Project Management – C722 (Unit 6) – Flashcards
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living documents
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are all planning documents
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project scope
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describes how the project outcomes will be created. Documents the customer's expectations with regard to when the project will be completed (the time/schedule constraint) and how much the completed project will cost (the budget or cost constraint).
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Evolution of the Scope Statement
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Initial Scope (defining phase), Approved Scope Statement (planning phase), scope management (executing phase), scope verification (closing phase)
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product scope
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is used to describe the portion of the scope statement that defines the features and functions of the project outcome or deliverables.
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project scope statement
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represents a mutual understanding between the customer and the project team.
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project requirement
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is a characteristic, function, or capability that must be present in the project final outcome.
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Project deliverables
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are the features and functions of the project outcome that form the product scope.
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Resource Responsibility Matrix
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the resources needed are identified and the roles and responsibilities are detailed
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histogram
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is a graph of a frequency distribution in which rectangles with bases on the horizontal axis are given widths equal to the class intervals and heights equal to the corresponding frequencies.
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Knowledge, Skills, and Abilities (KSAs)
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skills required by the project team
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resource leveling
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The act of leveling the amount of resources needed to be constant over a period of time
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deliverable
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is a specific product or functionality that the project will provide.
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Activities are connected to two types of deliverables:
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Project management - communications, planning, execution, etc. Project specific to the desired end result of this project
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8/80 rule
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do not assign anything that takes less than eight hours so we allow resources sufficient work to occupy them and we don't micromanage
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Project management deliverables
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the concrete items we need to manage this project. They are usually generic to a business or methodology adopted by a PM for use to manage the team and create sound communications.
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Project specific deliverables
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project specific deliverables are required tasks
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Risk Appetite
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is the degree of uncertainty an entity is willing to take on in anticipation of a reward.
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Risk Tolerance
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is the degree, amount, or volume of risk that an organization or individual will withstand.
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Risk Threshold
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refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk. Above that risk threshold, the organization will not tolerate the risk (PMBOK, 2015).
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Risk Planning
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is the process of reviewing every aspect of the project to identify what risks may occur.
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Risk Breakdown Structure (RBS)
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which follows the WBS and insures that each activity and task in the WBS is reviewed for risk and opportunity and documented as identified.
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Risk Management Options
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Avoid, mitigate, transfer and accept.
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Risk Avoidance
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During our planning, the team identifies the risk and sets a path to avoid the risk.
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Transfer of the risk
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transfer risk to someone else
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Mitigation
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is when the team acts in some fashion to reduce the impact or likelihood of the risk occurring.
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Accepting
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the risk is a response strategy where we recognize the risk and say that it is a part of the project, normal business practice and the team will plan to accept it accordingly.
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Opportunity Management
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Acceptance, Enhancing the opportunity and Sharing the opportunity
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risk register
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lists all risks (external, technical, or organizational) and assigns scores for probability and severity.
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Probability Severity (P*S) score
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helps us prioritize the risks appropriately.
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top-down estimation methods
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hese estimates are often provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered
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Bottom-up estimation methods
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require that estimates be made at the detailed work activity level of the WBS.
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parametric estimating
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top-down methods are based on the relationship between the current project and historical data
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ratio method
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uses experience from prior projects to estimate the overall cost of the current project.
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apportion method
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is based on the ratio method but takes into consideration specific functionality or types of work that will be required.
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Cost management
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is the process of measuring how close actual costs are to the budget and then making changes in project execution as needed.
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baseline budget
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is the approved budget and will be used as the standard for comparison of actual costs throughout the life of the project and identifying variances.
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Direct costs
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are costs that are directly attributable to completing the project work.
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Direct overhead costs
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are costs from the project that are shared across the work activities.
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General and administrative costs (G&A)
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are overhead costs from the project organization.
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padding
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people tend to add in extra time or money "just in case."
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Contingency reserves
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are costs included in the budget to cover situations that may occur. If the project requires the use of lumber, and lumber prices are known to fluctuate, then some portion of the lumber costs may be included in a contingency reserve. In a restaurant, food costs are very volatile and so the project must budget for those variances that can occur
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management reserve
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is an amount added to the overall project budget to cover unknown risks.
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