There are certain concepts that you need to know, understand and remember before writing your exam and apply in your project management approach. These terms and concepts help bring predictability into your process and increases chances of success of your project. Below are the details:
Parkinson’s Law – This law states that work expands so as to fill the time available for its completion. This is the concept because of which need for critical chain was realized and then developed.
Multi Tasking on Activities – Best Approach is one task at a time per resource. Multitasking causes task switching which is waste from LEAN perspective.
Buffer to Build Critical Chain – feeding buffers and overall project buffer should be considered for eliminating uncertainty.
8/80 Rule – Plan 8hours of work per day per resource for 80hours (2 weeks) per work package. This is best practice to make work package realistic.
Heuristics – This typically refer to Rule of Thumb actions applied in the Project context. Such as 8/80 in a Project.
Sunk Costs – Costs which are incurred on the project, which will not be recovered. Also the costs not fruitful for Project anymore.
Ethnocentrism – Belief of one’s own culture and values are far superior than other culture and values.
Monopoly – A situation in market/business, where the dominance/control is by one single company.
Oligopoly – More like a Monopoly, but controlled by at least 2 or small groups of companies.
Gold Plating – is act of giving the customer more than what originally asked for. This is complete no no and should not be done.
Zeigarnik Effect – Project managers may remember tasks in progress better than recently completed tasks
Halo Effect – People may be doing a great job. However, one task not done by the team, can create a Halo effect in mind of the person evaluating performance that all tasks are also not done effectively by people.