These are flashcards an notes made by students on topics like 'project', 'plan' and 'management', originating from:

ISBN-10 0071775919 ISBN-13 9780071775915
1205 Flashcards & Notes
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Study Cards on project, plan, management

Define - Burnup/ Burndown chart
• Burnup chart - A graph that tracks the project's completeness in an upward curve against the project timeline.
• Burndown chart - A graph that tracks the project's completeness, including scope changes, in a downward curve against project timeline.
Define - scoring model / weighted scoring model
• These models use a common set of values for all projects up for selection.
• Each value gets assigned a weight
• The projects are measured against these values and assigned scores by how well they match the predefined values.
• Also formally known as a project selection method assigns categories and corresponding values to measure a project's worthiness of investment.
Define - benefit cost ratio
Shows the proportion of benefits to costs; for example 4:1 would equate to four benefits and just one cost.
Define - net present value, provide the formula
• The NPV evaluates the monies returned on the project for each time period the project lasts (a project may last five years but there may be a return on investment in each of the five years the project is in existence, not just at the end of the project)
• A benefit measurement formula that provides a precise measurement of the present value of each year the project generates a return on investment.
Define - Constrained optimization methods
Complex mathematical models used to determine the likelihood of a project's success and to determine whether the organization should invest funds into the project.
Define - benefit measurement methods
Project selection methods that compare the benefits of projects to determine into which project the organization should invest its funds.
Define - applying corrective action
Methods the project manager and the project team can undertake to bring the project (performance) back into alignment with the project plan. Project managers spend a great deal of time applying corrective action.
Define - considering preventive action
Steps the project manager and the team project team can take to reduce and prevent the negative outcome of possible risk events.
Define - root cause and causal analysis
An approach to determine what activities, people, organizational processes, or other factors are contributing to an effect in the project.
Define - Failure Mode and Effect Analysis (FMEA)
To identify the severity of something that has failed and the likelihood that the failure will occur again.
Define - fault tree analysis
An approach using deductive reason to start very broad with the identified fault and then narrow down the likely causes to most likely causes.
Define - Integrated Change Control
1. Examining of the change request to determine the effect on all parts of the project
2. Route the proposed changes through a change control system (CCS)
3. Approve/ Deny the proposed changes
4. Update the project baselines incorporating changes
Define - change control system
• A predefined set of activities, forms and procedures that establish how project change requests may proceed.
• A CCS is mandatory for effective project management.
Define - change control board
A group of decision-makers that review proposed project changes.
Define - communication management plan
Defines the required communications and they will be fulfilled; it explains the methods used for gathering, storing, and dispersing information to the appropriate parties. In addition, it maps out the schedule of when the expected communications needs will be met.
Define - cost management plan
Explains how variances to the costs of the project will be managed. The plan may be based on a range of acceptable variances and the expected response to variances over a given threshold.
Define - earned value management
A suite of formulas to measure the project's overall performance for time and costs.
Define - process improvement plan
Identifies methods to track and eliminate waste and non-value added activities.
Define - procurement management plan
Describes the procurement process from solicitation, to source selection. The plan may also include the requirements for selection as set by the organization.
Define - project funding requirements
In larger projects, this document identifies the timeline of when capital is required for the project to move forward. This document defines the amount of funds a project needs and when the project funds are needed in order to reach its objectives.
Define - project integration management
The art and science of ensuring that your project moves forward and that your plan is fully developed and properly implemented. Then knowledge areas have processes that contribute to the comprehensive project management plan.
Define - project management information system
A PMIS is typically a software system, such as Microsoft Project, used to assist the project manager in managing the project.
Define - quality management plan
Details the quality improvement, quality controls, and how the project will map to the quality assurance program of the performing organization.
Define - requirement management plan
Defines how the project requirements will be identified, prioritized, documented and managed throughout the project.
Define - RTM (requirements traceability matrix)
A table that identifies all of the project requirements, when the requirements are due, when the requirements are created, and other pertinent information about the requirements (e.g. how the requirements relate)
Define - Risk Management Plan
Details the identified risks within the project, the risks associated with the constraints and project assumptions, and how the project team will monitor, react or avoid risks.
Define - scope management plan
Details how the project scope should be maintained and protected from change, as well as how a change in scope may be allowed.
Define - Source selection criteria
A predefined listing of the criteria to determine how a vendor will be selected - for example, cost, experience, certifications, and the like
Define - stakeholder management plan
Defines the level of engagement, the inter-relationships among stakeholders, communications requirements, and the timing of stakeholder engagement.
Define - Work performance information
The current status of the project work; includes the results of the activities, corrective and preventive action status, forecasts for activity completion, and other relevant information.
Define - Work performance measurements
Predefined metrics for measuring project performance, such as cost variances, schedule variances, and estimates to complete work.