Project Management
Quality Management
Includes processes/activities that determine quality policies, objectives and responsibilities
Procurement Management
Includes the processes necessary to acquire products, services or results needed from outside the project team.
Scope Management
Includes the processes that ensure that all the work required is identified to complete the project successfully.
Project Manager Knowledge Areas
Integration Management Scope Management Time Management Cost Management Quality Management Human Resource Management Communication Management Procurement Management Stakeholder Management
people skills
Negotiation Conflict resolution Communication: written and verbal Prioritization Budgeting: Money, Time
Triangular Distribution (Simple Average)
O+M+P / 3 the three point estimate are averaged together
Adjourning Stage
Only occurs when all the team's work has been completed This may occur at any time in the project life cycle
volatility
the level of instability in a project environment
Model Selection Criteria - Comparable
the model should be usable across a range of projects such that the outcomes of the model can be used to compare projects example: using a profitability model for one project and a qualitative scoring model for another would not allow the decision maker to analyze the projects relative to each other
Scope
the number and type of features or functions
Critical Path
the path with the longest duration from the start of the project to its completion
Project Sponsor
the person in the organization who has authority to expend resources for projects
Risk Management
the proactive planning for risk and opportunities that occur at most steps of the project management process from the time we define the project and create our charter to all of the project management planning through execution of the project
quality management
the process of identifying the customer's requirements and how they will be measured.
project selection
the process of identifying which project(s) an organization will undertake
Quality Control
the process of monitoring and changing project execution to ensure that activities are being executed as planned and will result in meeting the customer requirements.
Risk Planning
the process of reviewing every aspect of the project to identify what risks may occur, by examining internal and external influences
Quality Assurance
the process of validating the requirements and measurements are appropriate for the project environment.
Schedule Compression
the reduction of the overall project timeline to the least possible length for the least cost to the project
critical path
the sequence of states determining the minimum time needed for an operation, especially analyzed on a computer for a large organization
activities
the starting point for developing the project schedule because they identify specific work that will need to occur in order to execute the project
Rough Costs
the term used for initial estimating project costs
vendor lead time
the time necessary for ordering products from vendors, for products to cure and for equipment to be available
time
time used or time something is due and is usually converted into dollars spent
crash
to obtain the greatest amount of compression of the schedule/critical path for the least incremental cost or time
planned value
the dollar value of all work scheduled to have been completed to date. Based on the baseline schedule and the calendarized baseline budget
Estimate at Completion
the forecast of how much more the project is expected to cost to complete
budget at completion
the approved total baseline budget approved for the completed project
Negotiated Middle Ground
the balance struck between top-down and bottom-up estimation methods
negative float
the calculated completion date of the last activity is later than the targeted completion date established at the beginning of the project
Model Selection Criteria - Low Cost
the costs of gathering data and running the model should be low relative to the scale of the project example: a model that requires hiring a consultant to run and interpret may not be cost effective for smaller projects
project controls
the data gathering, management, and analytical processes used to predict, understand and constructively influence the time and cost outcomes of a project or program.
make or buy decision
the decision between making the product internally or buying from an outside vendor
Risk Appetite
the degree of uncertainty an entity is willing to take on in anticipation of a reward
Risk Tolerance
the degree, amount or volume of risk that an organization or individual will withstand
Project Scope
the desired result for a project and it defines the product
Total Float
the difference between the finish date of the last activity on the critical path and the project completion date. Any delay will reduce the amount available
earned value
the dollar value of all work completed to date. Based on the baseline budgeted cost of each activity
TCPI
(BAC-EV)/(BAC-AC)
ETC
(BAC-EV)/CPI
Risk Register
A prioritized chart of risks by probability and severity
EAC
AC + ETC
Finish to Start Relationships
Approval -- > Purchasing a logical relationship in which a successor activity cannot start until the predecessor has finished. materials cannot be purchased until the design is approved
PERT Chart
Chart that indicates the critical path
Human Resource Management Plan
Defines the roles, skills and knowledge needed by project team members. Identifies when the human resource will be needed and how the person will be identified, trained and integrated with the team.
Communications Management Plan
Documents which information will be shared, when, how and with whom.
CV
EV-AC
SV
EV-PV
CPI
EV/AC
PCI
EV/BAC
SPI
EV/PV
Cost Management Plan
Explains how the budget will be developed, monitored and controlled
Time Management Plan
Explains how the schedule will be developed, monitored and controlled
labor costs
FTE X number of work hours estimated
Stakeholder Analysis
PM Conducts the analysis to define the relevant stakeholders, their interests, and their communication needs.
Risk Threshold
Refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest
Models
Representation of reality singular in their version of reality
Norming Stage
Team members have "figured out" how they will interact with each other. Working relationship are beginning to form. Trust and understanding is beginning to form between team members. They are beginning to feel comfortable working together and openly and willingly sharing information
Model Selection Criteria - Flexible
The model should provide accurate measures across a reasonable range of conditions Example: model would allow for changing conditions
Combined probability and Severity Score
The severity and probability of the risk to help placement on prioritized chart of risks
WBS Number
Used as a coding scheme to associate the various tasks to activities, deliverables and the project as a whole
Model Selection Criteria - Capable
Uses factors that are relevant to the organization Example: net present value model (long term value perspective)
Float time or Slack Time
the amount of time an activity can be delayed without affecting the completion date of the project
Wagon Masters
What Project managers can be viewed as, leading their charges to successful completion of their goal of developing a new product or service
Project Requirement
a characteristic, function or capability that must be present in the project final outcome
retrospective
a discussion after the completion of each sprint to determine what went well and what changes should occur in the next sprint
corrective action
a document issued to identify quality failures and how they will be corrected
charter
a document that, like a contract, is agreed upon by the sponsor and key stakeholders. It defines the project and authorizes the resources, roles, responsibilities, authorities and scope for the project.
net present value
a financial measure of the total future benefits of a project minus the costs of the project
project schedule network diagram
a graphic representation of dependencies recognized during the planning phase
Portfolio
a group of initiatives that support the long-term goals and objectives of the company
Team
a group of people working together to reach a mutually agreed-upon goal or objective
Program
a group of related projects
Projects in Controlled Environments (PRINCE2)
a highly structured project management method which focuses on the specification of the outputs rather than the coordination of activities. Includes very specific processes and terminology to ensure that all project participants understand the work.
Subject Matter Experts
a person who is an authority in a particular area or topic
activity
a portion of work that will be executed as a part of the project to create the specified deliverables.
Project Maturity Model
a process for determining if the level of documentation and best practices followed in project execution
project justification
a statement explaining the business need for the project
virtual team
a team whose members are not physically co-located on a regular basis during the project
Complex
a whole made up of complicated or interrelated parts
Mitigating Risk
absorbing the impact of the risk and not allowing it to impact effort and cost
Model Selection Criteria - Realistic
accurately reflects the way the organization does business appropriate for the level of resources, capabilities and external environment of the organization example: Profitability Model
Project Management
act of managing a project and encompasses the use of knowledge, skills, tools and techniques to ensure that the project meets its goals.
slack
amount of time an activity, network path, or project can be delayed from the early start without changing the completion date of the project
management reserve
an amount added to the overall project budget to cover unknown risks.
Quality
an aspect of the scope which defines to what degree the characteristics meet the customer's expectation
8 and 80 Rule
an ideal guide to aid communications, that states that a PM should avoid controlling tasks less than eight hours or team members will feel micromanaged and should not let more than 80 hours go by without checking in
Scenario
an imagined or projected sequence of events, especially any of several detailed plans or possibilities.
Agile Project Managment
an iterative approach to project management where the project team works closely with the customer to deliver projects in usable chunks.
Team
any group of people brought together and organized to work cooperatively to reach a commonly agreed upon and understood goal or objective.
project exclusions
any limitations or boundaries to the project
Risk
any uncertainty in an event or condition that may impact the project
stakeholder
anyone who is involved with the project from inside or outside of the organization that is either a user or contributor to the project and the organization
Deterministic duration estimation technique
appropriate when the activity durations are very predictable
0-100 Rule
assigns 0% to activities that have not been started and those that are in progress. Completed activities are assigned 100%. Every activity in the project is assigned a value of either 0%
50/50 Rule
assigns 50% complete as soon as an activity is started and the activity is considered 100% upon completion. no percentages in between, it is either 0%, 50% or 100%
GANTT Chart
bar graph used to visually depict relationships on a project
apportion method
based on the ratio method but takes into consideration specific functionality or types of work that will be required. Often used when the project transitions from the defining to the planning phase. Designating % of the budget to specific parts of the project i.e. customer's budget or similar projects
Critical Chain
builds on the critical path method by going a step further adding time buffers to account for limited resources
latest start date
calculated with the backward pass by taking the required project completion date and working backward subtracting the duration of each activity through each possible pathway
Payback Period
calculates the amount of time required to earn back the cost of doing the project
concurrent or parallel activities
can be done at the same time
milestones
certain key dates that are identified that indicate critical events and may include scheduled customer reviews, government inspections and other activities that must be performed on specific dates before the project may proceed
avoiding risk
changing the project plan to sidestep anticipated risk factors
Cost Variance
compares the difference between the EV and the AC to determine if the project is meeting its budget expectations
Schedule Variance
compares the differences between the EV and the PV to determine if the project is meeting its schedule expectations of if there is a variance
organizational maturity level
comprehensiveness of written procedures to accomplish tasks in each of the process areas identified by PMI
Direct overhead costs (indirect)
costs from the project that are shared across the work activities work space, supervision, project administration, equipment or other resources are not related to a specific work activity these costs cannot be directly attributed to a specific cost
contingency reserves
costs included in the budget to cover situations that may occur project manager has the authority to use it
Direct Costs
costs that are directly attributable to completing the project work. Specific work activities identified in the WBS; labor, materials supplies and equipment
scrum
daily standup meeting where the team discusses their work status and plans the work for the day
operations
day-to-day activities in which organizations engage, which could result in a product or service satisfying a need that a customer is willing to pay for. continuous, ongoing activity, indefinite lifespan
competitive necessity model
decision of whether to approve or disapprove the project is based on whether implementing the project will ensure the viability of the company in the competitive market
statement of work
defines the product of the project
mandatory or logical dependencies
dependencies of one activity or task to another or legal requirements
internal dependence
dependencies such as impact on milestone as defined by the project requirements or under management control
External
dependencies that rely on external resources or forces
physical
dependencies where primer must be applied before the final paint or where the plumber and electrician cannot work in the same utility closet at the same time
overall organizational maturity level
determined by the lowest maturity level of any of the processes
Projects
develops new product or service. Temporary activity, specified Lifespan logical groups of activities
lessons learned
documentation of experience gained during the project, which can improve the success of future projects
Work Breakdown Structure
ensures that everyone understands what has to be delivered and who is responsible for doing what when
To Complete Performance Index
essentially what the CPI will need to be for the remainder of the project if the team intends to finish on budget
Project Baseline
establishes the expected scope, the expected cost, and the expected schedule, tells you where you are going
top-down estimation methods
estimates that are often provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered.
operating necessity
evaluates a project based on whether it will ensure ongoing operations with the understanding that not executing the project will result in operations being interrupted.
Internal Rate of Return
evaluates potential projects as if the were financial investments
Scoring model
extends the benefits of the checklist approach and overcomes some of its weaknesses
Frederick Taylor
father of scientific management used scientific reasoning to study human labor relative to organizational system goals determined that by breaking down work into individual discrete activities one could improve both human productivity and subsequently organizational productivity. help to determine work breakdown structure, scheduling and resource requirements
Critical Chain Project Management (CCPM)
focuses on managing the uncertainties of a project by assuming that resources available to complete the project are in limited supply and it specifically plans to ensure resource availability
Risk Breakdown Structure
follows the WBS and insures that each activity and task in the WBS is reviewed for risk and opportunity and documented as identified
collecting customer requirements
gathering information from the customer and stakeholders in order to define the high level project outcomes
Histogram
graph of frequency distribution in which rectangles with bases on the horizontal axis are given widths equal to the class intervals and heights equal to corresponding frequencies.
network diagram / precedence diagram
graphic representation for how a project will proceed
Gantt Chart
horizontal bar chart that sequences tasks and provides duration of each task
project defining phase
idea for the projects is formalized into a project proposal and the decision on whether the project will be selected for implementation is made
Procurement Management Plan
identifies how the project team will acquire products and services from outside organizations
Requirements Traceability Matrix
identifies the project deliverables that come from the stakeholder requirements
work performance data
identifies the work activities that are completed, partially completed, or not started.
Monitoring and Controlling
if the PM detects that the project is not being executed as planned, they may need to intercede in order to correct the situation.
opportunity cost
if the organization spends money on a project, then other possible uses of the money would need to wait.
future net cash flows
in order to evaluate project, you need to know the costs (outflows) and benefits (cash inflows) for the entire working life of the project outcome.
Communication Management
includes processes to ensure timely and appropriate planning, creation, distribution, management
Integration Management
includes processes/activities needed to identify, define and coordinate various processes and project management activities
Cost Management
includes the processes involved in planning, estimating, budgeting, managing and controlling costs so that the project can be completed within the approved budget
Risk Management
includes the processes of conducting risk management planning, identification, analysis, response planning and controlling risk on project.
Stakeholder Management
includes the processes required to identify all people or organizations impacted by the project, analyzing stakeholder expectations, and developing appropriate strategies for effectively engaging stakeholders in project decisions and execution.
Time Management
includes the processes required to manage the timely completion of the project
Human Resource Management
includes the processes that organize, manage and lead the project team
Change Control Board
the appropriate board in which change requests are submitted through, they ensure that the change does not negatively impact the project triple constraints
deliverables
intermediate outcomes from work activities
accepting risk
involves building a response into the plan to address the accepted risk
Co-located Teams
involves team members physically working at the same location. Face to face meetings are possible and members are able to easily meet in person with one another at almost any time.
transferring risk
involves transferring the risk to some other party, such as an insurance company
Waterfall Method
is a traditional practice which found its best use in software and hardware development. The work flows downward like water falling over a ledge.
Business Scenario
is representative of a significant business need or problem, and enables vendors to understand the value to the customer organization of a developed solution Describes: past events that are relevant, current key information and expected or desired outcomes contain information about past present or future outcomes
actual cost
is the total dollar value of costs incurred to date. Includes work and invoices already paid as well as any expenses that have been incurred but not yet invoiced or paid.
monitor
knowing the status of the project work
scrum master
leads the team but rather than directing project team members, acts as a facilitator who ensures that obstacles are removed and the team has the resources needed to complete the iteration
The Five Steps
logical groups of processes which outline what must occur in order to manage the project
Finish to Finish Relationship
logical relationship where the successor task cannot be completed until the first task is completed. cannot finish design until the owner gives us approval of the decor after reviewing the design proposal
Percent Complete Index
measure of how much of the total project work has been completed
virtual meeting
meetings conducted with video conferencing tools Skype, Hangout, GoToMeeting
Non-numeric project selection Models
non-financial models focus on selection criteria that are not limited to traditional numeric performance measures
uncertain
not exactly known or defined
scope creep
occurs when there are any, but particularly small, incremental additions to the project scope that are not subject to the formal scope change process.
task
often used to describe specific actions taken to complete an activity
improvement changes
opportunities identified after the project approval process but that make sense to incorporate into the project even if not identified at the start
Three Point Estimate
optimistic estimate (O), Pessimistic Estimate (P), most likely estimate (M)
General and administrative Costs
overhead costs from the project organization legal, human resources, payroll not related to one project but are shared or born by all activities of the business
Frank and Lillian Gilbreths
parents of what is known as time and motion study The Psychology of Management
earned value analysis
process of assessing the work completed, allows the project manager to compare the actual WBS work activities completed to the actual expenditures.
backward pass
process where we start from the end date and add dates based on the estimates for each task in the diagram
Weighted Factor Scoring Model
project selection, where some criteria may be more important than others.
Sacred Cow
projects are suggested by senior leadership or a powerful constituent of the company "sacred" nature of the project is that its existence will not be questions but will be pushed toward completion until the sponsor realizes the futility of the effort
Model Selection Criteria - Easy to Use
provide results in a reasonable amount of time results should be easily understood by the decision makers example: use models that provide measures that the decision maker can easily apply
Estimate to Completion
provides an estimate of how much money will be needed to complete the project
Triple Constraint
refers to the fact that all projects are constrained by cost (budget), schedule (time), and scope (deliverables).
predecessor activities
related tasks that have to be completed before this activity/task/work is started
Change Requests
requests for changes in scope, schedule or funding
Bottom-up Estimation Method
require that estimates be made at the detailed work activity level of the WBS
standards
requirements that are generally accepted by a group of firms that produce similar products or services
Project Manager
responsible and accountable for managing the project to maximize its success
quality audits
rigorous reviews of the project performance.
project plan
robust document which addresses all of the activities necessary to complete the project
resource leveling
the act of leveling the amount of resources needed to be constant over a period of time
Communication Plan
sets the stage for what is required and guides individual expectations
serial activities
show the predecessors and then the successors in a string
Baseline Budget
snapshot of the project budget, approved budget and will be used as the standard for comparison of actual costs throughout the life of the project and identifying variances
constrain
something that limits or restricts someone or something
Henry Gantt
studied organizational operations management techniques in the construction of navy ships used in World War I
learning curves
suggests that as a person repeats a task, the time required to complete the task decreases
Time Value of Money
suggests that money is worth more to an organization now than in the future.
project cost
sum total of all expenses directly charged to the project
project charter
summarizes all of the key information about the project and authorizes the project manager to assemble the team and begin detailed planning.
control
take action as needed to ensure the project plan is completed as planned
Storming Stage
team members are beginning to know each other, but they do not yet understand how to work together. Members jockey for a position within the team. Roles of responsibility are being established. Personalities surface, showing strengths, weaknesses and personal needs of each individual on the team
Performing Stage
team members are full comfortable working together. Trust has been developed. Working relationships are jelled. Work is being conducted and project progress is occurring.
Forming Stage
team members may be meeting for the first time. A time for introduction and forming relationships and understanding from exchange of imformation
Virtual Teams
teams whose members interact primarily through electronic communications. Members may be in the same building or across continents.
cost
the $ expression of scope and time with an addition for money to be spent on meeting quality expectations.
discretionary task dependence
the PM choose based on resource availability, including people, money/budget, and other materials
Early Start Date
understood by calculating the total project float. begin at the start date, add the duration of each activity in each possible path through the network diagram, including non-working days from the resource calendars, to determine the early project end date
node label
unique identifier for each activity
Numeric project selection models
use financial and other quantitative measures to drive decision making. profit/profitability and scoring models
Critical Path Method (CPM)
used for estimating project activity durations but assumes that the estimates do not vary and time can be reliably estimated.
alignment
used to describe connecting project outcomes to company goals
duration
used to describe the number of time periods required to complete some portion of the work
product scope
used to describe the portion of the scope statement that defines the features and functions of the project outcome or deliverables
Project Evaluation and Review Technique (PERT)
used to estimate activity duration times by using a statistical approach to estimate the time that will be required to complete project work activities
Probabilistic duration estimation techniques
used when there is uncertainty in how long an activity will take
ratio method
uses experience from prior projects to estimate the overall cost of the current project I.e. construction estimates based on the square footage method
The Beta Distribution (weighted average)
uses the three estimates but places emphasis on the most likely estimate developed as the PERT
Cost Performance Index
using the same inputs as the CV measure with the combination of ratios, creates a measure of cost efficiency
Start to Start Relationships
we cannot start the successor activity until the predecessor activity has started less common gas pipeline construction would be that as soon as the crew begins placing the pipe into the trench, the process of filling in the trench can occur
successor activities
what can be done only after this work is complete
Phase Gate
when a decision is made to move from one phase into the next
project planning phase
when detailed planning occurs
Executing Phase
when the bulk of the work to complete the project outcomes occurs
project closing phase
when the project outcomes are delivered to the customer and/or sponsor and the customer and/or sponsor evaluates them to determine if they are acceptable PM must ensure that all the loose ends are tied up
parametric estimating
when top-down methods are based on the relationship between the current project and historical data
forward pass
when we start assigning dates based on the earliest start date, adding dates based on our estimates for each task in the diagram
sprints
where the focus is to work together in delivering functionality to the customer in a relatively short period of time (often less than 3 weeks)
Start to Finish
where we cannot end the first task until the second task has started. cooking shift cannot leave until the second shift has arrived and started
backlog
written customer functionality requirements, prioritizing these allows the team to know what to work on first