A standard of measurement that specifically defines how something will be measured.
A major deliverable or key event in the project used to measure project progress.
This project process group is where activities are performed to monitor the progress of the project and determine whether there are variances from the project plan. Corrective actions are taken during this process to get the project back on course.
monitoring and controlling
A project that is initiated by multiple business units.
multiple business unit project
Negotiating is a leadership technique and a conflict - resolution technique. Negotiating is the act of two or more parties explaining their needs and coming to a mutual agreement on a resolution.
Evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. The total present value of the cash flows is deducted from the initial investment; this assumes that cash inflows are reinvested at the cost of capital. It is similar to discounted cash flows.
net present value (NPV)
A depiction of project activities and the interrelationships between these activities.
Operations typically involve ongoing functions that support the production of goods or services. They don ? t have a beginning or an end.
A high - level estimate of the time and cost of a project based on the actual cost and duration of a similar project.
order of magnitude
The process of addressing factors that may impact how to manage a project team, defining roles and responsibilities for project team members, identifying how the project team will be organized, and documenting a staffing management plan.
A quantitatively based estimating technique that is typically calculated by multiplying rate times quantity.
A Quality Control technique used to rank importance of a problem based on its frequency of occurrence over time. This diagram is based on the Pareto principle, more commonly referred to as the 80/20 rule , which says that the majority of defects are caused by a small set of problems
The length of time it takes a company to recover the initial cost of producing the product or service of the project.
Collecting information regarding project progress and project accomplishments and reporting it to the stakeholders, project team members, management team, and other interested parties. It also makes predictions regarding future project performance.
cost of work that ? s been budgeted for an activity during a certain time period.
planned value (PV)
The process group where the project plans are developed that will be used throughout the project to direct, monitor, and control work results. The primary result of this process is the project plan.
Performed when a project is canceled or ends prematurely. It describes the reasons for cancellation or failure and documents the deliverables that were completed.
Conducted at the end of the project to document lessons learned.
A network diagramming method that places activities on nodes, which connect to dependent activities using arrows. Also known as activity on node .
precedence diagramming method (PDM)
A task on the network diagram that occurs before another task.
An investigation at project request time to determine the costs and benefits of the project, as well as examine alternatives to the proposed solution in order to determine the feasibility of carrying out the project
A type of change request that usually occur during the Monitoring and Controlling process group. Preventive actions are implemented to help reduce the probability of a negative risk event.
A Quality Control tool and technique that keeps errors from reaching the customer. Prevention is less expensive than having to fix problems after they ? ve occurred.
The cost of activities performed to avoid quality problems, including quality planning, training, and any product or process testing.
The likelihood a risk event will occur. Probability is expressed as a number between 0.0 and 1.0.
The process of identifying what goods or services will be purchased from outside the organization. It uses make - or - buy analysis to determine whether goods or services should be purchased outside the organization or produced internally.
Explains the major characteristics of the product and describes the relationship between the business need and the product. This is also referred to as high - level requirements .
Occurs in the Close Procurements process and determines whether the work of the contract is acceptable and satisfactory.
A grouping of related projects that are managed together to capitalize on benefits that couldn ? t be achieved if the projects were managed separately.
Calculates the expected value, or weighted average, of critical path tasks to determine project duration by using three estimates: most likely, pessimistic, and optimistic. The PERT calculation is (optimistic + pessimistic + (4 ? most likely)) / 6.
program evaluation and review technique (PERT)