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2011-10-13 15:14:18
Project Management

Flashcards for key terms for BUSI 785
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  1. ´╗┐Chapter 1
  2. ISO 9000 –
    A set of standards governing the requirements for documentation of a quality program
  3. Project –
    A complex, nonroutine, one-time effort to create a product or service limited by time, budget, and specifications
  4. Project Management Professional (PMP) –
    An individual who has met specific education and experience requirements set forth by the Project Management Institute, has agreed to adhere to a code of professional conduct, and has passed an examination designed to objectively assess and measure project management knowledge. In addition, a PMP must satisfy continuing certification requirements or lose the certification.
  5. Program –
    A series of coordinated, related, multiple projects that continue over extended time intended to achieve a goal.
  6. Project Life Cycle –
    The stages found in all projects – Definition, planning, execution, and delivery.
  7. Sociotechnical perspective –
    A focus on the interaction between tools/methods and people.
  8. Chapter 3
  9. Balanced Matrix –
    A matrix structure in which the project manager and functional manager share roughly equal authority over the project. The project manager decides what needs to be done; functional managers are concerned with how it will be accomplished.
  10. Dedicated Project Team –
    An organizational structure in which all of the resources needed to accomplish a project are assigned full time to the project.
  11. Matrix –
    Any organization structure in which the project manager shares responsibility with the functional managers for assigning priorities and for directing the work of individuals assigned to the project.
  12. Organizational Culture –
    A system of shared norms, beliefs, values, and assumptions held by an organization’s members.
  13. Projectitis –
    A social phenomenon in which project members exhibit inappropriately intense loyalty to the project.
  14. Project Office (PO) –
    A centralized unit within an organization or department that oversees and improves the management of projects.
  15. Strong Matrix –
    A matrix structure in which the project manager has primary control over project activities and functional managers support project work.
  16. Weak Matrix -
    A matrix structure in which functional managers have primary control over project activities and the project manager coordinates project work.
  17. Chapter 4
  18. Cost Account –
    A control point of one or more work packages used to plan, schedule, and control the project. The sum of all the project cost accounts represents the total cost of the project.
  19. Milestone -
    An event that represents significant, identifiable accomplishment toward the project's completion
  20. Organization Breakdown Structure (OBS) -
    A structure used to assign responsibility for work packages.
  21. Priority Matrix -
    A matrix that is set up before the project begins that establishs which criterion among cost, time, and scope will be enhanced, constrained, or accepted
  22. Project Charter -
    A document that authorizes the project manager to initiate and lead a project
  23. Responsibility Matrix -
    A matrix whose intesection point shows the relationship between an activity (work package) and the person/group responsible for its completion
  24. Scope Creep -
    The tendency for the scope of a project to expand once it has started
  25. Scope Statement -
    A definition of the end result of mission of a project. Scope statements typically include project objectives, deliverables, milestones, specifications, and limits and exclusions.
  26. Work Breakdown Structure (WBS) -
    A hierarchical method that successively subdivides the work of the project into smaller detail
  27. Work Package -
    A task at the lowest level of the WBS. Responsibility for the package should be assigned to one person and, if possible, limited to 80 hours of work
  28. Chapter 5
  29. Apportionment -
    Costs allocated to a specific segment of a project by using a percentage of planned total cost
  30. Bottom-up estimates -
    Detailed estimates of work packages usually made by those who are most familiar with the task
  31. Delphi Method -
    A group method to predict future events
  32. Direct Cost -
    Costs that are clearly charged to a specific work package
  33. Function points -
    Points derived from past software projects to estimate project time and cost, given specific features of the project
  34. Learning Curve -
    A mathematical curve used to predict a pattern of time reduction as a task is performed over and over
  35. Overhead costs -
    Typically organizations costs that are not directly linked to a specific project. These costs cover general expenses such as upper management, legal, market promotion, and accounting. Overhead costs are usually charged per unit of time or as a percentage of labor or material costs.
  36. Padding costs -
    Adding a safety factor to a time or cost estimate to ensure the estimate is met when the project is executed
  37. Phase estimating -
    This estimating method begins with a macro estimate for the project and then refines estimates for phases of the project as it is implemented
  38. Range Estimating -
    It is a prudent policy to require three time estimates, low, average, and high.
  39. Ratio estimating -
    Uses the ratio of past actual costs for similar work to estimate the cost for a potential project. This macro method of forecasting cost does not provide a sound basis for project cost control since it does not recognize differences among projects
  40. Template method -
    Use of a prepared form to develop project networks, cost, and time estimates.
  41. Time and cost databases -
    Collection of actual versus estimated times and costs of work packages over many projects that are used for estimating new project tasks and their expected possible error.
  42. Top-down estimates -
    Rough Estimates that use suurogates to estimate project time and cost
  43. Chapter 6
  44. Activity -
    Tasks of the project that consume theim while people/equipment either work or wait
  45. Activity-on-Arrow (AOA) -
    Method for drawing project network, where the activity is shown as an arrow
  46. Activity-on-node (AON) -
    Method for drawing a project network, where the activity is on the node
  47. Burst Activity -
    An activity that has more than one activity immediately following it
  48. Concurrent Engineering -
    Cross-functional teamwork in new-product development projects that provide product design, quality engineering, and manufacturing process engineering all at the same time
  49. Critical Path -
    The longest activity paths through the network. Can be distiguished by identifying the collection of activities that all have the same minimum slack
  50. Early Finish -
    The earliest an activity can finish if all its preceding activities are finished by their early finish times (EF=ES+DUR)
  51. Early Start -
    The earliest an activity can start. It is the largest early finish of all its immediate predecessors (ES=EF-DUR)
  52. Gantt Chart -
    Provides a clear overview of the project schedule
  53. Hammock Activity -
    A special purpose, aggregate activity tht identifies the use of fixed resources or cost over a segment of the project
  54. Lag Relationship -
    The relationship between the start and/or finish of a project activity and the start and/or finish of another activity
  55. Merge Activity -
    An activity that has more than one activity immediately preceding it
  56. Parallel Activity -
    One or more activities that can be carried on concurrently
  57. Sensitivity -
    the likelihood tht the critical paths will change once the project begins to be implemented
  58. Slack/Float - Total and Free -
    time an activity can be delayed before it becomes critical
  59. Chapter 7
  60. Avoiding Risk -
    Elmination of the risk cause before the project begins
  61. Budget Reserve -
    Reserve setup to cover identified risks that occur and influence baseline tasks
  62. Change Management -
    A defined process for authorizing and documenting changes in the scope of a project
  63. Contingency plan -
    a plan that covers possible identified project risks that may materialize over the life of the project
  64. Management Reserve -
    a % of the total project budget reserved for contingencies (unforseen)
  65. Mitigating Risk -
    reducing risk
  66. Opportunity -
    an event that can have a positive impact on project objectives
  67. Retaining Risk -
    Acceptance of risk
  68. Risk-
    an uncertain event or condition that has a positive or negative effect on project objectives
  69. Risk Breakdown Structure (RBS) -
    a heirarchical depiction of the identified project risks arranged by risk category that identifies the various areas and causes of potential risks
  70. Risk Register -
    List of risks
  71. Risk Profile-
    a list of questions that addresses traditional areas of uncertainty on a project
  72. Risk Severity matrix
    A tool used to assess the impact of risks on a project
  73. Scenario analysis -
    technique for analyzing risk by assessing the significance of each risk event in terms of probability and impact
  74. Time Buffer -
    a contingency amount of time for an activity to cover uncertainty
  75. Transfering Risk -
    shifting responsibility for a risk to another party
  76. Chapter 8
  77. Heuristic -
    a rule of thumb
  78. Leveling -
    technique used to examine a project for an unbalanced use of resources and used for solving resource over allocation
  79. Planned value (PV)
    the planned time phased baseline of the value of the work scheduled
  80. Resource constrained projects
    a project that assumes resources are limited and therefore time is variable
  81. Resource smoothing
    even out resource demand by delaying noncritical activities to increase utilization
  82. splitting
    scheduling technique in which work is interupted on one activity and the resource is assigned to another activity
  83. time constrained projects
    a project that assumes time is fixed but resources can be added
  84. time phased budget baseline
    planned costs that are broken down by distinct time periods
  85. Chapter9
  86. Crashing -
    shortening an activity or project
  87. Crash point
    the most a project activity time can be compressed
  88. Crash time
    the shortest time an activity can be completed
  89. Direct costs
    costs that are clearly charged to a specific work package
  90. Fast tracking
    accelerating project completion typically by rearranging the network schedule and using start to start lag
  91. Indirect costs
    cost that cannot be traced to a particular project or work package
  92. outsourcing
    contracting for the use of external sources to assist in implementing a project
  93. projet cost-duration graph
    a graph that plots project cost against time
  94. Chapter 13
  95. Baseline budget
    a worksheet with an early start baseline developed with cost assigned
  96. budget at completion (BAC)
    the total budgeted costs of the project cost accounts
  97. Control chart
  98. Cost performance index (CPI)
    ratio of work performed (EV/AC)
  99. cost variance (CV)
    tells if the work accomplished is cost more or less than was planned (CV = EV-AC)
  100. Earned Value (EV)
    The cumulative budgeted cost of work completed to date (% complete * PV)
  101. Estimated cost at completion - forecasted (EAC)
    EAC = AC +[(BAC-EV)/CPI] Estimats the cost to completion
  102. Estimated cost at completion - Revised (EAC)
    EAC = AC + ETC
  103. Percent compete index - budget costs (PCIB)
    What percentage of work has been completed to date based on planned budget. A good indicator of how much of the project has been completed
  104. Percent compete index - actual costs (PCIC)
    What percentage of work has been completed to date based on revised estimates of total project costs. Preferred when you have confidence in revised estimates and or budget is not fixed
  105. schedule performance (SPI)
    Ratio of work performed to work scheduled
  106. Schedule variance (SV)
    difference between the planned dollar value of work actually completed and the value of the work scheduled to be completed (SV = EV - PV)
  107. Scope Creep
    The tendency for the scope of a project to expand once it has started
  108. To Complete performance Index (TCPI)
    The amount of value each remaining dollar must earn for the project to stay within budget. A number greater than 1 means there is more work than there is budget left. A number less than 1 means there is less work than there is budget left.
  109. Tracking Gantt chart
    A Gantt chart that compares planned versus actual scheduled information
  110. Variance at completion (VAC)
    Positive number indicates that the project will be completed under budget. A negative number suggests that it will be completed over budget.