7 Steps Project Execution Process
View more presentations from C.K. Vishwakarma.
Glossary - 'W'
- War room A centralized office or locale for the project manager and the project team to work on the project. It can house information on the project, including documentation and support materials. It allows the project team to work in close proximity.
- Withdrawal A conflict resolution method that is used when the issue is not important or the project manager is out-ranked. The project manager pushes the issue aside for later resolution. It can also be used as a method for cooling down. The conflict is not resolved, and it is considered a yield-lose solution.
- Work authorization system A tool that can oversee the organization, sequence, and official authorization needed to begin a piece of the project work.
- Work breakdown structure (WBS) The WBS is a deliverable-orientated collection of project components. Work that isn’t in the WBS isn’t in the project. The point of the WBS is to organize and define the project scope.
- Work breakdown structure dictionary A reference tool to explain the WBS components, the nature of the work package, the assigned resources, and the time and billing estimates for each element.
- Work breakdown structure template A master WBS that is used in organizations as a starting point in defining the work for a particular project. This approach is recommended, as most projects in an organization are similar in their project life cycles, and the approach can be adapted to fit a given project.
- Workarounds Workarounds are unplanned responses to risks that were not identified or accepted.
- 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.
Glossary - 'V'
- Value added change A change that positively impacts either the scope, schedule, or cost of a project without adversely impacting the other two aspects.
- Variance The difference between what was planned and what was experienced; typically, used for costs and schedules.
- Variance at completion The difference between the BAC and the EAC. Its formula is VAC = BAC − EAC.
Glossary - 'T'
- Three point estimate An estimate that uses optimistic, most likely, and pessimistic values to determine the cost or duration of a project component.
- Time value of money An economic model to predict what the future fiscal value may be, given the current fiscal value. The time value of money can also reverse-engineer what predicted monies are worth in today’s value.
- Time-and-materials (T&M) contract A contract type where the seller charges the buyer for both the time and the materials for the work completed. T&M contracts should have a not-to-exceed clause (NTE) in order to contain costs.
- Total slack The total time an activity can be delayed without delaying the project’s completion.
- Top-down estimating A technique that bases the current project’s estimate on the total of a similar project. A percentage of the similar project’s total cost may be added to–or subtracted from–the total, depending on the size of the current project.
- Transference A response to risks in which the responsibility and ownership of the risk is transferred to another party (for example, through insurance).
- Trend analysis Trend analysis is taking past results to predict future performance.
- Triggers Warning signs or symptoms that a risk has occurred or is about to occur (for example, a vendor failed to complete its portion of the project as scheduled).
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