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

Parametric Estimating Relies on knowledge of mathematical relationships; measured in $/unit (scalable, quantifiable). It does not make use of team estimate. (part of cost budgeting and cost estimating). Using a mathematical model to predict the duration of a task (e.g. taking the average duration of all past tasks)

Parametric modeling  Involves using project characteristics (parameters) in a mathematical model to predict project costs.

Pareto charts are a graphical representation of what is vital and what is trivial. Recognize that vital does not always mean expensive 80/20 rule is a guideline, not a rigid rule

Pareto Diagram Used to show how results were generated, by type or category of identified cause Pareto Diagram is a histogram, ordered by frequency of occurrance, that shows how many results were generated by type or category of identified cause. Rank ordering is used to guide corrective action - the project team should take action to fix the problems that are causing greatest number of defects first

Path Convergence  Tendency of parallel paths of equal duration to delay the completion of the milestone where they meet

Payback Period Number of time periods up to the point where cumulative revenues exceeds cumulative costs. Weakness in this approach is the lack of emphasis on the magnitude of the profitability. Does not account for time value of money nor consider value benefits after payback.

Penalty Power: The ability to gain support because the project personnel perceive the project manager as capable of directly or indirectly dispensing penalties that they wish to avoid. Penalty power usually derives from the same source as reward power, with one being a necessary condition for the other

percentage complete method  This method is used for the budgeted cost of work performed (BCWP)

Performance charts. A performance chart provides a way to monitor performance when several characteristics contribute to overall output.

Performance reporting involves collecting and disseminating performance information to provide stakeholders with information about how resources are being used to achieve project objectives.

Performance reports provide information on the project scope and cost performance, such as which budgets have been met and which have not - Performance Reports also alert the project team to issues that may cause problems in the future

Performance Reviews meetings held to assess status and/or progress.is a tool and technique for Performance Reporting which happens after Information Distribution

Performance Scope of Work describes the performance not the functionality-- required by the customer

PERT Weighted Average = (O + 4M + P)/6     standard deviation = (P - O)/6    variance = standard deviation2  (To add standard deviations: convert to variance then add; take the square root of the sum). Best method when you have no historical data for a similar task. Results is the 50% point (mean).

Precedence Diagram Methods The general term used for any project management network applications is precedence diagram method (PDM). The operative word is precedence because it signifies existence of predecessor activities

Prevention refers to keeping errors out of the process, whereas inspection refers to keeping errors out of the hand of the customer

Present Value      Probability * Impact. Present Value is the future value of a payment discounted at a discount rate for the delay in payment. This rate is also called the "Cost of Capital"

Privity - legal relationship that exists between any contracting parties (e.g. if company A hires B and B subcontract to C, C is not legally bound by anything A can say; the privity is with B)

preferred logic, preferential logic or soft logicDiscretionary Dependencies are usually defined based on knowledge of best practices within a particular knowledge area....Discretionary dependencies may also be called preferred logic, preferential logic or soft logic.
Process adjustments involve immediate corrective or preventive action as a result of quality control measurements. In some cases, the process adjustment may need to be handled according to procedures for integrated change control

Procurement Audit structured review that flush out issues, and set-up lessons learned. Helps ensure problems are resolved for future projects. A procurement audit is a structured review of the procurement process from procurement planning through contract administration. The objective of a procurement audit is to identify successes and failures that warrant transfer to other procurement items on this project or to other projects within the performing organization

Product Analysis involves developing a better understanding of the product of the project. It includes techniques like product breakdown analysis systems engineering, value engineering, value analysis, function analysis and quality function deployment.

Product Scope - features and functions that are to be included in a product; completion is measured against the requirements.

Project Baseline should be changed for all implemented changes. Sometimes, certain classification of changes get automatic approval on a project and do not need Change Control Board approval.

Project Charter - formal document used and approved by senior management that explains purpose of the project including business needs addressed and the resulting product (deliverables and objectives).  It describes responsibilities and authority of the project manager to apply organizational resources to project activities.  Clarification to the Project Charter must be addressed to the sponsor(s) who approved the charter. Resources cannot be committed without the Charter. The Charter is an input to ALL the project management processes.

Project Closeout   (output to cost control) Process and procedures developed for the closing or canceling of projects

Project closure - Confirmation that the project has met all customer requirements for the product of the project (the customer has formally accepted the project results and deliverables and the requirements of the delivering organization, although Administrative Closure is the process in which you formalize acceptance of the product of the project, the specific output from the process is "Project Closure"

Project Communications Management - process required to ensure proper collection and dissemination of project information.

Project Cost Management       Processes required to ensure that the project is completed within the approved budget.

Project Human Resource Management - process required to make the most effective use of the people involved with the project

Project Plan as an input to team development, the project plan describes the technical context within which the team operates.

Project Portfolio Management refers to the selection and support of projects or program investments. These investments in projects and programs are guided by the organization`s strategic plan and available resources.

Project Management Information System(PMIS): A PMIS consists of tools and techniques used to gather, integrate, and disseminate the outputs of project management processes. It is used to support all aspects of the project from initiating through closing, and can include both manual and automated systems.

Project Network Diagrams is an output from Activity Sequencing Process

Project Procurement Management - the processes required to acquire goods and services from outside the performing organization.

Project Scope - the work that must be done in order to deliver a product; completion is measured against the project plan.

Project Scope Management - processes required to ensure that the project includes only the work required to complete the project successfully.

Project Selection Method - Benefit Measurement  (comparative approach) and Constrained Optimization (mathematical approach).

Project success depends primarily on customer satisfaction.

Project Time Management - processes required to ensure timely completion of the project

Purchase Order     A form of contract that is normally unilateral and used for simple commodity purchases.

Purpose is to test the value of data (input to Qualitative Analysis)

Project Reports: Formal project reports on project status and/or issues

project directory lists all the project team members and other stakeholders. The directory may be formal or informal, highly detailed or broadly framed, based on the needs of the project

Progress Reporting - describing what the project team has accomplished - for example, percent complete to schedule, or what is completed versus what is in process. Progress Reporting are summary reports about % complete and provide a quick overview of the project

project plan is a document or collection of documents that should be expected to change over time as more information becomes available about the project. The performance measurement baselines will usually change intermittently, and then generally only in response to an approved scope of work or deliverable change

Quantitative Risk Analysis Analyzing numerically the probability of each risk and its impact on the project objectives

If the project is terminated early, the scope verification process should establish and document the level and extent of completion

 

Quality Attribute A quality characteristic that is classified as either conforming or nonconforming

Quality Audit Structured review of other quality management activities performed to identify lessons learned (used for process improvement) Part of Quality Assurance. Provide management confidence that the project will satisfy relevant quality standards.The objective of a quality audit is to identify lessons learned that can improve performance of this project or of other projects within the performing organization

Quality Function Deployment (QFD)

The purpose of Quality Function Deployment (QFD) is to increase the probability that deliverables produced in every stage of product and process development meet internal and external customer requirements. The centerpiece of QFD is a matrix that represents:Customer needs. How your organization can meet those needs. What your competition is doing.

Quality Policy is "the overall intentions and direction of an organization with regard to quality, as formally expressed by top management"

Quality Management plan should describe how the project management team will implement its quality policy

Quality Variable A quality characteristic that is measurable

 

Revisions are a special category of schedule updates. Revisions are changes to the schedule start and finish dates in the approved project schedule. These changes are generally incorporated in response to scope changes or changes to estimates

Risk Identification involves determining which risks might affect the project and documenting their characteristics

Risk Monitoring and Control Keeping track of identified risks and ensuring execution of risk plans

Risk Response Planning Determining actions to enhance opportunities and reduce threats to project objectives

Risk Management plan includes defining key risks, including constraints and assumptions, and planned responses and contingencies. project plan includes the Risk Management plan

 

Sunk cost cannot be used to determine which project should be selected. Sunk cost is the cost tha has  already been incurred

Sensitivity Analysis helps to determine which risks have the most potential impact on the project. It examines the extent to which the uncertainty of each project element affects the objective being examined when all other uncertain elements are held at their baseline values.

 

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