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PROJECT MGT-GOOGLE-GLOSSARY > Course Three: Project Initiation: Starting a Successful Project > Flashcards

Course Three: Project Initiation: Starting a Successful Project Flashcards

1
Q

Backward pass

A

Refers to starting with a final task or milestone and moving backwards through the schedule to determine the shortest path

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2
Q

Baseline

A

The dollar amount used to measure against to find out whether a project is on track or not and to measure the success of the project

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3
Q

Baseline a budget

A

The act of creating a fixed reference point of spending to measure and compare a project’s progress against

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4
Q

Bottom-up approach

A

Thinking about all the parts of a project from the beginning to the end–including making a list of anything that comes with an associated cost–and adding all of it together

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5
Q

Budget

A

The estimated monetary resources needed to achieve the project’s goals and objectives

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6
Q

Budget risk

A

The possibility that the costs of a project will increase due to poor planning or expanding the project’s scope

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7
Q

Buffer

A

Extra time added to the end of a task or project to account for unexpected slowdowns or delays in work progress

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8
Q

Capacity

A

The amount of work that the people or resources assigned to the project can reasonably complete in a set period of time

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9
Q

Capacity Planning

A

Refers to the act of allocating people and resources to project tasks and determining whether the necessary resources required to complete the work on time have been acquired

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10
Q

CAPEX

A

Capital expenses; refers to expenses which businesses incur to create a benefit in the future

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11
Q

Cash flow

A

The inflow and outflow of cash on a project

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12
Q

Cause-and-effect diagram

A

A visual that shows the possible causes of an event or risk; also known as a fishbone diagram

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13
Q

Communicatiuon

A

The flow of information; includes everything that’s shared, how it’s shared, and with whom

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14
Q

Communication Plan

A

A document that organizes the process, types, and expectations of communications for a project

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15
Q

Contingency budget

A

Money that is included to cover potentially unforeseen events that aren’t accounted for in a cost estimate

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16
Q

Contingency reserves

A

Money added to the estimated project cost to manage identified risks

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17
Q

Cost of Quality

A

Costs that are incurred to prevent issues with products, processes, or tasks

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18
Q

Cost performance index (CPI):

A

The ratio of the percentage complete to the actual costs

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19
Q

Cost variance (CV):

A

The difference between the amount of budget expected to be spent on versus what is actually spent for work completed at a point in time

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20
Q

Critical path

A

The list of project milestones that must be reached in order to meet the project goal on schedule, as well as the mandatory tasks that contribute to the completion of each milestone

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21
Q

Decision tree

A

A flowchart that helps visualize the wider impact of a decision on the rest of a project

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22
Q

Dependency

A

A relationship between two project tasks, where the start or completion of one depends on the start or completion of the other

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23
Q

Dependency graph

A

A visual representing the dependencies in the flow of work during a project

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24
Q

Earliest start date

A

In the critical path method, the earliest possible date on which a task (or the project itself) can begin

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25
Earned value management (EVM)
A technique where a project’s performance or actuals for budget and schedule are regularly monitored against the planned budget and schedule
26
Effort estimation
A prediction of the amount and difficulty of active work required to complete a task
27
Empathy
A person’s ability to relate to the thoughts and feelings of others
28
Ethical trap
An issue that may cause a person to make unethical choices
29
Finish-to-finish (FF)
In this type of dependency relationship, the first task must be completed before the second task can be completed
30
Finish-to-start (FS)
In this type of dependency relationship, the first task must be completed before the second task can start
31
Fishbone diagram
A visual that shows the possible causes of an event or risk; also known as a cause-and-effect diagram
32
Fixed contract
A contract that is paid for when certain milestones are reached
33
Fixed costs
Costs that won’t change over the course of a project
34
Fixed start date
The date on which work on a task must start in order to achieve a goal
35
Float
The amount of time that can be waited to begin a task before it impacts the project schedule and threatens the project outcome
36
Forecast
A cost estimate or prediction over a period of time
37
Forward pass
Refers to starting at the beginning of a project task list and moving forward towards the end of the project
38
Gantt chart
A horizontal bar chart that visually maps out a project schedule and tasks, with clear breakdowns of who’s responsible for the work and when those tasks are due
39
High-level risk
A risk that is serious and can affect the overall success of a project; requires direct communication with stakeholders to go over plans to mitigate and address
40
Impact
The damage a risk could cause, if it occurs; determined on a scale of high, medium, or low
41
Indirect costs
Costs that can’t be linked directly to a project
42
Inherent risk
The measure of a risk, calculated by its probability and impact
43
Issue
A known and real problem that can affect the ability to complete a task
44
Kanban board
A visual tool used to manage tasks and workflows
45
Kickback
A corruption scheme where a certain percentage of an awarded contract is offered to an official who can ensure that their company wins the bid
46
Knowledge management:
A way of ensuring that project data can be accessed in the future by others who need it for informing decisions or planning similar projects
47
Latest start date
In the critical path method, the latest possible date on which a task (or the project itself) can begin
48
Leverage experts
Refers to gathering experts' insights to do something more effectively
49
Low-level risk
A risk that may not greatly impact the project and may have a low probability of occurring, so a project manager may or may not communicate it to stakeholders
50
Management reserves
A percentage of the budget set aside for unknown risks
51
Medium-level risk
A risk that requires direct communication with stakeholders and should be treated as urgent, as it will most likely impact the project
52
Milestone
An important point within the project schedule that indicates progress and usually signifies the completion of a deliverable or phase of the project
53
Need-to-know basis
Telling someone facts they need to know at the time they need to know them, and nothing more
54
Network diagram
A visual that sequences project tasks in order of dependencies
55
OPEX (operating expenses)
Refers to expenses which are required for day-to-day tasks
56
Optimism bias
When a person believes that they are unlikely to experience a negative event
57
Parallel tasks
Tasks that can happen at the same time as other tasks
58
Personally identifiable information (PII)
Information that could be used on its own to directly identify, contact, or precisely locate an individual; includes email addresses, mailing addresses, phone numbers, precise locations, full names, and usernames
59
Planning fallacy
Describes people's tendency to underestimate the amount of time it will take to complete a task, as well as the costs and risks associated with that task
60
Planning phase
The second phase of the project life cycle; includes the schedule, the budget, and the risk management plan
61
Probability and impact matrix
A tool used to prioritize project risks
62
Procurement
Obtaining all of the materials, services, and supplies required to complete the project
63
Project budget
The estimated monetary resources needed to achieve the project's goals and objectives
64
Project buffer
Extra time tacked onto the end of a project
65
Project kick-off meeting
The first meeting in which a project team comes together to ground everyone in a shared vision, gain a shared understanding of the project’s goals and scope, and understand each person’s individual roles within the team
66
Project management baseline (PMB)
A clearly-defined fixed starting point for your project that includes the scope, budget, and schedule
67
Project plan
A document that records the scope, tasks, milestones, and overall activities of a project; generally contains these five basic elements: tasks, milestones, people, documentation, and time
68
Project task
An activity that needs to be accomplished within a set period of time
69
Reforecast
Creating a separate revised budget based on how a project is tracking
70
Request for proposal (RFP)
Document that outlines the details of a project
71
Reserve analysis
A method to check for remaining project resources
72
Resource cost rate
The cost of a resource
73
Risk
A potential event which can occur and impact a project
74
Risk appetite:
The willingness of an organization to accept the possible outcomes of a risk
75
Risk assessment
The stage of risk management where qualities of a risk are estimated or measured
76
Risk management
The process of identifying and evaluating potential risks and issues that could impact a project
77
Risk register
A table or chart that contains a list of risks
78
Root cause
The initial cause of a situation that introduces a risk
79
Schedule
The project timeline, which includes the start date, the end date, and dates for events in between
80
Schedule performance index (SPI)
The ratio of the percentage of work complete to the planned budget for the planned work
81
Schedule variance (SV)
The difference between the amount of work expected to have been completed and the amount actually completed at a given point in time
82
Scope risk
The possibility that a project won’t produce the results outlined in the project goals
83
Sequential tasks
Tasks that must be completed in a specific order
84
Single point of failure
A risk that has the potential to be catastrophic and halt work across a project
85
Slack
The amount of time that a task can be delayed past its earliest start date without delaying the project
86
Soft skills
Personal characteristics that help people work effectively with others
87
Sole-supplier sourcing
When a company restricts the bidding process to one supplier, preventing competition
88
Start-to-finish (SF)
In this type of dependency relationship, the first task must begin before the second task can be completed
89
Start-to-start (SS)
In this type of dependency relationship, the second task can't begin until the first task begins
90
Statement of work (SoW)
A document that clearly lays out the products and services a vendor or contractor will provide for the organization
91
Subtasks
Smaller tasks that are required to complete a larger task
92
Task buffer
Extra time tacked on to a specific task
93
Time and materials contract
Contract paid monthly based on the hours worked and other fees associated with the work, like travel and meals
94
Time estimation
A prediction of the total amount of time required to complete a task
95
Time risk
The possibility that project tasks will take longer than anticipated to complete
96
Time-phase a budget
The act of spreading budget items out over the duration of a project
97
Total cost of ownership (TCO)
The total cost of a project, from the initiation phase through completion
98
Vendors
Individuals or businesses who provide goods and services to the project

PROJECT MGT-GOOGLE-GLOSSARY (12 decks)

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