Project Management Ii

Front 1

Brainstorming

Back 1

A technique by which a group attempts to generate ideas or find a solution for a specific problem by amassing ideas spontaneously and without judgment.

Front 2

Contingency allowances

Back 2

Provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level

Front 3

Contingency plans

Back 3

Predefined actions that the project team will take if an identified risk event occurs

Front 4

Contingency reserves

Back 4

Dollar amounts included in a cost estimate to allow for future situations that may be partially planned for (sometimes called known unknowns) and that are included in the project cost baseline. Provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level

Front 5

Decision tree

Back 5

A diagramming analysis technique used to help select the best course of action when future outcomes are uncertain.

Front 6

Delphi technique

Back 6

An approach used to derive a consensus among a panel of experts to make predictions about future developments.

Front 7

Expected monetary value (EMV)

Back 7

The product of a risk event probability and the risk event's monetary value.

Front 8

Fallback plans

Back 8

Plans developed for risks that have a high impact on meeting project objectives, and implemented if attempts to reduce the risk are not effective.

Front 9

Flowchart

Back 9

A graphic display of the logic and flow of processes that helps you analyze how problems occur and how processes can be improved. A diagram that shows how various elements of a system relate to each other.

Front 10

Influence diagram

Back 10

A diagram that represents decision problems by displaying essential elements, including decisions, uncertainties, and objectives, and how they influence each other.

Front 11

Interviewing

Back 11

A fact-finding technique that is normally done face to face, but can also occur through phone calls, e-mail, or instant messaging.

Front 12

Known risks

Back 12

Risks that the project team has identified and analyzed and that can be managed proactively.

Front 13

Management reserves

Back 13

Dollar amounts included in a cost estimate to allow for future situations that are unpredictable (sometimes called unknown unknowns). Funds held for unknown risks.

Front 14

Monte Carlo analysis

Back 14

A risk quantification technique that simulates a model's outcome many times to provide a statistical distribution of the calculated results.

Front 15

Probability/impact matrix or chart

Back 15

A matrix or chart that shows the relative probability of a risk occurring and the relative impact of the risk.

Front 16

Risk

Back 16

An uncertainty that can have a negative or positive effect on meeting project objectives.

Front 17

Risk acceptance

Back 17

Accepting the consequences if a risk occurs.

Front 18

Risk appetite

Back 18

The degree of uncertainty an entity is willing to take on in anticipation of a reward.

Front 19

Risk avoidance

Back 19

Eliminating a specific threat or risk, usually by eliminating its causes.

Front 20

Risk breakdown structure

Back 20

A hierarchy of potential risk categories for a project.

Front 21

Risk enhancement

Back 21

Changing the size of an opportunity by identifying and maximizing key drivers of the positive risk.

Front 22

Risk events

Back 22

Specific uncertain events that may occur to the detriment or enhancement of the project.

Front 23

Risk exploitation

Back 23

Doing whatever you can to make sure a positive risk happens.

Front 24

Risk factors

Back 24

Numbers that represent the overall risk of specific events, given their probability of occurring and the consequence to the project if they do occur.

Front 25

Risk management plan

Back 25

A plan that documents the procedures for managing risk throughout a project.

Front 26

Risk mitigation

Back 26

Reducing the impact of a risk event by reducing the probability of its occurrence.

Front 27

Risk owner

Back 27

The person who will take responsibility for a risk and its associated response strategies and tasks.

Front 28

Risk register

Back 28

A document that contains results of various risk management processes, often displayed in a table or spreadsheet format.

Front 29

Risk sharing

Back 29

Allocating ownership of a risk to another party.

Front 30

Risk tolerance

Back 30

The maximum acceptable deviation an entity is willing to accept on a project or business objectives as the potential impact.

Front 31

Risk transference

Back 31

Shifting the consequence of a risk and responsibility for its management to a third party.

Front 32

Risk utility

Back 32

The amount of satisfaction or pleasure received from a potential payoff.

Front 33

Risk-averse

Back 33

Having a low tolerance for risk.

Front 34

Runaway projects

Back 34

Projects that have significant cost or schedule overruns.

Front 35

Secondary risks

Back 35

Risks that are a direct result of implementing a risk response.

Front 36

Sensitivity analysis

Back 36

A technique used to show the effects of changing one or more variables on an outcome.

Front 37

Top Ten Risk Item Tracking

Back 37

A qualitative risk analysis tool for identifying risks and maintaining an awareness of risks throughout the life of a project.

Front 38

Triggers

Back 38

Indications for actual risk events.

Front 39

Unknown risks

Back 39

Risks that cannot be managed proactively because they have not been identified and analyzed.

Front 40

Watch list

Back 40

A list of risks that have low priority but are still identified as potential risks.

Front 41

Workarounds

Back 41

Unplanned responses to risk events when no contingency plans are in place.

Front 42

Bid

Back 42

A document prepared by sellers to provide pricing for standard items that the buyer has clearly defined

Front 43

Constructive change orders

Back 43

Oral or written acts or omissions by someone with actual or apparent authority that can be construed to have the same effect as a written change order.

Front 44

Contract

Back 44

A mutually binding agreement that obligates the seller to provide specified products or services and obligates the buyer to pay for them.

Front 45

Cost plus award fee (CPAF) contract

Back 45

Cost plus award fee (CPAF) contract

Front 46

Cost plus fixed fee (CPFF) contract

Back 46

A contract in which the buyer pays the supplier for allowable performance costs plus a fixed fee payment that is usually based on a percentage of estimated costs.

Front 47

Cost plus incentive fee (CPIF) contract

Back 47

A contract in which the buyer pays the supplier for allowable performance costs along with a predetermined fee and an incentive bonus.

Front 48

Cost plus percentage of costs (CPPC) contract

Back 48

A contract in which the buyer pays the supplier for allowable performance costs along with a predetermined percentage based on total costs.

Front 49

Cost-reimbursable contracts

Back 49

Contracts that involve payment to the supplier for direct and indirect actual costs.

Front 50

Fixed-price contract

Back 50

A contract with a fixed total price for a well-defined product or service

Front 51

Lump-sum contract

Back 51

A contract with a fixed total price for a well-defined product or service

Front 52

Make-or-buy decision

Back 52

An organization's decision to make certain products and perform certain services inside the organization or to buy them from an outside organization.

Front 53

Point of Total Assumption (PTA)

Back 53

The cost at which the contractor assumes total responsibility for each additional dollar of contract cost in a fixed-price incentive fee contract.

Front 54

Procurement

Back 54

Acquiring goods and services from an outside source.

Front 55

Project procurement management

Back 55

The processes required to acquire goods and services for a project from outside the performing organization.

Front 56

Proposal

Back 56

A document prepared by sellers when there are different approaches for meeting buyer needs.

Front 57

Request for Proposal (RFP)

Back 57

A document used to solicit proposals from prospective suppliers.

Front 58

Request for Quote (RFQ)

Back 58

A document used to solicit quotes or bids from prospective suppliers.

Front 59

Sellers

Back 59

Contractors, suppliers, or providers who provide goods and services to other organizations.

Front 60

Statement of work (SOW)

Back 60

A description of the work required for procurement.

Front 61

Termination clause

Back 61

A contract clause that allows the buyer or supplier to end the contract.

Front 62

Unit pricing

Back 62

An approach in which the buyer pays the supplier a predetermined amount per unit of service, and the total value of the contract is a function of the quantities needed to complete the work.