Commonly Used Methods and Artifacts in Project Management

These flashcards cover key concepts and terms related to commonly used methods and artifacts in project management.

What is a method in project management?

A means for achieving an outcome, output, result, or project deliverable.

What is alternatives analysis?

It is used to evaluate identified options in order to select the options or approaches to perform the work of the project.

Define assumption in project management.

A factor considered to be true, real, or certain, without proof or demonstration.

What does benchmarking involve?

The comparison of actual or planned products, processes, and practices to those of comparable organizations.

Explain the payback period.

The time needed to recover an investment, usually measured in months or years.

What is meant by Internal Rate of Return (IRR)?

The projected annual yield of a project investment that incorporates both initial and ongoing costs.

What does Return on Investment (ROI) signify?

The percent return on an initial investment, calculated by dividing the projected average of all net benefits by the initial cost.

What is Net Present Value (NPV)?

The future value of expected benefits expressed in today’s money.

What does a check sheet serve as?

A tally sheet that can be used as a checklist during data gathering.

How is cost of quality defined?

All costs incurred over the life of the product by investment in preventing nonconformance to requirements.

What is the purpose of decision tree analysis?

To evaluate the implications of a chain of multiple options in the presence of uncertainty.

What does earned value analysis measure?

It uses a set of measures associated with scope, schedule, and cost to determine project performance.

What is the expected monetary value (EMV)?

The estimated value of an outcome expressed in monetary terms, quantifying risk.

What is a forecast in project management?

An estimate or prediction of future conditions or events based on current information.

Define life cycle assessment.

A tool to evaluate the total environmental impact of a product, process, or system.

What is a make-or-buy analysis?

The process of deciding whether to manufacture a product internally or purchase it from external suppliers.

What does a probability and impact matrix do?

Maps the probability of occurrence of each risk and its impact on project objectives.

What is the aim of regression analysis?

Examining relationships between input variables and their corresponding output results.

What does reserve analysis evaluate?

The amount of risk on a project and the sufficiency of budget and schedule reserves.

What is root cause analysis?

A method used to determine the basic underlying cause of a variance, defect, or risk.

What is sensitivity analysis?

It assesses which individual project risks have the most potential impact on project outcomes.

Explain what simulations are in project management.

Models that show the combined effect of uncertainties to evaluate their potential impact.

Describe stakeholder analysis.

The process of gathering and analyzing information about stakeholders to understand their interests.

What does SWOT analysis evaluate?

The strengths, weaknesses, opportunities, and threats of an organization or project.

What is trend analysis?

An approach that uses mathematical models to forecast future project outcomes based on historical results.

What is value stream mapping?

A method used to document, analyze, and improve the flow of information required to produce a product.

How is variance analysis used in project management?

To determine the causes and degree of difference between baseline and actual performance.

What does a daily standup accomplish?

A brief collaboration meeting for the project team to review progress and highlight obstacles.

Define backlog refinement.

The progressive elaboration and prioritization of backlog items for upcoming iterations.

Explain the purpose of a lessons learned meeting.

To record and discuss knowledge gained during a project to improve future performance.

What is a kickoff meeting?

An initial gathering to set expectations and commence work at the start of a project.

What does an assumption log record?

All assumptions and constraints throughout the project.

What is a project management plan?

The document describing how the project will be executed, monitored, and controlled.

What does a project charter do?

Formally authorizes the existence of a project and provides authority to the project manager.

What is a stakeholder register?

A project document that includes information about stakeholders and their classification.

What is a project closeout meeting?

A meeting to obtain final acceptance of the delivered scope from the client.

Define the term visual data.

Artifacts that present data and information in visual formats, aiding understanding and decision making.

A in project management is a means for achieving an outcome, output, result, or project deliverable.

method

_ analysis is used to evaluate identified options in order to select the options or approaches to perform the work of the project.

alternatives

An _ in project management is a factor considered to be true, real, or certain, without proof or demonstration.

assumption

Benchmarking involves the comparison of actual or planned products, processes, and practices to those of organizations.

comparable

The period is the time needed to recover an investment, usually measured in months or years.

payback

The Internal Rate of Return (IRR) is the projected annual yield of a project investment that incorporates both initial and ongoing _.

costs

Return on Investment (ROI) signifies the percent return on an initial investment, calculated by dividing the projected average of all net benefits by the cost.

initial

Net Present Value (NPV) is the future value of expected benefits expressed in today’s _.

money

A sheet serves as a tally sheet that can be used as a checklist during data gathering.

check

The cost of quality encompasses all costs incurred over the life of the product by investment in preventing nonconformance to _.

requirements

The purpose of decision tree analysis is to evaluate the implications of a chain of multiple options in the presence of _.

uncertainty

Earned value analysis measures project performance using a set of measures associated with scope, schedule, and _.

cost

The expected monetary value (EMV) is the estimated value of an outcome expressed in terms, quantifying risk.

monetary

A in project management is an estimate or prediction of future conditions or events based on current information.

forecast

Life cycle assessment is a tool to evaluate the total environmental of a product, process, or system.

impact

A make-or-buy analysis determines whether to manufacture a product or purchase it from external suppliers.

internally

The probability and impact matrix maps the probability of occurrence of each risk and its impact on project _.

objectives

The aim of regression analysis is to examine relationships between input variables and their corresponding results.

output

Reserve analysis evaluates the amount of on a project and the sufficiency of budget and schedule reserves.

risk

Root cause analysis is a method used to determine the basic underlying cause of a , defect, or risk.

variance

analysis assesses which individual project risks have the most potential impact on project outcomes.

Sensitivity