Definitions
A temporary endeavor undertaken to create a unique product, service or result.
What is a project?
What are the financial measures of the benefits of a project?
What are ROI, NPV, IRR?
An uncertain event or condition, which, if it occurs, can have a positive or negative impact on project.
What is a Risk?
This is the lowest level of the WBS, and can be scheduled, cost-estimated, monitored, and controlled.
What is a Work Package?
A commonly used in project management, is one of the most popular and useful ways of showing activities (tasks or events) displayed against time.
What is a Gantt chart?
The person assigned by the performing organization to achieve the project objectives.
Who is a Project manager?
The total cost incurred for the actual work completed to date
What is Actual cost?
Risk management is designed to reduce the level of this.
What is uncertainty?
The series of phases that a project passes through from its start to its completion.
What is a Project Life Cycle?
This is the longest path through the network, and the shortest time the project can be completed.
What is the Critical Path?
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.
Who is a stakeholder?
The approved budget of the work scheduled to be accomplished by a certain date
What is Planned value?
The two things we need to estimate regarding any risk
What are A severity, and probability (or likelihood)?
These are the three main constraints of a project.
What is Time, Cost, and Scope?
A technique used to shorten the schedule duration for the least incremental cost by adding resources.
What is Crashing?
The document that gives authority to the project manager and officially initiates the project when it is signed.
What is a project charter?
The value of the work done to date at the original cost estimates for that work.
What is Earned Value?
A tool that defines the level of risk by considering the category of probability or likelihood against the category of consequence severity.
What is a probability-impact matrix
Initiating, Planning, Executing, Monitoring and controlling, Closing
What are the five stages of the project lifecycle?
This is a program management approach that applies an iterative style of planning and execution in defined time periods. It is the process of project planning in waves as the project proceeds and later details become clearer; similar to the techniques used in agile software development approaches like Scrum.
What is Rolling-wave planning?
The Project Management Body of Knowledge (PMBOK) defines this as a "deliverable oriented hierarchical decomposition of the work to be executed by the project team."
What is a Work Breakdown Structure (WBS)?
EV/PV
What is Schedule Performance Index (SPI)?
These calculation methods are used for risk assessment.
What are Monte Carlo technique, PERT, and Decision Tree?
An acronym that stands for the Project Management Institute.
What is PMI?
Maximum amount of time a task may be delayed beyond its early start without delaying project completion
What is Total slack (Float)