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ProjectManagement

Project Management (CAPM)

QuestionAnswer
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