PKMC Module III flashcards

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

Project

A temporary endeavor undertaken to create a unique product, service, or result. Temporary means it has a defined beginning and end; unique means the output differs from routine operational work.

Program versus portfolio

A program is a group of related projects managed together to gain benefits not available individually. A portfolio is a collection of projects, programs, and operations managed to achieve strategic objectives.

Cost of changes curve

Stakeholder influence is greatest and the cost of implementing changes is lowest at project start. As the project progresses, influence declines while the cost of changes rises sharply.

Process groups

The five process groups are Initiating, Planning, Executing, Monitoring and Controlling, and Closing. They are not phases; they repeat and overlap throughout the project life cycle.

Project charter

A document issued by the sponsor that formally authorizes the project and the project manager to apply organizational resources. It records high-level scope, risks, success criteria, and the assigned project manager.

Business case

A document that establishes the business need and justification for investing in the project. It is the primary input used to create the project charter and is typically owned by the sponsor.

Stakeholder register

A project document recording each stakeholder's identification information, assessment information such as power, influence, and interest, and classification. It is a project document, not part of the project management plan.

Requirements traceability matrix

A grid linking each requirement to its source, such as a business need or stakeholder, and to the deliverables, design components, and test cases that satisfy it, supporting verification of complete coverage.

Scope baseline

The approved combination of the project scope statement, the work breakdown structure, and the WBS dictionary. Changes to any of these three components require formal change control approval.

WBS 100 percent rule

The work breakdown structure must capture all work required to complete the project and nothing beyond it. Any work not represented in the WBS is out of scope.

Critical path

The longest path through the project schedule network, which determines the shortest possible project duration. Activities on it have zero total float, so any delay postpones the project finish.

Total float formula

Total float equals late start minus early start, or late finish minus early finish. It is the amount an activity can be delayed without delaying the project finish date.

Cost baseline

The time-phased approved project budget, excluding management reserve. It includes contingency reserve for identified risks. Adding management reserve to the cost baseline yields the total project budget.

Schedule variance and index

Schedule variance equals earned value minus planned value; schedule performance index equals earned value divided by planned value. Positive SV and SPI above one indicate ahead of schedule.

Cost performance index

Cost performance index equals earned value divided by actual cost. A CPI above one means the project is receiving more budgeted value per unit of actual cost than planned, indicating favorable cost performance.

Estimate at completion

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

To-complete performance index

TCPI equals budget at completion minus earned value, divided by budget at completion minus actual cost. A value above one means remaining work must be performed more efficiently than planned.

Cost of quality

Prevention and appraisal costs are conformance costs; internal and external failure costs are nonconformance costs. Preventing defects generally costs less than correcting them after they occur.

Pareto diagram

A histogram ordered by frequency of occurrence that applies the 80/20 principle, showing that a small number of causes typically produce most defects, so improvement effort should target those vital few.

Control chart limits

Control charts plot process data against upper and lower control limits, typically set at plus or minus three sigma. Points outside the limits or nonrandom patterns signal special-cause variation.

Risk score

In qualitative risk analysis, a risk score is calculated by multiplying probability by impact. Scores are used to rank risks and prioritize which ones receive detailed analysis and response planning.

Negative risk responses

The five responses to threats are escalate, avoid, transfer, mitigate, and accept. Avoidance eliminates the threat; transfer shifts ownership to a third party, such as through insurance.

Fixed-price contract

A contract in which the seller agrees to deliver defined scope for a set price. Cost risk sits mainly with the seller, so this type suits projects with well-defined, stable scope.

Cost-reimbursable contract

A contract in which the buyer pays the seller's allowable actual costs plus a fee. Cost risk sits mainly with the buyer, making this type suitable when scope is uncertain at award.

Make-or-buy analysis

A decision technique comparing the cost and capability of performing work internally versus purchasing it externally, considering direct and indirect costs, capacity, and core competency.

Procurement statement of work

A document describing the work the seller must perform, including deliverables and acceptance criteria. It is included in procurement documents so sellers can prepare comparable, responsive proposals.

Communication channels formula

The number of communication channels equals n times n minus one, divided by two, where n is the number of stakeholders. Adding stakeholders increases channels and complexity nonlinearly.

Tuckman team stages

The five stages of team development are forming, storming, norming, performing, and adjourning. Storming involves conflict over roles and approach; performing is the productive, collaborative stage.

Expert and referent power

Expert power derives from technical knowledge and skill; referent power derives from respect, trust, and personal relationships. Both tend to be more effective than legitimate or coercive power with knowledge workers.

Integrated change control

The process of reviewing all change requests, assessing their impact on scope, schedule, cost, quality, and risk, then approving, rejecting, or deferring them and managing approved changes to baselines.

Validate scope versus control quality

Control quality verifies that a deliverable is correct and meets specifications; validate scope obtains the customer's or sponsor's formal acceptance of the completed deliverable. Both precede final handover.

Lessons learned repository

A store of knowledge captured during and after projects, held in organizational process assets. It records what worked, what failed, and recommendations for improving future project performance.