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PMP Confusing Terms

Terms in this set (14)

Run Chart
simply plots the data of a variable over time such as changes, trends, pattern, cycle
Control Chart
plots the data of a variable over time (same as the run chart), but also includes specification limits (Upper Specification Limit USL and Lower Specification Limit LSL) and control limits (Upper Control Limit UCL and Lower Control Limit LCL)
Rough Order of Magnitude (ROM) Estimate
the differences between estimates and actual figures may be as large as 75% more or 25% less
used in early stage of the project when things are not very solid/clear and/or for projects that span a lengthy period
Definitive Estimate
he differences between estimates and actual figures may be within the range of -5% to + 10% (more or less)
used in latter stage of the project and/or the project is simple to estimate
Analogous Estimating
made by simply taking the values from past projects/activities with similar scope to the current projects/activities (somewhat like making an analogy)
Parametric Estimating
based on historical information of very similar projects with consideration of the scale differences, identifying the unit cost/duration from the past projects/activities, more reliable
Avoid
taking any possible measures/actions (e.g. changing the project plan or approach) to completely prevent the risks from occurring/eliminate the adverse effects once they occur
Mitigate
taking measures/actions (e.g. changing the project plan or approach) to reduce the likelihood of the risks from occurring/minimize the impact once they occur
Enhance
taking measures/actions (e.g. changing the project plan or approach) to increase the probability of the occurrence of opportunities / increase the benefits from the opportunities
Exploit
taking any possible actions to make sure the opportunities will realize
do everything to realize the opportunities, including adding budgets or carrying out dramatic actions
may be considered as the opposite of "avoid" in negative risk response strategy
Contingency Plan
a contingency plan is developed to be taken only when risk event occurs, only for risks that have been accepted, for identified risks (known unknowns), developed during Plan Risk Responses process
Fallback Plan
a fallback plan is developed to deal with risks if the primary planned risk response is not effective, after the Contingency Plan, for identified risks (known unknowns), developed during Plan Risk Responses process
Nominal Group Technique
technique for small group discussion in which ideas / requirements are ranked / prioritized by all the members of the group after generation of all the ideas / requirements, originally developed by Delbecq and VandeVen as an alternative to brainstorming
Brainstorming
group creativity technique in which member(s) are allowed to generate as many ideas / requirements as possible without criticism, generating as many ideas as possible in a safe environment without any judgement from others, prevents domination of a single person over the discussion by allowing the voices of all members to be represented, no "NO"s and criticisms are allowed, Participants are safe to present their own creative ideas even though some ideas are unrealistic / absurd
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