Project Management – C722 (Unit 6) – Flashcards

Unlock all answers in this set

Unlock answers
question
Checklists
answer
are one way of monitoring that activities/tasks have been addressed and one method of assuring that all needed documents are written.
question
project charters
answer
contain enough information to understand who the project sponsor and project manager are, the purpose the project, a general idea of the scope, budget, and schedule.
question
Statement of Work (SOW)
answer
defines the project's outcomes in terms of objectives, specific deliverables, acceptance criteria, technical requirements, milestones, constraints, and assumptions.
question
Work Breakdown Structure (WBS)
answer
is a methodical deconstruction of deliverables into activities and then tasks to be performed. It details each activity that must be completed.
question
living documents
answer
are all planning documents
question
project scope
answer
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).
question
Evolution of the Scope Statement
answer
Initial Scope (defining phase), Approved Scope Statement (planning phase), scope management (executing phase), scope verification (closing phase)
question
product scope
answer
is used to describe the portion of the scope statement that defines the features and functions of the project outcome or deliverables.
question
project scope statement
answer
represents a mutual understanding between the customer and the project team.
question
project requirement
answer
is a characteristic, function, or capability that must be present in the project final outcome.
question
Project deliverables
answer
are the features and functions of the project outcome that form the product scope.
question
Resource Responsibility Matrix
answer
the resources needed are identified and the roles and responsibilities are detailed
question
histogram
answer
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.
question
Knowledge, Skills, and Abilities (KSAs)
answer
skills required by the project team
question
resource leveling
answer
The act of leveling the amount of resources needed to be constant over a period of time
question
deliverable
answer
is a specific product or functionality that the project will provide.
question
Activities are connected to two types of deliverables:
answer
Project management - communications, planning, execution, etc. Project specific to the desired end result of this project
question
8/80 rule
answer
do not assign anything that takes less than eight hours so we allow resources sufficient work to occupy them and we don't micromanage
question
Project management deliverables
answer
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.
question
Project specific deliverables
answer
project specific deliverables are required tasks
question
Risk Appetite
answer
is the degree of uncertainty an entity is willing to take on in anticipation of a reward.
question
Risk Tolerance
answer
is the degree, amount, or volume of risk that an organization or individual will withstand.
question
Risk Threshold
answer
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).
question
Risk Planning
answer
is the process of reviewing every aspect of the project to identify what risks may occur.
question
Risk Breakdown Structure (RBS)
answer
which follows the WBS and insures that each activity and task in the WBS is reviewed for risk and opportunity and documented as identified.
question
Risk Management Options
answer
Avoid, mitigate, transfer and accept.
question
Risk Avoidance
answer
During our planning, the team identifies the risk and sets a path to avoid the risk.
question
Transfer of the risk
answer
transfer risk to someone else
question
Mitigation
answer
is when the team acts in some fashion to reduce the impact or likelihood of the risk occurring.
question
Accepting
answer
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.
question
Opportunity Management
answer
Acceptance, Enhancing the opportunity and Sharing the opportunity
question
risk register
answer
lists all risks (external, technical, or organizational) and assigns scores for probability and severity.
question
Probability Severity (P*S) score
answer
helps us prioritize the risks appropriately.
question
top-down estimation methods
answer
hese estimates are often provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered
question
Bottom-up estimation methods
answer
require that estimates be made at the detailed work activity level of the WBS.
question
parametric estimating
answer
top-down methods are based on the relationship between the current project and historical data
question
ratio method
answer
uses experience from prior projects to estimate the overall cost of the current project.
question
apportion method
answer
is based on the ratio method but takes into consideration specific functionality or types of work that will be required.
question
Cost management
answer
is the process of measuring how close actual costs are to the budget and then making changes in project execution as needed.
question
baseline budget
answer
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.
question
Direct costs
answer
are costs that are directly attributable to completing the project work.
question
Direct overhead costs
answer
are costs from the project that are shared across the work activities.
question
General and administrative costs (G&A)
answer
are overhead costs from the project organization.
question
padding
answer
people tend to add in extra time or money "just in case."
question
Contingency reserves
answer
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
question
management reserve
answer
is an amount added to the overall project budget to cover unknown risks.
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New