Sunday, January 25, 2015

Important Points VI

Failure mode and effects analysis (FMEA) is a procedure in operations management for analysis of potential failure modes within a system for classification by severity or determination of the effect of failures on the system.

Categories of Forecasting: (http://en.wikipedia.org/wiki/Forecasting)

Time series method uses historical data as the basis of estimating future outcomes.
Weighted moving average, Moving average, Kalman filtering, Exponential smoothing, Autoregressive moving average (ARMA), Autoregressive integrated moving average (ARIMA), Extrapolation, Linear prediction, Trend estimation, Growth curve

Qualitative vs Quantitative methods

Naive approach

Casual / econometric forecasting methods

Judgmental methods

Artificial Intelligence methods


Net Present value of Zero is Break-even, positive is profit and negative is loss.

Quality Assurance department verifies the compliance of projects against the organization's defined policies and processes. This is a proactive and preventive role.

Manage stakeholder engagement process tools and techniques are Communication methods, Interpersonal skills and management skills.

Develop project team has two outputs -> Team performance assessments and Enterprise environmental factors.

Procurement Performance reviews are conducted during the control Procurements process to review the seller's progress towards delivering on project scope, quality, cost and schedule as compared to the contract.  These reviews can be conducted based on Audits and Inspections.

Smoothing (or Accommodating) concentrates on emphasizing areas of agreements rather than areas of difference.

Discretionary dependencies are established based on knowledge of best practice within an application area.

The close project or phase has two outputs, the final product or service or result transition, and organizational process assets updates.

Close Procurements is an output of Close procurement process.

The probability of achieving cost and time objectives is determined and documented during the perform Quantitative Risk Analysis process.

Hardship clause is sometimes used in relation to Force Majeure, particularly due to the fact that they share similar features and they both cater to situations of changed circumstances.

Benefit-cost ratio (BCR) is the inverse of Cost Benefit ratio.

A risk arising as a result of implementing a Risk Response plan for a different risk is called  Secondary risk.

Residual risk is risk that remains from the initial risk after a Risk Response plan has been implemented.

Project charter does not require a change request.

Deflection or transfer of risk to another party is a type of Strategy for negative risks.

TCPI greater than 1 means hard to complete.

A complete set of concepts, terms and activities that make up a professional field, project management field or an area of specialization is known as Knowledge area.

Summary Budget is arrived at during the Initiation phase of the project. (Project charter)

Historical records during closing are useful to Predict trends, and highlight problems for future projects.

Definitive terms of a contract are written during the Award phase.

Reducing the impact of a risk event by reducing the possibility of its occurrence is Risk Avoidance.

Gantt charts are great for Tracking actual vs planned and Optimum Resource utilization.  Gantt charts gives quick insights into task schedules and resource utilizations.

Design of Experiments (DOE) identifies which factors may influence specific variables of a process or product.

The purposes of quality audit is to identify lessons learned that can improve performance on the project.


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