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A ________ is a temporary endeavor that has definite beginning and ending dates, and it results in a unique product, service, or result

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project

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A ________ is a group of related projects that are managed together using coordinated processes and techniques

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program

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________is the first step in the pre-project setup

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Identifying the project

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________is the second step in the pre-project setup

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Validate the project

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________is the third step in the pre-project setup

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write the project charter

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________is the fourth step in the pre-project setup

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obtain approval for the charter

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Validating the project involves two steps ________ and ________

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preparing the business case and identifying and analyzing the project stakeholders

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The business case typically documents

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the reasons the project came into existence

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seven needs or demands for bringing about a project

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Market demand Strategic opportunity/business need Customer request Technology advance Legal requirement Ecological impact Social need

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The two primary categories of decision models are ________ and

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benefit measurement methods and constrained-optimization models

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Four common benefit measurement methods are

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cost-benefit analysis scoring model payback period economic model

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Economic model includes

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discounted cash flow net present value internal rate of return

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discounted cash flow technique compares

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the value of the future worth of the project's expected cash flows to today's dollars.

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If NPV is ________ zero, you should accept the project

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greater than

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the discount rate when the present value of the cash inflows equals the original investment

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Internal Rate of Return (IRR)

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is conducted at the conclusion of the project. The primary purpose is to collect and document lessons learned

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post-project review

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involves gathering and centralizing project documents, performing a post-project review, and writing the final project close report

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The Administrative Closure process

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the process of completing and settling the terms of the contract and documenting acceptance

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Close Procurements

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the process of determining the resources you'll need for the project, including human, equipment, and material resources

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Resource Planning

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project scope management plan should contain:

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The process you'll use to prepare the project scope statement A process for creating the work breakdown structure (WBS) A definition of how the deliverables will be verified for accuracy and the process used for accepting deliverables A description of the process for controlling scope change requests, including the procedure for requesting changes and how to obtain a change request form

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scope change process needs the following:

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change request form. Information required on a scope change request includes a description of the change, the reason for the change, what the impact is if the change is not implemented, and the originator of the request analysis of the impact of the request on the scope, budget, schedule, and quality of the project approval process to accept or reject requests communication plan to keep stakeholders informed of the status of requests method to incorporate approved changes into the project plan

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a number, and it's used to sum and track the costs, schedule, and resources associated with the WBS elements

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code of accounts identifier

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This is where the WBS levels and work component descriptions are documented

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WBS dictionary

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the process of identifying dependency relationships between project activities and sequencing them in proper order

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activity sequencing

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the process of identifying those risks that have the greatest possibility of occurring and the greatest impact to the project if they do occur

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Risk analysis

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the process of determining and documenting the potential risks that could occur on your project

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Risk Identification

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the process of reviewing the risk analysis and determining what, if any, action should be taken to reduce negative impacts and take advantage of opportunities as a result of a risk event occurring

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Risk Response Planning

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the final, approved documented plan that you'll use throughout the remainder of the project to measure project progress and, ultimately, project success

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project management plan

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involves monitoring the status of the project scope, monitoring changes to the project scope, and monitoring work results to ensure that they match expected outcomes

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scope control

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consists of the scope statement, the WBS, and the WBS dictionary

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scope baseline

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involves stakeholders formally accepting completed deliverables and obtaining sign-off indicating the deliverables are satisfactory and meet stakeholders' expectations

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Scope Verification

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involves determining the status of the project schedule, determining whether changes have occurred or should occur, and influencing and managing schedule changes

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Schedule Control

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any change made to the project schedule as part of the ongoing work involved with managing the project

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schedule update

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the process of implementing the risk response plan, tracking and monitoring identified risks, and identifying and responding to new risks as they occur

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Risk Monitoring and Control

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like the twitch that precedes a sneeze

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Risk triggers

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an example of a simple report that uses indicators like red-yellow-green to show the status of each area of the project at a glance.

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Dashboards

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the total expected cost for the project

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cost baseline

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precedence diagramming method (PDM)

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uses boxes to represent the project activities and arrows to connect the boxes and show the dependencies

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Parametric estimatin

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quantitatively based estimating method that multiplies the quantity of work by the rate

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average of the most likely estimate, the optimistic estimate, and the pessimistic estimate for the activity

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Three-point estimates

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uses what's called expected value (or the weighted average). Expected value is calculated using the three-point estimates for Activity Duration and then finding the weighted average of those estimates.

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Program Evaluation and Review Technique (PERT)

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The formula to calculate expected value is as follows:

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(optimistic + pessimistic + (4 × most likely)) / 6

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determined by subtracting the early start from the late start or the early finish from the late finish for each activity

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float

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probably one of the most commonly used methods to display the project schedule. They can show milestones, deliverables, sub deliverables, or all the activities of the project, if needed.easy to read and can show the activity sequences, start and end dates, resource assignment, dependencies, and critical path.

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gantt chart

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the final, approved version of the project schedule that includes the baseline start and finish dates and resource assignments, signed off by stakeholders

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schedule baseline

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According to PMI, project managers should spend as much as 90 percent of their time

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communicating

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