NC Phase F flashcards

33 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; it has a defined start and end and is distinct from ongoing operations.

Program

A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually; programs may include program activities.

Portfolio

A collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives; portfolio management aligns work with organizational strategy.

Stakeholder

An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.

Deliverable

Any unique and verifiable product, result, or capability to perform a service that is produced to complete a process, phase, or project; deliverables are tangible outputs.

Baseline

An approved version of a work product that can be changed only through formal change control procedures and is used as a basis for comparison against actual performance.

WBS

A hierarchical decomposition of the total scope of work to be carried out by the project team; the lowest level is a work package that can be estimated and controlled.

Project charter

A document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with authority to apply organizational resources to project activities.

Business case

A documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for authorization of further project management activities.

Stakeholder register

A project document that identifies stakeholders, their interest, influence, expectations, and classification; it is created during initiation and updated throughout the project life cycle.

Scope statement

A document that describes the project scope, major deliverables, assumptions, and constraints; it provides a documented basis for making future project decisions and confirming common understanding.

Cost baseline

The approved version of the time-phased project budget, excluding management reserves, used to measure and monitor cost performance; it includes contingency reserves for identified risks.

Assumption log

A project document used to record all assumptions and constraints throughout the project life cycle; assumptions are considered true without proof and must be validated.

Earned value (EV)

The measure of work performed expressed in terms of the budget authorized for that work; EV = percent complete × budget at completion (BAC).

Cost variance (CV)

The amount of budget deficit or surplus at a given point in time, expressed as the difference between earned value and actual cost; CV = EV − AC; positive is favorable.

Schedule variance (SV)

A measure of schedule performance expressed as the difference between earned value and planned value; SV = EV − PV; positive indicates ahead of schedule.

Cost performance index (CPI)

A measure of cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost; CPI = EV / AC; a value greater than 1 indicates cost efficiency.

Estimate at completion (EAC)

The expected total cost of completing all work expressed as the sum of actual cost to date and the estimate to complete; EAC = BAC / CPI when current cost performance is expected to continue.

Integrated change control

The process of reviewing all change requests, approving changes, and managing changes to deliverables, project documents, and the project management plan; only approved changes are implemented.

Quality assurance

The process of auditing quality requirements and results from quality control measurements to ensure appropriate quality standards and operational definitions are used; it is preventive and process-oriented.

Quality control

The process of monitoring and recording results of executing quality activities to assess performance and recommend necessary changes; it includes inspection, testing, and defect repair.

Cost of quality

The total cost of conformance (prevention and appraisal) plus the cost of nonconformance (internal and external failure); prevention costs are lowest and external failure costs highest.

Pareto chart

A histogram ordered by frequency of occurrence that shows how many results were generated by each identified cause; based on the 80/20 principle, it helps prioritize the vital few causes.

Control chart

A graphical display of process data over time with established control limits; a process is out of control when a point exceeds a limit or shows a non-random pattern such as seven consecutive points on one side of the mean.

Quality audit

A structured, independent process to determine whether project activities comply with organizational and project policies, processes, and procedures; it identifies best practices and gaps.

Risk register

A project document that contains identified risks, their causes, potential responses, risk owners, probability, impact, and status; it is updated throughout the project life cycle.

Expected monetary value (EMV)

The product of the probability of an event occurring and its monetary impact; used to compare risk response alternatives and in decision tree analysis.

Contingency reserve

Time or money allocated in the schedule or cost baseline for known risks with active response strategies; it is part of the cost baseline and managed by the project manager.

Risk response strategies

For threats: avoid, transfer, mitigate, accept, escalate; for opportunities: exploit, share, enhance, accept, escalate; selected based on risk priority and feasibility.

Communication channels

The number of possible communication paths among stakeholders, calculated as n(n − 1) / 2, where n is the number of stakeholders; channels grow rapidly as team size increases.

Power/interest grid

A stakeholder classification tool that groups stakeholders by their level of authority and concern; high power-high interest stakeholders are managed closely, while low power-low interest are monitored.

Compliance matrix

A document that maps each regulatory or contractual requirement to its source, owner, verification method, and status; used to track and demonstrate compliance throughout the project.

Lessons learned register

A project document used to record knowledge gained during the project so that it can be used to improve future project performance; it is updated throughout the project, not only at closure.