Uncertainty     Planned action steps to be taken if an identified risk occurs. (e.g. developing alternative activity sequences)

Upper and Lower Control Limit on a Control Chart     Acceptable range of variation of a process. [These limits are set based on the company’s quality standards. The control limits are determined from data obtained from the process itself.]

Utility Theory    Technique that characterizes an individual’s willingness to take risk

Value Analysis   Cost reduction tool that considers whether function is really necessary and whether it can be provided at a lower cost without degrading performance or quality. Finding the least expensive way to do the scope of work.

Value Engineering Tool     for analyzing a design, determining its function, and assessing how to provide those functions cost effectively.

Value Estimating   Part of Cost Control

Variable Costs  Costs rise directly with the size and scope of the project

Variable Sampling  characteristic you want to measure (size, shape, weight, etc…). An attribute is what you are measuring. The result is rated on a continuous scale that measures the degree of conformity.

Variance - Plan minus Actual

Variance analysis – key element to time control. Float variance is an essential planning component for evaluating project time performance.

Variance at Completion (VAR)    BAC – EAC

walk through method is a valuable technique for brand new projects. Use this method when there is no historical information or when your project manager or project team has little experience with your project subject matter." What is the first thing that needs to be done? And then the second? And the third?" Use a flowchart to document your thoughts as you walk through your project. Apply two V's (verbalizing and visualization) to help you define each project step.

Waiver - a party can relinquish rights that it otherwise has under the contract. Forebearance can mature into waiver.

Warranty - assurance of the level of quality to be provided

WBS - subdividing project deliverables into smaller, more manageable components. It is a deliverable-oriented grouping of project elements that organizes and defines the total scope of the project. It is a communication tool and it describes what needs to be done and what skills are required. Statement of Work leads to creation of a lower-level, detailed Work Breakdown Structure (WBS) which is without a doubt one of the key tools of project management. A WBS identifies all project tasks in an organized manner. It also helps you assign tasks to project team members and create the project schedule.

WBS Dictionary – Defines each item in the WBS, including description of the work packages and other planning info such as schedule dates, cost budgets and staff assignments..

Work Authorization Systems – can be used to coordinate/control what time and sequence work is done

Work flow diagrams (WFD) are similar to integrated flowcharts. Instead of listing the names of departments in columnar fashion across the top of your sheet, create a map or floor diagram. You do not need to use special symbols such as boxes and diamonds. Draw lines between various areas on your map to indicate the movement of activity.

The purpose of the WFD is to pinpoint inefficiencies because of unnecessary movement. After you diagram and study a process, physically reorganize an area or reengineer your process to perform it more optimally.Use a WFD for company and building relocation projects. Construct a WFD to indicate relationships between departments. This helps determine locations for each department in your new facility

Work Package - deliverable at the lowest level of WBS. They are control points in the WBS and are used for assignments to work centers.

Workaround     Unplanned response to negative risk events (requires to be impacted by the risk first)

Working Capital     Current Assets - Current Liabilities

Why-Why Diagrams A tree diagram helps you ask questions such as, "What is needed now?" until the answer is, "Nothing else." A why-why diagram asks questions so that everyone knows why something takes place. It helps you find the root cause of a problem

The project management team must have a working knowledge of statistical quality control, especially sampling and probability, to help it evaluate quality control outputs

Results from an earned value analysis may indicate potential deviation of the project at completion from cost and schedule targets. When a project deviates significantly from the baseline, updated risk identification and analysis should be performed

In general, differences between and among stakeholders should be resolved in favor of the customer

When project costs are used as component of a reward and recognition system, controllable and uncontrollable costs should be estimated and budgeted separately to ensure that rewards reflect actual performance


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