Ten frequently used Project Management acronyms and self-assessment questions (that’s bonus) to maximize your project success.
CMMI: Capability Maturity Model Integration. Process Maturity framework. Maturity levels are defined as (1) Initial, (2) Repeatable, (3) Defined, (4) Managed and (5) Optimized.
Self-assessment: What is process maturity level in your project environment?
CPM: Critical Path Method. It shows series of tasks with minimum flexibility in project plan. Task delays, on critical path, will result in project delays.
Self-assessment: Are you closely watching your critical path tasks and resources?
EV: Earned Value. This is a calculation to monitor actual work completion v/s planned budge and estimated duration.
Self-assessment: How often do you perform EV analysis of your project?
NPV: Net Present Value. It compares value of today’s $ in the future (including inflation). Organization uses it to calculate financial benefit of longer-term projects/programs.
Self-assessment: Does your business case include NPV calculation?
PMO: Project Management Office. Sets up standards, framework, processes and policies to govern project planning, delivery and performance measurement.
Self-assessment: Which benchmarks do you use to measure success of your projects?
RFP: Request For Proposal. Request/Solicitation of proposal, from prospective suppliers/product vendors, to purchase product and/or services.
Self-assessment: Do you have a standardized approach for your RFP process?
SOW: Statement of Work. It defines description of work to be performed by vendor, supplier, internal department and third parties. Well-written SOW calls out product/services as well as deliverables.
Self-assessment: Have you clearly defined roles, responsibilities and deliverables – for your supplier and own internal organizations?
SWOT Analysis: Planning tool to evaluate (S)trenghts, (W)eakness, (O)pportunities and (T)hreats.
Self-assessment: What are you doing to address your team’s weaknesses?
TCO: Direct and indirect cost associated with asset over its entire life.
Self-assessment: Did you ask vendor about maintenance cost before making your purchase decision?
WBS: Work Breakdown Structure. Detailed hierarchical structure of project tasks/activities. Project Manager creates it during planning stage.
Self-assessment: Have you clearly defined and communicated tasks, deliverables and due dates for your project?
Enjoy and have a great day!
