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An analytical procedure in which each potential failure mode in every component of a product is analyzed to determine its effect on the reliability of that component and, by itself or in combination with other possible failure modes, on the reliability of the product or system and on the required function of the component; or the examination of a product (at the system and/or lower levels) for all ways that a failure may occur. For each potential failure, an estimate is made of its effect on the total system and of its impact. In addition, a review is undertaken of the action planned to minimize the probability of failure and to minimize its effects.
Industry:Business services
A group of related schedule activities aggregated at some summary level, and displayed/reported as a single activity at that summary level. See also subproject and subnetwork.
Industry:Business services
A subset of project management that includes the processes required to ensure that the project will satisfy the needs for which it was undertaken. It consists of quality planning, quality assurance, and quality control.
Industry:Business services
A specific project schedule compression technique that changes network logic to overlap phases that would normally be done in sequence, such as the design phase and construction phase, or to perform schedule activities in parallel. See schedule compression and crashing.
Industry:Business services
This information-gathering technique examines the project from the perspective of each project’s strengths, weaknesses, opportunities, and threats to increase the breadth of the risks considered by risk management.
A process whereby a group of people determine:
1. What Strengths do we have? (How can we take advantage of them?)
2. What Weaknesses do we have? (How can we minimize them?)
3. What Opportunities are there? (How can we capitalize on them?)
4. What Threats might prevent us from getting there? (Consider technical obstacles, competitive responses, values of people within the organization, etc. For every obstacle identified, what can we do to overcome or get around it? This helps to develop contingency plans.)
Industry:Business services
Risk Management is the systematic process of identifying, analyzing, and responding to project risk. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of events adverse to project objectives. It includes the processes of risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control.
Industry:Business services
The action of the owner accepting the work from the contractor when the owner deems the work completed in accordance with the contract requirements. The owner when making the final payment to the contractor confirms final acceptance.
Industry:Business services
An integrated set of regularly interacting or interdependent components created to accomplish a defined objective, with defined and maintained relationships among its components, and the whole producing or operating better than the simple sum of its components. Systems may be either physically process-based or management process based, or more commonly a combination of both. Systems for project management are composed of project management processes, techniques, methodologies, and tools operated by the project management team.
Industry:Business services
The point at which both parties to a contract declare the other has satisfactorily completed its responsibilities under the contract.
Industry:Business services
An imposed date that constrains or otherwise modifies the schedule network analysis.
Industry:Business services
