Uncertainty Planned action
steps to be taken if an identified risk occurs. (e.g. developing
alternative activity sequences)
Upper and Lower Control Limit on a Control Chart
Acceptable range of variation of a process. [These
limits are set based on the company’s quality standards. The control limits
are determined from data obtained from the process itself.]
Utility Theory Technique
that characterizes an individual’s willingness to take risk
Value Analysis Cost reduction
tool that considers whether function is really necessary and whether it can
be provided at a lower cost without degrading performance or quality.
Finding the least expensive way to do the scope of work.
Value Engineering Tool
for analyzing a design, determining its function, and assessing
how to provide
those functions cost effectively.
Value Estimating Part of Cost
Control
Variable Costs Costs rise
directly with the size and scope of the project
Variance - Plan minus Actual
Variance analysis – key element
to time control. Float variance is an essential planning component
for evaluating project time performance.
Variance at Completion (VAR)
BAC – EAC
walk through method is a valuable technique for brand new projects. Use
this method when there is no historical information or when your project
manager or project team has little experience with your project subject
matter." What is the first thing that needs to be done? And then the second?
And the third?" Use a flowchart to document your thoughts as you walk
through your project. Apply two V's (verbalizing and visualization) to help
you define each project step.
Waiver - a party can relinquish
rights that it otherwise has under the contract. Forebearance can mature
into waiver.
Warranty - assurance of the
level of quality to be provided
WBS - subdividing project
deliverables into smaller, more manageable components. It is a
deliverable-oriented grouping of project elements that organizes and
defines the total scope of the project. It is a communication tool and it
describes what needs to be done and what skills are required.
Statement of Work
leads to creation of
a lower-level, detailed Work Breakdown Structure (WBS) which is without a
doubt one of the key tools of project management. A WBS identifies all
project tasks in an organized manner. It also helps you assign tasks to
project team members and create the project schedule.
WBS Dictionary – Defines each
item in the WBS, including description of the work packages and other
planning info such as schedule dates, cost budgets and staff assignments..
Work Authorization Systems –
can be used to coordinate/control what time and sequence work is done
Work flow diagrams (WFD) are similar to integrated flowcharts. Instead
of listing the names of departments in columnar fashion across the top of
your sheet, create a map or floor diagram. You do not need to use special
symbols such as boxes and diamonds. Draw lines between various areas on
your map to indicate the movement of activity.
The
purpose of the WFD is to pinpoint inefficiencies because of unnecessary
movement. After you diagram and study a process, physically reorganize an
area or reengineer your process to perform it more optimally.Use a WFD for
company and building relocation projects. Construct a WFD to indicate
relationships between departments. This helps determine locations for each
department in your new facility
Work Package - deliverable at
the lowest level of WBS. They are control points in the WBS and are used
for assignments to work centers.
Workaround Unplanned
response to negative risk events (requires to be impacted by the risk
first)
Working Capital Current
Assets - Current Liabilities
Why-Why Diagrams
A tree diagram helps you ask questions such as, "What is needed
now?" until the answer is, "Nothing else." A why-why diagram asks questions
so that everyone knows why something takes place. It helps you find
the root cause of a problem
The project management team must have a
working knowledge of statistical quality control, especially sampling
and probability, to help it evaluate quality control outputs
Results from an earned value analysis
may indicate potential deviation of the project at completion from cost and
schedule targets. When a project deviates significantly from the baseline,
updated risk identification and analysis should be performed
In general, differences between
and among stakeholders should be resolved in favor of the customer
When project costs are used as
component of a reward and recognition system, controllable and
uncontrollable costs should be estimated and budgeted separately to ensure
that rewards reflect actual performance