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