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205 Cards in this Set

  • Front
  • Back
application areas
Areas of business, industry, and trade the PM may need special knowledge.
deliverable
The outcome of a project or phase.
management by projects
Organizations that manage operations as projects.
milestone
A significant point in the schedule that allows stakeholders to see progress. Deliverables are often called milestones.
PMBOK Guide
Includes all the knowledge and practices for project management.
programs
multiple projects working towards a common cause
progressive elaboration
process of discovering or providing greater levels of detail as project moves to completion
project
A temporary endeavor to create a unique product or service.
project framework
The structure and fundamentals of project management. Composed of the 9 knowledge areas and 5 process areas.
project manager
Person accountable for all aspects of a project.
project portfolio manager
A management process to select projects to invest in.
subprojects
Alternatives to programs, subprojects exist under parent projects but follow their own schedule.
Work Breakdown Structure
Work that isn't in the WBS isn't in the project -- the WBS organizes and defines the project scope.
fast tracking
doing activities in parallel that are normally done in sequence
functional structure
have a clear division regarding business units. Weakest project structure. (Hanley Wood)
project life cycle
the duration of the project, composed of all the phases.
kill point
the end of a project phase were a project can be terminated
matrix structure
a blend of projectized and functional structure.
product life cycle
The parent of projects. Can also be a program -- several projects used to create a product.
project office
The central source for project management support within an organization. Templates, training, software, etc.
projectized structure
Organizational structure where the PM has the most power. Staff works full-time on projects.
stakeholders
Individuals, businesses, or communities that have a vested interest in the project's outcome.
9 Knowledge areas...
Integration, scope, time, cost, quality, human resources, communications, risk, procurement.
core processes
Common to all projects:
scope planning
scope definition
activity definition
activity duration estimating
activity sequencing
cost budgeting
cost estimating
resource planning
risk management planning
schedule development
project plan development
facillitating processes
Done as needed throughout projects:
quality planning
communications planning
organizational planning
staff acquisition
risk identification
qualitative risk analysis
quantitative risk analysis
risk response planning
procurement planning
solicitation planning
project charter
Authorizes the project, PM, and resources to complete project work (I)
process groups
5 IPECC:
Initiating
Planning
Executing
Controlling
Closing
product-oriented processes
the activities that complete a project's phase and life cycle. Unique to each project.
project management processes
Activities universal to all projects.
scope statement
Document that describes the work to meet project objectives. Establishes a common vision. Used as a baseline against all future project decisions.
product scope
features and functions of the product of the project
project scope
the work needed to create the product of the project
project scope management
the processes the ensure that the project includes all the work required (and only the work required) to complete the project successfully.
project Integration management
Day-to-day actions of the PM to ensure all parts of the project work together.

Includes:

project plan development
project plan execution
integrated change control
project plan
Collection of documents developed by project team, stakeholders, and management to guide how the project should flow, how it should be manageed, and what values and priorities are thereof.
lessons learned
An ongoing documentation of thing the PM and team have learned throughout the project.
Earned Value (EV)
EV = %Complete * BAC

The work that has been accomplished withint the project plus the authorized budget for the work that has been accomplished.
assumptions
beliefs considered to be true, real for the purposes of planning
configuration management
activities focusing on controlling the characteristics of a product or service. AKA a rigorous change control system.
constraints
any influence on a project that may limit the options of the team
Change Control Board
A board that determines the validity of and approves project change requests.
Change Control System
A system to determine the validity of and act upon project change requests.
PMIS
Project Management Information System. E.g., MS Project
project baselines
the accepted plans against which actual results are compared to identify variances
scope verification
the process of the customer accepting the project deliverables. Also, the process of ensuring the deliverables are in alignment with project scope. Occurs at end of project and each project phase.
scoring models
used for all projects up for selection to determine which has higher priority
time value of money (TVM)
an economic model to predict the future value of current monies.
n
FV = PV (1 + I)
net present value (NPV)
NPV > 1 is good
constrained optimizaion methods
complex mathematical formulas and algorithms used to predict the future success of projects. E.g., linear programming
benefit measurement methods
used in comparing the value of one project to another
value-added change
causes most change requests
scope management plan
provides details about how the scope may be changed
activity list
all activities to be performed in the project. output of activity definition
activity on arrow
network diagramming method rarely used. activity lengths on arrows
activity on nodes
network diagramming method commonly used
activity sequencing
a process of setting order of activities.

Inputs:
Activity List
product description
mandatory (hard logic) dependencies
discretionary (soft) dependencies
external dependencies
milestones
analogous estimating
top-down estimating, relies on historical estimating.
CPM
critical path method. used to determine float
crashing
practice of adding additional resources to critical path to end project early. results in increased costs.
discretionary dependencies
soft logic
float
free: time activity can be delayed without affecting the next
total: time activity can be delayed without affecting the project
project: time activity can be delayed without affecting the customer's expected completion date
GERT
Graphical Evaluation and Review Technique. Allows for looping.
FNET, SNET
Finish No Earlier Than, Start No Earlier Than
fragnets (subnets)
portions of a network diagram that branch off and are not part of the critical path
lag
positive time added to an activity to move it away from the project start date; adding time between activities
lead
negative time added to an activity to move it closer to project start date; subtracting time between activities
Monte Carlo analysis
predicts how scenarios may work out given any number of variables
PERT
Program Evaluation and Review Technique -- scheduling tool using weighted averages.

O + 4ML + P / 6, where

O = Optimistic
P = Pessimistic
ML = Most Likely
PDM: Precedence Diagramming Method
most common method of arranging project work
Parkinson's Law
"Work expends to fill the time alloted."
project calendar
calendar that defines the working times for the project
quantitative estimating
mathematical formulas to predict length or cost of activities
qualitative estimating
ranking of risks
resource calendar
calendar that defines the working times for the resource
heuristic
rule-of-thumb
schedule control
3 processes:
1)PM confirms any schedule changes are agreed upon.
2)PM examines the work results and conditions to know if schedule has changed.
3)PM manages the actual schedule
Part of Integration Management.
schedule management plan
has procedures that control how changes to PP can be proposed, accounted, implemented. Subsidiary of PP.
schedule variance
difference between planned work and earned work.
actual costs
actual cost of work performed
bottom-up estimating
budgeting technique where each component in the WBS is estimated then totaled. Longest but most accurate.
BAC
budget at completion -- predicted budget for project
order of magnitude estimate
used during Initiating process and in top-down estimates. Variance -25 to +75
budget estimate
used in early Planning process and in top-down estimates. Variance -10 to +25
definitive estimate
used in late Planning process and in bottom-up estimates. Variance -5 to +10
chart of accounts
coding system for GL's
cost baseline
what is expected to be spent in a project. Usually shown in an S-curve
cost budgeting
the process of assigned a cost to an individual work package. Results in an S-curve that becomes the baseline
cost change control
documents the procedures to request, approve and incorporate changes to project costs. Part of Integrated Change Control
cost control
an active process to control causes of cost change, document and monitor
cost estimating
the process of calculating the costs by category of the resources to complete project work
cost management plan
details how variances from the project costs will be managed. Output of cost estimating.
CPI
Cost Performance Index

How the project is doing financially

CPI = EV/AC
Earned Value Management
EVM integrates scope, schedule and cost to give a scalable point-in-time assessment of the project.
EAC
Estimate At Completion.

EAC = BAC/CPI = ETC + AC
ETC
Estimate To Completion

ETC = EAC-AC
estimating publications
commerical reference to help the PM confirm and predict accuracy of estimates
parametric modeling
a mathematical model based on known parameters to predict the cost of a project
risk
an unplanned event that can have a positive or negative influence on the project success
benchmarking
using prior projects to set quality standards for processes and results
checklists
lists of activities to check off to make sure work is done. QC
control charts
illustrate performance of project over time. Upper and lower limits indicate whether project is out of control
rule of 7
project is considered out of control if seven data points in a row are above or below median
cost of nonconformance
cost of completing project work without meeting quality standards. Biggest issue is money for rework.
cost of quality
expense of all activities within a project to meet quality objectives
design of experiments
relies on statistical 'what-if' scenarios to determin what variables in a project will give the best outcome. Most often used on the product.
flowcharting
chart that illustrates how parts of a system occur in sequence
ISO 9000
method of following procedures by an organization. NOT a quality system
operational definitions
quantifiable terms and values used to measure something
Pareto diagrams
80/20 rule: 80% of problems come from 20% of issues. Histogram. Illustrates problems by cause, from smallest to largest.
QA
quality assurance is overall performance is evaluated to ensure project meets quality standards
QC
work results are monitors to ensure they meet quality standards
quality management plan
describes how the PM and team will fulfill the quality policy
quality policy
formal document that organization follows to achieve preset standar of quality. Can be ISO 9000, Six Sigma, TQM.
statistical sampling
choosing data at random for inspection. Can reduce costs of quality control
fishbone diagram
Ishihawa chart. Cause and effect.
JIT
Just-In-Time decreases the inventory investment
project team
responsible for quality of deliverables
Kaizen technologies
small process improvements carried out on a continuous basis
TQM
a business philosophy to find methods to continuously improve products, services, business practices
quality is...
prevention driven
coercive power
a.k.a., penalty power. Team is afraid of PM
collective bargaining agreements
contractual agreements that may be constraints
compromising
requires both parties to give up something. Lose-lose situation
Expectancy theory
theory that people will work in relation to the expected reward
expert power
Authority of PM comes from experience
forcing
conflict resolution method where one person forces their point of view or solution to a conflict
formal power
PM has been assigned by senior management
Hertzberg's Theory of Motivation
Two catalysts: hygiene (lack of presence de-motivational)and motivating agents
Maslow's Hierarchy of Needs
1. Physiological
2. Safety
3. Social
4. Esteem
5. Self-actualization
McGregor's Theory of X & Y
X = lazy, need to be micromanaged "Gen X"
Y = motivated, self-led
Ouchi's Theory Z
Workers will work if they are challenged and motivated
referent power
present when team wants to work with PM, or when PM references a more powerful person (e.g., CEO)
responsibility
who DECIDES what on a project
reward power
PM's ability to reward team members
role
who DOES what on a project
smoothing
conflict resolution method that minimizes perceived size of problem
Staffing management plan
subsidiary plan that shows how project team members will be brought into and excused from project
war room
centralized location that allows project team to work in close proximity
withdrawl
conflict resolution method where issue is not considered important or PM is overruled. Considered a yield-lose scenario
halo effect
assumption that if person is good at technology, they will be good at managing that technology
achievement theory
3 motivators:
Achievement
Power
Affiliation
Conflict Resolution Techniques (5)
From best to worst:
1. Confrontation
2. Compromise
3. Withdrawl
4. Smoothing
5. Forcing
organizational interfaces
most difficult to work with
RAM
Responsibility Assignment Matrix. Shows who is responsible to do work, but not when
Stages of Team Development
1. Forming - team first assembles
2. Storming - authority and roles are tested
3. Norming - more normalized
4. Performing - team functions as unit
main sources of conflict (7)
1. Schedule
2. Project priority
3. Resources
4. Techinical opinions
5. Administrative processes
6. Cost
7. Personality
autocratic
making decisions regardless of team input
active listening
occurs when the receiver confirms the message is being received by feedback
administrative closure
documenting of the project results and the acceptance of the product by the customer or sponsor. Also needed when project is terminated.
bull's eye
creates limits to acceptable earned value metrics. Outside 'eye' is automatic escalation to management
lines of communications
=n(n-1)
------
2
n = number of stakeholders
communications management plan
documents & organizes stakeholders communications needs
SV, CV
SPI, CPI
Cost variance = EV - AC
Sched. var = EV - PV
+ = good
- = bad

Sched. Perf. Ind. = EV / PV
Cost Perf. Ind. = EV / AC
> 1 = good
< 1 = bad
decoder, encoder
part of communications model
effective listening
listener is involved by paying attention
EAC
BAC/CPI = use if spending rate will continue
AC + BAC - EV = use if variances not typical
feedback
a response, or question of clarification, confirmation of having received message
paralingual
the pitch, tone, and inflection in the sender's voice affect message being sent
risk response strategies (4)
avoidance -- avoid risk by eliminating cause
mitigation -- reduce probability of risk occuring
acceptance -- accept consequences of risk
transference -- transfer to 3rd party
powers of PM (5)
formal -- based on authority
reward
penalty
expert -- being knowledgable
referent -- inferred to PM by team members.

Expert & reward are best; penalty worst
acceptance
response to risk event
avoidance
response to risk event. planning a different technique to remove risk from project
cause-and-effect diagrams
fisbone, Ishikawa

Goal: treat root cause
contingency reserve
a time or dollar amount allotted to risk response
Delphi Technique
method to query experts anonymously
Expected Monetary Value (Ex$V)
Ex$V = Probability * Value

Value - cost is neg, benefit is positive
influence diagram
charts out a decision problem
mitigation
reducing probability or impact of a risk
qualitative risk anaylsis
an examination and ranking of risks based on their probability and impact. Ordinal.
risk management plan
describes planning and analysis, but does not address responses to risks
quantitative risk anaylsis
mathematical assessment of probabiliy and impact of risks
SWOT
information-gathering method
Strengths, Weaknesses, Opportunities, Threats
residual risks
leftover after mitigation, transference, avoidance
risk owners
those responsible for a risk's response
Cardinal scales
numerical value
e.g., .01 to 1.0
Ordinal scales
descriptive value
low to high
secondary risks
risks that stem from risk responses
sensitivity risk
examines each risk on its own value to assess impact to project
utility function
a person's willingness to accept risk
workarounds
unplanned risk responses (not planned or accepted)
bid
document from seller to buyer. Used when price is determining factor
bidder conference
hoster by buyer, ensures all bidders have equal opportunity to gain information
centralized contracting
all contracts need to be approved by central unit in organization
contract
legal, binding agreement, preferably written, between buyer and seller detailing requirements and obligations of both parties. Must have:
1. Offer
2. Acceptance
3. Legal capacity
4. Consideration
5. Legal purpose
PO
unilateral form of contract
cost plus fixed fee
profit margin for seller
cost plus percentage of cost
cost overruns assigned to buyer. illegal in USA
cost plus incentive fee
seller determines price for product or service but includes reward for completing ahead of time
contract administation
process of ensuring the buyer and seller perform to specs in contract
contract change control system
defines how contracts may be changed
contract closeout
process for confirming the obligations of the contract went as expected. PM, customer, key stakeholders perform product verification
contract file
a complete indexed set of procurement records incorporated into admin closure. includes financial as well as scope verification
cost-reimbursable contracts
contract that pays seller for product
direct costs
costs incurred by the project in order for it to exist
evaluation criteria
used to rate and score proposals from sellers
fixed-price contracts
can include an incentive for the seller
indirect costs
costs attributed to costs of doing business. e.g., electricity, overhead
Invitation for Bid
document from buyer to seller
Letter of Intent
expresses intent of buyer to procure from seller. not a contract
RFP
from buyer to seller requesting proposal on work
RFQ
from buyer to seller requesting quote price
"should cost" estimates
aka independent estimates
single source
preferred seller (not only one)
sole source
only qualified seller in market
SOW
fully describes work to be completed. Becomes part of the contract