Capm/pmp All In One Chapter 6 (Key Terms)

Front 1

Activity list

Back 1

The primary output of breaking down the WBS work packages.

Front 2

Alternative analysis

Back 2

The identification of more than one solution. Consider roles, materials, tools, and approaches to the project work.

Front 3

Analogous estimating

Back 3

A somewhat unreliable estimating approach that relies on historical information to predict what current activity durations should be. Analogous estimating is more reliable, however, than team member recollections. Analogous estimating is also known as top-down estimating and is a form of expert judgment.

Front 4

Bottom-up estimating

Back 4

The most accurate time-and-cost estimating approach a project manager can use. This estimating approach starts at “the bottom” of the project and considers every activity, its predecessor and successor activities, and the exact amount of resources needed to complete each activity.

Front 5

Control account

Back 5

A WBS entry that considers the time, cost, and scope measurements for that deliverable within the WBS. The estimated performance is compared against the actual performance to measure overall performance for the deliverables within that control account. The specifics of a control account are documented in a control account plan.

Front 6

Control threshold

Back 6

A predetermined range of acceptable variances, such as +/–10 percent off schedule. Should the variance exceed the threshold, then project control processes and corrected actions will be enacted.

Front 7

Crashing

Back 7

A schedule compression approach that adds more resources to activities on the critical path to complete the project earlier. When crashing a project, costs are added because the associated labor and sometimes resources (such as faster equipment) cause costs to increase.

Front 8

Critical chain method

Back 8

A network analysis approach where the deadlines associated with individual tasks are removed and the only date that matters is the promised due date of the project deliverable. CCM works to modify the project schedule based on the availability of project resources rather than on the pure sequence of events, as in the critical path method.

Front 9

Critical path

Back 9

The path in the project network diagram that cannot be delayed, otherwise the project completion date will be late. There can be more than one critical path. Activities in the critical path have no float.

Front 10

Discretionary dependencies

Back 10

These dependencies are the preferred order of activities. Project managers should use these relationships at their discretion and should document the logic behind the decision. Discretionary dependencies allow activities to happen in a preferred order because of best practices, conditions unique to the project work, or external events. Also known as preferential or soft logic.

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Early finish

Back 11

The earliest a project activity can finish. Used in the forward pass procedure to discover the critical path and the project float.

Front 12

Early start

Back 12

The earliest a project activity can begin. Used in the forward pass procedure to discover the critical path and the project float.

Front 13

External dependencies

Back 13

As the name implies, these are dependencies outside of the project’s control. Examples include the delivery of equipment from a vendor, the deliverable of another project, or the decision of a committee, lawsuit, or expected new law.

Front 14

Fast tracking

Back 14

A schedule compression method that changes the relationship of activities. With fast tracking, activities that would normally be done in sequence are allowed to be done in parallel or with some overlap. Fast tracking can be accomplished by changing the relation of activities from FS to SS or even FF or by adding lead time to downstream activities. However, fast tracking does add risk to the project.

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Finish-to-finish

Back 15

An activity relationship type that requires the current activity to be finished before its successor can finish.

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Finish-to-start

Back 16

An activity relationship type that requires the current activity to be finished before its successor can start.

Front 17

Fragnet

Back 17

A representation of a project network diagram that is often used for outsourced portions of a project, repetitive work within a project, or a subproject. Also called a subnet.

Front 18

Free float

Back 18

This is the total time a single activity can be delayed without affecting the early start of its immediately following successor activities.

Front 19

Hard logic

Back 19

Logic that describes activities that must happen in a particular order. For example, the dirt must be excavated before the foundation can be built. The foundation must be in place before the framing can begin. Also known as a mandatory dependency

Front 20

Internal dependencies

Back 20

Internal relationships to the project or the organization. For example, the project team must create the software as part of the project’s deliverable before the software can be tested for quality control.

Front 21

Lag time

Back 21

Positive time that moves two or more activities further apart.

Front 22

Late finish

Back 22

The latest a project activity can finish. Used in the backward pass procedure to discover the critical path and the project float.

Front 23

Late start

Back 23

The latest a project activity can begin. Used in the backward pass procedure to discover the critical path and the project float.

Front 24

Lead time

Back 24

Negative time that allows two or more activities to overlap where ordinarily these activities would be sequential.

Front 25

Management reserve

Back 25

A percentage of the project duration to combat Parkinson’s Law. When project activities become late, their lateness is subtracted from the management reserve.

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Mandatory dependencies

Back 26

These dependencies are the natural order of activities. For example, you can’t begin building your house until your foundation is in place. These relationships are called hard logic.

Front 27

Monte Carlo analysis

Back 27

A project simulation approach named after the world-famous gambling district in Monaco. This predicts how scenarios may work out, given any number of variables. The process doesn’t actually churn out a specific answer, but a range of possible answers. When Monte Carlo analysis is applied to a schedule, it can examine, for example, the optimistic completion date, the pessimistic completion date, and the most likely completion date for each activity in the project and then predict a mean for the project schedule.

Front 28

Parametric estimate

Back 28

A quantitatively based duration estimate that uses mathematical formulas to predict how long an activity will take based on the quantities of work to be completed.

Front 29

Parkinson’s Law

Back 29

A theory that states: “Work expands so as to fill the time available for its completion.” It is considered with time estimating, because bloated or padded activity estimates will fill the amount of time allotted to the activity

Front 30

Planning package

Back 30

A WBS entry located below a control account and above the work packages. A planning package signifies that there is more planning that needs to be completed for this specific deliverable.

Front 31

Precedence diagramming method

Back 31

A network diagram that shows activities in nodes and the relationship between each activity. Predecessors come before the current activity, and successors come after the current activity.

Front 32

Project calendars

Back 32

Calendars that identify when the project work will occur.

Front 33

Project float

Back 33

This is the total time the project can be delayed without passing the customer-expected completion date.

Front 34

Project network diagram

Back 34

A diagram that visualizes the flow of the project activities and their relationships to other project activities.

Front 35

Refinement

Back 35

An update to the work breakdown structure.

Front 36

Resource breakdown structure (RBS)

Back 36

This is a hierarchical breakdown of the project resources by category and resource type. For example, you could have a category of equipment, a category of human resources, and a category of materials. Within each category, you could identify the types of equipment your project will use, the types of human resources, and the types of materials.

Front 37

Resource calendars

Back 37

Calendars that identify when project resources are available for the project work.

Front 38

Resource-leveling heuristic

Back 38

A method to flatten the schedule when resources are overallocated. Resource leveling can be applied using different methods to accomplish different goals. One of the most common methods is to ensure that workers are not overextended on activities.

Front 39

Rolling wave planning

Back 39

The imminent work is planned in detail, while the work in the future is planned at a high level. This is a form of progressive elaboration.

Front 40

Schedule management plan

Back 40

A subsidiary plan in the project management plan. It defines how the project schedule will be created, estimated, controlled, and managed.

Front 41

Soft logic

Back 41

The activities don’t necessarily have to happen in a specific order. For example, you could install the light fixtures first, then the carpet, and then paint the room. The project manager could use soft logic to change the order of the activities if so desired.

Front 42

Start-to-finish

Back 42

An activity relationship that requires an activity to start so that its successor can finish. This is the most unusual of all the activity relationship types.

Front 43

Start-to-start

Back 43

An activity relationship type that requires the current activity to start before its successor can start.

Front 44

Subnet

Back 44

A representation of a project network diagram that is often used for outsourced portions of projects, repetitive work within a project, or a subproject. Also called a fragnet.

Front 45

Template

Back 45

A previous project that can be adapted for the current project and forms that are pre-populated with organizational-specific information.

Front 46

Three-point estimate

Back 46

An estimating technique for each activity that requires optimistic, most likely, and pessimistic estimates to be created. Based on these three estimates, an average can be created to predict how long the activity should take.

Front 47

Total float

Back 47

This is the total time an activity can be delayed without delaying project completion.

Front 48

Work package

Back 48

The smallest item in the work breakdown structure.