Project Management-2
Terms
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- Decision Support System
- A computer package and data base to aid managers in making decisions. It may include simulation programs, mathematical programming routines, and decision rules.
- Risk Analysis
- A procedure that uses a distribution of input factors and probabilities and returns a range of outcomes and their probabilities.
- Stochastic
- Probabilistic, or not deterministic.
- Model
- A way of looking at reality, usually for the purpose of abstracting and simplifying it, to make it understandable in a particular context.
- Portfolio
- A group or set of projects with varying characteristics.
- Sensitivity Analysis
- Investigation of the effect on the outcome of changing some parameters or data in the procedure or model.
- Simulation
- A technique for emulating a process, usually conducted a considerable number of times to understand the process better and measure its outcomes under different policies.
- Network
- A group of items connected by some common mechanism.
- Expert System
- A computer package that captures the knowledge of recognized experts in an area and can make inferences about a problem based on decision rules and data input to the package.
- Deterministic
- Predetermined, with no possibility of an alternate outcome, compare with stochastic.
- Programming
- An algorithmic methodology for solving a particular type of complex problem, usually conducted on computer
- Delphi
- A formalized method of group decision making that facilitate drawing on the knowledge of experts in the group.
- Project Portfolio process
- An eight-step procedure for selecting, implementing and reviewing projects that will help an organization achieve its strategic goals
- Pro forma
- projected or anticipated, usually applied to financial data such as balance sheets and income statements.
- Maturity
- the sophistication and experience of an organization in managing multiple projects.