Risk register is a document that contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning. Description, category, cause, probability of occurring, impact on objectives, proposed responses, owner, and the current status of all identified risks are put in the risk register.
Gold plating is a term that refers to adding features to the project scope in order to consume the entire project budget. It is considered a non-value added activity because the additions to the project scope are not what were required from the project customer.
A critical path is the sequence of project activities, which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e. there is no float on the critical path). A project can have several, parallel, near critical paths. An additional parallel path through the network with the total durations shorter than the critical path is called a sub-critical or non-critical path.
These results allow managers to prioritize activities for the effective management of project completion, and to shorten the planned critical path of a project by pruning critical path activities, by “fast tracking” (i.e., performing more activities in parallel), and/or by “crashing the critical path” (i.e., shortening the durations of critical path activities by adding resources).
Resource histogram is a bar chart showing the amount of time that a resource is scheduled to work over a series of time periods. It shows the resource requirements by time period.
Resource histograms are handy tools for the project management team, as they allow a quick and easy single page view of exactly what resources are available, what resources are being utilized at the present time, and how long those resources are expected to be tied up.
An estimate at completion (EAC) is a forecast of the most likely total value based on project performance and risk quantification. EAC is the projected or anticipated total final value for a schedule activity, WBS component, or project when the defined work of the project is completed. In a simple language, it is a formula that predicts how much the project is likely to cost. It is based on the cost performance index (CPI) and how much was the originally predicted cost to complete the project.
Lessons learned documentation is prepared to contribute to the lessons learned knowledge database of the organization. It includes the causes of issues, the reasoning behind the corrective action chosen, and other types of lessons learned about stakeholder management. Lessons learned are documented so that they become part of the historical database for the project/program and the performing organization. The lessons learned are compiled, formalized, and stored through out the project’s/program’s duration.
Contract is an agreement that mutually binds the seller (to provide the specified product or service or result) and the buyer (to pay for it). A contract is an exchange of promises between two or more parties to do an act, which is enforceable in a court of law. It is a binding legal agreement. It is an agreement creating and defining the obligations between two or more parties.
The Project Management Office (PMO) in a business or professional enterprise is the department or group that defines and maintains the standards of process, generally related to project management, within the organization. The PMO strives to standardize and introduce economies of repetition in the execution of projects. The PMO is the source of documentation, guidance, and metrics on the practice of project management and execution. PMO tasks include following up a project until its completion and reporting to the top management in a strategic purpose.
Communication channels are paths of communication with stakeholders in a project or program. The number of communication channels shows the complexity of a project’s communication and can be derived through the formula shown below:
Total Number of Communication Channels = n (n-1)/2
where, n is the number of stakeholders. Hence, a project having five stakeholders will have ten communication channels.
Communications skills are part of general management skills and are used to exchange information. Communication has many dimensions:
