W01 PM Vocabulary, CIT 380 Unit 2 Test, CIT 380 Unit 3 Test, CIT 380 Unit 1 Test, PMI Lexicon of Project Management Terms
Expected Time Formula
(O+4*M+P)/6
Multitasking Tradeoff Decisions
-Cost of Transitions: Set up/take down time & changing gears. -Mental focus -Automation -Safety
Variance Analysis
A technique for determining the cause and degree of difference between the baseline and actual performance.
Crashing
A technique used to shorten the schedule duration for the least incremental cost by adding resources.
Critical Path Activity
Any activity on the critical path in a project schedule.
Risk Responses
Avoidance: Change the nature of the project. Acceptance: Only done when all of the consequences are understood. Transference: Transferring the risk to someone else. Mitigation: Reducing the effect of the risk through prevention and recovery.
Change Management
The achievement of change in human behavior (stakeholders) as part of an overall business solution.
Cost Plus Fixed Fee
CPFF, A contract where the buyer reimburses the seller for the seller's allowable costs plus a fixed fee negotiated in advance.
CMMI
Capability Maturity Model Integration
Feature Driven Development
Each team member given set of features to work on.
Firm Fixed Price
FFP, A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller's costs.
Backlog Contents
Features Bugs Technical work Knowledge acquisition
Quadruple Constraint
Includes scope, time, cost and quality.
The group whose members and resources most directly perform the project work.
Performing organization
Rational Unified Process
Provides a framework for breaking down the development of software into four gates.
Triple Constraint
Some project managers focus (meeting scope, time, and cost goals).
Kickoff meeting
The first meeting between a project team and stakeholders. It serves to review project expectations and to build enthusiasm for a project.
Facilitating Knowledge Areas
These 4 areas lead to helping objective be met: Human Resource, Communications, Risk, Procurement.
Core Knowledge Areas
These 4 areas lead to specific project objectives: Scope, Time, Cost, and Quality.
Resource loading profiles
These indicate the number and type of personnel, equipment, and tools required to do project work over periods of time.
Channels of Communication
n(n-1)/2
Level of Effort
An activity that does not produce definitive end products and is measured by the passage of time. (Note: Level of effort is one of three earned value management [EVM] types of activities used to measure work performance.)
Predecessor Activity
An activity that logically comes before a dependent activity in a schedule.
Apportioned Effort
An activity where effort is allotted proportionately across certain discrete efforts and not divisible into discrete efforts. (Note: Apportioned effort is one of three earned value management [EVM] types of activities used to measure work performance.)
Business Case
A well-developed justification of the financial and strategic reasons for pursuing a project.
EVM Rule of Thumb
According to the Defense Acquisition University: "After progressing 25% through the planned schedule of a project, the vast majority of projects will not increase more than 10% on their CPI and SPI." In other words, a 12-month project evaluated at .72 CPI after 3-months will never attain more than a .82 CPI at best
Requirement Guidelines
Accurate Feasible Verifiable Prioritized
WBS Requirement Guidelines
Accurate Feasible Verifiable Prioritized
AC
Actual Cost: Adding the total of all completed (acutal) tasks to date, and then multiplying any started tasks by the completion rule amount and adding them to the previous total.
The length of time taken to complete an activity.
Actual duration
Gantt Chart
A bar chart of schedule information where activities are listed on the vertical axis, dates are shown on the horizontal axis, and activity durations are shown as horizontal bars placed according to start and finish dates.
Resource Calendar
A calendar that identifies the working days and shifts upon which each specific resource is available.
Project Calendar
A calendar that identifies working days and shifts that are available for scheduled activities.
Burn down chart
A chart used in Scrum to measure how a project is following its schedule. Uses Style points .
Project Phase
A collection of logically related project activities that culminates in the completion of one or more deliverables.
Cost Management Plan
A component of a project or program management plan that describes how costs will be planned, structured, and controlled.
Staffing Management Plan
A component of the human resource plan that describes when and how team members will be acquired and how long they will be needed.
Procurement Management Plan
A component of the project or program management plan that describes how a team will acquire goods and services from outside of the performing organization.
Quality Management Plan
A component of the project or program management plan that describes how an organization's quality policies will be implemented.
Requirements Management Plan
A component of the project or program management plan that describes how requirements will be analyzed, documented and managed.
Human Resource Plan
A component of the project or program management plan that describes how the roles and responsibilities, reporting relationships, and staff management will be addressed and structured.
Scope Management Plan
A component of the project or program management plan that describes how the scope will be defined, developed, monitored, controlled, and verified.
Schedule Management Plan
A component of the project or program management plan that establishes the activities for developing, monitoring, and controlling the project or program.
Risk Management Plan
A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.
Communication Management Plan
A component of the project, program, or portfolio management plan that describes how, when, and by whom information will be administered and disseminated.
Logical Relationship
A dependency between two activities, or between an activity and a milestone.
Successor Activity
A dependent activity that logically comes after another activity in a schedule.
Statement of Work
A description of the work required for the procurement.
Decision Tree
A diagramming analysis technique used to help select the best course of action in situations in which future outcomes are uncertain.
Decision Tree Analysis
A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.
Activity
A distinct, scheduled portion of work performed during the course of a project.
Risk Register
A document in which the results of risk analysis and risk response planning are recorded.
Project Charter
A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
WBS Dictionary
A document that provides detailed deliverable, activity, and scheduling information about each component in the work breakdown structure.
Activity List
A documented tabulation of schedule activities that shows the activity description, activity identifier, and a sufficiently detailed scope of work description so project team members understand what work is to be performed.
Assumption
A factor in the planning process that is considered to be true, real, or certain, without proof or demonstration.
S-Curve Analysis
An earned value management technique used to indicate performance trends by using a graph that displays cumulative costs over a specific time period.
Performing Organization
An enterprise whose personnel are the most directly involved in doing the work of the project or program.
Percent Complete
An estimate expressed as a percent of the amount of work that has been completed on an activity or a work breakdown structure component.
Pessimistic Duration
An estimate of the longest activity duration, which takes into account all of the known variables that could affect performance.
Most Likely Duration
An estimate of the most probable activity duration that takes into account all of the known variables that could affect performance.
Optimistic Duration
An estimate of the shortest activity duration that takes into account all of the known variables that could affect performance.
Parametric Estimating
An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters.
Trigger Condition
An event or situation that indicates that a risk is about to occur.
Project Schedule Network Diagram
A graphical representation of the logical relationships among the project schedule activities.
Probability and Impact Matrix
A grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs.
Requirements Traceability Matrix
A grid that links product requirements from their origin to the deliverables that satisfy them.
Responsibility Assignment Matrix
A grid that shows the project resources assigned to each work package.
Risk Category
A group of potential causes of risk.
Program
A group of related projects, subprograms and program activities that are managed in a coordinated way to obtain benefits not available from managing them individually.
Summary Activity
A group of related schedule activities aggregated and displayed as a single activity.
Work Breakdown Structure
A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.
Resource Breakdown Structure
A hierarchical representation of resources by category and type.
Risk Breakdown Structure
A hierarchical representation of risks that is organized according to risk categories.
Organizational Breakdown Structure
A hierarchical representation of the project organization, which illustrates the relationship between project activities and the organizational units that will perform those activities.
Change Program
A large, multifaceted set of projects or initiatives to bring about significant shifts in how an organization functions.
Schedule Model Analysis
A process used to investigate or analyze the output of the schedule model in order to optimize the schedule
Change Control
A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.
Budgetary Cost Estimate
A project cost estimate that is 1-2 years out and is -10% to +25% accurate.
Rough Order of Magnitude
A project cost estimate that is 3-5 years out from project completion and is only 50% accurate.
Earned Value Management
A project performance measurement technique that integrates scope, time, and cost data.
Gantt Chart
A project planning tool that graphically displays activities of a project in sequential order and plots them against time.
Project team
A project team is responsible for leading and collectively managing a project and its related activities through the project's life cycle. Project teams may contain members from several different functional groups within an organization. Depending on the nature of the project, a project team may be disbanded upon completion of a project.
Variance at Completion
A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion.
Top Ten Risk Item Tracking
A qualitative risk analysis tool for identifying risks and maintaining an awareness of risks throughout the life of a project.
Path Convergence
A relationship in which a schedule activity has more than one predecessor.
Path Divergence
A relationship in which a schedule activity has more than one successor.
Schedule Model
A representation of the plan for executing the project's activities including durations, dependencies and other planning information, used to produce a project schedule along with other scheduling artifacts.
Workaround
A response to a threat that has occurred, for which a prior response had not been planned or was not effective.
Phase Gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a project or program.
Risk Avoidance
A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.
Risk Mitigation
A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a risk.
Risk Acceptance
A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs.
Risk Transference
A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response.
Secondary Risk
A risk that arises as a direct result of implementing a risk response.
Threat
A risk that would have a negative effect on one or more project objectives.
Opportunity
A risk that would have a positive effect on one or more project objectives.
Fast Tracking
A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.
Critical Chain Method
A schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project uncertainties.
Acceptance Criteria
A set of conditions that is required to be met before deliverables are accepted.
Change Control System
A set of procedures that describes how modifications to the project deliverables and documentation are managed and controlled.
Milestone
A significant point or event in a project, program, or portfolio.
System Requirements Analysis Example
A software developer writing a video game must create a game that fits the needs of the stakeholders and than determine what hardware is required to run a game that meets these desires.
Analogous Estimating
A technique for estimating the duration or cost of an activity or a project, using historical data from a similar activity or project.
Crashing
A technique for making cost and schedule trade-offs to obtain the greatest amount of schedule compression for the least incremental cost.
Resource Leveling
A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand for resources with the available supply.
Monte Carlo Analysis
A technique that computes or iterates, the project cost or project schedule many times using input values selected at random from probability distributions of possible costs or durations, to calculate a distribution of possible total project cost or completion dates.
Precedence Diagramming Method
A technique used for constructing a schedule model in which activities are represented by nodes and are graphically linked by one or more logical relationships to show the sequence in which the activities are to be performed.
Decomposition
A technique used for dividing and sub-dividing the project scope and project deliverables into smaller, more manageable parts.
Three-Point Estimate
A technique used to estimate cost or duration by applying an average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.
Schedule Compression
A technique used to shorten the schedule duration without reducing the project scope.
Project
A temporary endeavor undertaken to create a unique product, service, or result.
The DISC Profile
Also uses a four-dimensional model of normal behavior: Dominance Influence Steadiness Compliance People in opposite quadrants can have problems understanding each other
Discrete Effort
An activity that can be planned and measured and that yields a specific output. (Note: Discrete effort is one of three earned value management [EVM] types of activities used to measure work performance.)
Critical Path
The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.
Project Life Cycle
The series of phases that a project passes through from its initiation to its closure.
Product Life Cycle
The series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement.
Budget at Completion
The sum of all budgets established for the work to be performed.
Slack Time
The time that an activity can be delayed; the difference between the late and early start times of an activity.
Performance measurement baseline
This uses the schedule, cost, and scope baselines to create a point of comparison by which project performance is assessed. Variance from the performance measurement baseline may prompt corrective action.
WBS Dictionary
Typical Format: -WBS Code -Name -Definition:This element includes the effort to identify and procure test equipment needed to support the System Integration and Test process. It does not include the design or development of test equipment or tools if not commercially available at competitive prices, which is addressed in Element 1.5.4.6. -Inputs -Outputs
Utility rises at a decreasing rate for people____?
Who are risk-averse.
Level of effort
Work that is not directly associated with components of a work breakdown structure but that can instead be thought of as support work. Examples include maintenance and accounting. It is one of three types of activities used to measure work performance as part of earned value management.
IRR formula
[(equity exit-equity entrance)^(1/n)]-1.
Stakeholder
An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio.
Preventive Action
An intentional activity that ensures the future performance of the project work is aligned with the project management plan.
Corrective Action
An intentional activity that realigns the performance of the project work with the project management plan.
Defect Repair
An intentional activity to modify a nonconforming product or product component.
Interfaces
An interface occurs wherever a system receives input from or provides output to other systems. Requirements specify the interfaces and mandated or pre-specified inputs or outputs at each.
Rolling Wave Planning
An iterative planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level.
Project Schedule
An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.
Risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Social Styles
Analytical, Driver, Amiable, Expressive
Scope Change
Any change to the project scope. A scope change almost always requires an adjustment to the project cost or schedule.
Stakeholder
Any group within or outside the organization that has a stake in the organization's performance.
Deliverable
Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.
Performance Requirements
Associated with each functional requirement are performance requirements. -Functional requirement state what the system must do; performance requirements specify how well it must do it -Are usually specified in physical parameters, e.g., speed, acceleration, weight, tolerance, power, force, time.
Business Case Contents
Background Context. Business Ramifications: Revenues, Costs. Comparison to aternative projects. Gap Analysis. Expected Risks.
Extreme Programming
Breaks a project into tiny phases with user feedback, and developers cannot continue on to the next phase until the first phase is complete. its success lies in customer satisfaction and team work.
BAC
Budget At Closing: Add the total of all baseline costs.
CPI
Cost Performance Index=Earned Value/Actual Cost Comes to a %, any % over 100% is an overage in budget.
CV
Cost Variance: Earned Value-Actual Value
The sum of work package estimates, contingency reserve, and other associated costs by which project performance is assessed. A formal change control process is necessary to change this target.
Cost baseline
This details how project expenses will be planned, funded, and controlled. It is a part of the project management plan.
Cost management plan
Indirect Costs
Costs allocated to the project by the performing organization as a cost of doing business (e.g., salaries of corporate executives). Usually calculated as a percentage of direct costs.
Direct Costs
Costs that can be easily and accurately traced to a cost object.
Sunk Costs
Costs that have already been incurred and cannot be recovered.
Crystal Methodology
Crystal is a family of human-powered, adaptive, ultralight, "stretch-to-fit" software development methodologies. Crystal is non-jealous, meaning that a Crystal methodology permits substitution of similar elements from other methodologies.
Stakeholder Management Strategy
Defines an approach to increase the support and minimize negative impacts of stakeholders throughout project life-cycle.
Configuration Management
Describes the characteristics of the product of the project and ensures the description is accurate and complete. Controls changes to the characteristics of an item and tracks the changes made or requested and their status. It is usually a subset of the change control process in most organizations , or it may server as the change control system.
Effectiveness Report
Determines how well the communications plan met the stakeholders needs and how to adjust the plan for greater success in the future.
P3M3
Developed my the APM Group, has the same 5 levels as CMMI, which are 1.Initial 2.Managed 3.Defined 4. Quantitatively Managed 5. Optomizing
Fixed price contracts
Fixed-Price Contracts are also known as Firm-Fixed- Price and Lump-Sum contracts. These contracts have a pre-set price that the vendor is obligated to perform the work or provide materials for the agreed price.
Generic Supply Chain
Flow of materials, information, money, and services from raw material suppliers (Tier 3), through factories (Tier 2) and warehouses, to the end consumers.
Reward and Recognition Systems
Focus on rewarding teams for achieving specific goals or performance measures. Helps reinforce importance of developing team member skills, abilities, and desired team behaviors.
A point in a project at which it is decided whether to continue with the work.
Go/No go
In the project life cycle, this is the point at which deliverables are given to users.
Handover
Requirements Definition Process
High-level requirements incorporate everything about the system (project). Including: Objectives Life Cycle Operational Modes Constraints Interfaces
Feasibility
How possible is it to meet the demands of the stakeholders? Evaluated by looking at costs, risks, effectiveness, and benefits.
Life Cycle
How the system will be built, tested, distributed, marketed, financed, operated, maintained, and disposed of (includes ancillary issues, "side items," and environmental impacts.
Time and material contracts
Hybrid type of contractual agreements that contain aspects of both cost-reimbursable and fixed- price contracts. Some characteristics: - Open-ended, i.e., full value of the agreement and the exact quantity of items to be delivered may not be defined at the time of the contract award - Can be subject to cost increase for the buyer. - Unit labor or material rates can be preset by the buyer and seller.
SWOT Analysis
Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T).
Contract Statement of Work
If a SOW is used as part of a contract to describe only the work required for that particular contract.
Early Finish Date
In the critical path method, the earliest possible point in time when the uncompleted portions of a schedule activity can finish based on the schedule network logic, the data date, and any schedule constraints.
Early Start Date
In the critical path method, the earliest possible point in time when the uncompleted portions of a schedule activity can start based on the schedule network logic, the data date, and any schedule constraints.
Late Finish Date
In the critical path method, the latest possible point in time when the uncompleted portions of a schedule activity can finish based on the schedule network logic, the project completion date, and any schedule constraints.
Late Start Date
In the critical path method, the latest possible point in time when the uncompleted portions of a schedule activity can start based on the schedule network logic, the project completion date, and any schedule constraints.
Bottom-up Estimate
Involves estimating individual work items or activities and summing them to get a project total.
Risk enhancement
Involves increasing the probability of an opportunity, or positive risk, occurring.
Cost reimbursable contracts
Involves payments (cost reimbursements) to the seller for all legitimate actual costs incurred for completed work, plus a fee representing seller profit.
Milestone
Is a deadline or the completion of a major deliverable.
Sensitivity Analysis
Is a technique used to show the effects of changing one or more variables on an outcome. For example, many people use it to determine what the monthly payments for a loan will be given different interest rates or periods of the loan, or for determining break-even points based on different assumptions
Work Breakdown Structures
Key Concept: Decomposition
The first meeting between a project team and stakeholders. It serves to review project expectations and to build enthusiasm for a project.
Kickoff meeting
Quality Metrics Example
Kilpatricks 4 Levels of Evaluation: Reactions Learning Transfer Results
Definitive Cost Estimate
Less than 1 year out and is -5% to +10% accurate.
CMMI Assessments
Level 1: Initial-Heroic Efforts Level 2: Managed-Basic Management Level 3: Defined- Process Standardization Level 4: Quantitatively Managed- Software Mng Level 5: Optimizing- Continuous Process Improvement
Work that is not directly associated with components of a work breakdown structure but that can instead be thought of as support work. Examples include maintenance and accounting. It is one of three types of activities used to measure work performance as part of earned value management.
Level of effort
Stakeholders Requirements Document
Lists the requirements of the project in the language of the stakeholder.
Change Control
Maintaining full control over requests, implementation, traceability, and proper documentation of changes.
A point in a network diagram at which multiple predecessor activities culminate in a single successor activity. The successor activity may not start until all the predecessor activities have finished.
Merge point
PERT and O,M,P
O=Optimistic Time M=Most Likely Time P=Pessimistic Time
An evaluation that examines how external influences such as technological or economic might affect a project.
PEST analysis
OPM3
PMI organizational project management maturity model, used to determine the level of maturity in project management.
Financial Analysis
Payback analysis, Return on Investment (ROI), Net present value (NPV), Internal Rate of Return (IRR).
Any party which may be affected by a project. In project management, the term usually refers to parties with an interest in the successful completion of a project.
Project stakeholders
Portfolio
Projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives.
Quality Metrics
Quality metrics are the specific quality goals the project must meet and how the quality control processes will confirm compliance. Quality metrics can include any type of applicable measurement, including defect rates, bug rates, failure rates, up-time, reliability, and coverage area.
Discount Rates
Similar to interest, the discount rate is seen as the minimum acceptable rate of growth on investments. 1/(1+Discount Rate)*Period
Discretionary Dependency
Soft logic or preferred i.e. paint the wall before replacing the carpet.
System Requirements Analysis
Specifies what the system must do to be able to meet the requirements in the Stakeholders Requirements Document. This analysis tells the designers the functions the system must perform and the physical characteristics that are required to meet the chosen functions.
NPV formula
Sum of Each year of ([PV / ((1 + rate)^time)] - Capital Outlay ).
Fast Tracking
TECHNIQUE. project schedule compression that changes network logic to overlap phases that would normally be done in sequence
Point of Total Assumption Formula
The PTA is calculated with the following formula: PTA = (ceiling price - target price)/government share + target cost
PERT
The Program (or Project) Evaluation and Review Technique, commonly abbreviated PERT, is a statistical tool, used in project management, that is designed to analyze and represent the tasks involved in completing a given project. First developed by the United States Navy in the 1950s, it is commonly used in conjunction with the critical path method or CPM.
WBS Dictionary
The WBS dictionary is a component of the detailed project scope definition, and is used to verify that the deliverables being produced and accepted are included in the approved project scope.
Competence
The ability and knowledge required to perform the tasks associated with a specific role.
Program Management
The application of knowledge, skills, tools, and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing projects individually.
Project Management
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Schedule Baseline
The approved version of a schedule model that can be changed only through formal change control procedures and is used as a basis for comparison to actual results.
Scope Baseline
The approved version of a scope statement, work breakdown structure (WBS), and its associated WBS dictionary, which can be changed only through formal change control procedures and is used as a basis for comparison.
Baseline
The approved version of a work product that can be changed only through formal change control procedures and is used as a basis for comparison.
Planned Value
The authorized budget assigned to scheduled work.
Portfolio Management
The centralized management of one or more portfolios to achieve strategic objectives.
Risk Register
The document containing the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning. The risk register details all identified risks, including description, category, cause, probability of occurring, impact(s) on objectives, proposed responses, owners, and current status.
Project Management Plan
The document that describes how the project will be executed, monitored, and controlled.
Communications Plan
The document that describes the communication needs and expectations for the project; how and in what format information will be communicated; when and where each communication will be made; and who is responsible for providing each type of communication. The plan is contained in, or is a subsidiary plan of, the project management plan.
Estimate to Complete
The expected cost to finish all the remaining project work.
Estimate at Completion
The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.
Progressive Elaboration
The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available.
Lessons Learned
The knowledge gained during a project which shows how project events were addressed or should be addressed in the future for the purpose of improving future performance
Actual duration
The length of time taken to complete an activity.
Tangible Costs
The quantifiable benefits and costs of a proposed solution or system.
Actual Cost
The realized cost incurred for the work performed on an activity during a specific time period.
Point of Total Assumption
(PTA) is the cost at which the contractor assumes total responsibility for each additional dollar of contract cost. Contractors do not want to reach the point of total assumption because it hurts them financially, so they have an incentive to prevent cost overruns.
Rapid Application Development
(RAD) emphasizes extensive user involvement in the rapid evolutionary construction of working prototypes of a system to accelerate the systems development process.
ROI formula
(Total discounted benefits-total discounted costs)/total discounted costs.
Lag
The amount of time whereby a successor activity is required to be delayed with respect to a predecessor activity.
Murphy's Law
"What can go wrong will go wrong." - is cited in project management as a reason to plan adequately for contingencies.
Critical Path Variance Formula
((P-O)/6)^2
Mandatory Dependency
Defined by the type of work being performed. One activity is dependent on another (ie Can't lay cable till trench is dug).
Steps of a Monte Carlo Analysis
1. Assess the range for the variables being considered 2. Determine the probability distribution of each variable 3. For each variable, select a random value based on the probability distribution 4. Run a deterministic analysis or one pass through the model 5. Repeat steps 3 and 4 many times to obtain the probability distribution of the model's results
Computing PERT
1. Identify the critical path. 2. Compute Expect Time. 3. Calculate the variance of the critical path. 4. Add the expected times of the critical path. 5. Add the variances of the critical path.
WBS Rules
100% Rule: All labor is included Mutually Exclusive: All work must be billed to this project Level of Detail: Deliverables, interim deliverables, actions
Iteration
A concept from iterative software development that specifies a fixed time cycle for development work, typically a few weeks long. The development life cycle consists of a number of iterations, sometimes with a functional version of the software produced at the end of each one. Iterative development prioritizes time over scope, so there are rarely concrete requirements to be achieved in an iteration.
Requirement
A condition or capability that is required to be present in a product, service, or result to satisfy a contract or other formally imposed specification.
Activity-based Costing
A cost system designed to trace costs to the activities, such as grinding or polishing, that create them. Once the costs are traced to their specific activities, the costs are then allocated to their corresponding products or departments.
Forward Pass
A critical path method technique for calculating the early start and early finish dates by working forward through the schedule model from the project start date or a given point in time.
Backward Pass
A critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date.
Change Control Board
A formal group of people responsible for approving or rejecting changes on a project.
Change Request
A formal proposal to modify any document, deliverable, or baseline.
Change Control Board
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project and for recording and communicating such decisions.
V-Model
A framework to describe the software development life cycle activities from requirements specification to maintenance. The V-model illustrates how testing activities can be integrated into each phase of the software development life cycle.
Constraint
A limiting factor that affects the execution of a project, program, portfolio, or process.
Backlog
A list of uncompleted tasks that need to done in a project. Typically found in a project using the Scrum project methodology and used to measure a project's scope.
Finish-to-Finish
A logical relationship in which a successor activity cannot finish until a predecessor activity has finished.
Start-to-Finish
A logical relationship in which a successor activity cannot finish until a predecessor activity has started.
Finish-to-Start
A logical relationship in which a successor activity cannot start until a predecessor activity has finished.
Start-to-Start
A logical relationship in which a successor activity cannot start until a predecessor activity has started.
Control Account
A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.
Program Management Office
A management structure that standardizes the program-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Project Management Office
A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Gap Analysis
A marketing research method that measures the difference between a customer's expectation of a service quality and what actually occurred.
Parametric Modeling
A mathematical model based on known parameters to predict the cost of a project. The parameters in the model can vary based on the type of work being done. A parameter can be cost per cubic yard, cost per unit, and so on.
Schedule Performance Index
A measure of schedule efficiency expressed as the ratio of earned value to planned value.
Schedule Variance
A measure of schedule performance expressed as the difference between the earned value and the planned value.
Cost Performance Index
A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
To-Complete Performance Index
A measure of the cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the remaining budget.
Bottom-up Estimating
A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the work breakdown structure (WBS).
Critical Path Method
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.
Earned Value Management
A methodology that combines scope, schedule, and resource measurements to assess project performance and progress.
Contract
A mutually binding agreement that obligates the seller to provide the specified products or services and obligates the buyer to pay for them.
Critical Path Method
A network diagramming technique used to predict total project duration.
Code of Accounts
A numbering system used to uniquely identify each component of the work breakdown structure.
Sponsor
A person or group who provides resources and support for the project, program, or portfolio, and is accountable for enabling success.
Data Date
A point in time when the status of the project is recorded.
Backlog 2
A prioritized features list, containing short descriptions of all functionality desired in the product.
Project Management Capability Assessment
A test administered to project managers that addresses their strengths and weaknesses of project management against accepted project management standards.
Acceptance test
A test in which a team of end users runs a product through its full range of use to identify potential problems.
Cost Baseline
A time-phased budget that project managers use to measure and monitor cost performance.
Functional Flow Block Diagram
A tool for analyzing and defining functional requirements. Each block represents a function that the system must perform to satisfy objectives or requirements.
Weighted Scoring Model
A tool that provides a systematic process for selecting projects based on certain criteria.
RACI Chart
A type of responsibility assignment matrix that describes the resources needed for the task and their role for that task using the following descriptors: responsible, accountable, consult, or inform.
Variance Reports
A variance report compares planned, estimated, or expected results with actual results and is commonly used with: Scope Time Cost Quality Risk (not as common) Procurement (not as common)
Project management triangle
A visual metaphor that illustrates relationships between scope, cost, and schedule. It expresses the idea that none of the three aspects can be amended without affecting the others.
Verification Requirements
Accompanying each performance requirement is a set of verification requirements -These specify the procedures, measures, and tests to verify that the performance requirement has been met
Enterprise Environmental Factors
Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio.
Cost Plus Award Fee
CPAF, A contract where all allowable costs are paid by the buyer, and an incentive is provided to the supplier by enabling the buyer to make a financial award in addition to the cost and negotiated fee for excellent performance.
Cost Plus Incentive Fee
CPIF, A cost reimbursement type contract with provisions for a fee that is adjusted by "sharing" formulas applied to the difference between the final allowable costs and the target costs.
Cost Plus Percentage of Costs
CPPC,This type of contract is just like the CPFF contract, only an incentive has been added for exceeding the performance criteria laid out in the contract. The qualification for exceeded performance must be written in the contract and agreed to by both parties. The incentive is calculated as a percentage of cost or by some method that compares estimated project costs to actual project costs; This type of contract is the riskiest of all contracts for the buyer. There is no guarantee what the final costs will be, and since the profit to the seller is some percentage of the total cost, anything goes.
WBS Key Principle
Decomposition. Must follow these rules: 100% Rule Mutually Exclusive- Work performed must not be billed to two separate work packages.
Intangible Costs
Difficult to measures in dollars.
EV
Earned Value: Baselined Cost * % Complete Actual (Computed similarly to PV).
EAC
Estimate At Completion=Budget At Closing/Cost Performance Index.
Estimated Completion Date
Estimated Completion Date=Planned Finish Date-(Planned Work-Estimated Time to Completion)
ETC
Estimated Time to Completion=Planned Work/Schedule Performance Index
Strategic Alignment
Extent to which the project is viewed as helping the organization achieve its strategic objectives and long-term goals.
Fixed Price Incentive Fee
FPIF, A contract type that provides an incentive for performing on the project above the established baseline in the contract
The use of an information system to estimate, measure, and control monetary expenditures through the project life cycle. It aims at completing work within budgets.
Project cost management (PCM)
Project Management Body of Knowledge Star
Includes (Schedule, Scope, Budget), (Risk, Quality, Resources).
Resource calendar
Indicates resource availability, usually by shift, over a period of time.
Myers-Briggs Personality Test
Influenced by Jung's personality approach, this is widely used in business and industry to provide insights into how employees make decisions and perform on the job.
Project Integration Management Summary Outputs
Initiating Outputs: Charter Planning Outputs: Management Plan Executing Outputs: Deliverables, work performance info, change requests, plan udpates, document updates. Monitoring and Controlling Outputs: Deliverables, work performance info, change requests, plan udpates, document updates. Closing Outputs: Final Product, service or result. Organizational process updates.
Project Cost Management Summary Outputs
Initiating Outputs: None Planning Outputs: Activity Cost Estimates w/basis. Cost performance baseline, project funding requirements. Executing Outputs:None Monitoring and Controlling Outputs: Budget Forecasts, organizational process updates, change requests, updates. Closing Outputs:
Project Time Management Summary Outputs
Initiating Outputs: None Planning Outputs: Activity list, attributes, milestones, schedule, resource breakdown structure, activity duration estimates. Executing Outputs: None Monitoring and Controlling Outputs: Accepted deliverables, change requests, updates, work performance measurements. Closing Outputs:
Human Resource Management Summary Outputs
Initiating Outputs: None Planning Outputs: Human Resource Plan Executing Outputs:Staff assignments, resource calendars. Team performance assessments, environmental factors updates, change requests, doc updates. Monitoring and Controlling Outputs:None Closing Outputs:None
A visual representation of the activities and dependencies involved in the successful completion of a project.
Project network
Project Procurement Management Outputs Summary
Initiating Outputs: None Planning Outputs: Procurement management plan, statements of works, make or buy decisions, documents, source selection criteria, and change requests. Executing Outputs: Select seller and award contract, resource calendars, change requests, plan udpates, doc updates. Monitoring and Controlling Outputs: Procurement documentation, OPAU, change requests, plan updates. Closing Outputs: Closed procurements, OPAU.
Project Risk Management Summary Outputs
Initiating Outputs: None Planning Outputs: Risk Management Plan, Risk register and updates, project doc updates. Executing Outputs: None Monitoring and Controlling Outputs: Risk register updates, organizational process assets updates, change requests, project plan udates, doc updates. Closing Outputs:None
Project Quality Management Summary Outputs
Initiating Outputs: None Planning Outputs:Quality management plan, checklists, process improvement plan. Executing Outputs: Process asset updates, change requests, doc updates. Monitoring and Controlling Outputs: Quality Control Measures, validated changes and deliverables. Project plan updates, doc updates. Closing Outputs:None
Project Scope Management Summary Outputs
Initiating Outputs: Requirement Documentation, requirements management plan, requirements traceability matrix, scope statement, document updates, WBS. Planning Outputs:None Executing Outputs:None Monitoring and Controlling Outputs: Accepted deliverables, change requests, updates, work performance measurements. Closing Outputs:None
Project Communications Management Summary Outputs
Initiating Outputs: Stakeholder register, stakeholder management strategy. Planning Outputs: Comm management plan, project doc updates. Executing Outputs: Organizational process assets updates, change requests, project plan updates, doc updates. Monitoring and Controlling Outputs: Performance reports, organization process asset updates, change requests. Closing Outputs: None
Project Integration Process
Initiating: Develop Project Charter Planning: Develop Project Management Plan Executing: Direct and Manage Project Execution Monitoring and Controlling: Monitor and Control Project Work, Perform Integrated Change Control Closing: Close Project
Project Communications Management Process
Initiating: Identify Stakeholders. Planning: Plan Communications. Executing: Distribute Information Monitoring and Controlling: Report Performance Closing: None
Project Time Management Process
Initiating: None Planning: Define Activities, Sequence Activities, Estimate Activity Resources, Estimate Activity Durations, Develop Schedule. Executing: None Monitoring and Controlling: Control Schedule Closing: None
Project Human Resource Management Process
Initiating: None Planning: Develop Human Resource Plan Executing: Acquire Project Team, Develop Project Team, Manage Project Team. Monitoring and Controlling: None Closing: None
Project Quality Management Process
Initiating: None Planning: Plan Quality Executing: Perform Quality Assurance Monitoring and Controlling: Perform Quality Control Closing: None
Project Risk Management Process
Initiating: None Planning: Plan Risk Management, Identify Risks, Perform Qualitative Risk Analysis, Plan Risk Responses. Executing: None Monitoring and Controlling: Monitor and Control Risks. Closing: None
Project Scope Management Process
Initiating: None Planning:Collect Requirements, Define Scope, Create WorkBreakdown Structure. Executing: None Monitoring and Controlling: Verify Scope, Control Scope. Closing: None
Project Cost Management Process
Initiating: None Planning:Estimate Cost, Determine Budget. Executing: None Monitoring and Controlling: Control Costs Closing: None
Project Procurement Management Process
Initiating: None. Planning: Plan Procurements. Executing: Conduct Procurements. Monitoring and Controlling: Administer Procurements. Closing: Close Procurements.
9 Knowledge Areas
Integration mgmt, Scope mgmt, Time mgmt, Cost mgmt, Quality mgmt, HR mgmt, Communications mgmt, Risk mgmt, Procurement mgmt.
Project Risk Management Processes
Performing quantitative risk analysis: numerically estimating the effects of risks on project objectives. Planning risk responses: taking steps to enhance opportunities and reduce threats to meeting project objectives Monitoring and controlling risks: monitoring identified and residual risks, identifying new risks, carrying out risk response plans, and evaluating the effectiveness of risk strategies throughout the life of the project
PV
Planned Value: Adding the total (baseline) of all completed tasks to date, and then multiplying any started tasks by the completion rule and adding them to the previous total.
PW
Planned Work=Sum of all baseline work.
In project management, this part of a project refers specifically to a division of the life cycle that involves creating documented expectations for management, control, and execution, as well as for what a project is meant to accomplish.
Planning phase
Organizational Process Assets
Plans, processes, policies, procedures and knowledge bases specific to and used by the performing organization.
Constraints
Policies, procedures, and standards; available materials, knowledge, and technology; and limited time, funding, and resources
Activity-based Cost
Pooled Cost/Cost Driver
The collective management of sets of an organization's work and the components of that work in line with concepts of organizational project management.
Portfolio management
Lead
The amount of time whereby a successor activity can be advanced with respect to a predecessor activity.
External Dependency
Relationship w/a factor outside the project that drives the scheduling of a task (ie Can't install new server until the vendor delivers it).
RFI
Request for Information: Assessing vendor capabilities currently in the market
RFP
Request for Proposals: A proposal is a document prepared by a seller when there are different approaches for meeting buyer needs
RFQ
Requests for Quotes: A bid, also called a tender or quote (short for quotation), is a document prepared by sellers providing pricing for standard items that have been clearly defined by the buyer
The risk-neutral approach achieves a balance between?
Risk and payoff.
SPI
Schedule Performance Index=Earned Value/Planned Value Comes to a %, any % over 100% is an overage in schedule.
SV
Schedule Variance: Earned Value-Planned Value
Unit price contracts
Seller specifies a set amount for the goods or services rendered by some measurement.
Punishment Systems
Setting expectations and following through provides a channel for moving forward without allowing problems to fester.
Cost Variance
The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.
Risk Utility
The amount of satisfaction or pleasure received from a potential payoff; also called risk tolerance.
Total Float
The amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint.
Free Float
The amount of time that a schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint.
Payback Period
The amount of time that it takes the cumulative costs=cumulative benefits.
Portfolio management
The collective management of portfolios and their components in line with concepts of organizational project management.
Project Scope Statement
The description of the project scope, major deliverables, assumptions, and constraints.
Organizational Project Management Maturity
The level of an organization's ability to deliver the desired strategic outcomes in a predictable, controllable, and reliable manner.
Earned Value
The measure of work performed expressed in terms of the budget authorized for that work.
Operational Modes
The multiple environments and different ways in which the system will be used. Each constitutes a different set of requirements.
Effort
The number of labor units required to complete a schedule activity or work breakdown structure component, often expressed in hours, days, or weeks.
Objectives
The overarching aim of the system in terms of several objectives, each elaborated in terms of a set of requirements.
Project Manager
The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives.
Make -or-buy Analysis
The process of estimating the internal costs of providing a product or service and comparing that estimate to the cost of outsourcing.
What-If Scenario Analysis
The process of evaluating scenarios in order to predict their effect on project objectives.
Portfolio Balancing
The process of optimizing the mix of portfolio components to further the strategic objectives of the organization.
Project Management Process Groups
The progression from initiating activities to planning activities, executing activities, monitoring and controlling activities, and closing activities.
Scope Creep
The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.
Project cost management (PCM)
The use of an information system to estimate, measure, and control budget related activities through the life cycle of the endeavor.
Work Package
The work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated and managed.
Project Scope
The work performed to deliver a product, service, or result with the specified features and functions.
Belbin Team Roles
This is a famous guru of team working within organizations and identified key roles which make a team perform effectively. Recognized that people can adapt to certain roles within a team.
Prince2
This methodology was developed in the U.K., defines 45 separate subprocesses, and organizes these into eight process groups.
Scrum
Uses small teams to produce small pieces of deliverable software using sprints, or 30-day intervals, to achieve an appointed goal.
Top-down Estimate
Uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project.
VAC
Variance At Completion=Budget At Closing-Estimate At Completion.
Media Choice Table
Weighs the choices for communication in a project as excellent, adequate, inappropriate.
Expected Monetary Value
Weighted average of the outcomes of a decision with the probability of each outcome serving as the weight.
