Key Definitions

Question 2

Grade

Answer 2

• Categorization
• Example: low grade might be fewer features

Question 3

Precision

Answer 3

• Measure of Exactness

Question 4

Accuracy

Answer 4

• Assessment of Correctness

Question 5

Design of Experiments

(DOE)

Answer 5

• Statisical method for identifying which factors may influence specific variable or a product or pprocess under development or in production
• May be used to determine the number and type of tests required for Quality Management Plan
• Plays a role in optimzing products or processes

Question 6

Statistical Sampling

Answer 6

• choosing part of a population of interest for inspection
• Sample frequency and size should be determined in the Quality Management Plan

Question 7

Process Decision Program Charts

(PDPC)

Answer 7

• used to understand goal in relation to the steps for getting to the goal
• Useful as a method of contingency planning

Question 8

Prevention

Answer 8

• Keeping errors out of the process

Question 9

Inspection

Answer 9

• Keeping errors out of the hands of the customer

Question 10

Firm Fixed Price Contracts

(FFP)

Answer 10

• Most commonly used contract type
• Price for goods is set at the beginning of the engagement and not subject ot change unless scope changes
• Adverse performance impacts is the respomnsibility of the seller

Question 11

Fixed Price Incentive Fee Contracts

(FPIF)

Answer 11

• Allows for deviation from performance
• Gives flexibility for buyer and seller to have incentives tied to acheiving objectives early
• Performance targets set at the beginning
• Price ceiling is set, and all costs above it are the responsibility of the seller

Question 12

Cost Plus Fixed Fee Contracts

(CPFF)

Answer 12

• Seller is reimbursed for all incurred costs, as well as a fixed fee payment calucalted as a percentage of the initial estimated project costs
• Fee is paid only for completed work
• Fee does not change unless the scope changes

Question 13

Cost Plus Incentive Fee

(CPIF)

Answer 13

• Reimbursed for all allowable costs, receives a pre-determined incentive fee based on acheiving certain performance objectives
• If there is a difference in final costs, both the buyer and seller share the overages or under nby a negotiated percentage according to a cost sharing forumla

Question 14

Cost Plus Award Fee Contracts

(CPAF)

Answer 14

• Seller is reimbursed for all ligitimate costs, but the majority of the fee is earned only based on satisfaction certain broad subjective performance criteria defined and incorporated into the contract

Question 15

Procurement Statement of Work

(SOW)

Answer 15

• Developed form the project scope baseline
• written to be clear, complete, and concise

Question 16

Procurement Documents

Answer 16

• Request for Information (RFI)
• Invitation for Bid (IFB)
• Request for Proposal (RFP)
• Request for Quotation (RFQ)

Question 17

Possible Source Selection Criteria

Answer 17

• Understanding of need
• Overall or life-cycle cost
• Technical capability
• Risk
• Management Approach
• Technical Approach
• Warranty
• Financial Capacity
• Production Capacity and interest
• Business size and type
• Past performance of sellers
• Intecllectual Propeerty Rights
• Proprietary Rights

Question 18

Bidder Conferences

Answer 18

• Used before submittal of a bid or proposal
• Meetings with tbe buyer and all potential sellers to ensure common understanding
• Example: Supplier summit meeting from AGS

Question 19

Risk Appetite

Answer 19

• degree of uncertainty an entity is willing to take on in anticiaption of a reward

Question 20

Risk Tolerance

Answer 20

• Degree, amount, or volume of risk that an organization or individual will withstand
  *

Question 21

Risk Threshold

Answer 21

• measures along the level of uncertainty ir the level of impact at which a stakeholdr may have a specific interest
• Below the threshold, they will accept the risk
• Above the threshold, they will not tolerate the risk

Question 22

Delphi Technique

Answer 22

• Way to reach a concensus of experts
• Participate anonymously
• Use a quesitionairre to solicit ideasabout important risks
• ideas are consolidated then recirculated to the experts
• Helps to redues bias in the data

Question 23

Root-Cause Analysis

Answer 23

• USed to identify a problem or to discover the underlying cause that lead to it, and develop preventative action

Question 24

Risk Diagramming Techniques

Answer 24

• Cause and Effect Diagrams
• System or process flow charts
• influence diagrams

Question 25

Checklist Analsysis

Answer 25

* Use of a checklist for risks from historical information * Should not be used in place or proper risk management * Would likely be used for very repeatable projects and processes

Question 26

Risk Cause and Effect Diagrams

Answer 26

* Also known as fishbone diagrams

Question 27

Risk System or process flow charts

Answer 27

* how various elements of a system interrelate and the mechanism of causation

Question 28

Qualitative Risk Assessment Tools and Techniques

Answer 28

* Risk proabability and Impact Assessment * Probability and Impact Matrix * Risk Data Quality Assessment * Risk Categorization * Risk Urgency Assessment

Question 29

Risk probability and impact assessment

Answer 29

* looking at the prbability and impact on each risk * Think of the traditional risk log

Question 30

Probability and impact matrix

Answer 30

* Risk rating rules usually pre-defined * matrix to score each risk based on probability and impact * Color scales may be used to identify high, medium, low risk based on organizational rules * Risk Scores help to determine priority of action and response

Question 31

Qualitative Risk Analysis Techniques

Answer 31

* Data Gathering and Representation Techniques * Interviewing * Probability Distributions * Modeling Techniques * Sensitivity Analysis * Expected Monetary Value (EMV) Analysis * Modeling and Simulation

Question 32

Data Gathering: Interviwewing

Answer 32

* drawing on historical data * Estimasting risk based on low, most likely, and high estaimtes

Question 33

Modelling and Simulation

Answer 33

* translates the specificed uncertainties into their potential impact on project objectives * Typically performed using the Monte Carlo technique

Question 34

Mitigate

Answer 34

* Negative risk response sterategy in which the project team acts to minimize the probability of occurance or impact of a risk * Examples include: * adopting less complex processes * conducting more tests * choosing a more stable supplier * designing redundancy into a system

Question 35

Contingent Response Plan

Answer 35

* Risk response plan that will only be executed if certain conditions occur

Question 36

Rolling Wave Planning

Answer 36

* An iterative planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level * Example: CSX Phase 1A vs. Phase 1B