Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
ProjectManagement
Project Management (CAPM)
| Question | Answer |
|---|---|
| Functional Organization | Management shares project coordination and each has official authority over staffers in his/her own function. Overseen by a Project Coordinator rather than Project Manager. |
| Projectized Organization | Project managers run projects and have official authority over the project team. |
| Matrix Organization | Blend functional and projectized styles. Project Manager authority varies, but is generally greater than that of a project coordinator in a functional organization. |
| Project Manager | One responsible for managing the project |
| Project Coordinator | Oversees a project in a functional organization. Some decision making ability but limited. |
| Project Expediter | Oversees a project. Limited or no decision making capabilities |
| Life Cycle | Collected phases of generally sequential, sometimes overlapping phases of a project. Provides the basic framework for managing the project, regardless of the work details. |
| Reviews | Often called: Phase exits, stage gates or kill points |
| Project sponsor | Provides financial resources for project |
| Performing Organization | Enterprise whose employees are involved in doing the project work |
| Customer | Individuals or organization that will receive the projects' product |
| Project Team | Consists of project manager, project management team and others who are working together to complete the project. |
| Processes (5) | Initiating, Planning, Executing, Controlling, Closing |
| Inputs | Documents or items that will be acted upon |
| Tools & Techniques | Mechanisms applied to inputs |
| Outputs | Documents or items that are produced |
| Knowledge areas (9) | Management of: Scope, Time, Cost, Human Resource, Communications, Risk, Integration, Quality and Procurement |
| Project Integration Management (PIM) | Processes required to ensure that the various elements of the project are properly coordinated. |
| Change control System | Collection of formal documented procedures, tracking systems, archives and approval levels for reviewing and authorizing changes. |
| Integrated Change Control | Coordination and communication of change activities throughout the Change Control Systems of the different processes. |
| Change Requests | Identified during execution, handled by integrated change control. |
| Change Control Board | Formally constituted group of stakeholders responsible for approving or rejecting changes to the project baselines: To provide a central control mechanism to ensure that every change request is properly considered, authorized and coordinated. |
| Project Planning Methodology | Any structured approach to guide a project team in plan development |
| Project Management Information System (PMIS) | Tools used to gather, integrate and communicate the products of project management processes. Used to support all processes groups, from initiation through closing. Includes both manual and automated systems. |
| Earned Value Management | A technique that integrates scope, schedule and cost to measure performance. |
| Project Plan | A formal, approved document used to manage project execution. Often revised. |
| Cost variance (CV) | Difference between est. cost and actual cost. |
| Estimate to Complete (ETC) | Expected additional cost from now to end |
| Schedule Variance (SV) | Difference between scheduled and actual completion date. |
| Variance at Completion (VC) | Amount difference at completion of project. |
| Configuration Management | Any documented procedure used to apply technical and administrative direction in order to document characteristics, control change, report change, audit items. |
| Performance Measurement | Tools that help assess whether there have been variances from plan that require corrective action. |
| Project Scope Management | Includes the processes required to insure that the project includes all the work required and only the work required to complete the project successfully. |
| Work Breakdown Structure (WBS) | Representation of the scope of the project that shows component deliverables broken down to the most basic level. |
| Reasons to start a project | Market demand, Business need, Customer request, technological advance, legal requirement. |
| Product description | Characteristics of deliverable that is the object of the project, detail, original idea by customer |
| Strategic Plan | How the project fits with the long term goal of company |
| Project Selection Criteria | Benefit Measurement (comparative approach) or the Constrained Optimization (mathematical approach) |
| Product analysis | Better understanding of product, breakdown analysis, functional analysis, systems engineering, value engineering |
| Benefit/cost analysis | comparing the estimated tangible and intangible outlays with the returns |
| Scope Statement | documented basis for making future project decision |
| Scope Management Plan | How the project scope will be controlled |
| Scope definition | second of the core processes of planning process group. subdividing deliverables |
| Decompositon | subdividing major components into smaller manageable ones |
| Gantt Chart | Graphic display of schedule-related information. Shows activities on left side, dates across the top, and horizontal bars. |
| Activity On Node (AON) | Aka Precedence Diagramming Method (PDM), Boxes used to represent tasks, dependencies, additional relationships |
| Critical Path Method (CPM) | Estemates project duration by rolling up single estimate of each in-line activity on AOA diagram |
| Early Start/Early Finish | The soonest a task can begin or end |
| Forward Pass | Used to calculate Early Start/Early Finish |
| Late Start/Late Finish | Latest a task can begin of end without effecting the project duration |
| Backward Pass | Used to calculate Late Start/Late Finish |
| Slack or Float | Difference between the amount of time required for a task and the amount available for it |
| PERT (Program Evaluation and Review Technique) | Technique for estimating, applies a weighted average of optimistic, pessimistic, most likely. As in Duration = (B + 4M + W)/6 |
| Monte Carlo Simulation | computer simulations of a project |
| Lead | An activity is scheduled to start sooner than its dependency |
| Lag | An activity is scheduled to start later than its dependency |
| Free Float | Amount of time an activity can be delayed without effecting the Early Start of its successor |
| Total Float | Amount of time an activity can be delayed without effecting the project completion date |
| Project Float | Amount of time a project can be delayed without delaying an externally imposed project completion date |
| Schedule Shortening techniques | (ct.p. scope) Re-estimating, crashing, fast-tracking |
| Life-Cycle Costing | Cost of resources needed to complete the project & impact of project decisions on cost of use for the project final product |
| EVM (Earned Value Management) | Tool for managing both the cost and time elements of a project |
| PV (Planned Value) | Authorized budget, sometimes referred to as the performance measurement baseline. Also know as the Budget at Completion (BAC). |
| EV (Earned Value) | Value of work performed expressed in terms of PV (BAC). |
| Actual Cost (AC) | Amount spent on the work performed to-date |
| SV (Schedule Variance) | A comparison of amount of work performed during a given period of time to what was scheduled to be performed. EV-PV=? |
| CV (Cost Variance) | A comparison of the budgeted cost of work performed with actual cost. EV-AC=? |
| SPI (Schedule Performance Index) | A measure of the progress achieved compared to planned progress. EV/PV=? A figure <1 means project is behind schedule. |
| CPI (Cost performance index) | A measure of the value of work completed compared to actual cost. Considered to be the most credit EVM metric. EV/AC=? A figure of <1 means project is over budget. |
| CSI: Cost Schedule Index | CSI = CPI x SPI, the further CSI is from 1.0 the less likely project recovery becomes |
| EAC (Estimate at completion) | Projected total cost of project from this point in the project. AC+ETC=? |
| ETC (Estimate to complete) | Projection of how much more will be spent from this point.(EAC-AC) |
| Variable Cost | Cost that changes with the amount of work/production |
| Fixed Cost | cost that doesn't change |
| direct cost | cost attributable to the project work |
| indirect cost | cost incurred for the benefit of more than one project |
| depreciation | systematic 'writing-off' of the cost assets over their usable life spans |
| straight line depreciation | depreciation that subtracts the same amount of value during every year of the asset's usable life |
| accelerated depreciation | depreciation that reduces the value of an asset more quickly in the earlier part of its usable life |
| present value | value "today" of future cash flow due to a project or acquisition |
| Net present value | Present value minus the costs |
| Payback Period | Length of time it will take a project to recoup its cost |
| Analogous Estimating | top-down estimating. using actual cost of previous similar projects |
| Parametric estimating | Estimating using statistical relationships between historical data and other variable such as square footage in construction. |
| Cost estimates | Prediction of labor, materials, and other expenses. |
| Order of magnitude | Methodology for estimating a project w/o detailed data. used during the formative stages for initial evaluation of a project aka feasibility |
| Project Quality management | Includes all processes required to ensure that the project will satisfy the needs for which it was undertaken |
| Total Quality management (TQM) | Management strategy to embed awareness of quality in all organization processes |
| Six Sigma | methodology that uses data and statistical analysis to measure and improve a company's operational performance by identifying and eliminating "defects" in manufacturing and service-related processes |
| ISO 9000 | Collection of internationally accepted standards concerned with quality management |
| Quality assurance | auditing the quality requirements and the results of quality control measurements to ensure standards are met. |
| Quality control | Measure details in the control phase |
| Pareto Diagrams | Quality control; illustrates which causes of error are most serious |
| Ishikawa Diagram | "fishbone diagram"; quality control tool; illustrate how various causes contribute to an effect |
| Control Charts | Graphic display of results of a process over time; tool used to monitor processes and assure that they remain 'in control' |
| Quality Policy | overall intentions and direction of the organization with regard to quality, expressed by top management |
| Benefit/Cost analysis | comparing estimated tangible and intangible outlays with returns |
| Benchmarking | comparing actual or planned practices to those of other projects both in and beyond the performing organization |
| Flowcharting | diagram that shows various elements of a system relate |
| Design of experiments | a statistical method that helps identify which factors might influence specific variables |
| cost of quality | total cost of all quality efforts |
| Communication channels | connections between communicators in a project |
| 7 areas of conflict | schedule, project priorities, resources, technical opinions, administrative procedures, cost, personality |
| paralingual communication | tone of voice, inflection, other auditory aspects of communication other than words |
| war room | single room reserved for project related work and meetings, positive effect on communication w/in project team |
| tight matrix | PM structure characterized by co-located team members, enables informal communication |
| information retrieval system | methods for storing and recovering data. |
| information distribution methods | methods for sharing info. |
Created by:
acluke
Popular Management sets