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.
Preventive action addresses any action or act in which the project management team and the team leader provide documented direction to carry out an activity that is meant to decrease the possibility of negative consequences related to project risk.
The procurement document package contains procurement documents that are used to solicit proposals from prospective sellers. It is a buyer-prepared formal request sent to each seller. Terms such as bid, tender, or quotations are generally used when the seller selection decision will be based on price. Whereas, a term such as proposal is generally used when terms are in use for different types of procurement documents. These documents include Request for information (RFI), invitation for bid (IFB), request for proposal (RFP), request for quotation (RFQ), tender notice, invitation for negotiation, and seller initial response.
Program contingency reserves are estimated costs to be used to deal with anticipated, but not certain, events. These events are known unknowns and are part of the program scope and cost baselines. The contingency reserve is calculated by multiplying the probability and the impact for the risk event value for each risk event. The sum of the risk events equals the contingency reserve for the program.
Organizational process assets are forms, templates, and other support pieces that the project managers can use to help manage their projects. It is usually something that has been created before the project begins and often, but not always, comes from historical information.
The certificate of program closure is the document that officially closes the program. This document formalizes the acceptance of the program deliverables and verifies that the program is closed. When the entire program is closed, the program manager, the program sponsor, and often the program customer will sign the certificate of program closure.
The certificate of completion proves that the program/project manager and the vendor agree that the work is complete. The certificate of completion serves as an evidence that the vendor has completed his obligations to the program and is often linked to the final payment from the organization.
A claim is a documented disagreement between the vendor and the buyer where one party (and sometimes both) disagrees with the conditions, performance, or payments. The contract should always have an escalation process defined should litigation between the parties arise.
Monte Carlo simulation is a process for iteratively evaluating a deterministic form using sets of random numbers as inputs. This method is repeatedly used when the model is complex, nonlinear, or involves more than just a couple of vague parameters. Monte Carlo simulation is named after the city in Monaco, where the major attractions are casinos that have games of chance. Gambling games, such as roulette, dice, and slot machines, exhibit random behavior. This technique works particularly well when the process is one where the underlying probabilities are known but the results are more difficult to determine. It is a process that generates hundreds or thousands of probable performance outcomes based on probability distribution for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole.
Program governance defines the rules and procedures that the program manager is required to abide by in the program. The enforcement of the rules and procedures is also part of the governance process.
