PERT stands for Program (or Project ) Evaluation and Review Technique (Statistical Tool used in PM) Analogous

s Estimating = Less Accurate ( less costly and based on historical information ) Crashing increases Cost (due to added additional resources) Monte Carlo Analysis: A schedule risk assessment technique that performs a project simulation many times in order to calculate a distribution of likely results Bottom-up estimating: Estimating the cost of individual work items and then rolling up the costs to arrive at a project total is more accurate. Fixed Price contract has the Highest Risk for the Seller Higher the BCR (Benefit to Cost Ratio ) the better ( Less than 1 is unfavorable ) Parametric Modeling Mathematical Figure ( ex. 120$ per ton) Determining the number and types of tests and their impact on cost of quality is called Design of experiments which is done in Plan Quality process A fair contract shares a reasonable amount of risk between the buyer and the seller Number of communication channel will be calculated using formula n*(n-1)/2 where n is the number of people involved in the communication ( where n represents the number of Stakeholders ) Configuration Management System addresses controlling documents. Updating the WBS during Define Activities, are often called Refinements An IFB is a sealed document that lists the seller's price to complete the detailed work. More the Critical Paths More the Risk! ( Convergence, Bottlenecks ) Variance report: An actual project result and planned status of a project. When doing Make-or-buy decisions include both direct and indirect costs OBS,RBS,WBS Organization, Resource, Work Breakdown Structure ( one more RBS Risk Break Down Structure)

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