Project Management BUS375 Flashcards

Terms Definitions
Project Scope
An endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources.
Objective
The expected result or product of a project, usually defined in terms of scope, schedule, and cost.
Customer
The entity that provides the funds necessary to accomplish a project. A customer may be a person, an organization, or a group of people or organizations.
Project scope
All the work that must be done to accomplish the project’s objective to the customer’s satisfaction; scope of the project; work scope.
Work Scope
An endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources.
Deliverables
The tangible items or products that the customer expects the contractor to provide during performance of the project.
Cost
The amount the customer has agreed to pay for acceptable project deliverables.
Schedule
A timetable for a project plan.
Project life cycle
The four phases through which a project moves: identification of a need, problem, or opportunity; development of a proposed solution; implementation of the proposed solution; and termination of the project.
Request for proposal (RFP)
A document, usually prepared by the customer, that defines a need or problem, requirements, and expectations.
Proposal
A document, usually prepared by a contractor, that outlines an approach to meeting a need or solving a problem for a potential customer.
Contract
An agreement between a contractor, who agrees to provide a product or service (deliverables), and a customer, who agrees to pay the contractor a certain amount of money in return.
Work Package
The lowest-level item of any branch of a work breakdown structure.
Work Breakdown Structure
A hierarchical tree of work elements or items that will be accomplished or produced by the project team during the project.
Network Diagram
A graphic display of the activities to be performed to achieve the overall project work scope, showing their sequence and interdependencies.
Cost Estimate
Estimate of total cost of an activity based on the types and quantities of resources required for that activity.
Baseline Plan
The original plan, or roadmap, laying out the way in which the project scope will be accomplished on time and within budget.
Planning
The systematic arrangement of tasks to accomplish an objective; determining what needs to be done, who will do it, how long it will take, and how much it will cost.
Project Seletion
Evaluating various needs or opportunities and then deciding which of these should move forward as a project to be implemented.
Statement of Work (SOW)
A document outlining the tasks, or work elements, the customer wants the contractor to perform.
Cutsomer Requirements
Specifications for a project and/or attributes of a deliverable specified by a customer in a request for proposal. Requirements may include size, quantity, color, speed, and other physical or operational parameters that a contractor’s proposed solution must satisfy.
Due Date
The date, specified in a request for proposal, by which a customer expects potential contractors to submit proposals.
Evaluation Criteria
The standards, specified in a request for proposal, that a customer will use to evaluate proposals from competing contractors.
Bid / No Bid Decision
An evaluation by a contractor of whether to go ahead with the preparation of a proposal in response to a customer’s request for proposal.
Exception
A variation from a customer’s specified requirements, stated by a contractor in a proposal.
Overhead
A percentage of the direct costs of a particular project, added to a contractor’s proposal to cover costs of doing business, such as insurance, depreciation, general management, and human resources; indirect costs.
Indirect Costs (Overhead)
A percentage of the direct costs of a particular project, added to a contractor’s proposal to cover costs of doing business, such as insurance, depreciation, general management, and human resources; indirect costs.
Contingency
An amount a contractor may include in a proposal to cover unexpected costs that may arise during a project; management reserve.
Management Reserve (Contingency)
An amount a contractor may include in a proposal to cover unexpected costs that may arise during a project; management reserve.
(BAFO) Best and Final Offer
A final price for a project, submitted by a contractor at the request of a customer who is considering proposals from several contractors for the same project.
Fixed Price Contract
A contract in which a customer and a contractor agree on a price that will not change no matter how much the project actually costs the contractor.
Cost Reimbursement Contract
A contract in which a customer agrees to pay a contractor for all actual costs incurred during a project, plus some agreed-upon profit.
Work Items
Individual pieces of a project in a work breakdown structure.
Responsibility Matrix
A table that lists the individuals or organizational units responsible for accomplishing each work item in a work breakdown structure.
Activity
A defined piece of work that consumes time; task.
Program Evaluation and Review Techniques (PERT)
PERT: A network planning technique.
Critical Path Method(CPM)
CPM: A network planning technique.
Precedence Diagramming Method (PDM)
PDM: A network planning technique.
Graphical Evaluation and Review Technique (GERT)
GERT: A type of network planning technique.
Gantt Chart
A planning and scheduling tool that displays project activities along a time scale; bar chart.
Bar Chart
AKA Gant Chart.
Activity in the Box (AIB)
A form of network diagramming in which activities are represented by boxes.
Activity on the arrow (AOA)
A form of network diagramming in which activities are represented by arrows.
Precedential Relationship
The order in which activities must be finished before other activities can start.
Events
Interconnecting points that link activities in the activity-on-the-arrow form of network diagramming. An event is represented by a circle.
Predecessor Event
The event at the beginning of an activity (tail of the arrow) in the activity-on-the-arrow form of network diagramming; start event.
Successor Event
The event at the end of an activity (head of the arrow) in the activity-on-the-arrow form of network diagramming; finish event.
Dummy Activity
A special type of activity, used in the activity-on-the-arrow form of network diagramming, that consumes no time. A dummy activity is represented by a dashed arrow.
Laddering
A method of showing the logical precedential relationship of a set of activities that is repeated several times consecutively.
Information System (IS)
A computer-based system that accepts data as input, processes the data, and produces information for users.
Systems Development Life Cycle (SDLC)
A project management planning tool consisting of a set of phases or steps to be completed over the course of development of an information system.
Estimated Start Time
The time or date when a project is expected to begin.
Required Completion Time
The time or date by which a project must be completed.
Earliest Start Time (ES)
The earliest time at which a particular activity can begin; the project’s estimated start time plus the estimated duration of preceding activities.
Earliest Finish Time (EF)
The earliest time by which a particular activity can be completed; the activity’s earliest start time plus the activity’s estimated duration.
Latest Finish Time (LF)
The latest time by which a particular activity must be completed in order for the entire project to be finished by its required completion time.
Latest Start time (LS)
The latest time by which a particular activity must be started in order for the entire project to be finished by its required completion time; the activity’s latest finish time minus the activity’s estimated duration.
Total Slack (AKA Float)
Float. If it’s a positive value, it’s the amount of time that the activities on a particular path can be delayed without jeopardizing completion of the project by its required completion time. If it’s a negative value, it’s the amount of time that the activities on a particular path must be accelerated in order to complete the project by its required completion time.
Critical Path
In a network diagram, any path of activities with zero or negative total slack.
Most Critical Path
In a network diagram, the most time-consuming (longest) path of activities; the path of activities that has the lowest value—either least positive or most negative—for total slack.
Free Slack (FS)
The amount of time that a particular activity can be delayed without delaying the earliest start time of its immediately succeeding activities; the relative difference between the amounts of total slack for activities entering into that same activity. It’s always a positive value.
Beta Probability Distribution
A distribution that is frequently used to calculate the expected duration and variance for an activity based on the activity’s optimistic, most likely, and pessimistic time estimates.
Normal Probability Distribution
A bellshaped distribution of values that is symmetrical around its mean value.
Variance
A measure of the dispersion, or spread, of a distribution from its expected value.
Standard Deviation
A measure of the dispersion, or spread, of a distribution from its expected value; the square root of the variance.
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