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Definition
| The monetary resources needed to complete project activities. |
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Term
| How are costs typically measured? |
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| Costs are measured against the cost baseline. The cost baseline is the approximation of monetary resources needed to complete all project activities. |
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| What is the difference between “capital” and “expense”? |
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Capitalized assets are written off over the life of the asset[image] whereas all other assets are expensed in the year they were purchased.
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Convert expense to capital
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| a set of financial calculations that help determine a project’s potential rate of return, return on investment, and payback period. |
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Tangible cost benefits refer to costs and benefits that organizations can easily measure in dollar terms. Example: salaries and wages, leases, employee medical benefits, transportation and commercial insurance.
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| Intangible cost benefits refer to costs and benefits that organizations cannot be easily measure in dollar terms. Example: Customer Satisfaction, employee moral. |
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| the acquisition of goods or services. |
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Obtain (goods or a service) from an outside or foreign supplier, in place of an internal source
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| Cost Savings, Quality services, since most of the third party service providers excel at the services they provide, Risk Mitigation or Transfer, |
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| Possible loss of control over a company’s business processes, Sluggish response times coupled with slow issue resolutions |
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A written or spoken agreement, esp. one concerning employment, sales, or tenancy, that is intended to be enforceable by law
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| SLA- Service Level Agreement |
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Definition
| A service-level agreement (SLA) is a part of a service contract where the level of service is formally defined. |
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Definition
| Both the price and the scope of work are set in the SOW and neither change without agreement from both parties. |
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Definition
- The buyer agrees to pay a set amount per hour plus the cost of materials and other expenses
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Term
What is the difference between a fixed price contract and a time and materials contract?
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Definition
| The major difference between these two is who bears the risk if you exceed the estimate. With Fixed Price, it’s you the IT professional (intentity providing the services) who bears the risk. With T&M it’s your client (intentity recieving the services). |
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Definition
| A formal document containing the narritive desciption of products, services, or results to be supplied. |
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Request for proposal, a detailed specification of goods or services required by an organization, sent to potential contractors or suppliers
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An RFQ is issued when an organization wants to buy something and chooses to make the specifications available to many other companies so they can submit competitive bids.
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| Project Quality Management |
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Definition
| The processes and activities of the performing organiztion that determine quality polices, objectives and responsibilities so that the project will satisfy the needs for which it was undertaken. |
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Definition
| process in which the smallest testable parts of an application are individually and independently tested for proper operation. The intentiy reponsible for creating a unit is responsible for testing it. |
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| process which program units are combined and tested as groups. Testers do intergration testing. Outside third party. |
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The activities of testing an integrated hardware and software system to verify and validate whether the system meets its original objectives. System testing is done by a different set of people: testers.
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Definition
| User Acceptance Testing (UAT) is a process to obtain confirmation that a system meets mutually agreed-upon requirements. A Subject Matter Expert (SME), preferably the owner or client of the object under test, provides such confirmation after trial or review |
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Definition
| the processes concerned with conducting risk management planning, identification, analysis, responses, and control on a project. |
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Definition
| The amount of funds, budget, or time needed above the estimate to reduce the risk of overruns of project objectives |
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Definition
A plan designed to take a possible future event or circumstance into account.
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Definition
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Where are most of the risks associated with IT projects?
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Definition
1-Schedule flaws: difficult to estimate schedule
2-Scope Creep
3-Employee turnover
4-Poor Productivity
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Term
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Definition
The document containing the result of quantitative and qualitative analysis and risk reponse planning.
Contains all identified risks, including description, cause, category, probability of occuring, impact on objectives, and proposed responses |
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| Quantitative Risk Assessment |
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Definition
| Map a dollar amount to a specific risk. Assign fixed numerical values to both the probability and utility (business impact) of an outcome. |
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Term
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Definition
assesses both the probability and utility of an outcome using an interval scale, where each interval is typically represented by a non-numerical label (such as the words “High”, “Medium”, “Low”).
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| What are the four major risk response strategies? |
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Definition
1- Accept: If the risk won’t cause noticeable damage, you can just accept the consequences.
2- Avoid: One option if the risk doesn’t affect the project’s ability to achieve its objectives.
3-Risk mitigation: you take action to reduce the consequences if you can’t completely eliminate them
4- Risk transfer : transferring risk means that you let someone else take on the risk |
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| Person or organization that is actively involved in the project or whose interests may be positively or negatively affected by the execution or completion of the project. |
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Definition
Project management document that identifies all people, groups or organizations impacted by the project.
Things you might also see in the stakeholder register:
-titles or roles for each stakeholder
-influence to affect any project objectives
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Term
| Stakeholder Management Strategy |
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Definition
| defines an approach to increase the support and minimize negative impacts of stakeholders throughout the project life cycle. |
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Term
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Definition
Purpose: Assess current status of project
-schedule status
-cost status
Secondary purpose: Predict final status of project
- final cost |
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Definition
| Budgeted cost of work scheduled |
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Definition
Actual Cost of work performed
or
Amount spend to date on work completed |
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| Budgeted cost of work actually performed |
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| A managment methodology for objectively measuring project performance and progress. Project perform is measured by determining the budgeted cost of work performed (earned value) and comparing it to the actual cost of work performed. |
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| The pace at which work ramps up and down during an assignment |
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Definition
| discounted cashflows to understand today's value in order to do value comparison |
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