Rodi Project Management Final Chapters 8-13

expectations management matrix

A tool that helps clarify expectations and lists

project measures of success as well as priorities, expectations, and guidelines related to

each measure

issue log

A tool used to document, monitor, and track issues that need resolution

power/interest grid

A tool used to group stakeholders based on their level of authority

(power) and their level of concern (interest) for project outcomes

stakeholder analysis

A technique for analyzing information to determine which

stakeholders' interests to focus on and how to increase stakeholder support throughout

the project

stakeholder register

A document that includes details about identified project

stakeholders

bid

A document prepared by sellers to provide pricing for standard items that the

buyer has clearly defined; also called a tender or quote (short for quotation)

constructive change orders

Oral or written acts or omissions by someone with actual

or apparent authority that can be construed to have the same effect as a written change

order

contract

A mutually binding agreement that obligates the seller to provide specified

products or services and obligates the buyer to pay for them

cost plus award fee (CPAF) contract

A contract in which the buyer pays the supplier

for allowable performance costs plus an award fee based on the satisfaction of subjective

performance criteria

cost plus fixed fee (CPFF) contract

A contract in which the buyer pays the supplier for

allowable performance costs plus a fixed fee payment that is usually based on a

percentage of estimated costs

cost plus incentive fee (CPIF) contract

A contract in which the buyer pays the supplier

for allowable performance costs along with a predetermined fee and an incentive bonus

cost plus percentage of costs (CPPC) contract

A contract in which the buyer pays the

supplier for allowable performance costs along with a predetermined percentage based on

total costs

cost-reimbursable contracts

Contracts that involve payment to the supplier for direct

and indirect actual costs

fixed-price contract

A contract with a fixed total price for a well-defined product or

service; also called a lump-sum contract

lump-sum contract

A contract with a fixed total price for a well-defined product or

service; also called a fixed-price contract

make-or-buy decision

An organization's decision to make certain products and

perform certain services inside the organization or to buy them from an outside

organization

Point of Total Assumption (PTA)

The cost at which the contractor assumes total

responsibility for each additional dollar of contract cost in a fixed-price incentive fee

contract

procurement

Acquiring goods and services from an outside source

project procurement management

The processes required to acquire goods and

services for a project from outside the performing organization

proposal

A document prepared by sellers when there are different approaches for

meeting buyer needs

Request for Proposal (RFP)

A document used to solicit proposals from prospective

suppliers

Request for Quote (RFQ)

A document used to solicit quotes or bids from prospective

suppliers

sellers

Contractors, suppliers, or providers who provide goods and services to other

organizations

statement of work (SOW)

A description of the work required for procurement

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termination clause

A contract clause that allows the buyer or supplier to end the

contract

time and material (T&M) contracts

A hybrid of fixed-price and cost-reimbursable

contracts

unit pricing

An approach in which the buyer pays the supplier a predetermined amount

per unit of service, and the total value of the contract is a function of the quantities

needed to complete the work

brainstorming

A technique by which a group attempts to generate ideas or find a

solution for a specific problem by amassing ideas spontaneously and without judgment

contingency allowances

Provisions held by the project sponsor or organization to

reduce the risk of cost or schedule overruns to an acceptable level; also called

contingency reserves

contingency plans

Predefined actions that the project team will take if an identified

risk event occurs

contingency reserves

Provisions held by the project sponsor or organization to reduce

the risk of cost or schedule overruns to an acceptable level; also called contingency

allowances

decision tree

A diagramming analysis technique used to help select the best course of

action when future outcomes are uncertain

Delphi technique

An approach used to derive a consensus among a panel of experts to

make predictions about future developments

expected monetary value (EMV)

The product of a risk event probability and the risk

event's monetary value

fallback plans

Plans developed for risks that have a high impact on meeting project

objectives, and implemented if attempts to reduce the risk are not effective

flowcharts

Diagrams that show how various elements of a system relate to each other

influence diagram

A diagram that represents decision problems by displaying essential

elements, including decisions, uncertainties, and objectives, and how they influence each

other

interviewing

A fact-finding technique that is normally done face to face, but can also

occur through phone calls, e-mail, or instant messaging

known risks

Risks that the project team has identified and analyzed and that can be

managed proactively

management reserves

Funds held for unknown risks

Monte Carlo analysis

A risk quantification technique that simulates a model's

outcome many times to provide a statistical distribution of the calculated results

probability/impact matrix or chart

A matrix or chart that shows the relative probability

of a risk occurring and the relative impact of the risk

residual risks

Risks that remain after all of the response strategies have been

implemented

risk

An uncertainty that can have a negative or positive effect on meeting project

objectives

risk acceptance

Accepting the consequences if a risk occurs

risk appetite

The degree of uncertainty an entity is willing to take on in anticipation of

a reward

risk-averse

Having a low tolerance for risk

risk avoidance

Eliminating a specific threat or risk, usually by eliminating its causes

risk breakdown structure

A hierarchy of potential risk categories for a project

risk enhancement

Changing the size of an opportunity by identifying and maximizing

key drivers of the positive risk

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risk events

Specific uncertain events that may occur to the detriment or enhancement

of the project

risk exploitation

Doing whatever you can to make sure a positive risk happens

risk factors

Numbers that represent the overall risk of specific events, given their

probability of occurring and the consequence to the project if they do occur

risk management plan

A plan that documents the procedures for managing risk

throughout a project

risk mitigation

Reducing the impact of a risk event by reducing the probability of its

occurrence

risk-neutral

A balance between risk and payoff

risk owner

The person who will take responsibility for a risk and its associated

response strategies and tasks

risk register

A document that contains results of various risk management processes,

often displayed in a table or spreadsheet format

risk-seeking

Having a high tolerance for risk

risk sharing

Allocating ownership of a risk to another party

risk tolerance

The maximum acceptable deviation an entity is willing to accept on a

project or business objectives as the potential impact

risk transference

Shifting the consequence of a risk and responsibility for its

management to a third party

risk utility

The amount of satisfaction or pleasure received from a potential payoff

runaway projects

Projects that have significant cost or schedule overruns

secondary risks

Risks that are a direct result of implementing a risk response

sensitivity analysis

A technique used to show the effects of changing one or more

variables on an outcome

Top Ten Risk Item Tracking

A qualitative risk analysis tool for identifying risks and

maintaining an awareness of risks throughout the life of a project

triggers

Indications for actual risk events

unknown risks

Risks that cannot be managed proactively because they have not been

identified and analyzed

watch list

A list of risks that have low priority but are still identified as potential risks

workarounds

Unplanned responses to risk events when no contingency plans are in

place

blogs

Journals on the Web that allow users to write entries, create links, and upload

pictures, while readers can post comments to journal entries

communications management plan

A document that guides project communications

forecasts

Predictions of future project status and progress based on past information

and trends

Google Docs

Online applications offered by Google that allow users to create, share,

and edit documents, spreadsheets, and presentations online

lessons-learned report

Reflective statements written by project managers and their

team members to document important information they have learned from working on a

project

progress reports

Reports that describe what the project team has accomplished during

a certain period of time

project archives

A complete set of organized project records that provide an accurate

history of the project

SharePoint portal

A tool that allows users to create custom Web sites to access

documents and applications stored on shared devices

status reports

Reports that describe where a project stands at a specific point in time

wiki

A Web site that enables anyone who accesses it to contribute or modify content

coercive power

Using punishment, threats, or other negative approaches to get people to do things they do not want to do

collaborating mode

A conflict-handling mode in which decision makers incorporate different viewpoints and insights to develop consensus and commitment

compromise mode

Using a give-and-take approach to resolve conflicts; bargaining and searching for solutions that bring some degree of satisfaction to all the parties in a

dispute

confrontation mode

Facing a conflict directly using a problem-solving approach that allows affected parties to work through their disagreements

deputy project managers

People who fill in for project managers in their absence and

assist them as needed

empathic listening

Listening with the intent to understand

expert power

Using one's personal knowledge and expertise to get people to change

their behavior

extrinsic motivation

An approach that causes people to do something for a reward or to avoid a penalty

forcing mode

Using a win-lose approach to conflict resolution to get one's way

groupthink

Conformance to the values or ethical standards of a group

hierarchy of needs

A pyramid structure illustrating Maslow's theory that people's

behaviors are guided or motivated by a sequence of needs

intrinsic motivation

An approach that causes people to participate in an activity for

their own enjoyment

legitimate power

Getting people to do things based on a position of authority

mirroring

Matching certain behaviors of another person

Myers-Briggs Type Indicator (MBTI)

A popular tool for determining personality

preferences

organizational breakdown structure (OBS)

A specific type of organizational chart that

shows which organizational units are responsible for particular work items

overallocation

A state in which not enough resources are available to perform the

assigned work during a given time period

power

The ability to influence behavior to get people to do things they would not

otherwise do

RACI charts

Charts that show Responsibility, Accountability, Consultation, and

Informed roles for project stakeholders