Project Management Key Terms – Part 4

Failure mode and effect analysis (FMEA)

This technique is an analytical procedure in which each potential failure mode in every component of a product is analyzed to determine its effect on the reliability of the component and by itself or in combination with other possible failure modes, and the reliability of the product or system and on the required function of the component; or the examination of a product at the system or lower levels, for all ways than a failure may occur.

For each potential failure, and estimate is made of its effect on the total system and all its impact.  In addition, a review is undertaken of the action planned to minimize the probability of failure and to minimize its effects

The fast tracking Technique

A specific project schedule compression technique that changes network logic to overlap phases that would normally be done in sequence, such as the design phase and construction phase, or to perform schedule activities in parallel

Finish date

The date on which a project of task is estimated to be, or actually is, completed

Finish to finish relationship

A dependency relationship in which to finish one task determines the finish of another task

Finish to start relationship

A dependency relationship in which the finish of one task determines the start of another task

The firm fixed price (FFP) contract

A type of fixed price contract with a buyer pays the seller a set amount as defined in the contract, regardless of the seller’s costs

Fixed price incentive fee (FPIF) contract

A type of contract where the buyer pays the seller a set amount as defined in the contract, and the seller can earn an additional amount if the seller meets defined performance criteria

Float

This is another name for slack

Flowcharting Technique

The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system

Fixed duration

For auto scheduled tasks, a task type setting that specifies that the length of time required to complete a task remains constant no matter how many resources are assigned to the task.  ½ day training seminar is an example of a fixed duration task

Fixed units

A pass typesetting for auto scheduled tasks by specifies that the resource units are constant, if you change the duration of the task, resource units do not change

Fixed work

A task type setting for auto scheduled tasks for which the number of resource hours assign to the task determines its length.  Fix work tasks cannot be effort driven

Float

The amount of time that you can delay a task before the task becomes critical.  The float is used up win any delay in the task will delay the overall project deadline

Flowcharting Technique

The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system

Forecast

An estimate or prediction of conditions and events in the project’s future based on information and knowledge available at the time of the forecast.

The information is based on the project past performance, expected future performance, and includes information that can impact the project in the future, such as estimate at completion and estimate to complete

Forward pass

The calculation of the early start and early finish dates for the uncompleted portions of all network activities

Free float

The amount of time for the schedule activity can be delayed without delaying the early start date of any immediately following schedule activities

Functional manager

Someone with management authority over an organisational unit within a functional organization.  The manager of any group that theme makes a product or performs a service.  Sometimes called a line manager

Functional organization

A hierarchical organization where each employee has one clear superior, and staff are grouped by areas of specialism and manage by a person with expertise in that area

Gantt chart

A graphic display of schedule related information.  In of a typical bar chart, schedule activities or work breakdown structure components are listed down the left side of the charts, dates are shown across the top, an activity durations are shown as data placed horizontal bars

Grade

A category or rank used to distinguish items that have the same functional use, but do not share the same requirements for quality

Historical information

Documents and date or on prior projects including project files, records, correspondence, close contracts, and closed projects

Human resource plan

A document describing how roles and responsibilities, reporting relationships, and staffing management will be addressed and structured for the project

Imposed date

A fixed date imposed on a schedule activity or schedule milestone, you see in the form of a start no earlier than and finish no later than date

Influence diagram

This tool is a graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes

Inspection technique

The examining or measuring to verify whether an activity components, product, result, or service conforms to specified requirements

Invitation for bid (IFB)

Generally, this term is equivalent to request for proposal, however, is an application areas it may have an error or more specific meaning

Issue

A point or matter in question or in dispute, or appoint or matter that is not settled and is under discussion or over which there are opposing views or disagreements

For Part 5 Go HERE!