Chapter 15 - Project Management (Video Notes)

Vocabulary flashcards covering core concepts from the project management notes, including definitions of project structures, planning tools, and lifecycle stages.

Project

An infrequent set of activities with cost and schedule constraints that is unique, has a discrete beginning and end, is usually multidisciplinary, and features interdependent activities that may compete for resources.

Functional Project (Functional Organization)

A project that is managed within a functional department.

Pure (Autonomous) Project

A project managed outside the functional department with people dedicated to specific tasks.

Matrix Project

A cross-functional team with responsibilities to both a home department and the project.

Waterfall Project Management

Traditional approach with extensive planning, detailed documentation, and a rigid structure.

Agile-Scrum

Planning is iterative in short cycles (sprints), highly flexible, with minimal documentation and daily team meetings.

Work Breakdown Structure (WBS)

A detailed hierarchical list of all project activities.

Critical Path Method (CPM)

A planning method that focuses on the most important activities; the network diagram’s critical path is the longest path determining project duration; requires defined task durations and known relationships.

PERT (Program Evaluation and Review Technique)

A planning method using optimistic, most likely, and pessimistic duration estimates, assuming a normal distribution for project duration.

Critical Path

The longest sequence of dependent activities in a project, which determines the project’s duration.

Slack (Float)

The amount of time an activity can be delayed without delaying the project or affecting its end date.

Network Diagram

A graphic display of project activities and their interrelationships.

Earliest Start/Finish

The earliest times that an activity can begin and end, based on predecessor activities.

Latest Start/Finish

The latest times that an activity can start and finish without delaying its successors.

Project Charter

A document that establishes the initial plan for the project, including purpose, roles, stakeholders, budget, high-level schedule, and major deliverables.

Project Definition

Stage 1: describes the project idea, scope, major deliverables, schedule, and required resources.

Four Stages of a Project Life Cycle

Definition, Planning, Execution, Completion.

Risk Analysis

Process of identifying risks, estimating probability and impact, and developing response plans such as Avoid, Mitigate, Transfer, or Accept; with monitoring during the project.

Gantt Chart

A horizontal bar chart used to track actual project progress relative to the plan; suitable for small projects (Excel templates) and larger projects with software.

Product-Process Matrix

A framework that links product variety and volume to process type, illustrating categories such as project, job shop, batch, cellular, repetitive, and continuous processes.

Project Objective Statement

Part of Stage 1 that defines scope, major deliverables, schedule, and required resources.

Key Planning Tools

WBS, CPM, and PERT—the core tools used to plan and analyze projects in traditional (waterfall) and agile contexts.

Stakeholders

Customers, team members, and other key individuals or groups with an interest in the project.

Risk Response Plans

Strategies to handle risks: Avoid, Mitigate, Transfer, or Accept; plus monitoring and adjustment during the project.