PMP 4#

Assumption log

"An assumption is something that is believed to be true or false, but it has not yet been proven to be true or false.

Assumptions that prove wrong can become risks for the project. All identified project assumptions are recorded in the assumption log for testing and analysis, and the outcomes are recorded."

Assumptions that prove wrong can become risks for the project. All identified project assumptions are recorded in the assumption log for testing and analysis, and the outcomes are recorded. "

Benefit/cost ratio (BCR) models

This is an example of a benefits comparison model. It examines the benefit-to-cost ratio.

Change control board (CCB)

A committee that evaluates the worthiness of a proposed change and either approves or rejects the proposed change.

Change control system (CCS)

The change control system communicates the process for controlling changes to the project deliverables. This system works with the configuration management system and seeks to control and document proposals to change the project’s product.

Change log

All changes that enter into a project are recorded in the change log. The characteristics of the change, such as the time, cost, risk, and scope details, are also recorded.

Change management plan

This plan details the project procedures for entertaining change requests: how change requests are managed, documented, approved, or declined.

Closure processes

This final process group of the project management life cycle is responsible for closing the project phase or project. This is where project documentation is archived and project contracts are also closed.

Communications management plan

This plan defines who will get what information, how they will receive it, and in what modality the communication will take place.

Configuration identification

This includes the labeling of the components, how changes are made to the product, and the accountability of the changes.

Configuration management plan

This plan is an input to the control scope process. It defines how changes to the features and functions of the project deliverable, the product scope, may enter the project.

characteristics."

characteristics. "

Configuration status accounting

The organization of the product materials, details, and prior product documentation.

Configuration verification and auditing

The scope verification and completeness auditing of project or phase deliverables to ensure that they are in alignment with the project plan.

Contract closure

The formal verification of the contract completeness by the vendor and the performing organization.

Cost baseline

This is the aggregated costs of all of the work packages within the work breakdown structure (WBS).

Cost management plan

This plan details how the project costs will be planned for, estimated, budgeted, and then monitored and controlled.

Explicit knowledge

Knowledge that can be quickly and easily expressed through conversations, documentation, figures, or numbers, is easily communicated.

Future value

A benefit comparison model to determine a future value of money. The formula to calculate future value is FV = PV(1 + I) n, where PV is present value, I is the given interest rate, and n is the number of periods.

Integrated change control

A process to consider and control the impact of a proposed change on the project’s knowledge areas.

Mathematical model

A project selection method to determine the likelihood of success. These models include linear programming, nonlinear programming, dynamic programming, integer programming, and multiobjective programming.

Milestone

Milestones are significant points or events in the project’s progress that represent accomplishment in the project. Projects usually create milestones as the result of completing phases within the project.

Milestone list

This list details the project milestones and their attributes. It is used for several areas of project planning, but also helps determine how quickly the project may be achieving its objectives.

Net present value

Evaluates the monies returned on a project for each period the project lasts.

Payback period

An estimate to predict how long it will take a project to pay back an organization for the project’s investment of capital.

Present value

A benefit comparison model to determine the present value of a future amount of money. The formula to calculate present value is PV = FV ÷ (1 + i) n, where FV is future value, I is the given interest rate, and n is the number of periods.

Procurement management plan

The procurement management plan controls how the project will acquire goods and services.

Project charter

This document authorizes the project. It defines the initial requirements of the project stakeholders. The project charter is endorsed by an entity outside of the project boundaries.

Project management plan

The documented approach of how a project will be planned, executed, monitored and controlled, and then closed. This document is a collection of subsidiary management plans and related documents.

Project scope management plan

Defines how the project scope will be planned, managed, and controlled.

Quality baseline

Documents the quality objectives for the project, including the metrics for stakeholder acceptance of the project deliverable.

Quality management plan

This plan defines what quality means for the project, how the project will achieve quality, and how the project will map to organizational procedures pertaining to quality.

Regression analysis

A mathematical model to examine the relationship among project variables, like cost, time, labor, and other project metrics.

Risk management plan

Risk is an uncertain event or condition that may affect the project outcome. The risk management plan defines how the project will manage risk.

Risk register

The risk register is a centralized database consisting of the outcome of all the other risk management processes, such as the outcome of risk identification, qualitative analysis, and quantitative analysis.

Risk response plan

This subsidiary plan defines the risk responses that are to be used in the project for both positive and negative risks.

Schedule baseline

This is the planned start and finish of the project. The comparison of what was planned and what was experienced is the schedule variance.

Schedule management plan

Defines how the project schedule will be created and managed.

tacit knowledge

Knowledge that’s more difficult to express because it’s personal beliefs, values, knowledge gain from experience, and “know-how” when doing a task.