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Project Management Definitions – Part 8

Parametric estimating

An estimating technique that uses a statistical relationship between historical data and other variables such as square footage in construction, lines of code in software, to calculate an estimated four activity parameters, such as scope, cost, budget, and duration.

An example for the cost parameter is multiplying the planned quantity of work to be performed by the historical cost per unit to obtain the estimated cost

Pareto chart

This tool is a histogram, ordered by frequency of occurrence, that shows how many results were generated by each identified cause

Path convergence

The merging or joining of parallel schedule network paths into the same node in a project schedule network diagram.  Pass convergence is characterized by a schedule activity with more than one predecessor activity

Path divergence

Extending or generating parallel schedule network paths from the same noted in a project schedule network diagram.  Path divergence is characterized by a schedule activity with more than one successor activity

Percentage complete

The amount of work on a task that is already be accomplished, expressed as a percentage

Performance measurement baseline

And approved integrated schedule cost plan for the project work against which project execution is compared to measure and manage performance.  Technical and quality parameters may also be included

Performance reports

Documents and presentations that provide organized and summarized work performance information, earned value management parameters and calculations, and analyses of project work progress and status

Performing organization

The enterprise whose personnel are most directly involved in doing the work of the project

Planned value

The authorized budget assigned to the scheduled work to be accomplished for a schedule activity or work breakdown structure component.  Also referred to as the budgeted cost of work scheduled

PERT (program evaluation and review technique) chart

A standard project management chart that indicates workflow among project tasks.  Also called a network diagram

Predecessor

Interdependencies link, the task designated to occur before another task

Precedence diagramming method (PDM)

A schedule network diagramming technique in which schedule activities are represented by boxes or nodes.  Schedule activities are graphically linked by one or more logical relationships to show the sequence in which the activities are to be performed

Precedence relationship

The term used in the precedence diagramming method for a logical relationship.  In current usage, however, precedence relationship, logical relationship, and dependency are widely used interchangeably, regardless of the diagramming method used

Predecessor activity

The schedule activity that determines when the logical successor activity can begin or end

Preventative action

A documented direction to perform an activity that can reduce the probability of negative consequences associated with project risks

Portfolio

A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives.  The projects and programmes of the portfolio may not necessarily the interdependent or directly related

Portfolio management

The centralized management of one or more portfolios, which includes identifying, prioritizing, or authorizing, managing, and controlling projects, programmes, and other related work to achieve specific strategic business objectives

Probability and impact matrix

This tool is a common way to determine whether a risk is considered low, moderate, or high by combining the two dimensions of a risk: its probability of occurrence and its impact on objectives if it occurs

Procurement documents

The documents utilized in a bid or proposal activities, which includes the buyers invitation for bid, invitation for negotiations, request for information, requests for quotation, request for proposal and Sellers responses

Procurement management plan

The document that describes how procurement processes are from developing procurement documentation through contract closure, will be managed

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