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Definition
| The program/project evaluation and review technique |
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Term
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Definition
| to= optimistic estimates, tm= most likely estimates, tp= pessistic estimates |
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Term
| What is the typical range for a rough order of magnitude (ROM) estimate? |
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Definition
| -25% to + 75% from actual |
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Term
| What is the typical range for budget estimate? |
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Definition
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Term
| What is the typical range for a definitive estimate? |
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Definition
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Term
| What is the difference between a cost budget and a cost baseline? |
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Definition
| The cost budget adds management reserves to the cost baseline |
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Term
| What is the formula for cost variance? |
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Definition
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| What is the formula for schedule variance? |
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Definition
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Term
| What is the formula for cost performance index? |
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Definition
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| What is the formula for schedule performance index? |
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Definition
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| What are the formulas for estimate at completion? |
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Definition
AC + Bottom-up ETC= EAC
BAC/CPI© = EAC
AC + (BAC-EV)=EAC
AC + [(BAC-EV)/(CPI© X SPI©)]=EAC |
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Term
| What is the formula for estimate to complete? |
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Definition
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Term
| What is the formula for variance at completion? |
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Definition
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Term
| What is the formula for to complete performance index? |
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Definition
| [(BAC – EV)/(BAC – AC)]=TCPI |
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Term
| What is the formula for communication channels? |
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Definition
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Term
| Critical path method: forward duration, Backward duration and slack |
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Definition
| Forward Duration= EF-ES+1; Backward duration = LF-LS+1; Slack = LS-ES OR slack= LF-EF |
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Term
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Definition
| chart that contains both bars and a line graph, where individual values are represented in descending order by bars, and the cumulative total is represented by the line. Pareto principle (pareto's law; 80-20 rule)- for many events, roughly 80% of the effects come from 20% of the causes. eg., "80% of your sales comes from 20% of your clients". "80% of issues can be fixed by 20% of total efforts/ reasons" etc |
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Term
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Definition
| resource leveling is a project management technique used to examine the use of resources (usually people or equipment) over project time. Resource leveling requires delays task until resources (people/equipment) are available; or add more resources at the expense of (time, cost, scope) |
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Term
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Definition
| McGregor 2 types of managers: X theory managers- employees are lazy and will avoid and dislike work. Must be closely supervised. Y theory managers- employees enjoy work (if right conditions are provided). Ouchi's Z theory- management high levels of trust, confidence and commitment to workers leads to high level of motivation and productivity; ouchi's theory employee loyalty "jobs for life" (Z derived from Y) |
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| TQM- Total quality management |
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Definition
| Total Quality management is an integrative philosophy of management for continuously improving the quality of products and process. |
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Definition
| A business management strategy, originally developed by Motorola in 1986. Six sigma seeks to improve the quality of process outputs by identifying and removing the causes of defects (errors) an minimizing variability in manufacturing and business processes. |
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| CMMI Capability Maturity Model Integration |
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Definition
| is a approach to improve performance of project, division or organization |
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Term
| Herzberg's motivation hygiene theory |
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Definition
| Herzberg's motivation hygiene theory (or Dual factor theory) states that there are certain factors in the workplace that causes job satisfaction, while a separate set of factors cause dissatisfaction: Leading to satisfaction- Motivators, Leading to dissatisfaction- hygiene factors |
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Term
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Definition
| is an integrative four step management method used for the control and continuous improvement of processes and products. Also known as the deeming cycle |
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Term
| Ishikawa diagrams ( also called fishbone diagrams, herringbone diagrams, cause and effect diagrams, or Fishikawa) |
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Definition
| are casual diagrams that show the causes of a specific event. Common uses of the Ishikawa diagram are product design and quality defect prevention, to identify potential factors causing an overall effect. |
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Definition
| Japanese philosophy or practices that focus upon continuous improvement of process. |
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Definition
| tools used to determine whether process is in state of statistical control, stable and predictable. Also known as an Shewhart chart or process behavior charts. The control chart is one of the tools commonly used for quality control. |
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Term
| SWOT analysis - Strength weaknesses opportunities and threats |
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Definition
| is a strategic planning methods used to evaluate strengths, weakness/limitations, opportunities, and threats involved in a project. |
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Term
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Definition
| Illustrates degree of correlation between two variables; is a type of mathematical diagram using cartesian coordinates to display values for two variables for a set of data. Also known as a scater plot or scatter graph |
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Term
| contracts 9FFP,FPIF,CPFF,CPIF,T&M) |
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Definition
| more seller risk ( PO,FFP, FPIF, FP-EPA); T&M; More buyer risk (CPFF, CPIF, CPPC, CPAF) |
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Term
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Definition
| Purchase orders (PO), Firm fixed price (FFP), Fixed price incentive fee (FPIF), Fixed price economic Adjustments contract (FP-EPA) |
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Term
| EMV (Expected monetary Value) |
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Definition
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Term
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Definition
| is a decision support tool that uses a tree like graph of decisions and their possible consequences, including probability, chance event outcomes value resources costs. |
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Term
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Definition
| Responsible, Accountable, Consulted, and informed- describes the responsibilities of various roles/ persons in project task or deliverables. |
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Term
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Definition
| is a narrative description of products/services (deliverables ). SOW is input to develop project charter process. |
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Definition
| is a model of the constraints of project management: time, cost, scope |
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Term
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Definition
| is a communication technique, interactive forecasting method which relies on a panel of experts. The experts answer questionnaires in two or more rounds, after each round, a facilitator provides an anonymous summary of experts forecasts from the previous round, experts are encouraged to revise their earlier answers in light of the replies of other members of their panel. |
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Term
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Definition
| Risk response negative: avoid, transfer, mitigate, accept; Risk response positive: Share, exploit, enhance, Accept |
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Term
| expected monetary value (EMV) formula |
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Definition
| EMV=P*I (EMV- Expected monetary value = Probability of event (risk) * Impact value of the event (risk + or -) |
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Term
| NPV net present value (Present-Future value formulas) |
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Definition
| NPV = (present value of all cash inflows)- (present value of cash out flows) |
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Term
| Present- future value formulas |
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Definition
| present value (PV) = Future cash value(FV)/(1+ interest rates R) to the power of Y= number of years (periods) |
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Term
| Communication channels (combinatorial explosion) formula |
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Definition
| Comm.Channels = N(N-1)/2 [N= number of team members stakeholders.] {Example: 5 stakeholders then (5*(5-1))/2=10 channels} |
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Term
| Point of total assumption |
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Definition
| is a point n the outline of the profit-cost curve determined by the contract (FPIF) above which the seller bears all cost of a cost overrun. |
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Term
| Point of total assumption formula |
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Definition
| PTA= [((Ceiling price-Target price)/buyers share ratio) + target cost] |
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Term
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Definition
| Target price = target cost + Target profit |
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