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Philip B. Crosby

Three “quality” leaders in particular are responsible for the rise of the quality management movement and the theories behind the cost of quality: Philip B. Crosby, Joseph M. Juran, and W. Edwards Deming.

Philip B. Crosby devised the zero defects practice, which means, basically, do it right the first
time. Crosby says that costs will increase when quality planning isn’t performed up front, which means you’ll have to engage in rework, thus affecting productivity. Prevention is the key to Crosby’s theory. If you prevent the defect from occurring in the first place, costs are lower, conformance to requirements is easily met, and the cost measurement for quality becomes the cost of nonconformance rather than the cost of rework.

-Posted by Sundar

Performing

“Team building activities” is one of the tools and techniques of Develop Project Team.

The newly formed team for the project will go through four stages of development: Forming, Storming, Norming and Performing.

At Performing stage, the team end up with requied performance. This stage the team is productive and effective. The level of trust among team members is high, and great things are achieved. This is the mature development stage.

-Posted by Sundar

Norming

“Team building activities” is one of the tools and techniques of Develop Project Team.

The newly formed team for the project will go through four stages of development: Forming, Storming, Norming and Performing.

At Norming stage, the team begins to calm down. Team members know each other fairly well by now. They’re comfortable with their positions in the team, and they begin to deal with project problems instead of people problems. In the norming stage, they confront the project concerns and problems instead of each other. Decisions are made jointly at this stage, and team members exhibit affection and familiarity with one another.

-Posted by Sundar

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms

Opportunities

Opportunities is one of the process in SWOT analysis technique.

Strengths, Weaknesses, Opportunities, and Threats (also known as SWOT analysis) is an analysis technique that examines through each of these viewpoints (SWOT) the project itself, project management processes, resources, the organization, and so on. It also helps broaden your perspective of where to look for risks.

-Posted by Sundar

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms

Organization Breakdown Structure (OBS)

This is an organization chart describes the hierarchical nature of the organization, what departments exist, and who reports to whom.

An organization breakdown structure (OBS) is a form of organization chart that shows how the WBS elements relate to the organization’s departments, work units, or teams rather than individuals.

OBS clearly relates the WBS elements to the organizational unit/department responsible for completing the work.

-Posted by Sundar

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms

Parametric Estimating

Parametric estimating is one of the tools and technique of processes like Activity Duration Estimating,Cost Estimating, Cost Budgeting.

Parametric estimating is a quantitatively based estimating method that multiplies the quantity of work by the rate.

This estimate is by multiplying a known element—like the quantity of materials needed—by the time it takes to install or complete one unit of materials. The result is a total estimate for the activity. In this case, 10 servers multiplied by 16 hours per server gives you a 160-hour total duration estimate.

The resulted estimattion is a total estimate for the activity.

-Posted by Sundar

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms

Pareto Charts

Pareto charts are a tool and technique of the Perform Quality Control process.

They rank-order the most important factors such as delays, costs, or defects by their frequency over time and are displayed as histograms.

According to Pareto, the 80/20 rule as it applies to quality says that a small number of causes (20 percent) create the majority of the problems (80 percent).

His theory is that you get the most benefit if you spend the majority of your time fixing the most important problems.

-Posted by Sundar

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms

Nominal Group Technique

For Risk Identification, several techniques were used with assistance from the stakeholders.

Nominal Group technique is an information-gathering technique similar to the Delphi technique that can be used during the Risk Identification process.

This technique requires the participants to be together in the same room. Each participant has paper (post stick notes!) and pencil in front of them, and they are asked to write down what risks they think the project faces. Each piece of paper should contain only one risk. The papers are given to the facilitator, who sticks them up to the wall or a white board. The panel is then asked to review all the risks posted on the board; rank them and prioritise them, in writing; and submit the ranking to the facilitator. Now, a complete list of prioritised risks is ready.

-Posted by Sundar

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms

Net Present Value (NPV)

NPV compares the value of the future cash flows of the project to today’s dollars using time value of money techniques.

It evaluates the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. The total present value of the cash flows is deducted from the initial investment to determine NPV.

NPV assumes that cash inflows are reinvested at the cost of capital.

NPV is similar to discounted cash flow.

-Posted by Sundar

Refer Exam Tips 3 – Key terms for PMP Exam for more key terms