Glossary - 'M'

• Make-or-buy analysis Used in determining what part of the project scope to make and what part to purchase.
• Management by Projects This approach characterizes organizations that manage their operations as projects. These project-centric entities could manage any level of their work as a project. Such organizations apply general business skills to each project to determine their value, efficiency, and, ultimately, their return on investment.
• Mandatory dependencies This refers to the logical relationship between activities based on the type of work. For example, the foundation of a house must be created before the frame of the house can be built. This is also known as hard logic.
• Maslow’s Hierarchy of Needs A theory stating there are five layers of needs for all humans: physiological, safety, social, esteem, and the crowning jewel, self-actualization.
• Matrix structures An organizational structure. There are three matrix structures: weak, balanced, and strong. The different structures are reflective of the project manager’s authority in relation to the functional manager’s authority.
• McGregor’s Theory of X and Y This theory states that “X” people are lazy, don’t want to work, and need to be micromanaged. “Y” people, on the other hand, are self-led, motivated, and strive for accomplishments.
• Medium Part of the communications model the path the message takes from the sender to the receiver. This is the modality in which the communication travels, and typically refers to an electronic model, such as e-mail or the telephone.
• Mitigation Reducing the probability or impact of a risk.
• Monte Carlo analysis Predicts how scenarios may work out given any number of variables. The process doesn’t actually generate a specific answer, but a range of possible answers. When Monte Carlo is applied to a schedule, it can present, for example, the optimistic completion date, the pessimistic completion date, and the most likely completion date for each activity in the project.

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References:

• PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam by Rita Mulcahy.
  
• PMP Project Management Professional Study Guide, Second Edition by Joseph Phillips.
  
• PMP: Project Management Professional Study Guide, 3rd Edition by Kim Heldman.