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Project Management BUS375
Stayer University
65
Business
Undergraduate 1
10/30/2008

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Term
Project Scope
Definition
An endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources.
Term
Objective
Definition
The expected result or product of a project, usually defined in terms of scope, schedule, and cost.
Term
Customer
Definition
The entity that provides the funds necessary to accomplish a project. A customer may be a person, an organization, or a group of people or organizations.
Term
Project scope
Definition
All the work that must be done to accomplish the project’s objective to the customer’s satisfaction; scope of the project; work scope.
Term
Work Scope
Definition
An endeavor to accomplish a specific objective through a unique set of interrelated tasks and the effective utilization of resources.
Term
Deliverables
Definition
The tangible items or products that the customer expects the contractor to provide during performance of the project.
Term
Cost
Definition
The amount the customer has agreed to pay for acceptable project deliverables.
Term
Schedule
Definition
A timetable for a project plan.
Term
Project life cycle
Definition
The four phases through which a project moves: identification of a need, problem, or opportunity; development of a proposed solution; implementation of the proposed solution; and termination of the project.
Term
Request for proposal (RFP)
Definition
A document, usually prepared by the customer, that defines a need or problem, requirements, and expectations.
Term
Proposal
Definition
A document, usually prepared by a contractor, that outlines an approach to meeting a need or solving a problem for a potential customer.
Term
Contract
Definition
An agreement between a contractor, who agrees to provide a product or service (deliverables), and a customer, who agrees to pay the contractor a certain amount of money in return.
Term
Work Package
Definition
The lowest-level item of any branch of a work breakdown structure.
Term
Work Breakdown Structure
Definition
A hierarchical tree of work elements or items that will be accomplished or produced by the project team during the project.
Term
Network Diagram
Definition
A graphic display of the activities to be performed to achieve the overall project work scope, showing their sequence and interdependencies.
Term
Cost Estimate
Definition
Estimate of total cost of an activity based on the types and quantities of resources required for that activity.
Term
Baseline Plan
Definition
The original plan, or roadmap, laying out the way in which the project scope will be accomplished on time and within budget.
Term
Planning
Definition
The systematic arrangement of tasks to accomplish an objective; determining what needs to be done, who will do it, how long it will take, and how much it will cost.
Term
Project Seletion
Definition
Evaluating various needs or opportunities and then deciding which of these should move forward as a project to be implemented.
Term
Statement of Work (SOW)
Definition
A document outlining the tasks, or work elements, the customer wants the contractor to perform.
Term
Cutsomer Requirements
Definition
Specifications for a project and/or attributes of a deliverable specified by a customer in a request for proposal. Requirements may include size, quantity, color, speed, and other physical or operational parameters that a contractor’s proposed solution must satisfy.
Term
Due Date
Definition
The date, specified in a request for proposal, by which a customer expects potential contractors to submit proposals.
Term
Evaluation Criteria
Definition
The standards, specified in a request for proposal, that a customer will use to evaluate proposals from competing contractors.
Term
Bid / No Bid Decision
Definition
An evaluation by a contractor of whether to go ahead with the preparation of a proposal in response to a customer’s request for proposal.
Term
Exception
Definition
A variation from a customer’s specified requirements, stated by a contractor in a proposal.
Term
Overhead
Definition
A percentage of the direct costs of a particular project, added to a contractor’s proposal to cover costs of doing business, such as insurance, depreciation, general management, and human resources; indirect costs.
Term
Indirect Costs (Overhead)
Definition
A percentage of the direct costs of a particular project, added to a contractor’s proposal to cover costs of doing business, such as insurance, depreciation, general management, and human resources; indirect costs.
Term
Contingency
Definition
An amount a contractor may include in a proposal to cover unexpected costs that may arise during a project; management reserve.
Term
Management Reserve (Contingency)
Definition
An amount a contractor may include in a proposal to cover unexpected costs that may arise during a project; management reserve.
Term
(BAFO) Best and Final Offer
Definition
A final price for a project, submitted by a contractor at the request of a customer who is considering proposals from several contractors for the same project.
Term
Fixed Price Contract
Definition
A contract in which a customer and a contractor agree on a price that will not change no matter how much the project actually costs the contractor.
Term
Cost Reimbursement Contract
Definition
A contract in which a customer agrees to pay a contractor for all actual costs incurred during a project, plus some agreed-upon profit.
Term
Work Items
Definition
Individual pieces of a project in a work breakdown structure.
Term
Responsibility Matrix
Definition
A table that lists the individuals or organizational units responsible for accomplishing each work item in a work breakdown structure.
Term
Activity
Definition
A defined piece of work that consumes time; task.
Term
Program Evaluation and Review Techniques (PERT)
Definition
PERT: A network planning technique.
Term
Critical Path Method(CPM)
Definition
CPM: A network planning technique.
Term
Precedence Diagramming Method (PDM)
Definition
PDM: A network planning technique.
Term
Graphical Evaluation and Review Technique (GERT)
Definition
GERT: A type of network planning technique.
Term
Gantt Chart
Definition
A planning and scheduling tool that displays project activities along a time scale; bar chart.
Term
Bar Chart
Definition
AKA Gant Chart.
Term
Activity in the Box (AIB)
Definition
A form of network diagramming in which activities are represented by boxes.
Term
Activity on the arrow (AOA)
Definition
A form of network diagramming in which activities are represented by arrows.
Term
Precedential Relationship
Definition
The order in which activities must be finished before other activities can start.
Term
Events
Definition
Interconnecting points that link activities in the activity-on-the-arrow form of network diagramming. An event is represented by a circle.
Term
Predecessor Event
Definition
The event at the beginning of an activity (tail of the arrow) in the activity-on-the-arrow form of network diagramming; start event.
Term
Successor Event
Definition
The event at the end of an activity (head of the arrow) in the activity-on-the-arrow form of network diagramming; finish event.
Term
Dummy Activity
Definition
A special type of activity, used in the activity-on-the-arrow form of network diagramming, that consumes no time. A dummy activity is represented by a dashed arrow.
Term
Laddering
Definition
A method of showing the logical precedential relationship of a set of activities that is repeated several times consecutively.
Term
Information System (IS)
Definition
A computer-based system that accepts data as input, processes the data, and produces information for users.
Term
Systems Development Life Cycle (SDLC)
Definition
A project management planning tool consisting of a set of phases or steps to be completed over the course of development of an information system.
Term
Estimated Start Time
Definition
The time or date when a project is expected to begin.
Term
Required Completion Time
Definition
The time or date by which a project must be completed.
Term
Earliest Start Time (ES)
Definition
The earliest time at which a particular activity can begin; the project’s estimated start time plus the estimated duration of preceding activities.
Term
Earliest Finish Time (EF)
Definition
The earliest time by which a particular activity can be completed; the activity’s earliest start time plus the activity’s estimated duration.
Term
Latest Finish Time (LF)
Definition
The latest time by which a particular activity must be completed in order for the entire project to be finished by its required completion time.
Term
Latest Start time (LS)
Definition
The latest time by which a particular activity must be started in order for the entire project to be finished by its required completion time; the activity’s latest finish time minus the activity’s estimated duration.
Term
Total Slack (AKA Float)
Definition
Float. If it’s a positive value, it’s the amount of time that the activities on a particular path can be delayed without jeopardizing completion of the project by its required completion time. If it’s a negative value, it’s the amount of time that the activities on a particular path must be accelerated in order to complete the project by its required completion time.
Term
Critical Path
Definition
In a network diagram, any path of activities with zero or negative total slack.
Term
Most Critical Path
Definition
In a network diagram, the most time-consuming (longest) path of activities; the path of activities that has the lowest value—either least positive or most negative—for total slack.
Term
Free Slack (FS)
Definition
The amount of time that a particular activity can be delayed without delaying the earliest start time of its immediately succeeding activities; the relative difference between the amounts of total slack for activities entering into that same activity. It’s always a positive value.
Term
Beta Probability Distribution
Definition
A distribution that is frequently used to calculate the expected duration and variance for an activity based on the activity’s optimistic, most likely, and pessimistic time estimates.
Term
Normal Probability Distribution
Definition
A bellshaped distribution of values that is symmetrical around its mean value.
Term
Variance
Definition
A measure of the dispersion, or spread, of a distribution from its expected value.
Term
Standard Deviation
Definition
A measure of the dispersion, or spread, of a distribution from its expected value; the square root of the variance.
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