Very common Terms Flashcards
What is a fishbone diagram?
Fishbone diagram is a problem-solving technique designed to help arrive at the root cause of an issue
What is an arrow diagram?
Arrow Diagram is used for scheduling activities in a project plan. Precedence relationships between activities are represented (like to start A, you have to finish B.)
What is a critical chain method?
one of the methods used to perform Schedule Network Analysis that takes into account task dependencies, limited resource availability, and buffers. It’s used to prepare the project schedule when limited or restricted resources are available
What is an SPI?
Schedule performance index - formula: EV / PV
What is schedule variance?
calculation that measures whether a project is on track by calculating actual progress against expected progress. - Formula: EV - PV
What is PDM?
Precedence Diagramming Method - A strategy for scheduling activities . Think of a spiderweb. A lot of ways to get from A to Z. But what is the critical path? (longest)
What is SOW?
Statement of work - Details agreed upon before work. The scope of the project.
What is a WBS?
Work breakdown structure. A schedule that breaks down big task into smaller tasks.
What is a grantt chart?
a visualization that helps in scheduling, managing, and monitoring specific tasks and resources in a project
What’s a PERT chart?
A PERT chart is a network diagram used in the Program Evaluation Review Technique (PERT) to represent a project’s timeline. It allows project managers to estimate the duration of projects based on the analysis of task sequences.
What’s a SCRUM?
Scrum is an Agile project management methodology involving a small team led by a Scrum master, whose main job is to remove all obstacles to getting work done. Scrum is a method for managing projects that allows for rapid development and testing, especially within a small team.
What’s a MOA?
A Memorandum of Agreement (MOA) is a written document describing a cooperative relationship between two parties wishing to work together on a project or to meet an agreed-upon objective. An MOA serves as a legal document and describes the terms and details of the partnership agreement.
What’s a LOI?
A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another.
What is RFP
A request for proposal (RFP) is a business document that announces a project, describes it, and solicits bids from qualified contractors to complete it.
What’s an EAC?
Estimate at Completion (EAC) is the current expectation of total cost at the end of a project. The EAC represents the final project cost given the costs incurred to date and the expected costs to complete the project.
KPI?
Project KPIs are measurable indicators that help to track a project’s performance
RFP?
A request for proposal (RFP) is a business document that announces a project, describes it, and solicits bids from qualified contractors to complete it.
RBS
In project management, the resource breakdown structure (RBS) is a tool to help with planning and controlling project work.
Schedule Crashing?
Crashing the schedule means to throw additional resources to the critical path without necessarily getting the highest level of efficiency. Crashing is another schedule compression technique where you add extra resources to the project to compress the schedule.
Scrum team?
A scrum team is a group of collaborators, typically between five and nine individuals, who work toward completing projects and delivering products. The fundamental scrum team comprises one scrum master, one product owner and a group of developers. Within a scrum team, there is no rank or hierarchy.
EAC?
In project management, Estimate at Completion (EAC) forecasts the project budget while the project is in progress.
Burndown chart?
A burndown chart shows the amount of work that has been completed in an epic or sprint, and the total work remaining. Burndown charts are used to predict your team’s likelihood of completing their work in the time available.
