Project Management Key Terms – Part 3
Decision tree analysis technique
The decision tree is a diagram that describes a decision under consideration and the implications of choosing one or another of the available alternatives. It is used when some future scenarios or outcomes of actions are uncertain. It incorporates probabilities and the cost or rewards of each logical path of a vents and future decisions, and uses expected monetary value analysis to help the organization identify the relative values of alternative actions. It is also known as expected monetary value analysis
A planning technique that subdivides the project scope and project deliverables into smaller, more manageable components, until the project work associated with accomplishing the project scope and providing the deliverables is defined in sufficient detail to support executing, monitoring, and controlling the work
An imperfection all deficiency in a project component with ACWP component does not meet its requirements or specifications and needs to be either repaired or replaced
The formally documented identification of a defect in a project component with a recommendation to either repair the defect or completely replace the component
Any unique and verifiable product, result, or capability to perform a service that must be produced to complete a process, phase, or project. Often used more narrowly in reference to an external deliverable, which is a deliverable that is subject to approval by the project sponsor or customer
Delphi technique key
An information gathering techniques used as a way to reach a consensus of experts on the subject. Experts on the subject participate in this Technique anonymously a facilitator uses a questionnaire to solicit ideas about the important project points related to the subject.
The responses are summarized and are then RE circulated to the experts for further comment. Consensus may be reached in a few rounds of this process. The Delphi technique helps reduce by us in the data and keeps any one person from having undue influence on the outcome
Early finish date
In the critical path method, the earliest possible point in time on which the uncompleted portions of a schedule activity (or the project) can start, based on the schedule network logic, the data date, and any schedule constraints. Early start dates can change as the project progresses and as changes are made to the project management plan
The value of work performed expressed in terms of the approved budget assigned to that work for a schedule activity or work breakdown structure component. Also referred to as the budgeted cost of work performed
Earned value management
A management methodology for integrating scope, schedule, and resources, and for objectively measuring project performance and progress. Performance is measured by determining the budgeted cost of work performed, or earned value, and comparing it to the actual cost of work performed, or actual costs
The number of labour units required to complete a schedule activity or work breakdown structure components. Usually expressed as staff hours, staff days, all staff weeks
A setting for an auto scheduled task that requires an assigned amount of effort to be completed. When you add resources to an effort driven task, you sign effort is distributed among the task resources equally
Enterprise environmental factors
Any or all external environmental factors and internal organisational environmental factors that surround or influence the project success.
These factors are from any or all of the enterprises involved in the project, and include organisational culture and structure, infrastructure, existing resources, commercial databases, market conditions, and project management software no other
A quantitative assessment of the likely amount or outcome. Usefully applied to project costs, resources, effort and durations and is usually preceded by a modifier, that is a preliminary, conceptual, feasibility, order of magnitude or definitive. It should always include some indication of accuracy
Estimate at completion (EAC)
The expected total cost of a schedule activity, the work breakdown structure component, or the project when the define scope of work will be completed.
The EAC may be calculated based on performance to date or estimated by the project team based on other factors, in which case it is often referred to as the latest revised estimate
Expected monetary value (EMV) analysis
A statistical technique that calculates the average outcome when they future include scenarios that may or may not happen. Are, and use of this technique is within decision tree analysis
This technique uses judgment based upon expertise in an application area, knowledge area, discipline, the industry etc. as appropriate for the activity being performed. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training
When the forecast for a project exceeds agreed tolerances and report explaining the exception situation needs to be sent to the next management level up.