ISOM 300 FINAL

Decision Tree

A diagramming analysis technique used to help select the best course of action in situations in which future outcome are uncertain

Project

A plan designed to accomplish a goal by accomplishing a series of inter-related tasks

Project Planning

Defines and refines objectives and is the most difficult process in project management

Fallback Plans

Developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective

Risk Enhancement

Involves changing the size of the opportunity by identifying and maximizing key drivers of the positive risk

Project Closing

Involves gaining customer acceptance of the final product/service and bringing the project to an orderly end

Quality Control

Involves periodically evaluating overall project performance to ensure that the project will satisfy the relevant quality standards

Risk Mitigation

Involves reducing the impact of a risk event by reducing the probability of its occurrence

Project Execution

Involves the actions necessary to ensure that activities in the project plan are completed and takes the most time

Organizational Chart

Starting point for identifying internal stakeholders

Project Management

Method for monitoring and controlling the progress of projects by organizing project tasks and allowing project resources

Deliverables

Outputs/Outcomes of a project or project phase

Precedence Diagramming Method

PDM

Contingency Plans

Predefined actions that the project team will take if an identified risk event occurs

Project Monitoring/Controlling

Process of measuring progress toward project objectives, monitoring deviations from the plan and taking corrective action to match progress with the plan

Project Initiation

Process of recognizing and starting a new project or project phase

Progressive Elaboration

Process of taking a project from concept to detailed project plan

Five

Projects involve ___ project management process groups

Customer

_____ ultimately decides if quality is acceptable