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mg 417midtermpart2

QuestionAnswer
White elephant: Mega project not easily stopped whose costs is not worth its usefulness
Top-down estimates: Rough estimates that use surrogates for estimating time and costs
Time and cost databases: Collections of times and costs from past projects, used for estimating new projects
Template method: Uses prepared form to develop project networks, costs, and time estimates
Reference class forecasting (RCF): For mega projects there an external view is used to forecast costs based on similar projects
Ratio method: Macro method that uses ratios from past actual costs as estimates of potential project
Range estimating: Estimate technique that uses multiple estimates. (High, low, best case, worst case, most likely)
Overhead costs: Cost not directly linked to a specific project
Learning curve: Mathematical curve that predicts time reduction due to experience
Function points: Points derived from past software projects to estimate time and cost
Direct costs: Costs for directly completing a specific work package
Delphi Method: Group method of predicting future time and costs
Bottom-up estimates: Detailed estimates of work packages by those most familiar wit the task
Apportionment: Cost allocated to project segment using percentages of planned total costs
Work Package Lowest level task of the WBS. Can be assigned to one person and less than 80 work hours
Work Breakdown Structure (WBS) Hierarchial methods that subdivides project work into smaller and smaller detail.
WBS Dictionary Detailed information about each element in the WBS
Scope Creep The tendency for project scope to keep getting bigger
Responsibility matrix For small projects, where intersections show relationship between work packages and group or person responsible for completion
Project Charter This document authorizes the project. It defines the initial requirements of the project stakeholders. is endorsed by an entity outside of the project boundaries.
Product Scope Description A detailed description of the product, service, or outcome of the project.
Process Breakdown Structure (PBS) Alternative to WBS for phase-oriented project activities for defining total project scope
Priority Matrix Establishes before project begins which criterion (cost/time/scope) will be enhanced, constrained or accepted
Organization Breakdown Structure (OBS) A structure used to assign responsibility for work packages.
milestone A significant point or event in a project, program, or portfolio.
gold plating Additional features or enhancements not in the original scope plan or product description
Cost account Control point of work packages to plan, schedule, control project. Sum of all the project cost accounts represent total project cost
Acceptance Criteria conditions that must be met before deliverables are accepted
Project management office Centralized unit that oversees projects
Projectized Organization Multi project organization where project managers have full authority to assign priorities and direct the work of the project
Projectitis A condition in which team members become strongly attached to their project and disconnected from the larger organization.
organizational culture a system of shared values, norms, and assumptions that guide members' attitudes and behaviors
Matrix Priorities for work shared between project & functional managers
Dedicated project team All needed resources are assigned full time
Weak Matrix Functional managers have primary control of projects and project manager coordinates project work
Strong Matrix Project manager has primary control of projects and functional managers support projects
Balanced Matrix power is shared between functional manager and project manager
Phase estimating: Estimating that begins with macro estimate and refines estimate for phases as project is implemented
Created by: $Z-Money$
 



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