PROJECT MANAGEMENT KEY TERMS – Flashcards

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balanced matrix
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a matrix structure in which the project manager and functional managers share roughly equal authority over the project. The project manager decides what needs to be done; functional managers are concerned with how it will be accomplished
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dedicated project team
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an organizational structure in which all of the resources needed to accomplish a project are assigned full time to the project
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matrix
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any organizational structure in which the project manager shares responsibility with the functional managers for assigning priorities and for directing the work of individuals assigned to the project
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organizational culture
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a system of shared norms, beliefs, values, and assumptions held by an organizations members
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projectitis
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a social phenomenon in which project members exhibit inappropriately intense loyalty to the project
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projectized organization
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a multi project organization in which project managers have full authority to assign priorities and direct the work of persons assigned to their project
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project office
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a centralized unit within an organization or department that oversees and improves the management of projects
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strong matrix
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a matrix structure in which the project manager has primary control over project activities and functional managers support project work
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weak matrix
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a matrix structure in which functional managers have primary control over project activities and the project manager coordinates project work
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emotional intelligence
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the ability or skill to perceive, assess, and manage the emotions of ones self and others
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inspiration related currencies
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influence based on inspiration
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law of reciprocity
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people are obligated to grant a favor comparable to the one they received
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leading by example
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exhibiting the behaviors you want to see in others
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management by wandering around
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a management style in which managers spend the majority of their time outside their offices interacting with key people
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personal related currencies
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influence based on enhancing another persons self esteem
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position related currencies
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influence based on the ability to enhance someone else position within an organization
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proactive
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working within your sphere of influence to accomplish something
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relationship related currencies
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influence based on friendship
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social network building
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the process of identifying and building cooperative relationships with key people
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stakeholder
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individuals and organizations that are actively involved in the project, or whose interests may be positively or negatively affected as a result of project execution or completion. They may also exert influence over the project and its results
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systems thinking
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a holistic approach to viewing problems that emphasizes understanding the interactions among different problem factors
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task related currencies
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influence based, helping someone else do their work
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culture
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the totality of socially transmitted behavior patterns, beliefs, institutions, and all other products of human work and thought characteristic of a community or country
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culture shock
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a natural psychological disorientation that most people suffer when they move to a culture different from their own
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infrastructure
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basic services needed to support project completion
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activity
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tasks of the project that consumes time while people/equipment either work or wait
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activity on arrow
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method for drawing project networks. the activity is shown as an arrow
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activity on node
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method for drawing project networks. the activity is on the node
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burst activity
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an activity that has more than one activity immediately following it
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concurrent engineering
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cross functional teamwork in new product development projects that provides product design, quality engineering, and manufacturing process engineering all at the same time
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critical path
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the longest activity path through the network. The critical path can be distinguished by identifying the collection of activities that all have the same minimum slack
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hammock activity
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a special purpose, aggregate activity that identifies the use of fixed resources or costs over a segment of the project
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lag relationship
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the relationship between the start/and or finish of a project activity and the start and/or finish of another activity. The most common are (1) finish-to-start, (2) finish-to-finish, (3) start-to-start, and (4) start-to-finish
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merge activity
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an activity that has more than one activity immediately preceding it
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parallel activity
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one or more activities that can be carried on concurrently or simultaneously
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sensitivity
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the likelihood that the critical path will change once the project begins to be implemented
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project
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a temporary endeavor undertaken to create a unique product, service, or result
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project life cycle
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the stages found in all-projects - definition, planning, execution and delivery
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project management professional
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an individual who has met specific education and experience requirements set forth by the project management institute, has agreed to adhere to a code of professional conduct, and has passed an examination designed to objectively assess and measure project management knowledge
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implementation gap
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the lack of consensus between the goals set by top management and those independently set by lower levels of management. This lack of consensus leads to confusion and poor allocation of organization resources
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net present value
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a minimum desired rate of return discount is used to compute present value of all future cash inflows and outflows
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organization politics
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actions by individuals or groups of individuals to acquire, develop, and use power and other resources to obtain preferred outcomes when there is uncertainty or disagreement over choices
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payback
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the time it takes to pay back the project investment. The method does not consider the time value of money or the life of the investment
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priority system
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the process used to select projects. The system uses selected criteria for evaluating and selecting projects that are strongly linked to higher-level strategies and objectives
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priority team
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the group (sometimes the project office) responsible for selecting, overseeing, and updating project priority selection criteria
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project portfolio
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group of projects that have been selected for implementation balanced by project type, risk, and ranking by selected criteria
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project screening matrix
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a matrix used to assess and compare the relative value of projects being considered for implementation
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sacred cow
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a project that is a favorite of a powerful management figure who is usually the champion for the project
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scenario planning
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a structured process of thinking about future possible environments that would have potential high impact to disrupt the way you do business, and then developing potential strategies to compete in these altered environments
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cost account
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a control point of one or more work packages used to plan, schedule, and control the project. The sum of all the project costs accounts represents the total cost of the project
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milestone
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an event that represents significant, identifiable accomplishment toward the projects completion
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organization breakdown structure
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a structure used to assign responsibility for work packages
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priority matrix
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a matrix that is set up before the project begins that establishes which criterion among cost, time, and scope will be enhanced, constrained, or accepted
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project charter
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a document that authorizes the project manager to initiate and lead a project
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responsibility matrix
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a matrix whose intersection point shows the relationship between an activity (work package) and the person/group responsible for its completion
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scope creep
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the tendency for the scope of a project to expand once it has started
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scope statement
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a definition of the end result or mission of a project. Scope statements typically include project objectives, deliverables, milestones, specifications, and limits and exclusions
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work breakdown structure
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a hierarchical method that successively subdivides the work of the project into smaller detail
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work package
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a task at the lowest level of the WBS. Responsibility for the package should be assigned to one person and, if posssible, limited to 80 hours of work
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avoiding risk
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elimination of the risk cause before the project begins
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budget reserve
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reserve setup to cover identified risks that may occur and influence baseline tasks or costs. These reserves are typically controlled by the project manager and the project team
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change management system
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a defined process for authorizing and documenting changes in the scope of a project
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contingency plan
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a plan that covers possible identified project risks that may materialize over the life of the project
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management reserve
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a percentage of the total project budget reserved for contingencies. This fund exists to cover unforeseen, new problems-not necessary over-runs. The reserve is designed to reduce the risk of project delays. Management reserves are typically controlled by the project owner or project manager
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mitigating risk
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action taken to either reduce the likelihood that a risk will occur and/or the impact the risk will have on the project
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risk
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the chance that an undesirable project event will occur and the consequences of all its possible outcomes
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risk breakdown structure
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a hierarchical depiction of the identified project risks arranged by risk category and subcategory that identifies the various areas and causes of potential risks
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risk profile
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a list of questions that addresses traditional areas of uncertainty on a project
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risk severity matrix
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a tool used to assess the impact of risks on a project
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time buffer
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a contingency amount of time for an activity to cover uncertainty - for example, availability of a key resource or merge event
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transferring risk
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shifting responsibility for a risk to another party
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heuristic
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a rule of thumb used to make decisions. Frequently found in scheduling projects. For example, schedule critical activities first, then schedule activities with the shortest duration
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leveling
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techniques used to examine a project for an unbalanced use of resources, and for resolving resource over allocations
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planned value
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the planned time phased baseline of the value of the work scheduled. Previously this was called budgeted cost of work scheduled
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resource constrained projects
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a project that assumes resources are limited (fixed) and therefore time is variable
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splitting
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a scheduling technique in which work is interrupted on one activity for a period of time, then reassigned to work on the original activity
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time-constrained projects
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a project that assumes time is fixed and, if resources are needed, they will be added
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time-phased budget baseline
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planned costs that are broken down by distinct time periods for a work package, as opposed to a budget for a whole job/project. Time phasing allows better most control by measuring the actual rate of expenditure versus the planned expenditure rate over small pieces of the project
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crashing
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shortening an activity or project
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crash point
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the most a project activity time can be realistically compressed with the resources available to the organization
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crash time
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the shortest time an activity can be completed
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fast-tracking
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accelerating project completion typically be rearranging the network schedule and using start to start lags
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indirect costs
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costs that cannot be traced to a particular project or work package
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outsourcing
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contracting for the use of external sources (skills) to assist in implementing a project
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project cost-duration graph
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a graph that plots project against time; it includes direct, indirect, and total cost for a project over a relevant range of time
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apportionment
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costs allocated to a specific segment of a project by using a percentage of planned total cost - for example, framing a house might use 25 percent of the total cost, or coding a teaching module 40 percent of total cost
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bottom up estimates
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detailed estimates of work packages usually made by those who are most familiar with the task
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delphi method
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a group method to predict future events
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direct costs
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costs that are clearly charged to a specific work package-usually labor, materials, or equipment
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function points
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points derived from past software projects to estimate project time and cost, given specific features of the project
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learning curves
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a mathematiccal curve used to predict a pattern of time reduction as a task is performed over and over
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overhead costs
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typically organization costs that are not directly linked to a specific project. These costs cover general expenses such as upper management, legal, market promotion, and accounting. Overhead costs are usually charged per unit of time or as a percentage of labor or material costs
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padding estimates
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adding a safety factor to a time or cost estimate to ensure the estimate is met when the project is executed
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phase estimating
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this estimating method begins with a macro estimate for the project and then refines estimates for phases of the project as it is implemented
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ratio methods
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uses the ratio of past actual costs for similar work to estimate the cost for a potential project. This macro method of forecasting cost does not provide a sound basis for project cost control since it does not recognize differences among projects
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template method
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use of a prepared form to develop project networks, costs, and time estimates
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time and cost databases
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collection of actual versus estimated times and costs of work packages over many projects that are used for estimating new project tasks and their expected possible error
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top down estimates
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rough estimates that use surrogates to estimate project time and cost
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baseline budget
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a concrete document and commitment; it represents the first real plan with cost, schedule, and resource allocation. The planned cost and schedule performance are used to measure actual cost and schedule performance. Serves as an anchor point for measuring performance
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budget at completion
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budgeted cost at completion. The total budgeted cost of the baseline or project cost accounts
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cost performance index
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the ratio of work performed to actual costs
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cost variance
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the difference between EV and AC. Tells if the work accomplished cost more or less than was planned at any point over the life of the project
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earned value
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the physical work accomplished plus the authorized budget for this work. Previously this was called the budgeted cost of work performed
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estimated cost at completion
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the sum of actual costs to date plus revised estimated costs for the work remaining in the WBS. The text uses EACre to represent revisions made by experts and practitioners associated with the project. A second method is used in large projects where the original budget is less reliable. This method uses the actual costs to date plus an efficiency index applied to the remaining project work. When the estimate for completion uses the CPI as the basis for forecasting cost at completion, we use the acronym EACf, where EACf = estimated costs at completion. Includes costs to date plus revised estimated costs for the work remaingin.
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schedule performance index
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the ratio of work performed to work scheduled
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schedule variance
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the difference between the planned dollar value of the work actually completed and the value of the work scheduled to be completed at a given point in time. Schedule variance contains no critical path information
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tracking gantt chart
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a gantt chart that compares planned versus actual schedule information
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variance at completion
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indicates expected actual cost-overor under at completion
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brainstorming
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generating as many ideas/solutions as possible without critical judgement
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dysfunctional conflict
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disagreement that does not improve project performance
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functional conflict
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disagreement that contributes to the objectives of the project
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groupthink
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a tendency of members in highly cohesive groups to lose their critical evaluative capabilities
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nominal group technique
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a structured problem solving process in which members privately rank order preferred solutions
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positive synergy
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a characteristic of high performance teams in which group performance is greater than the sum of individual contributions
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project kick off meeting
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typically the first meeting of the project team
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project vision
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an image of what the project will accomplish
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team building
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a process designed to improve the performance of a team
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team rituals
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ceremonial actions that reinforce team identity and values
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virtual project team
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spatially separated project team whose members are unable to communicate face to face
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BATNA
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best alternative to a negotiated agreement. Strong or weak BATNA indicates your power to negotiate with the other party
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co-location
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a situation in which project members including those from different organizations work together in the same location
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escalation
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a control mechanism for resolving problems in which people at the lowest appropriate level attempt to resolve a problem within a set time limit or the problem is "escalated" to the next level of management
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met expectations model
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customer satisfaction is a function of the extent to which perceived performance exceeds expectations
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partnering charter
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a formal document that states common goals as well as cooperative procedures used to achieved these goals which is signed by all parties working on a project
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balanced scorecard
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model that measures the long-run results of major program activities in four areas-customer, internal, innovation and learning, and financial
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oversight
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a set of principles and processes to guide and improve the management of projects. The intent is to ensure projects meet the needs of the organization through standards, procedures, accountability, efficient allocation of resources, and continuous improvement in the management of projects
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phase gating
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a structured process to review, evaluate, and document outcomes at each project phase and to provide management with information to guide resource deployment toward strategic goals
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portfolio management
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centralized selection and management of a portfolio of projects to ensure that allocation of resources is directed and balanced toward the strategic focus of the organization
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agile project management
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a family of incremental, iterative development methods for completing projects
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feature
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a piece of a product that delivers some useful functionality to a customer
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iterative incremental development
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a cyclical development process in which a project gradually evolves over time
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product backlog
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a prioritized list of project requirements with estimated time to turn them into complete product functionality
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product owner
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the person responsible for managing the product backlog in Scrum so as to maximize the value of the project. The product owner represents all stakeholders
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scaling
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adapting agile PM to large, multi team projects
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scrum master
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the person responsible for the Scrum process and its correct application
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scrum
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an incremental, iterative development approach to managing projects with a well defined set of roles and processes
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self-organizing team
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a semi-autonomous team that manages itself
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sprint backlog
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a list of tasks that defines a Scrum teams work for a sprint. Each task identifies those responsible for doing the work and the estimated amount of work remaining on the tasks on any given day during the sprint
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mentor
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typically a more experienced manager who acts as a personal coach and champions a persons ambitions
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performance review
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in general, all review methods of individual performance center on the technical and social skills brought to the project and team. These reviews stress personal improvement and are frequently used for salary and promotion decisions
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project closure
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all of the activities of shutting down a project. The major activities are evaluation of project goals and performance, developing a lessons learned, releasing resources, and preparing a final report
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project evaluation
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the process of assessing, verifying, and documenting project results
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retrospective
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a methodology that analyzes a past project event to determine what worked and what didn't, develops lessons learned, and creates an action plan that ensures lessons learned are used to improve management of future projects
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team evaluation
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evaluating the performance of the project team using a minimum core of conditions in place before the project began. Evaluation practices should emphasize the team as a whole, while minimizing individual performance
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360 degree review
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a multirater appraisal system based on performance information that is gathered from multiple sources (superiors, peers, subordinates, customers)
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