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368 Cards in this Set
- Front
- Back
Planned Value (PV) |
PV = BAC X Planned % Complete
This is the estimated value of the work planned to be done. This is also known as budgeted cost of work schedule (BCWS). |
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Earned Value (EV) |
EV = BAC X Actual % Complete
This is the estimated value of the work performed. What did we accomplish for the money we spent? Also known as budgeted cost of work performance (BCWP). |
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Actual Cost (AC) |
No formula, this is the actual money we spent to complete this work (during a given period of time). |
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Budget At Completion (BAC) |
No formula, this is the sum (aggregation) of all the estimates for all to work in the total project (the whole cost estimate). |
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Schedule Variance (SV) |
SV = EV - PV
Are we head or behind schedule? A positive score means we're ahead, zero means we're on plan, and negative means we're behind. |
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Cost Variance (CV) |
CV = EV - AC
Are we over or under budget? A positive score means we're under budget, zero means we're on plan, and negative means we're over budget. |
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Schedule Performance Index (SPI) |
SPI = EV/PV
How efficiently are we using our time? A score greater than 1 means we're ahead, 1 means we're on plan, and less than 1 means we're behind. |
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Cost Performance Index (CPI) |
CPI = EV/AC
How efficiently must we use our remaining budget? A score greater than 1 means we're under budget, 1 means we're on plan, and less than 1 means we're over budget. |
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Estimate At Completion (EAC) |
EAC = BAC/CPI (project experiences to date expected to continue in the future) EAC = AC + (BAC-EV) (variances are atypical, and future work will improve)
What is the total project likely to cost based on our performance to date (and the remaining work left to complete)? |
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Estimate To Complete (ETC) |
ETC = EAC - AC
How much will the remaining work cost us now? |
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Variance At Completion (VAC) |
VAC = BAC - EAC
How much under budget or over budget do we expect to be when we complete the project? A positive score means we'll be under the planned cost, a zero score means we'll be on the planned cost, and a negative score means we'll be over the planned cost. |
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To Complete Performance Index (TCPI) |
TCPI = (BAC - EV)/(BAC - AC) - if targeting original budget TCPI = (BAC - EV)/(EAC - AC) - if targeting current forecast
How efficiently must we use our remaining resources to stay within the current budget? Note than for this formula, a score of less than 1 means it's easier to complete, a score of 1 means it's the same to complete, and a score of more than 1 means it's harder to complete. |
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Number of communication channels |
# = n(n-1)/2
n = the number of project team members. |
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PERT Standard Deviation |
SD = (P-O)/6
P = pessimistic estimate O = optimistic estimate
AKA sigma (-6 sigma zero defect is what we strive for) |
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Project Charter |
Output of the Develop Project Charter process. This document formally starts the project, and is usually issued by the project sponsor. May list high level requirements, milestones, and a preliminary summary budget. It authorizes the PM to expend resources on the project. |
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Statement of Work (SOW) |
This document is an input into the Develop Project Charter process. Narrative of project's product, service, or result. It is intended to foster a common understanding among stakeholders. |
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Project Management Plan |
Output of the Develop Project Management Plan process. This is the plan for how the project as a whole will be managed, and is composed of all of the other individual planning documents. Once approved, is baselined.
Includes: Scope, Requirements, Schedule, Cost, Quality, Process improvement, Human resource, Communications, Risk, Procurement, Stakeholder |
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Baseline |
The original approved scope, cost, or schedule, and all approved changes. Baseline represents the approved plans, and is useful for measure how actual results deviate from the plan.
NOTE: baselines are part of the PM plan, and are not considered project documents. |
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Develop Project Charter |
Formal authorization of the project. The quickest way to say "yes, let's do this." |
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Develop Project Management Plan |
Takes results from other planning outputs to create a consistent document to guide both execution and control of project. Includes all of the other management plans. |
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Direct & Manage Project Work |
Execute the work defined in the project management plan to achieve requirements in the scope statement and business case. |
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Portfolio of projects |
Includes all projects (interdependent or not) than an organization is undertaking. |
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Program of projects |
Includes projects that have some sort of interdependency between them. |
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PMO influence types |
1. Supportive 2. Controlling 3. Directive |
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Resource and cost levels |
Rise early in the project and drop over time. |
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Risk and stakeholder's ability to influence the project |
Highest early in the project and decreases as the project progresses. |
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Project life cycle |
1. Conceptual 2. Planning 3. Construction 4. Testing 5. Implementation 6. Closure |
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The Triple Constraint |
While changes to occur during a project, they don't happen in a vacuum. Always consider what a change will do to a project's time, cost, and scope. |
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Weak Matrix Organizational Structure |
PM has low level of authority, while functional manager has most authority over people.
In a weak matrix organization structure, the project manager`s role is more of a coordinator or expediter than that of a true project manager. |
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Balanced Matrix Organizational Structure |
PM and functional manager have equal levels of power and authority. |
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Strong Matrix Organizational Structure |
PM has the highest level of power and authority. |
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Functional Organizational Structure |
PM has very little power and authority, while the functional manager has the most authority over people. |
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Projectized Organizational Structure |
PM has high (almost total) power and authority, while the functional manager has little (if any) authority over people. |
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Descriptions of product performance ("A Map For Us") |
1. Availability (Probability of performance); 2. Maintainability (Mean-Time-To-Repair) (MTTR); 3. Affordability (Return for quality required); 4. Producibility (Technology required); |
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Ishikawa Diagrams (Cause and effect diagram) |
AKA fishbone diagram. Used to find the root cause of quality problems. |
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Flowcharts |
Graphical representation of a process. |
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Checksheets |
Used to collect data on a quality problem. |
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Pareto diagrams |
Identifies the sources that have the most effect (influence). Problems on the x axis and frequency on the y axis. A type of histogram. (summarizes the 80/20 rule).
Helps you identify the root cause of 80% of the defects in your project using the 80/20 rule. |
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Histograms |
Bar chart showing distribution of variables. Each column is an attribute of a problem, height of column shows its frequency. |
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Control charts |
A control chart is a really valuable tool for visualizing how a process is doing over time. By taking one measurement after another and plotting them on a line chart, you can get a lot of great information about the process. Every control chart has three important lines on it: the mean (or the average of all data points), an upper control limit and a lower control limit.
Provides information on whether the results are within the set control limits and whether the process is stable and has predictable performance. |
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Scatter diagrams |
Tracks two variables to see if they are related. If the points form a diagonal line, they are related. |
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P.E.R.T. |
Program Evaluation and Review Technique |
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3-Point Estimation |
(O + 4M + P)/6
Used for both cost and duration estimation, is based on optimistic value (O), pessimistic value (P), and most likely value (M). |
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7 Basic Quality Tools (used during perform quality control) |
1. Cause and effect diagrams 2. Flowcharts 3. Checklists 4. Pareto diagrams 5. Histograms 6. Control charts 7. Scatter diagrams |
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Cost of non-conformance |
Internal failure costs (rework, scrap) + external failure costs (complaints, lost business, warranty, liability). |
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Cost of conformance |
Prevention costs (training, quality documentation, equipment, time to do it right) + appraisal costs (testings, inspection, destructive testing loss). |
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PMI Code of Ethics: Responsibility |
Our duty to take ownership for the decisions we make or fail to make and the actions we take or fail to take.
Note: we have a responsibility to disclose conflicts of interests openly |
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PMI Code of Ethics: Respect |
Our duty to show high regard for ourselves, others, and the resources entrusted to us. |
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PMI Code of Ethics: Fairness |
Our duty to make decisions and act impartially and objectively. |
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PMI Code of Ethics: Honest |
Our duty to understand the truth and act in a truthful manner both in our communication and in our conduct. |
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Informal written communication method |
Emails, memos, etc. |
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Formal written communication method |
Contracts, project documents, briefings
Always use formal written communication when you are communicating with clients about changes in your project. |
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Informal verbal communication method |
Meetings, discussions, phone calls, conversations |
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Formal verbal communication method |
Speeches, mass communications, presentations |
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Project stakeholder salience model |
Levels of stakeholder influence based on power, legitimacy, and urgency. |
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Core stakeholder |
These are the critical stakeholders. As a PM, you need to provide focused attention to these stakeholders. |
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Dominant stakeholders |
Such stakeholders have power and legitimacy, but do not have urgency. You should focus on their expectations, but many times there is not a lot of urgency. |
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Dependent stakeholders |
The stakeholders have no real power, however they need to be managed because they can quite easily choose to align themselves with other stakeholders and hence influence your project. |
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Dangerous stakeholders |
These stakeholders have power and urgency, but not legitimacy. As PM, you need to keep these stakeholders appropriately engaged/satisfied. |
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Latent stakeholders |
Possibly the best category of stakeholders. These stakeholders only get into a project if there is something very wrong with it. You should not over-communicate or provide micro-details to these stakeholders. |
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Demanding stakeholders |
The stakeholders seems to think that their work needs your immediate attention. However, if you spend too much time and effort on these stakeholders, you won't gain much project mileage. |
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Discretionary stakeholders |
A great category of stakeholders. Give them status updates and they'll be happy. |
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Non-stakeholders |
These people are not stakeholders in the project, and investing time/effort on them will not help you shape the outcome of your project. |
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5 stages of negotiation |
1. Protocol 2. Probing 3. Scratch 4. Closure 5. Agreement |
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Delphi |
Reaches a consensus anonymously (a risk identification technique) |
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Root-cause analysis |
Specific technique used to identify a problem, discover the underlying causes that lead to it, and develop preventative actions. |
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Monte Carlo |
Simulation technique that shows the probability, with confidence levels. Used to compare large numbers of possible scenarios and identify areas of high risk. Usually performed by a computer, and shows possible schedule due dates and costs.
Monte Carlo analysis is a way of seeing what could happen to your project if probability and impact values changed randomly. |
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Stakeholder assessment engagement matrix |
1. Unaware 2. Resistant 3. Neutral 4. Supportive 5. Leading
You want to make where stakeholders are now (C) and where you want them to be (D). |
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Project managers have the most conflict with... |
the functional manager |
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Leadership styles |
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Project expeditor |
A staff member who has little or no authority, and reports to the executive that ultimately has responsibility. This person makes sure that things happen on time. |
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Project coordinator |
This person has the authority to assign work. This person has less power than a PM (used when there is no PM), and cannot make budget or overall project decisions. |
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Withdraw/avoid conflict management method |
Retreat from an actual or potential conflict situation. Does not solve the problem. This is a lose/lose dynamic. |
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Smooth/accommodate conflict management method |
Emphasize areas of agreement, and concede one's position to the needs of this other (this is only a short term solution). This is a lose/win or give/take dynamic. |
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Compromise/reconcile conflict management method |
Search for solutions that bring partial satisfaction to all parties. This does provide a definitive solution. This is a lose/lose dynamic. |
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Force/direct conflict management method |
Push one's viewpoint at the expense of others. This can cause hard feelings. This is a win/lose dynamic. |
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Collaborate/problem solve conflict management method |
Incorporate multiple viewpoints and insights from different perspectives. This is a long term and the ultimate) resolution. This is a win/win dynamic. |
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Project managers spend how much time communicating? |
Over 80% |
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Project manager |
Ultimately responsible for the outcome of the project. The PM is formally empowered to use organizational resources, in control of the project, authorized to spend the project's budget, and authorized to make decisions for the project. |
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Senior management |
Anyone more senior that the project manager. They help prioritize projects and make sure that the PM has the proper authority and access to resources. May be called upon to resolve conflicts within the organization. |
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Functional manager |
Is the department manager, and usually "owns" the resources that are loans to the project (usually has HR responsibilities for the resource). May be asked to approve the overall project plan, and can be a rich source of expertise. This is the person the PM is most likely to have conflicts with. |
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Stakeholder |
Individuals who are involved in the project or whose interests may be positively or negatively affected as a result of the project. They may exert influence over the project. |
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Sponsor |
Person paying for the project. May be internal or external to the company, and is sometimes also the customer. If serious conflict arises between the PM and the customer, the sponsor will often be called in to help resolve. |
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Program manager |
Responsible for a program, which is multiple projects that are interdependent. This person manages from a higher level then the PM. The PM reports details and status to the program manager. |
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Organizational Process Assets (OPA) |
The policies, processes, and corporate body of knowledge of an organization. Meant to help a project team no have to reinvent the wheel (project templates, lessons learn, etc.). |
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Enterprise Environmental Factors (EEF) |
Constrains what the project team can and cannot do within the project (company culture, hiring policies, union agreements, PMIS, societal environment, etc. |
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Work performance data |
Raw, unanalyzed observations of actual performance. |
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Work performance information |
The analysis and integration of work performance data from across areas of the project. It can lead to change requests! Usually an output of execution and an input to monitoring and controlling. |
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Work performance reports |
The documented representations of the organized and compiled work performance information. These reports are used to provide awareness to stakeholders. |
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Initiating process group |
Project selection, determine business needs, objectives, develop project charter, preliminary scope statement, determine high level deliverables and estimates, develop product description, identify the PM, determine high level resource requirements and obtain project initiation approval. |
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Planning process group |
Identify the specific work to be accomplished with measures of success, document schedule, budget, resources, required, develop various project plans, quality metrics, identify and plan for risks, risk register, determine roles and responsibilities, procurement planning, project plan approval and baselines. |
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Executing process group |
Conduct, coordinate, and manage the ongoing work activities as per the project plan, perform ongoing QA activities, gather and disseminate information to stakeholders, team building, reward and recognition, team assessments, procurement documents and contract negotiations. |
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Monitoring and controlling process group |
QA measurements, conflict management, maintain issue logs, risk registers, identify unplanned risks, execute contingency plans, change requests, performance measurements, corrective and preventative actions, forecasts. |
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Closing process group |
Contract and project closeout procedures, formalize customer acceptance, document lessons learned, archive project records, reassign resources and project celebration. |
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Monitor and control project work |
Make sure that the work performed is meeting all performance objectives. |
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Perform integrated change control |
All changes must go through integrated change control for approval. The PM should evaluate the change impact, create options for minimizing change impact, get approval from change control board, and get approval from customer when required. |
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Close project/phase |
Must always be done, even for cancelled or failed projects. Done at the end of phases/projects, and involves developing and executing administrative closure procedures and developing procurement closure procedures. This process is sometimes started earlier in the project, so that the PM knows what type of closure procedures are required. |
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Plan scope management |
The plan on how scope will be defines, developed, managed, and controlled. |
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Collect requirements |
Defining and documenting stakeholders' needs to ensure project objectives are met. Creates the requirement traceability matrix and detailed requirements documentation. |
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Define scope |
Creates scope statement, which will guide future decisions. Describes deliverables and work required to create them. |
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Create WBS |
Deliverable oriented hierarchy that breaks down the work to be done. |
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Validate scope |
Validating and approving the deliverables against the baseline and gaining acceptance from the customer. Acceptance of the validated deliverables is accomplished after they have been through the control quality process. |
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Control scope |
Controlling changes related to the scope. The approved scope must be exactly what is implemented, no more, no less. |
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Plan schedule management |
The plan for how the project schedule will be measured, monitored, and controlled. |
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Define activities |
Breaking down the work packages in the WBS to activities. |
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Sequence activities |
Creating a network diagram from activities to show the dependencies and order. |
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Estimate activity resources |
After sequencing (putting in order), resource needs must be determined. Resources could be people, equipment, or materials. |
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Estimate activity durations |
Determine how long each activity will take. |
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Develop schedule |
Analyzing activity sequences, durations, and resource requirements to create the project schedule. |
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Control schedule |
Managing changes to the schedule. Reminder: all changes must go through integrated change control. |
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Plan cost management |
Creating the plan on how the budget will be developer, managed, controlled, etc. |
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Estimate costs |
Developing an approximation of the costs of each activity. |
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Determine budget |
Establishing the cost baseline to measure performance. |
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Control costs |
Forecasting, controlling, and influencing factors that affect the budget. |
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Plan communications management |
Creating the plan on whom, what, when, and how to communication. |
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Manage communications |
Executing/following the communication plan by creating, collecting, distributing, etc. project information in a timely manner. |
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Control communications |
Updating stakeholders with various types of performance data (status, earned value, progress, etc.). Making sure that the stakeholder communication needs are being met. |
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Plan quality management |
Developing the plan that determines what we consider quality on the project, how we will measure quality, and how we will control quality. |
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Perform quality assurance |
Evaluating to see if the project is complying with the organization and project's quality processes (management aspect to quality). Ensures that all quality plans are being followed. An executing process. |
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Control quality |
Measuring results against the standards, taking corrective action if needed (technical aspect to quality). Inspects actual project work and tests them against requirements. A monitoring and controlling process. |
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Plan human resources management |
Developing a staff management plan, document skills required, reporting structure, etc.
This is where you determine the project roles, responsibilities, and reporting relationships for your team members. |
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Acquire project team |
Obtaining requirement project resources. |
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Develop project team |
Developing individual and team skills to enhance project performance. |
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Manage the project team |
Tracking team performance, providing feedback, resolving issues, etc. |
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Plan risk management |
Assessing stakeholder tolerances to risk to create the plan which describes how we will identify, score, tackle risks, as well as reporting formats and definitions of probability and impact. |
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Identify risks |
Creating the initial risk register. |
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Perform qualitative analysis |
Focuses on probability and impact. This leads to risk prioritization. Uses words rather than numbers. |
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Perform quantitative analysis |
Uses mathematical models to further define risk priorities. |
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Plan risk responses |
Develop options, actions, and contingency plans to enhance opportunities and reduce threats to the project's objectives. |
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Control risks |
Keeping track of identified risks, monitoring residual risks, identifying new risks, ensuring the executing of risk responses, and evaluating their effectiveness in reducing risks. |
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Plan procurement management |
Determine what, how, and when to procure. Develop the SOW, evaluation criteria, and prepare procurement documents to support seller selection. |
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Conduct procurements |
Identification of prospective sellers, communicate SOW required, obtain responses from sellers, and select the best seller for the job. Sign an agreement or contract. |
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Control procurements |
Manage seller relationships, review seller performance and manage contract related changes. |
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Close procurements |
Settlement of all contracts and archive all records. |
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Identify stakeholders |
Identifying people and organizations impacted by the project. Documenting their interests, influence, and impact on the project. |
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Plan stakeholder management |
Creating the plan on whom, what, when, and how to engage with stakeholders. |
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Manage stakeholder engagement |
Make stakeholders feels their needs and concerns are being considered. Issue management and fostering support with stakeholders throughout project. |
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Control stakeholder engagement |
Monitoring overall stakeholder relationships and adjusting strategies to ensure engagement. |
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Stakeholder analysis |
A technique used to identify stakeholders' interests, expectations, power, influence, and level of engagement. |
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Stakeholder assessment engagement matrix |
An analytical technique used to determine if a stakeholder is unaware, resistant, neutral, or supportive. "C" is where the stakeholder currently is, and "D" is where you want them to be. |
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Issue log |
Describes all the issues raised by stakeholders, and can be used to determine whether or not there are issues, and the ensure that expectations are being appropriately managed and dealt with. |
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Issue management |
PM must ensure that issues are resolved to avoid major conflict. |
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Make-or-buy analysis |
Used in "plan procurement management" process to determine whether it's better to handle something internally or buy from an outside vendor. Several factors go into this decision, but all things equal, buying is favored over making. |
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Fixed price contract |
Generally a single fee (might be multiple payments). The price is fixed, and the risk is mostly to the seller. |
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Cost reimbursable contract |
Seller's costs are reimbursed, plus an additional amount (usually a % of the cost). This type of contract is riskiest for the buyer. |
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Time and materials contract |
The seller charges for time plus the cost of any materials needed for the work. Usually has a fixed hourly rate and then reimbursable costs for materials. The time and material contracts are a hybrid type of contractual management that contain aspects of both cost-reimbursable and fixed-price contracts |
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RACI Chart |
Used in "plan human resources management" process to help determine the roles and responsibilities in a project. It lists out the work packages in a row, and then the roles in the columns. Each cell is assigned 'R' for responsible, 'A' for accountable, 'C' for consult, or 'I' for inform. |
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Expectancy theory |
Used in HR management. Team members makes choices based on the expected outcomes (team will work hard if they believe the goal is achievable). Theory by Victor Vroom. |
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Forms of power |
1. Reward power (most effective) 2. Expert power (most effective) 3. Legitimate (formal power) 4. Reference (best when wishing to be accepted) 5. Punishment (coercive power) |
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Tuckman's ladder of team development |
1. Forming (team understands project & roles) 2. Storming (team begins work, chaotic) 3. Norming (team starting to work well together) 4. Performing (team working very efficiently) 5. Adjourning (project is closed & team released)
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Ground rules |
Formal or informal rules that define the boundaries of behavior on the project. |
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Colocation |
The act of physically locating team members in the same general space. |
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Maslow's hierarchy of needs |
Higher needs: self-actualization and esteem Lower needs: acceptance, security, & physiological
Theory states that these needs form a hierarchy, and that the lower needs must be satisfied before the upper needs will surface. |
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McGregor's Theory X and Theory Y |
There are two ways to categorize and understand people in the workplace. Theory X presumes that team members are only interested in their own selfish goals. Theory Y presumes that people are naturally motivated to do good work. |
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Contingency theory |
States that a leader's effectiveness is contingent up two factors. The first factor measures whether the leader is task-oriented or relationship-oriented. The second factor evaluates situational factors in the workplace, like stress level. Theory developed by Fred Fielder. |
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Herzberg's motivation-hygiene theory |
States that people need things like good working conditions, a satisfying personal life, and good relations with the boss and coworkers - these are called “hygiene factors.” Until people have them, they generally don't care about “motivation factors” like achievement, recognition, personal growth, or career advancement. |
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McCleland's three need theory |
AKA achievement theory, states that employees are motivated out of three primary needs: achievement, power, and affiliation. |
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Top sources of conflict |
1. Administrative 2. Priorities 3. Schedule |
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Staff management plan |
Written during HR planning to identify when and how team members will be added to and released from the project. |
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Multi-criteria decision analysis |
Allows you to rank prospective team members based upon important attributes to decide who should be assigned. |
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Preassignment |
Involves having team members allocated to your project before the project begins as a result of specific skills and experience. |
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Risk register |
Document containing all identified risks relevant to the project. It contains information about each risk and is updated throughout the project. |
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Anatomy of a risk |
Probability of occurrence and amount at stake/impact. These are independent ratings. |
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Overall risk rating formula |
Probability X Impact |
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Risk categories |
1. External - unpredictable 2. External - predictable 3. Internal non-technical 4. Internal technical 5. Legal |
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Risk attitude/tolerance levels |
1. Risk taker 2. Risk neutral 3. Risk seeker |
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Risk appetite |
The uncertainty in anticipation of the reward/outcome. |
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Risk tolerance |
The level of risk you are happy to live with before you do something about it; the amount of risk you are prepared to take in order to achieve objectives. |
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Risk threshold |
The amount/degree of risk we can withstand. |
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Utility function |
A person's willingness to accept risks. |
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Risk triggers |
Indicates that a risk is about to occur or has occur. These are tracked in the risk register, and triggers the risk response.
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Residual risks |
Risks that remain after avoidance, transference, mitigation, and acceptance (AKA after you implement a risk strategy)
They don't need any further analysis because you have already planned the most complete response strategy you know in dealing with the risk that came before them. |
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Secondary risks |
New risks that arise from a risk response. |
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Risk audits |
Measures the success of the responses and the effectiveness of the cost, scope, and quality values gained or lost by the risk response.
Process of revising risk management activities. Its main objective is to ensure that we are effectively performing risk management. |
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Earned value analysis |
Measures project performance, and can also predict and signal pending risks within a project. |
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Contingency reserves |
Padding time and/or money to the project's schedule or budget to help manage overruns. |
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Monte Carlo |
A simulation technique that shows the probability with confidence levels of all possible project completion dates or budget outcomes. |
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Tornado diagram |
Identifies which risk are most sensitive to the project objectives, such as cost, time, and quality. This is a quantitative risk technique. |
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Decision trees |
Help determine the cost, benefit, and value of multiple decisions.
EMV calculations; probability x outcome |
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Risk |
A measure of uncertainty that can affect the project either positively or negatively. |
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Information gathering techniques |
1. Brainstorming 2. Delphi 3. Interviewing 4. Nominal group technique (voting) |
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Probability distributions |
Most common ones are normal, beta, triangular, and uniform. |
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Difference between qualitative and quantitative risk assessment |
Qualitative uses subjective assessments of P/I, while quantitative uses objective assessments of P/I. |
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Qualitative risk assessment characteristics |
1. Risk level 2. Subjective evaluation of probability and impact 3. Quick and easy to perform 4. No special software or tools required |
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Quantitative risk assessment characteristics |
1. Project level 2. Probabilistic estimates of time and cost objectives 3. Time consuming 4. May require special tools |
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7 Risk response strategies |
1. Avoid 2. Transfer 3. Mitigate 4. Exploit 5. Share 6. Enhance 7. Accept |
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"Avoid" risk strategy |
Eliminate the threat normally by removing the cause of the threat all together (e.g. remove activities). |
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"Transfer" risk strategy |
Shift the impact of the thread to a third party (e.g. insurance, agreements) |
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"Mitigate" risk strategy |
Reduce the probability or impact of a threat (e.g. requirements review, testing).
Taking some sort of action that will cause a risk, if it materializes, to do as little damage to your project as possible. |
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"Exploit" risk strategy |
Ensure that opportunity is realized (e.g. purchase higher quality materials so you get price discount) |
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"Share" risk strategy |
Assign all or part of the opportunity to a third party (e.g. team agreement between internal and external parties). |
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"Enhance" risk strategy |
Increase the probability or impact of an opportunity (e.g. add more resources to a task). |
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"Accept" risk strategy |
Acknowledge the risk but take no action unless the risk occurs. 2 types - active: develop contingency plans // passive: do nothing |
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Risk reassessment |
Ongoing process of checking for new risks, already-identified risks are still current, the analysis of their P/I is still accurate, and if the planned risk responses are still appropriate. |
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Communication process |
Communication goes from the sender (encoder) to the receive (decoder) |
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Interactive Communication method category |
Example: a meeting where people can ask questions. |
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Push Communication method category |
Example: A bulk e-mail blast |
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Pull Communication method category |
Example: A website where a video presentation or white paper can be downloaded. |
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Receiver is responsible for... |
Decode the message, acknowledge receipt, provide feedback. |
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Sender is responsible for... |
Encoding the message clearly, selecting a communication method, sending the message, and confirming that the message was understood by the receiver. |
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Nonverbal communication |
Conveys information through body language and facial expression. |
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Para lingual communication |
Conveys information through vocal tone, volume, and pitch. |
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Communication environmental factors |
1. Organization culture 2. Geography 3. Reporting structures |
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Things that impede communication |
1. noise 2. distance 3. language 4. culture |
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Lessons learned |
Capture what was done right, wrong, and what should be done differently next time. Becomes part of the OPA. |
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Issue management |
PM must ensure that issues are resolved to avoid major conflict. |
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Major cost categories (for quality) |
1. Prevention 2. Appraisal 3. Failure |
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Basic statistics |
1. mean 2. median 3. mode 4. variance 5. range 6. standard deviation 7. normal distributions |
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Different standard deviation percentages |
1. 68% will be 1 SD from mean 2. 95% will be 2 SD from mean 3. 99.7% will be 3 SD from mean 4. 99.999% will be 6 SD from mean |
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Project quality management (PQM) |
Concerned with getting things right the first time. |
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Specification limits |
Customer's expectations of quality. |
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Process decision program charts (PDPC) |
Displays in hierarchical form the steps in a process to understand the issues that may positively or negatively affect the activities it takes to reach a goal. |
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Interrelationship digraphs |
Graphically show multiple cause-and0effect relationships between various factors. |
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Tree diagram |
Describes the nested relationships between steps in the QA process. |
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Prioritization matrix |
Uses a variety of weighted criteria to determine the priority of quality actions to enable the key issues to be determined. |
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Activity network diagram |
Used to show the sequence of, and interrelationships between, various activities. |
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Matrix diagram |
Used to indicate whether a relationship exists between two variables. |
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Work breakdown structure (WBS) |
Identifies all work to be performed in a project. Consists of work packages. |
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WBS dictionary |
A tool that works with the WBS to ensure the right work happens in the right order by the assigned resources. |
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Work package |
The lowest level of the WBS. |
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Decomposition |
Breaking down the work into smaller, more manageable pieces. |
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Alternatives generation |
Generating different approaches to execute and perform the work. |
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Scope baseline |
Includes the project scope statement, WBS, and WBS dictionary. |
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Gold plating |
Adding on little extras on a project that aren't in scope. |
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Project management information system (PMIS) |
Automated system used to disseminate and integration various outputs of the PM processes. Supports the PM by optimizing the schedule and helping to collect and distribute information. Keeps track of documents & deliverables. Can be software or manual. |
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Baseline |
The original approved plan plus all approved changes. |
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Assumptions |
Things we believe to be true. |
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Constraints |
Limits to the team's options. |
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Project SOW |
A narrative description of the product/service to be supplied by the project. |
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Earned value management |
A key tool used to help measure past/current performance and also predict with good probability future project performance. |
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Corrective actions |
Actions required to bring expected future performance info conformance with the project plan. |
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Preventative actions |
Actions required to reduce the probability of negative consequences associated with project risks. |
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Change control boards |
A group of experts who meet to consider change requests. They are defined by the documented change control processes in place within the organization. |
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Cost account codes |
One level above WBS work packages. Work package costs are rolled up to this level and compared with the budget. |
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Rolling wave planning |
A planning technique that plans out imminent project activities in details, while activities in the future are planned at a higher level. |
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Life cycle costing |
Consider the full product life, not just the project life, when doing costing. |
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Cost aggregation |
Roll up activity costs to work package, work package costs to control accounts, and the control account costs to the project. |
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Backward pass |
Helps determine the late state and finish dates. |
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Forward pass |
Helps determine the early state and finish dates. |
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Critical chain method |
Focuses on managing the constraints caused by limited human and material resources. It manages schedule buffers and emphasizes flexibility and keeping all resource working fully. |
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Resource smoothing |
Adjust the activities to accommodate resource requirements without affecting the project's critical path. Activities are only delayed within their free and total float. |
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Resource leveling |
Allowing the schedule and cost to slip in order to deal with limited resources. |
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Schedule compression |
Work to reduce overall calendar time for a project. Crashing and fast-tracking are examples of schedule compression techniques. |
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Crashing |
A schedule compression technique where you apply resources to one or more activities to complete the work more quickly. Usually increases cost. |
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Fast-tracking |
A schedule compression technique where you perform project activities in parallel that would have normally been performed in sequence. Usually increases risk. |
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Float |
Also known as slack. The amount of time a schedule activity can be delayed without impacting the finish date of the project. Not to be confused with free float (which is concerned with disrupting the start date of any other activities). AKA Total float. On the critical path, total float is 0. |
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Project float |
the amount of time a project can be delayed without delaying the date requested by the customer. |
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Free float |
Amount of time a schedule activity may slip without impacting the start of other activities. Not to be confused with float (which is concerned with disrupting the project finish date).
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Early finish date (EF) |
The earliest possible date that an activity could be completed given all constraints, durations, and logical relationships that exist within the schedule. |
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Early start date (ES) |
The earliest possible date than an activity could start given all constraints, durations, and logical relationships that exist within the schedule. |
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Late finish date (LF) |
The latest possible date a schedule activity can finish without impacting the critical path. |
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Late finish (LF) calculation |
LF = EF + float |
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Late state date (LS) |
The latest possible date a schedule activity can start without impacting the critical path. |
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Late state (LS) calculation |
LS = LF - duration + 1 OR ES + float |
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Lag |
A dependent activity can't start until a given amount of time after its preceding activity finishes. Example: You pour concrete, and must wait 3 days for it to dry before you start building on top of it. |
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Lead |
When the successor activity can be started before the current activity is complete. Example: The development team can get 3 days of lead time, so they can begin development 3 days before the design team finishes everything. |
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Critical path method |
Schedule activities are evaluated to determine the float for each activity and the overall schedule, and is the longest duration through a project network.. The critical path is the path of least flexibility and highest risk, and is identified so that it can be managed appropriately. |
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Dependency |
A relationship between two or more activities where one activity must be started or completed before another related activity may be started or completed. A dependency might be mandatory, discretionary, or external to the organization, and is also called a logical relationship between nodes. |
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Bottom-up estimating |
A technique for estimating overall project duration, effort, or costs by estimating the lowest possible levels of the schedule or WBS, and aggregating those numbers up to the summary nodes. |
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Analogous estimating |
AKA "top down estimating," an estimating technique that uses historical information from previously performed activities that are similar in nature, to estimate the effort, duration, or cost needed to complete an activity.
Considered a combination of historical information and expert judgment.
For example, if it cost $7,100 to develop a website a few months ago and you are responsible for developing a new similar website, you estimate it to cost $7,100. |
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Activity on node (AON) |
A type of network diagram where schedule activities are represented by nodes (usually rectangles) and the interdependencies are represented by lines with arrows. |
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KILL POINT or EXIT GATE |
The point at which, after review of deliverables in a phase, a project is terminated & not continued to the next phase; usually done by a person external to the project. |
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PROGRESSIVE ELABORATION |
You do not know all of the characteristics of a product when you start a project -- they will be revisited and refined. |
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PROJECT GOVERNANCE |
There may be a group reviewing how the project work is accomplished and if it's being done the correct way. May be used to define processes and rate a PM's performance. |
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WORK AUTHORIZATION SYSTEM (WAS) |
Part of the overall PROJECT MANAGEMENT INFORMATION SYSTEM (PMIS). The WAS is used to make sure that the work get performed at the right time and the right sequence.
It defines how work is assigned to people. |
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EXPERT JUDGMENT |
Common tool found in most planning processes. |
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FACILITATION TECHNIQUES |
Common tool used to help groups resolve issues and reach consensus. |
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GROUP DECISION-MAKING TECHNIQUES |
Common tool, includes: - Consensus: everyone agrees to support the group's decision |
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MEETINGS |
Common tool, included in all 47 processes; in-person/colocated or virtual. |
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CHANGE REQUESTS |
All change requests are brought into the process of Perform Integrated Change Control were they will be evaluated for impact on the whole project and approved or rejected. Approved change requests modify the project management plan and components such as schedule, costs, and scope baselines. Common output. |
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PROCESS GROUPS |
5 PROCESS GROUPS: 1. INITIATING: begin the project |
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PROCESSES |
PROCESSES: Composed of 3 elements: 1. Inputs: the ingredients/starting point for a process; raw materials |
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KNOWLEDGE AREAS |
KNOWLEDGE AREAS (10) 1. INTEGRATION MANAGEMENT |
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INITIATING PROCESS GROUP |
INITIATING PROCESS GROUP (contains 2 processes in 2 knowledge areas) 1. Develop Project Charter
If a project is not properly initiated the results may be lessoned authority for the PM, unclear project goals or uncertainty about why the project is being performed.
A properly initiated project will have a clear direction for the scope, information about why this project was chosen instead of others,, and a list of project stakeholders.
Initiation may be performed multiple times in a project. On longer projects, initiating each phase might help maintain focus and validate business reasons why it was undertaken. |
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PLANNING PROCESS GROUP |
PLANNING PROCESS GROUP (24 processes in 10 knowledge areas)
Includes the most processes, but may not include the most work, since on most projects, most of the work is in the executing pprocess group. |
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EXECUTING PROCESS GROUP |
EXECUTING PROCESS GROUP (8 processes in 6 knowledge areas)
The executing processes carry out the plan. |
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MONITORING & CONTROLLING PROCESS GROUP |
MONITORING & CONTROLLING PROCESS GROUP (11 processes in 9 knowledge areas)
Taking the results of the executing processes and measuring them against the plan. Ensuring that the plan is working, through measurement, inspection, review, comparisons,monitoring, verification, and reporting. If it’s not working - taking corrective action to change the plan or the way it’s being carried out, so that it does.
Monitoring and Controlling is not about fixing past mistakes; it is about influencing future results. |
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CLOSING PROCESS GROUP |
CLOSING PROCESS GROUP (2 processes in 2 knowledge areas)
A project does not end with customer acceptance. Closing includes: verification against scope, delivered to the customer’s satisfaction, closing contracts/procurements, updating project records, releasing the team, updating the project archive and lessons learned. |
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INTEGRATION MANAGEMENT |
INTEGRATION MANAGEMENT: The practice of making sure every part of the project is coordinated. It focuses on the macro things that must be performed in order for a project to work. In this knowledge area, the project is started, the PM assembles the plan, executes the plan, and verifies the results of the work, and then the project is closed.
1. DEVELOP PROJECT CHARTER (Initiating) |
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What is the relationship between Control Quality and Validate Scope? |
Control Quality and Validate Scope are very tightly linked. Control Quality is the process concerned with correctness, and Validate Scope is primarily concerned with completeness. |
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Control Quality is concerned with... |
correctness |
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Validate Scope is concerned with... |
completeness |
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Kaizen process improvement technique |
Means continuous improvement. Used to eliminate waste and make small, incremental improvements that accumulate into significant results. |
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Graphical Evaluation Review Technique (GERT) |
A network analysis technique used in project management that allows probabilistic treatment of both network logic and estimation of activity duration. GERT allows loops between tasks. |
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Benefit cost ratio |
Benefit/cost - the bigger the better! |
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Types of buffers in critical chain management |
1. Resource buffer 2. Feeding buffer 3. Project buffer |
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Quality audit |
Tool used to determine if the project activities comply with organization and project policies, processes, and procedures. Used during Perform QA process. |
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Point of total assumption (PTA) |
PTA = ((Ceiling Price - Target Price)/buyer's Share Ratio) + Target Cost
Beyond the Point of Total Assumption, the seller’s profitability decreases, and their initiative and interest to complete the project may diminish too. Therefore, the PTA is also a risk trigger. |
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Fixed Price Incentive Fee (FPIF) contract type |
The buyer agrees to pay a fixed price, and a maximum price for cost overruns. |
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Alternative dispute resolution |
When there is an issue or claim that must be settled before the contract can be closed, the parties involved in the issue or claim will try to reach a settlement through mediation or arbitration. |
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Cost Plus Fixed Fee (CPFF) |
In a CPFF contract the seller is reimbursed for allowable costs for performing the work and also receives a fixed fee payment that is calculated as a percentage of the initial estimated project costs. The fee amount would only change if there was a change to the project scope. Contract value = actual costs + fixed fee |
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Cost Plus Incentive Fee (CPIF) |
In a CPIF contract the seller is reimbursed for allowable costs and the seller receives an incentive fee based on achieving certain performance objectives.
Contract value = actual costs ± percentage of difference + incentive fee |
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Risk acceptance |
Risk acceptance is when no change in the project is made to accommodate the risk. |
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Passive risk acceptance |
Passive acceptance requires no action beyond documenting the decision. |
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Active risk acceptance |
Active acceptance includes further action eg. setting aside contingency to offset the effect of the risk. |
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Control limits |
The area consisting of typically three standard deviations on either side of a mean value of a control chart to plot measured values found in statistical quality control |
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Resource pooling |
Grouping together of resources (assets, equipment, personnel, effort, etc.) for the purposes of maximizing advantage and/or minimizing risk to the users |
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Parametric estimating |
A more accurate technique for estimating cost and duration, uses the relationship between variables to calculate the cost or duration.
Essentially, a parametric estimate is determined by identifying the unit cost or duration and the number of units required for the project or activity. The measurement must be scalable in order to be accurate.
For example, if it took me two hours to mow my one acre yard last week and this week I’m mowing four acres, I could estimate that it will take eight hours to mow. |
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Constructive change |
A direction by the buyer or an action taken by the seller that the other party considers an undocumented change to the contract. |
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Code of accounts |
Collection of unique identifiers generally assigned to WBS items. |
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SMART objectives |
Objectives that are described using specific, measurable, assignable, realistic and time-related specifications. |
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"Journey to Abilene" concept |
Committee decisions can have the paradox outcome, that a jointly made or approved decision is not desired by any individual group member. |
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Relationship between project phases and project life cycle. |
In project management, the sequence of project phases and phase gates is often referred to as project life cycle. |
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S-curve |
The graph that describes the typical growth of earned value during the course of the project. |
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Relationship between quality and grade |
Low quality is always a problem as it bears on the ability of an item to meet requirements; low grade may sometimes be acceptable. |
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Internal rate of return (IRR) |
The inherent discount rate or investment yield rate produced by the project's deliverables over a pre-defined period of time.
Average rate of return of all the cash flows over time resulting from a project. The internal rate of return is a rate such as, for example, 10% that reflects the return on investment discounted over the years in which the effect of the project is realized. |
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At the beginning of the project, you hold a meeting with all of the stakeholders in your project in order to figure out how everyone will communicate as the work goes on. In which meeting should this take place? |
Project kick-off meeting |
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Order of actions during Closing Project or Phase? |
Get formal acceptance, write lessons learned, release the team, close the contract |
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Net Present Value (NPV) |
Net present value (or NPV) let's you compare potential projects by figuring out how much each one is worth to your company right now.
= how much project is worth - how much it will cost
The bigger the better! |
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When do you perform stakeholder analysis? |
When identifying stakeholders |
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Expected monetary value (EMV) |
(Potential profit X % likelihood) + (potential cost X % likelihood)
Cost is always negative! |
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Benefit-cost-ratio (BCR) |
A high BCR shows you the project that gives you the most benefit for the least cost.
An easy way to do it is to divide: Project A has a BCR of 5:2, and 5 / 2 is 2.5. Compare all projects and choose the highest BCR. |
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Force majeure clause |
“Force majeure” is a kind of clause that you'll see in a contract. It says that if something like a war, riot, or natural disaster happens, you're excused from the terms of the contract. |
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Legitimate power |
The kind of power you have when you tell someone who reports to you to do something. |
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Expert power |
The kind of power when your opinion carries weight because people know that you know what you're talking about. |
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Reward power |
The kind of power when you promise a reward for doing as you ask. |
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Referent power |
The kind of power when people do what you say because of your association with somebody else. |
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Punishment power |
The kind of power when people do what you say because they are afraid of the consequences. |
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Plurality |
An example of a group decision making technique in which a decision can be made by the largest block of people in the group, even if they don't have a 50% majority. |
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Configuration Management System |
A place that houses the most updated version of all of the forma project documents.
Whenever a project document is changed, it is checked into the Configuration Management System so that everyone knows where to go to get the right one. |
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What's included in a staffing management plan? |
Resource Histogram, Training Needs, Recognition and Rewards, and Release Criteria |
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Murder board |
Murder board is a process where a committee asks questions from project representatives as part of the project selection process. |
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Watchlist |
All non-critical/non-top/low rating risks are put on the Watchlist and monitored (Watched) regularly. This is done instead of putting them on the risk register, which is for higher priority risks. |
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Run chart |
Run charts tell you about trends in your project by showing you what your data looks like as a line chart. If the line in the chart were the number of defects found in your product through each quality activity, that would tell you that things were getting worse as your project progressed. In a run chart, you are looking for trends in the data over time. |
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Resource Histogram |
A bar chart shows the number and type of resources you need throughout your project. It also shows when to release resources. |
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Risk breakdown structure (RBS) |
The RBS is part of the Risk Management Plan. It's structured very similarly to an WBS. The RBS helps you to see how risks fit into categories so you can organize your risk analysis and response planning. |
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Rule of Seven |
Used when interpreting control charts. The rule tells you that if you find seven consecutive measurements that are on the same side of the mean, there's something wrong. That's because it's extremely unlikely for seven measurements like that to occur - it's much more likely that there's a problem with your process. |
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What can you do with an opportunity? |
1. Exploit it by making sure you do everything you can to take advantage of it. 2. Share it by working with another company in a way that gives you a win-win situation. 3. Enhance it by figuring out a way to increase its value. 4. Accept it and move on.
In this case, taking additional actions that will increase the potential reward is enhancing the opportunity. |
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Performance measurement |
This is what you're doing when you look at the work that the team is performing in order to determine whether the project is ahead or behind schedule. |
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Contingency reserve |
The contingency reserve is what you use for “known unknowns” - you use it to pay for risks that you've planned for. |
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Management reserve |
That's the money in the budget you set aside for “unknown unknowns” - problems that you didn't plan for but which came up anyway. |
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Project scope |
Project scope means the work that's needed to build the product. |
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Product scope |
Product scope means the features and functions of the product or service being built. |
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Scope statement |
The Project Scope Statement is where you figure out exactly what your stakeholders need, and turn those needs into exactly what work the team will do to give them a great product. Any constraints or assumptions that need to be made to determine the work need to be written down in the scope statement as well. |
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Definition of Quality |
A product that satisfies the requirements of the people who pay for it. |
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Rough order of Magnitude |
A rough order of magnitude (ROM) estimate is an estimate that is very rough. You should expect a ROM estimate to be anywhere from half (-50%) to one and a half times (+50%) the actual result. That means that if your ROM estimate for a project is 6 months, then you should expect the actual project to be anywhere from 3 months to 9 months. |
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What is the Plan-Do-Check-Act cycle? |
Invented by Walter Shewhart and popularized by W. E. Deming, it’s a method of making small changes and measuring the impact before you make wholesale changes to a process. |
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Attribute Sampling |
Measures whether or not the results conform to specifications |
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Variable Sampling |
Is the result on a continuous scale that measures the degree of conformity.
Are characteristics you want to measure (size, shape, weight, etc…). An attribute is what you are measuring. The result is rated on a continuous scale that measures the degree of conformity |
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Special cause |
An unusual event |
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Random cause |
Normal process variation also know as common cause |
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Mandatory depenency |
A mandatory dependency is one that “must be” carried out at a particular time.
AKA hard logic |
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Discretionary dependency |
A discretionary dependency is one that isn't based on a "have to", but on a "should". These decisions are usually based upon best practices, business knowledge, etc.
AKA soft logic or preferential logic |
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Design of Experiments (DOE) |
Design of Experiments (DOE) is a method used to identify factors which may influence certain aspects of a product or process during the time it is under development or in production. |
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Payback period |
* Number of years required for an organization to recapture an initial investment.
* Discount rate is not taken into account in calculations for payback period. * Project Selection Criterion: Select a project with lower payback period. |
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Discount rate |
The interest rate used to calculate present value of expected yearly benefits and costs. The rate in which your money will lose value. |
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Management-By-Objectives (MBO) |
Management by objectives is a systems approach for aligning project goals with organizational goals, project goals with the goals of other subunits of the organization, and project goals with individual goals. |
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Phase End |
A phase end represents a natural point to reassess the activities underway and to change or terminate the project if necessary. This point may be referred to as a stage gate, milestone, phase review, phase gate, or kill point. |
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Six sigma |
In a normal distribution, the PERT duration (also called mean) |
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Project staff assignments |
Project staff assignments are an output from the "Acquire Project Team" process. |
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Communication requirements analysis |
The analysis of the communication requirements determines the information needs of the project stakeholders. These requirements are defined by combining the type and format of information needed with an analysis of the value of that information. |
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Team performance assessments |
Team performance assessments are the output of the Develop Project Team process. |
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Project files |
Documentation resulting from the project`s activities, for example, project management plan; scope, cost, schedule, and project calendars; risk registers and other registers; change management documentation; planned risk response actions; and risk impact. |
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Net Present Value (NPV) |
(Present value of all cash inflows) - (Present value of all cash outflows) |
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Project Selection Criterion |
Select the project with the maximum Net Present Value. The time value of money is already taken into account while calculating NPV. |
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Present Value (PV) |
Present Value (PV) is the Future Value (FV) of a payment discounted at a discount rate (r) for the delay in payment. |
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Configuration management activities |
Some of the configuration management activities included in the Perform Integrated Change Control process are Configuration identification, status accounting, and verification and audit. This ensures the functional requirements defined in the configuration documentation have been met. |
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Milestone charts |
Identify the scheduled start or completion of major deliverables and key external interfaces. Usually, milestone charts are used for presentations to senior management but bar charts are used for presentations to middle and junior management. |
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Workaround |
A response to a threat that has occurred, for which a prior response has not been planned or was not effective. |
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Correspondence |
Contract terms and conditions often require written documentation of certain aspects of buyer/seller communications, such as the need for warnings of unsatisfactory performance and requests for contract changes or clarification. This can include the reported results of buyer audits and inspections that indicate weaknesses the seller needs to correct. |
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Vertical and horizontal communication |
Vertical (up and down the organization) and horizontal (with peers); |
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Risk management plan |
The risk management plan includes the following: methodology, roles and responsibilities, budgeting, timing, and risk categories. |
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Stakeholder analysis classification models |
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Project life cycle |
A project life cycle is the series of phases that a project passes through from its initiation to its closure. The phases are generally sequential, and their names and numbers are determined by the management and control needs of the organization or organizations involved in the project, the nature of the project itself, and its area of application. |
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Analytical techniques used during plan cost management |
Payback period, return on investment (ROI), internal rate of return (IRR), discounted cash flow, and net present value (NPV |
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Organizational breakdown structure |
The organizational breakdown structure (OBS) is arranged according to an organization`s existing departments, units, or teams with the project activities or work packages listed under each department. An operational department such as information technology or purchasing can see all of its project responsibilities by looking at its portion of the OBS. |
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Influence diagrams |
These are graphical representations of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes. |
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Triangular distribution |
Essentially, the mean.
(Optimistic + Most likely + Pessimistic)/3 |