A Guide to Project Management

By frequency of occurrence that shows how many

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ty distributions of possible outcomes. This process uses quantitative techniques such as simulation and decision tree analysis. Remaining Duration (RDU). The time needed to complete an activity. Request for Proposal (RFP). A type of bid document used to solicit proposals from prospective sellers of products or services. In some application areas, it may have a narrower or more specific meaning. Request for Quotation (RFQ). Generally, this term is equivalent to request for proposal. However, in some application areas, it may have a narrower or more specific meaning. Reserve. A provision in the project plan to mitigate cost and/or schedule risk. Often used with a modifier (e.g., management reserve, contingency reserve) to provide further detail on what types of risk are meant to be mitigated. The specific meaning of the modified term varies by application area. Residual Risk. A risk that remains after risk responses have been implemented. Resource Leveling. Any form of network analysis in which scheduling decisions (start and finish dates) are driven by resource management concerns (e.g., limited resource availability or difficult-to-manage changes in resource levels). Project Risk Management | Schedule Compression 206 NAVIGATION LINKS ACROYMNS LIST ACRONYMS LIST ACROYMNS LIST A Guide to the Project Management Body of Knowledge (PMBOK Guide) 2000 Edition 2000 Project Management Institute, Four Campus Boulevard, Newtown Square, PA 19073-3299 USA Glossary Resource-Limited Schedule. A project schedule whose start and finish dates reflect expected resource availability. The final project schedule should always be resource limited. Resource Planning. Determining what resources (people, equipment, materials) are needed in what quantities to perform project activities. Responsibility Assignment Matrix (RAM). A structure that relates the project organization structure to the work breakdown structure to help ensure that each element of the project's scope of work is assigned to a responsible individual. Responsibility Chart. See responsibility assignment matrix. Responsibility Matrix. See responsibility assignment matrix. Retainage. A portion of a contract payment that is held until contract completion to ensure full performance of the contract terms. Rework. Action taken to bring a defective or nonconforming item into compliance with requirements or specifications. Risk. An uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives. Risk Acceptance. This technique of the risk response planning process indicates that the project team has decided not to change the project plan to deal with a risk, or is unable to identify any other suitable response strategy. Risk Avoidance. Risk avoidance is changing the project plan to eliminate the risk or to protect the project objectives from its impact. It is a tool of the risk response planning process. Risk Category. A source of potential risk reflecting technical, pro...
View Full Document

Ask a homework question - tutors are online