BUSI 785 PM

A set of standards governing the requirements for documentation of a quality program

A complex, nonroutine, one-time effort to create a product or service limited by time, budget, and specifications

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. In addition, a PMP must satisfy continuing certification requirements or lose the certification.

A series of coordinated, related, multiple projects that continue over extended time intended to achieve a goal.

The stages found in all projects – Definition, planning, execution, and delivery.

A focus on the interaction between tools/methods and people.

A matrix structure in which the project manager and functional manager 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.

An organizational structure in which all of the resources needed to accomplish a project are assigned full time to the project.

Any organization 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.

A system of shared norms, beliefs, values, and assumptions held by an organization’s members.

• Projectitis –
• A social phenomenon in which project members exhibit inappropriately intense loyalty to the project.

A centralized unit within an organization or department that oversees and improves the management of projects.

A matrix structure in which the project manager has primary control over project activities and functional managers support project work.

A matrix structure in which functional managers have primary control over project activities and the project manager coordinates project work.

A control point of one or more work packages used to plan, schedule, and control the project. The sum of all the project cost accounts represents the total cost of the project.

An event that represents significant, identifiable accomplishment toward the project's completion

A structure used to assign responsibility for work packages.

A matrix that is set up before the project begins that establishs which criterion among cost, time, and scope will be enhanced, constrained, or accepted

A document that authorizes the project manager to initiate and lead a project

A matrix whose intesection point shows the relationship between an activity (work package) and the person/group responsible for its completion

The tendency for the scope of a project to expand once it has started

A definition of the end result of mission of a project. Scope statements typically include project objectives, deliverables, milestones, specifications, and limits and exclusions.

A hierarchical method that successively subdivides the work of the project into smaller detail

A task at the lowest level of the WBS. Responsibility for the package should be assigned to one person and, if possible, limited to 80 hours of work

Costs allocated to a specific segment of a project by using a percentage of planned total cost

Detailed estimates of work packages usually made by those who are most familiar with the task

A group method to predict future events

Costs that are clearly charged to a specific work package

Points derived from past software projects to estimate project time and cost, given specific features of the project

A mathematical curve used to predict a pattern of time reduction as a task is performed over and over

Typically organizations 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.

Adding a safety factor to a time or cost estimate to ensure the estimate is met when the project is executed

This estimating method begins with a macro estimate for the project and then refines estimates for phases of the project as it is implemented

It is a prudent policy to require three time estimates, low, average, and high.

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

Use of a prepared form to develop project networks, cost, and time estimates.

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.

Rough Estimates that use suurogates to estimate project time and cost

Tasks of the project that consume theim while people/equipment either work or wait

Method for drawing project network, where the activity is shown as an arrow

Method for drawing a project network, where the activity is on the node

An activity that has more than one activity immediately following it

Cross-functional teamwork in new-product development projects that provide product design, quality engineering, and manufacturing process engineering all at the same time

The longest activity paths through the network. Can be distiguished by identifying the collection of activities that all have the same minimum slack

The earliest an activity can finish if all its preceding activities are finished by their early finish times (EF=ES+DUR)

The earliest an activity can start. It is the largest early finish of all its immediate predecessors (ES=EF-DUR)

Provides a clear overview of the project schedule

A special purpose, aggregate activity tht identifies the use of fixed resources or cost over a segment of the project

The relationship between the start and/or finish of a project activity and the start and/or finish of another activity

An activity that has more than one activity immediately preceding it

One or more activities that can be carried on concurrently

the likelihood tht the critical paths will change once the project begins to be implemented

time an activity can be delayed before it becomes critical

Elmination of the risk cause before the project begins

Reserve setup to cover identified risks that occur and influence baseline tasks

A defined process for authorizing and documenting changes in the scope of a project

a plan that covers possible identified project risks that may materialize over the life of the project

a % of the total project budget reserved for contingencies (unforseen)

reducing risk

an event that can have a positive impact on project objectives

Acceptance of risk

an uncertain event or condition that has a positive or negative effect on project objectives

a heirarchical depiction of the identified project risks arranged by risk category that identifies the various areas and causes of potential risks

List of risks

a list of questions that addresses traditional areas of uncertainty on a project

A tool used to assess the impact of risks on a project

technique for analyzing risk by assessing the significance of each risk event in terms of probability and impact

a contingency amount of time for an activity to cover uncertainty

shifting responsibility for a risk to another party

a rule of thumb

technique used to examine a project for an unbalanced use of resources and used for solving resource over allocation

the planned time phased baseline of the value of the work scheduled

a project that assumes resources are limited and therefore time is variable

even out resource demand by delaying noncritical activities to increase utilization

scheduling technique in which work is interupted on one activity and the resource is assigned to another activity

a project that assumes time is fixed but resources can be added

planned costs that are broken down by distinct time periods

shortening an activity or project

the most a project activity time can be compressed

the shortest time an activity can be completed

costs that are clearly charged to a specific work package

accelerating project completion typically by rearranging the network schedule and using start to start lag

cost that cannot be traced to a particular project or work package

contracting for the use of external sources to assist in implementing a project

a graph that plots project cost against time

a worksheet with an early start baseline developed with cost assigned

the total budgeted costs of the project cost accounts

ratio of work performed (EV/AC)

tells if the work accomplished is cost more or less than was planned (CV = EV-AC)

The cumulative budgeted cost of work completed to date (% complete * PV)

EAC = AC +[(BAC-EV)/CPI] Estimats the cost to completion

EAC = AC + ETC

What percentage of work has been completed to date based on planned budget. A good indicator of how much of the project has been completed

What percentage of work has been completed to date based on revised estimates of total project costs. Preferred when you have confidence in revised estimates and or budget is not fixed

Ratio of work performed to work scheduled

difference between the planned dollar value of work actually completed and the value of the work scheduled to be completed (SV = EV - PV)

The tendency for the scope of a project to expand once it has started

The amount of value each remaining dollar must earn for the project to stay within budget. A number greater than 1 means there is more work than there is budget left. A number less than 1 means there is less work than there is budget left.

A Gantt chart that compares planned versus actual scheduled information

Positive number indicates that the project will be completed under budget. A negative number suggests that it will be completed over budget.