PMBOK identifies a subset of project management body of knowledge that is generally recognized as good practice
PMO - An organizational structure that standardizes the project related governance processed and facilitates the sharing of resources, methodologies, tools, and techniques.
Project management process groups are not project phases
Quality function deployment (QFD) - A facilitated workshop technique that helps to determine critical characteristics for new product development.
Regression Analysis - An analytic technique, a series of input variables are examined in relation to their corresponding output results in order to develop a mathematical or statistical relationship
Regulation - Requirements imposed by governmental body.
RFI, RFQ, RFP - A type of procurement document
Residual Risk - A risk that remains after risk responses have been implemented
Resource Leveling - A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand of resources with the available supply
Resource Smoothing - Adjusts the activities of a schedule model such that the requirement of resources on the project do not exceed certain predefined resource limits
RAM (Responsibility Assignment Matrix) - A grid that shows the project resources assigned to each work package
Risk - Has a +ve or -ve effect on one or more project objectives
Risk Acceptance - Acknowledge the risk and not taking any action unless the risk occurs
Risk can either be an opportunity or a threat
You must find the risk attitude of your stakeholders. Risk attitude can be broadly divided into three categories:
- Risk appetite - The degree of uncertainty an entity is willing to take on in anticipation of a reward. Some organizations might be willing to take a high risk if the reward is high; others may want to play safe or go conservatively.
- Risk tolerance - It shows the risk attitude of stakeholders or an organization in measurable units.High tolerance means people are willing to take a high risk, and low tolerance means people are not willing to take many risks.
- Risk threshold - The risk threshold is a further step in the risk tolerance; you can say that it quantifies the risk tolerance with a more precise figure. An amount of risk that an organization or individual is willing to accept.Below the risk threshold, the organization will accept the risk, and above the risk threshold, the organization will not tolerate the risk.
Scatter Diagram -
Secondary Risk - A risk that arises as a direct result of implementing a risk response.
Work Package - Lowest level of WBS for which cost and duration can be estimated and managed.
Weighted milestone method - EVM, work package --> measurable segments each ending with a observable milestone --> assigns a weighted value to the achievement of each milestone
Voice of the customer - A planning technique
Verification - Often an internal process
Velocity - A measure of team's productivity rate, A capacity planning approach frequently used to forecast future project work.
VAC (Variance at Completion) = Difference between BAC and EAC
Value Engineering -
Validation - Meets the need of customer
Validate scope - The process of formalizing acceptance of the completed project deliverables
Sensitivity analysis - comparing the relative importance of variables. For example, if you need to visually compare 100 budgetary items, and identify the largest ten items, it would be nearly impossible to do using a standard bar graph. However, in a tornado chart of the budget items, the top ten bars would represent the top ten largest items.
Tornado diagram - a special type of Bar chart, where the data categories are listed vertically instead of the standard horizontal presentation, and the categories are ordered so that the largest bar appears at the top of the chart, the second largest appears second from the top, and so on.
TCPI (To complete performance index) - Ratio of the cost to finish the outstanding work to the remaining budget
PMO - An organizational structure that standardizes the project related governance processed and facilitates the sharing of resources, methodologies, tools, and techniques.
Project management process groups are not project phases
Quality function deployment (QFD) - A facilitated workshop technique that helps to determine critical characteristics for new product development.
Regression Analysis - An analytic technique, a series of input variables are examined in relation to their corresponding output results in order to develop a mathematical or statistical relationship
Regulation - Requirements imposed by governmental body.
RFI, RFQ, RFP - A type of procurement document
Resource Leveling - A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand of resources with the available supply
Resource Smoothing - Adjusts the activities of a schedule model such that the requirement of resources on the project do not exceed certain predefined resource limits
RAM (Responsibility Assignment Matrix) - A grid that shows the project resources assigned to each work package
Risk - Has a +ve or -ve effect on one or more project objectives
Risk Acceptance - Acknowledge the risk and not taking any action unless the risk occurs
Risk can either be an opportunity or a threat
You must find the risk attitude of your stakeholders. Risk attitude can be broadly divided into three categories:
- Risk appetite - The degree of uncertainty an entity is willing to take on in anticipation of a reward. Some organizations might be willing to take a high risk if the reward is high; others may want to play safe or go conservatively.
- Risk tolerance - It shows the risk attitude of stakeholders or an organization in measurable units.High tolerance means people are willing to take a high risk, and low tolerance means people are not willing to take many risks.
- Risk threshold - The risk threshold is a further step in the risk tolerance; you can say that it quantifies the risk tolerance with a more precise figure. An amount of risk that an organization or individual is willing to accept.Below the risk threshold, the organization will accept the risk, and above the risk threshold, the organization will not tolerate the risk.
Scatter Diagram -
Secondary Risk - A risk that arises as a direct result of implementing a risk response.
Work Package - Lowest level of WBS for which cost and duration can be estimated and managed.
Weighted milestone method - EVM, work package --> measurable segments each ending with a observable milestone --> assigns a weighted value to the achievement of each milestone
Voice of the customer - A planning technique
Verification - Often an internal process
Velocity - A measure of team's productivity rate, A capacity planning approach frequently used to forecast future project work.
VAC (Variance at Completion) = Difference between BAC and EAC
Value Engineering -
Validation - Meets the need of customer
Validate scope - The process of formalizing acceptance of the completed project deliverables
Sensitivity analysis - comparing the relative importance of variables. For example, if you need to visually compare 100 budgetary items, and identify the largest ten items, it would be nearly impossible to do using a standard bar graph. However, in a tornado chart of the budget items, the top ten bars would represent the top ten largest items.
Tornado diagram - a special type of Bar chart, where the data categories are listed vertically instead of the standard horizontal presentation, and the categories are ordered so that the largest bar appears at the top of the chart, the second largest appears second from the top, and so on.
TCPI (To complete performance index) - Ratio of the cost to finish the outstanding work to the remaining budget
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