Springboard (Level 2) flashcards
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34 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 progressively elaborated.
- Program
- A group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.
- Portfolio
- A collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives; components may not be directly related.
- Stakeholder
- An individual, group, or organization that can affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.
- Baseline
- An approved version of a plan, such as scope, schedule, or cost, against which actual performance is compared; changes require formal change control.
- RACI matrix
- A responsibility assignment matrix that maps tasks to Responsible, Accountable, Consulted, and Informed roles; exactly one Accountable person per task.
- Predictive life cycle
- A delivery approach in which scope, time, and cost are determined early and changes are controlled through formal processes; also called waterfall.
- Agile approach
- An adaptive, iterative delivery approach that welcomes changing requirements and delivers value in small increments through collaboration and feedback.
- Scrum events
- Sprint, Sprint Planning, Daily Scrum, Sprint Review, and Sprint Retrospective; these five events structure inspection and adaptation within the Scrum framework.
- Kanban WIP limit
- A cap on the number of items allowed in a workflow stage at one time; it exposes bottlenecks and improves flow by preventing overload.
- Tailoring
- Deliberately adapting processes, governance, and tools to the size, complexity, risk, and delivery approach of a specific project and organization.
- PRINCE2 principles
- Seven principles including continued business justification, learn from experience, defined roles, manage by stages, manage by exception, focus on products, and tailor to the environment.
- Critical path
- The longest path through a project network diagram; it determines the minimum project duration and has zero total float.
- Total float
- The amount of time an activity can be delayed without delaying the project finish date; calculated as LS minus ES or LF minus EF.
- Cost performance index
- CPI = EV divided by AC; a value greater than 1 means the project is under budget, less than 1 means over budget.
- Schedule performance index
- SPI = EV divided by PV; a value greater than 1 indicates the project is ahead of schedule, less than 1 indicates behind schedule.
- Estimate at completion
- EAC = BAC divided by CPI when cost variance is typical; it forecasts the total expected cost of the project at completion.
- Change control procedure
- A formal process to request, log, assess, decide on, and implement changes to baselines; approved changes update plans and are communicated to stakeholders.
- Risk response strategies
- For threats: avoid, mitigate, transfer, accept, escalate. For opportunities: exploit, enhance, share, accept, escalate.
- Root cause analysis
- A technique such as 5 Whys or a fishbone diagram used to identify the underlying reason a problem occurred, rather than treating symptoms.
- Pareto principle
- The observation that roughly 80 percent of effects come from 20 percent of causes; used to prioritize the vital few problems for action.
- Expected monetary value
- EMV = probability of a risk occurring multiplied by its monetary impact; used to compare risks and size contingency reserves.
- Monte Carlo simulation
- A probabilistic modeling technique that runs many iterations of cost or schedule inputs to produce a distribution of possible outcomes, such as P80 confidence levels.
- Decision tree
- A diagram that models choices, uncertain events, and their probabilities and payoffs; expected monetary value is calculated for each branch.
- PERT estimate
- A weighted three-point estimate calculated as (optimistic + 4 times most likely + pessimistic) divided by 6, used when activity duration is uncertain.
- Control chart
- A graph that plots process data over time with upper and lower control limits at plus or minus three sigma; points outside limits signal special-cause variation.
- Burndown chart
- An agile chart showing remaining work versus time; a downward trend indicates progress, while a flat line may signal blockers or scope issues.
- Definition of Done
- A shared checklist of quality criteria that a product increment must meet before it is considered complete; it is agreed by the team and product owner.
- Project charter
- A document issued by the sponsor that formally authorizes the project, names the project manager, and links the project to strategic objectives.
- Risk appetite
- The amount and type of risk an organization is willing to accept in pursuit of its objectives; it guides risk thresholds and response decisions.
- Contingency reserve
- A budget or time reserve set aside for identified risks (known-unknowns); it is part of the cost baseline and controlled by the project manager.
- Communication channels
- The number of possible communication paths among n stakeholders, calculated as n times (n minus 1) divided by 2.
- Power/interest grid
- A stakeholder analysis tool that classifies stakeholders by authority and concern; high power and high interest stakeholders are managed closely.
- Ethical values
- Core professional values commonly cited in project management codes: responsibility, respect, fairness, and honesty, applied to all stakeholder decisions.