Key Terms P Flashcards
(41 cards)
parametric estimating
A quantitatively based estimating technique that is typically calculated by multiplying rate times quantity
Pareto diagram
A Quality Control technique used to rank importance of a problem based on its frequency of occurrence over time. This diagram is based on the Pareto principle, more commonly referred to as the 80/20 rule, which says that the majority of defects are caused by a small set of problems.
payback period
The length of time it takes a company to recover the initial cost of producing the product or service of the project.
performance reporting
Collecting information regarding project progress and project accomplishments and reporting it to the stakeholders, project team members, management team, and other interested parties. It also makes predictions regarding future project performance.
planned value (PV)
The cost of work that ’ s been budgeted for an activity during a certain time period.
planning
The process group where the project plans are developed that will be used
throughout the project to direct, monitor, and control work results. The primary result of
this process is the project plan.
post - mortem analysis
Performed when a project is canceled or ends prematurely. It describes the reasons for cancellation or failure and documents the deliverables that were completed.
post - project review
Conducted at the end of the project to document lessons learned
precedence diagramming method (PDM)
A network diagramming method that places
activities on nodes, which connect to dependent activities using arrows. Also known as activity on node .
predecessor
A task on the network diagram that occurs before another task.
preliminary investigation
An investigation at project request time to determine the costs and benefits of the project, as well as examine alternatives to the proposed solution in order to determine the feasibility of carrying out the project.
preventive action
A type of change request that usually occur during the Monitoring and Controlling process group. Preventive actions are implemented to help reduce the
probability of a negative risk event.
prevention
A Quality Control tool and technique that keeps errors from reaching the
customer. Prevention is less expensive than having to fix problems after they’ve occurred.
prevention costs
The cost of activities performed to avoid quality problems, including quality planning, training, and any product or process testing.
probability
The likelihood a risk event will occur. Probability is expressed as a number
between 0.0 and 1.0.
procurement planning
The process of identifying what goods or services will be purchased from outside the organization. It uses make - or - buy analysis to determine whether goods or services should be purchased outside the organization or produced internally.
product description
Explains the major characteristics of the product and describes the relationship between the business need and the product. This is also referred to as high -level requirements
product verification
Occurs in the Close Procurements process and determines whether the work of the contract is acceptable and satisfactory.
program
A grouping of related projects that are managed together to capitalize on
benefits that couldn’t be achieved if the projects were managed separately.
program evaluation and review technique (PERT)
Calculates the expected value, or weighted average, of critical path tasks to determine project duration by using three estimates: most likely, pessimistic, and optimistic. The PERT calculation is
(optimistic + pessimistic + (4 × most likely)) / 6
progress reports
Reports from project team members listing the tasks each team member is working on, the current progress of each task, and the work remaining
project
Temporary in nature, with a definite start and end date; creates a unique product,
service, or result. It is completed when the goals and objectives of the project have been met and signed off on by the stakeholders.
project - based organization
An organizational structure focused on projects. Project managers generally have ultimate authority over the project, and sometimes supporting departments such as human resources and accounting might report to the project manager. Project managers are responsible for making project decisions and acquiring and assigning resources
project champion
The person who fully understands, believes in, and espouses the
benefits of the project to the organization. This is the cheerleader for the project.
