Day 1 Flashcards
(94 cards)
Project; A temporary endeavor undertaken to create a unique product
service
Project Management; The application of knowledge
skills
Stakeholder; An individual
group
Scope; The sum of products
services
Work Breakdown Structure (WBS);
A hierarchical decomposition of the total scope of work to accomplish project objectives.
Risk Management; The process of identifying
analyzing
Critical Path; The longest sequence of activities that determines the shortest possible duration for a project.
Earned Value (EV); A measure of work performed expressed in terms of the budget authorized for that work.
Cost Performance Index (CPI); A measure of cost efficiency calculated as Earned Value (EV) divided by Actual Cost (AC).
Schedule Performance Index (SPI); A measure of schedule efficiency calculated as Earned Value (EV) divided by Planned Value (PV).
Agile; A mindset and methodology focused on iterative development
collaboration
Scrum; An Agile framework with predefined roles
events
Sprint; A fixed time period (e.g.
2 weeks) in which a Scrum team works to complete a set amount of work.
Kanban; A visualization tool to manage workflow by making bottlenecks and work quantities visible.
Monte Carlo Analysis; A statistical technique used to assess project risks and forecast probable outcomes.
Change Control; The process of identifying
documenting
Milestone; A significant point in a project schedule marking the completion of a phase or key event.
Risk Register; A document that captures all identified risks and their response strategies.
Burndown Chart; A graphical representation of work remaining versus time remaining in a timebox.
Daily Scrum; A short daily meeting for Agile teams to review progress and plan work for the day.
Definition of Done (DoD); A shared understanding of the criteria required to declare a deliverable as complete.
Story Point; A unit of measure used in Agile to estimate work effort relative to other tasks.
Net Present Value (NPV); A financial metric that calculates the value of future cash flows in today’s terms.
Return on Investment (ROI); A financial metric used to measure the profitability of a project investment.