PROJECT  MANAGEMENT TERMINOLOGY  A B C D E F G H  I J K L M N O  P Q R S T  U V W X Y Z

indented WBS is known for its sophistication. This format is preferred over the flow format when your project is large . Also, many government agencies require the indented format WBS when a Request for Proposal (RFP) is submitted to bid on an external project

Independent Estimate – most concern with costs, comparing cost estimates with in-house estimates or with outside assistance (part of Source Selection)

Indirect Costs Part of the overall organization's cost of doing business and are shared by all projects.,a percentage of the direct costs.

Information Gathering techniques include: Brainstorming Delphi Technique Interviewing Strength, weaknesses, opportunities and threats(SWOT) analysis

Inspection Prevents errors from reaching the customer before delivery to the customer. Can be done throughout product development.

Integrated change control is concerned with a) influencing the factors that cause changes to ensure that changes are agreed upon b) determining that a change has occured, and c) managing the actual changes when and as they occur. The original defined project and the integrated performance baseline must be maintained by continuously managing changes to the baseline, either by rejecting new changes or by approving changes and incorporating them into a revised project baseline

Integrated flowcharts (also known as deployment flowcharts) build upon a basic flowchart in a certain way. Integrated flowcharts show process flow and identify which department or individual has responsibility for a task.

Internal Rate of Return  Interest Rate which makes the PV of costs equal to PV of benefits 

Interviewing techniques are used to quantify the probability and consequences of risks on project objectives. A risk interview with the project stakeholders and subject-matter experts is the first step in quantifying risks

Ishikawa   Made popular Pareto Chart, Cause-and-Effect Diagram and Control Chart

ISO 9000 Provides a basic set of requirements for a quality system, without specifying the particulars for implementation.

kickoff meeting (all hands on deck meeting (AHOD)) The purpose of the kickoff meeting is to formally notify all stakeholders that the project has begun and to make sure that everyone has an understanding of their roles and responsibilities. Typical agenda 1.Introduction of meeting participants 2.Project review ·Purpose ·Scope ·Major deliverables ·Risks ·Assumptions ·Estimated effort, budget, and duration 3.Roles and responsibilities 4.Project approach and overall timeline 5.Questions/answers 6.Recap/summary

Lag – waiting time between two tasks (negative lead)

LaPlace Criterion Identify average payoff for each alternative (assume that each choice is equi-probable) and pick the highest payoff. Since each option is equi-probable, this means that probabilities for each demand condition (low, medium, and high) 1/3

lead or lag Any of the dependencies may require specification of a lead or lag to accurately define the relationship. An example of a lag: there might be a desire to schedule a two-week delay(lag) between ordering a piece of equipment and using it.

Learning Curve Mathematically models the intuitive notion that the more times we do something, the faster we will be able to perform

Legitimate Power: The ability to gain support because project personnel perceive the project manager as being officially empowered to issue orders.

Life-Cycle Cost Provide a picture of the total cost for the product (project, operations and maintenance).

Linear Responsibility Chart (LRC) – identifying responsibility, assignments by work packages and action required.  Also referred to as RAM.

Liquidated damages -

 

Maintenance is an ongoing activity and should never be part of any project

Make or Buy Decision – it is generally better to do the work yourself if using an outside company means you have to turn over highly confidential proprietary data to other company.

Management by Objective (MBO) – determining company’s objective and how the project fits into them. MBO focuses on the goals of an activity rather than the activity itself (manager is responsible for results rather than performing certain activities)

Management Reserve  Separate quantity of time/money for unknown unknowns

Maximin  approach Identify the worst possible outcomes for each alternative and pick the best worst.

Maximax approach Identify the best possible outcomes for each alternative and then pick the best of the best

MBO – More support to team, not more power (remain to PM)

McGregor – Theory X (employee lack ambition) and Theory Y (org structure are responsible for motivation)

mean is represented by the symbol xBar. The normal curve has most of the values clustered near a central point with progressively fewer values positioned away from the center

Median The median is represented by values positioned in the middle of a data group

Milestone events need to be part of the activity sequencing to assure that the requirements for meeting the milestones are met
Since milestones just indicate when a particular task is going to be completed, they do not have any duration i.e. the duration for milestones is 0

Minimax Identify the worst regret (what you give up) for each alternative and pick the best worst. This uses opportunity costs (other choices that you sacrifice when you make a decision) and is called

Mitigation (reduction)  Reduce the Expected Monetary Value. Float can be use to mitigate potential risks

mode is defined as observations that occur most frequently

Monte Carlo Analysis - computer simulation of project outcomes using PERT estimates; result represented in S curve. Provides the ability to compute the probability of completing a project on a specific day. Can also be used to assess feasibility of schedule under adverse conditions (eg when a schedule constraint is identified) Monte Carlo simulation is used to model uncertainty, manage business risk and simulate complex systems. Its use is not that widespread in project management, It is a probabilistic technique, which means that it is only used when for random processes. As a simulation technique, Monte Carlo produces likely outcomes. Some project problems or issues are too complex to solve with pure mathematics. Their randomness cannot be quantified. These problems are well-suited for simulation.
Mutually Exclusive    If two events cannot both occur in a single trial (?)

network diagram, is a mathematical model that contains small circles, called nodes connected by lines, called arcs. Nodes help define a network as they are endpoints for arcs. Arcs link nodes to one another, therefore, arcs functions as predecessors (tasks before) and successors (tasks after).

Nominal Group Technique (NGT)

The process for Nominal Group Technique (NGT) is similar to brainwriting. Use NGT to produce a list of brainstorming ideas more rapidly than brainwriting. You do not need to wait for responses to be transcribed

Operating profit  Amount of money earned: Revenue – (direct + indirect costs)

Opportunity Cost Cost of choosing one alternative and therefore giving up the potential benefits of another alternative: it is the value of the project not selected (lost opportunity).Opportunity cost is not a project selection criteria. It is the passing up the next best choice when making a decision
Organizational Breakdown Structure (ORS) - A depiction of the project organization arranged so as to relate work packages to organization units.

Organizational Planning involves identifying, documenting, and assigning project roles, responsibilities and reporting relationships. Roles, responsibilities and reporting relationships may be assigned to individuals or groups

Out of Control Non-random points that are still within the upper and lower control limit

Overhead Cost is simply defined as all cost of a project that are not fixed and variable costs. You incur overhead costs but they are not directly traceable to your project. They include building utility costs and depreciation on your facility. Overhead costs are also called burden

 

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