing
Resource optimization technique in which activities may be only delated within their free and total float
Crashing
Technique used to shorten the schedule duration for the last incremental cost by adding resources
Resource Leveling
Resource optimization technique in which start and finish dates are adjusted based on resource constraints
Lessons Learned Register vs Repository
Register - lessons learned earlier in the current project
Repository - Historical information about lessons learned from past projects
Attribute Sampling
method of measuring quality that consists of noting the presence (or absence) of some characteristic (attribute) in each of the unites under consideration
Activity Node
Early Start (ES) ---duration---- Early Finish (EF)
Activity
Late Start (LS) --- Total Float ---- Late Finish (LF)
total float = LF - EF
Requirements Traceability Matrix
Grad that links product requirements from their origin to the deliverables that satisfy them
Bubble Chart
Displays three dimensions of data, where each is plotted as a disk (bubble) and the tree paraments are presented by the X-axis value, the y-axis value, and the bubble size.
Probability & Impact Matrix
Grid for mapping the probability of occurrences of each risk and its impact on project objectives if that risk occurs.
Accepted Deliverables
Produces produced by a project and validated by the project customer or sponsors as meeting their specified acceptance criteria
Acceptance Criteria
Set of conditions that are required to be met before deliverables are accepted by the customer or sponsor
Work Performance Data
Raw observations and measurements identified as part of the activities performed during project execution
Verified Deliverables
Completed project deliverables that have been checked and confirmed for correctness through the control quality process.
Ishikawa Diagram
Also know as fishbone diagram - decomposition technique that helps trace an undesirable effect back to its root cause
Matrix Diagram
Seeks to show the strength of relationships between factors, causes, and objectives that exist between the rows and columns that form the matrix
Influence Diagram
Graphical Representation of situations showing casual influences, time ordering of events, and other relationships among variables and outcomes.
Theory X
Describes a management style where workers need a lot of direction and overisght
Three Needs theory
Workers are motivation by: achievements, affiliation and power
Leads and Lags
Technique which can be used to b ring project activities that are behind into alignment within the plan
Enterprise Environment Factors (EEF)
Internal and external conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolia
Organizations Process Assets (OPA’s)
Plans, Processes, policy, and knowledge bases that are specific to and used by the performing organization.
Project Chater
Document authorizing the project and the project manager as well provides high-level information about the project
Bidder conference
Meeting with prospective sellers prior to the preparation of a bid or proposal
Audit
Tool used in the control procurement process to review the contract and contracting processes for completeness, accuracy, and effectiveness.
Project Sponsor
Provides resources and support for the project, program, or portfolio and is accountable for enabling its success.
What is a CPI and how is it calculated?
Cost Performance Index
Dividing earned value (EV) / by the current actual costs (AC)
Trend Analysis
Analytical technique that uses mathematical models to forecast future outcomes based on historical results
Reserve Analysis
During cost control, reserve analysis is used to monitor the status of contingency and management reserves for the project.
Variance Analysis
Used during the control costs process to determine the cause and degree of variances relative to the cost baseline and deciding whether a corrective or preventative action is required
Cost Aggregation
Conducted by summing the lower-level cost estimates associated with the various work packages for a given level within the project’s work breakdown structure (WBS)
Funding limit reconciliation
Process of comparing the planned expenditure of the project funds against any limits on the commitment of funds for the project.
FPEPA
Fixed Price with Economic Price Adjustment - fixed price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions (inflation, cost increase/decrease of specific commodities)
Activity Attributes
Include activity codes, predecessors activities, successor activities, logical relationships leads and lags, resource requirements, imposed dates, etc.
Who can request changes during the project?
Any stakeholder involved with the project & and at any time throughout the project life cycle. Project manager, project sponsor, and project team are all stakeholders
Master Schedule of Milestones
Summary of project milestones
Analogous Estimate
Technique used for estimating the cost of a project using historical data from a similar activity or project.
Cost Baseline
Approved version of the time-phased project budget, excluding any management reserves.
Bottom-up Estimate
Estimating method used during the estimate costs process to develop a cost estimate This technique is used to estimate individual work packages or activities to the greatest level of specified detail
ROM Estimate
Rough Order of Magnitude (ROM) - Provides a range of -25% to +75%
What is EMV and how is it calculated
EMV = Expected monetary value
EMV - Probability x Impact for both opportunity and the threat
Conduct Procurement
The process of selecting qualified sellers and implement a legal contract for delivery of services or goods
Project Procurement Management
Set of activities that include the process necessary to purchase or acquire products, services, or results needs from outside the project team
Project team Directory
List of project team members, their project roles and communication information
Pareto Chart
Special form of vertical bar chart that can be used to identify the vital few sources that are responsible for causing most of the problems effects.
SPI
Schedule Performance Index - measure of schedule efficiency
TCPI
To-complete performance index - measure of the cost of performance that is required to be achieved with the remaining resources in order to meet a specified management goal
CV
Cost Variance
EAC
Estimate at completion - forecasted budget that can be used when it becomes obvious that the budget at completion (BAC) is no longer viable.
Parametric estimating
Technique in which an algorithm is used to calculate the cost based on historical data and project parameters
Analogous Estimating
Estimating cost of activity or project using data from a similar activity of project
Risk Breakdown Structure (RBS)
Hierarchical chart of possible risk sources
Work Breakdown Schedule (WBS)
Hierarchical decomposition of the total scope of the work to be carried out by the project team to create the required deliverables
Decomposition
Technique for dividing and subdividing the project scope and project deliverables into smaller, more management parts. Used to build the WBS & Activity list when defining the scope
Progressive Elaboration
Iterative process of increasing the level of detail in a project management plan as greater amounts of information, and more accurate estimates become available.
Gold Plating
Adding features and functionality that the customer did not request. Considered a bad practive
CPI
Cost performance Index = EV (earned value) / AC (Actual Costs)
