Week 3 VOCABULARY - MANAGEMENT II Flashcards
Acceptance criteria
Those criteria, usually stated in a contract and/or SOW that includes deliverables, performance requirements and essential conditions, which must be met to complete project deliverables and be accepted
Agile
A project management methodology utilizing short-term sprints to react to changing scope requirements
Baseline
The original plan (for a project, a work package, or an activity) plus or minus approved changes; usually used with a modifier (e.g. cost baseline, schedule baseline performance measurement baseline)
Budget
When unqualified, refers to an estimate of funds planned to cover a project or specified period of future time; when approved, the estimate for the project or any work breakdown component or any scheduled activity
Detailed contract analysis
A document listing the contractual obligations and requirements for the seller as well as for the buyer; the list contains the information extracted and provided in the form of a contract calendar which listed as every “seller will or shall” and its due date (if known) down to the task level
Change control
The process of controlling, documenting, and storing the changes to control items; includes proposing the change, evaluating, approving or rejecting, scheduling and tracking
Change Control Board (CCB)
A formally constituted group of stakeholders responsible for approving or rejecting changes to the project baselines
Charter
A document issued by the initiator of the project, usually the project sponsor that formally authorizes the existence of the project, and provides the project manager with the authority to apply organizational resources to project activities
Condition
In terms and conditions, a phrase that either activates (condition precedent) or suspends (condition subsequent) a term
Constraint
The state, quality, or sense of being restricted to a given course of action or interaction; an applicable restriction or limitation, either internal or external, to the project that will affect the performance of the project or a process
Contingency
- Somethin that may happen: an event that might occur in the future, especially a problem, emergency, or expense that might arise unexpectedly and therefore must be prepared for
- Provision made against future unforeseen events
Deliverable
A tangible or intangible good or service delivered to fulfill all or part of a contract.
Disposition
The process by which commodities move to final customers, including return of goods.
Earned value
A method for measuring project performance that compares the amount of work that was planned with what was actually accomplished to determine if cost and schedule performance went as planned
Inventory control
The management of inventories, including: decisions about which items to stock at each location; how much stock to keep on hand at various levels of operation; when to buy; how much to buy; controlling pilferage and damage; and managing shortages and back orders.
Kraljic Matrix
A tool for portfolio analysis: a four-box matrix that reflects the segmentation of spend based on an assessment of the value of the spend relative to the market risk to acquire
Logistics
The process of planning, implementing and controlling the efficient, cost-effective flow and storage of raw materials, in -process inventory, finished goods and related information from point of origin to point of consumption for the purpose of conforming to customer requirements
Manufacturing
Planning, managing and performing the processing of materials into intermediate or final products, usually in large quantities
Materials management
Involves the planning, acquisition, flow and distribution of production materials from the raw state to the finished product state
Opportunity
The measure of the probability of a positive desired change occurring and the desired impact of that event
Opportunity and risk management (ORM)
An iterative approach to managing opportunities and risks that may occur during the course of business that could affect the success or failure of the project, in which the probability of each event’s occurrence and its potential effect on the project are analyzed and prioritized or ranked from highest to lowest; beginning with the highest prioritized events and working down, the project management team determines what options and strategies are available and chooses the best strategy to maximize opportunities and reduce or prevent the identified risks from occurring
Pareto analysis
Analysis (also known as ABC analysis or 80:20 rule) which can be used to categorize purchases according to the dollar value; for example, 20 percent of the total number of items bought may account for 80 percent of the total value of the purchasing
Portfolio
Includes all of the programs and projects in an organization; may be for the organization as a whole, or for individual lines of business
Product development
A series of integrated processes in new product development chronicling steps from idea conception to commercialization
Program
A group of projects and subprojects that are interdependent for the program’s success, which happen in parallel, or in different states, phases, or sequences
Project
A unique endeavor undertaken to produce a product, service, or an organizational change; projects are one-time occurrences that have a defined start and finish point
Project management
The discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria
Receiving
The business function that is responsible for verifying that the goods received are the goods that the organization ordered; involves inspecting and accepting incoming shipments
Risk
The measure of the probability of an unwanted change occurring and the associated effect of that event; consists of three components; a risk event (an unwanted change), the probability of occurrence (uncertainty), and the significance of the impact (the amount at stake)
Scope
All the work required to deliver the product or outcome of a project
Scope creep
Continuous or uncontrolled growth in a project’s scope, resulting from changes after the project begins; can occur when the scope of a project is not properly defined, documented, or controlled
Spend analysis
Analysis of the historical spending patterns in an organization, usually by commodity or category
Sponsor
The individual or group that provides the financial resources, in cash or in kind, for the project
Stakeholder
Individuals and organizations who are involved in or may be affected by project activities
Strategic sourcing
The selection and management of suppliers with a focus on achieving the long-term goals of a business
Start Date
The day and sometimes the time associated with a schedule activity’s start, usually qualified by one of the following: actual, planned, estimated, scheduled, early, late target, baseline, or current.
Supply Chain Operations Reference (SCOR)
A model which shows the supply chain operation as three basic functions: “Source,” “Make”, and “Deliver,” using this model, these three basic functions of a company’s organization are linked to both the customer’s organization and the company’s suppliers
Supply management
The identification, acquisition, access, positioning and management of resources and related capabilities the organization needs or potentially needs in the attainment of its strategic objectives
Term
In terms and conditions, a part of the contract that addresses a specific subject; in most contracts, terms address payment, delivery, product quality, warranty of goods or services, termination of the agreement, resolution of disputes, and other subjects
Traffic management
The management of activities associated with buying and controlling transportation services for a shipper or consignee or both
Warehousing
The storage and movement of internal materials and finished products
