GSC Project Manager flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Business case

A documented justification for investment that sets out strategic alignment, options considered, expected benefits, costs, key risks, and a recommendation to support a go or no-go decision.

Net present value

The sum of future cash flows discounted to today at a given rate, minus the initial investment. A positive NPV means the project adds value at that discount rate.

Payback period

The time required for cumulative net cash inflows to equal the initial investment. It is simple to calculate but ignores the time value of money and all later cash flows.

Project charter

A document issued by the sponsor that formally authorizes the project, names the project manager, and records high-level scope, budget, milestones, and success criteria.

Critical path

The longest-duration sequence of dependent activities through the network. Its total float is zero, and delay on any activity in it delays the project finish date.

Total float

The amount of time an activity can be delayed without delaying the project finish date, calculated as late finish minus early finish or late start minus early start.

PERT expected duration

A weighted duration estimate computed as (optimistic plus four times most likely plus pessimistic) divided by six, used when activity durations are uncertain.

Schedule compression

Crashing adds resources to critical-path activities at extra cost; fast tracking overlaps activities that were sequential and increases rework and quality risk.

Cost baseline

The time-phased sum of authorized work package budgets plus contingency reserves, against which cost performance is measured. Management reserve is excluded from it.

Cost performance index

Earned value divided by actual cost. A value below 1.0 means the project is spending more than the value earned; it is used to forecast final cost.

Estimate at completion

A forecast of total project cost. A common formula when current variance is expected to continue is budget at completion divided by the cost performance index.

Management reserve

A budget held outside the cost baseline for unidentified risks and unforeseen scope. Using it normally requires sponsor or senior management approval.

Expected monetary value

Probability multiplied by impact for a risk. Summing EMVs across identified risks gives the amount typically held as contingency reserve for those risks.

Risk register

A living record of each risk's cause, event, effect, probability, impact, score, owner, planned response, trigger, residual risk, and current status.

Risk response strategies

For threats: avoid, transfer, mitigate, escalate, accept. For opportunities: exploit, enhance, share, escalate, accept. Each response is assigned to a risk owner.

Monte Carlo simulation

A quantitative technique that runs many randomized iterations of cost or schedule inputs to produce a probability distribution of outcomes and support reserve setting.

Cost of quality

The total of conformance costs (prevention and appraisal) and non-conformance costs (internal and external failure). Prevention is usually cheaper than failure.

Control chart

A run chart with statistically derived upper and lower control limits that separates common-cause variation from special-cause variation and signals when a process is out of control.

Pareto chart

A bar chart ordering causes by frequency with a cumulative line, used to focus improvement effort on the few causes responsible for most defects.

Quality audit

An independent structured review determining whether project activities comply with organizational policies, processes, and procedures, and identifying improvements.

Fixed-price contract

An agreement where the seller commits to a defined scope for a set price, placing cost risk on the seller. Changes require formal contract modification.

Cost-reimbursable contract

An agreement where the buyer pays allowable actual costs plus a fee, placing cost risk on the buyer. It suits work whose scope cannot be precisely defined.

Bidder conference

A meeting held before proposals are submitted to give all prospective sellers identical information. Any clarification given must reach every bidder.

Statement of work

A document describing the work to be performed in sufficient detail for sellers to price and plan it, referenced in the procurement contract.

Power-interest grid

A stakeholder classification tool that maps influence against interest to guide engagement: manage closely, keep satisfied, keep informed, or monitor.

Communication channels

The number of possible communication paths among n participants, calculated as n times (n minus 1) divided by 2; it grows rapidly as the team expands.

Communication management plan

A plan specifying who receives which information, in what format and frequency, through which channel, and how escalations and feedback are handled.

Integrated change control

The process of logging, evaluating, and approving or rejecting change requests, then updating baselines, plans, and documents only through formal authorization.

Scope creep

Uncontrolled addition of scope without change control, approval, or adjustment to time, cost, and resources, eroding the baseline and performance measures.

Lessons learned

Knowledge captured during and after the project about what worked, what failed, and why, stored in organizational process assets to improve future projects.

Benefits register

A record of each expected benefit with its owner, metric, baseline, target value, measurement date, and the mechanism by which it will be realized.

Conflict of interest

A situation where personal, financial, or other interests could improperly influence professional judgment. It must be disclosed promptly and managed or removed.