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PROJECT MANAGEMENT TERMINOLOGYA B C D E F G H I J K L M N O P Q R S T U V W X Y Zindented WBS is known for its sophistication. This format is preferred over the flow format when your project is large . Also, many government agencies require the indented format WBS when a Request for Proposal (RFP) is submitted to bid on an external projectIndependent Estimate – most concern with costs, comparing cost estimates with in-house estimates or with outside assistance (part of Source Selection)
Indirect
Costs Part of the overall
organization's cost of doing business and are shared by all
projects.,a percentage of the direct costs. Information Gathering techniques include: Brainstorming Delphi Technique Interviewing Strength, weaknesses, opportunities and threats(SWOT) analysis
Inspection Prevents errors from reaching the customer before delivery to the customer. Can be done throughout product development.
Integrated flowcharts (also known as deployment flowcharts) build upon a basic flowchart in a certain way. Integrated flowcharts show process flow and identify which department or individual has responsibility for a task.
Interviewing
techniques are used to quantify the probability and
consequences of risks on project objectives. A risk interview
with the project stakeholders and subject-matter experts is the
first step in quantifying risks
Ishikawa Made popular Pareto Chart,
Cause-and-Effect Diagram and Control Chart
ISO 9000
Provides a basic set of requirements
for a quality system, without specifying the particulars for
implementation.
kickoff meeting
(all hands on deck meeting
(AHOD))
The purpose
of the kickoff meeting is to formally notify all stakeholders
that the project has begun and to make sure that everyone has an
understanding of their roles and
responsibilities.
Typical
agenda 1.Introduction of meeting participants 2.Project review
·Purpose ·Scope ·Major deliverables ·Risks ·Assumptions
·Estimated effort, budget, and duration 3.Roles and
responsibilities 4.Project approach and overall timeline
5.Questions/answers 6.Recap/summary Lag – waiting time between two tasks (negative lead)
lead or lag Any of
the dependencies may require specification of a lead or lag
to accurately define the relationship. An example of a lag:
there might be a desire to schedule a two-week delay(lag)
between ordering a piece of equipment and using it.
Learning
Curve Mathematically models the
intuitive notion that the more times we do something, the faster
we will be able to perform
Legitimate Power:
The ability to gain support because project personnel perceive
the project manager as being officially empowered to issue
orders.
Life-Cycle Cost Provide a picture of
the total cost for the product (project, operations and
maintenance). Linear Responsibility Chart (LRC) – identifying responsibility, assignments by work packages and action required. Also referred to as RAM. Liquidated damages -
Maintenance is an
ongoing activity and should never be part of any project
Make or
Buy Decision – it is generally better
to do the work yourself if using an outside company means you
have to turn over highly confidential proprietary data to other
company.
Management by Objective (MBO) –
determining company’s objective and how the project fits into
them. MBO focuses on the goals of an activity rather than the
activity itself (manager is responsible for results rather than
performing certain activities)
Management Reserve Separate quantity
of time/money for unknown unknowns
Maximin
approach Identify the worst possible outcomes for each
alternative and pick the best worst. Maximax approach Identify the best possible outcomes for each alternative and then pick the best of the best
McGregor
– Theory X (employee lack ambition)
and Theory Y (org structure are responsible for motivation) mean is represented by the symbol xBar. The normal curve has most of the values clustered near a central point with progressively fewer values positioned away from the center
Minimax Identify the worst regret (what you give up) for
each alternative and pick the best worst. This uses opportunity
costs (other choices that you sacrifice when you make a
decision) and is called
Mitigation (reduction) Reduce the
Expected Monetary Value. Float can be use to mitigate potential
risks
mode is defined as observations that occur most
frequently
Monte
Carlo Analysis - computer simulation
of project outcomes using PERT estimates; result represented in
S curve. Provides the ability to compute the probability of
completing a project on a specific day. Can also be used to
assess feasibility of schedule under adverse conditions (eg when
a schedule constraint is identified)
Monte Carlo simulation is used to model uncertainty, manage
business risk and simulate complex systems. Its use is not that
widespread in project management,
It is a
probabilistic technique, which means that it is only used when
for random processes. As a simulation technique, Monte Carlo
produces likely outcomes. Some project problems or issues are
too complex to solve with pure mathematics. Their randomness
cannot be quantified. These problems are well-suited for
simulation.
network diagram, is a mathematical model that contains
small circles, called nodes connected by lines,
called arcs. Nodes help define a network as they
are endpoints for arcs. Arcs link nodes to one another,
therefore, arcs functions as predecessors (tasks before) and
successors (tasks after) Nominal Group Technique (NGT)
The process for Nominal Group Technique (NGT) is similar to
brainwriting. Use NGT to produce a list of brainstorming ideas
more rapidly than brainwriting. You do not need to wait for
responses to be transcribed
Operating
profit Amount of money earned:
Revenue – (direct + indirect costs)
Opportunity Cost Cost of choosing one
alternative and therefore giving up the potential benefits of
another alternative: it is the value of the project not selected
(lost opportunity).Opportunity
cost
is not a project selection criteria. It is the passing
up the next best choice when making a decision
Organizational Planning
involves identifying, documenting, and assigning project roles,
responsibilities and reporting relationships. Roles,
responsibilities and reporting relationships may be assigned to
individuals or groups Out of Control Non-random points that are still within the upper and lower control limit
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