Flashcards in Implementing Project Integration Management Deck (27)
Beliefs considered to be true, real, or certain for the sake of planning
Benefit Measurement Methods
Used in comparing the value of one project against the value, or benefits, of another; often used in project selection models.
These models examine the cost-to-benefit ratio.
Change Control Board
A board that determines the validity and need of (thus approving or denying) project change requests.
Change Control System
A system to formally accept, review, and act upon project change requests.
A plan that documents and organizes the stakeholder needs for communication. This plan covers the communications system, its documentation, the flow of communication, modalities of communication, schedules for communications, information retrieval, and any other stakeholder requirements for communications.
Constrained Optimization Methods
These are complex mathematical formulas and algorithms that are used to predict the success of projects, the variables within projects, and the tendencies to move forward with selected project investments. Examples include linear programming, integer algorithms, and multi-objective programming.
Any influence on the project that may limit the options of the project team in performing the project work.
The value of the work that has been completed and the budget for that work, the equation for which is EV = %complete x BAC.
A formula to calculate the future value of present money.
Information the project may use from previous projects.
Internal Rate of Return
The IRR is a complex formula to calculate when the present value of the cash inflow equals the original investment.
An ongoing documentation of things the project manager and project team have learned throughout the project. Lessons learned are supplied to other project teams and project managers to apply to their ongoing projects. They are documented throughout the project, not just at the end of the project.
Committees full of folks that ask every conceivable negative question about the proposed project. Their goal is to expose strengths and weaknesses of the project--and kill the project if it's deemed worthless for the organization to commit to.
Net Present Value
NPV calculates the present value of monies returned on a project for each time period the project lasts.
The amount of time it takes to "pay back" the costs of the project.
Project Management Information System (PMIS) is typically a computer program to assist in project management activities, recordkeeping, and forecasting.
A formula to calculate the present value of future money.
The accepted plans against which actual results are compared to identify variances.
The charter authorizes the project, the project manager, and the required resources to complete the project work.
Project Integration Management
The day-to-day actions of the project manager to ensure that all parts of the project work together. Composed of project plan development, project plan execution, and integrated change control
The project plan is a collection of documents that is developed with the project team, stakeholders, and management. It is the guide to how the project should flow and how the project will be managed. It also reflects the values and priorities of, and the conditions influencing, the project.
Project Scope Statement
Defines what the project will accomplish, create, and deliver.
These models use a common set of values for all of the projects up for selection. The projects with high scores take priority over projects with lesser scores.
Statement of Work
This fully describes the work to be completed, the product to be supplied, or both. The SOW becomes part of the contract between the buyer and the seller. The SOW is typically created as part of the procurement planning process and is used by the seller to determine whether it can meet the project's requirements.
Status Review Meetings
Regularly scheduled meetings to record the status of the project work. These commonly employed meetings provide a formal avenue for the project manager to query the team on the status of its work, record delays and slippage, and to forecast what work is about to begin.