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M
Management Reserve
A separately planned quantity used to
allow for future situations which are impossible to predict (sometimes
called ''unknown unknowns''). Management reserves may involve cost
or schedule. Management reserves are intended to reduce the risk
of missing cost or schedule objectives. Use of management reserve
requires a change to the project's cost baseline.
Master Schedule
A summary-level schedule which identifies
the major activities and key milestones. See also milestone
schedule.
Mathematical Analysis
See network analysis.
Matrix Organization
Any organizational structure in which
the project manager shares responsibility with the functional managers
for assigning priorities and for directing the work of individuals
assigned to the project.
Milestone
A significant event in the project, usually
completion of a major deliverable.
Milestone Schedule
A summary-level schedule which identifies
the major milestones. See also master schedule.
Mitigation
Taking steps to lessen risk by lowering
the probability of a risk event's occurrence or reducing its effect
should it occur.
Modern Project Management
(MPM) A term used to distinguish the
current broad range of project management (scope, cost, time, quality,
risk, etc.) from narrower, traditional use that focused on cost
and time.
Monitoring
The capture, analysis, and reporting
of project performance, usually as compared to plan.
Monte Carlo Analysis
A schedule risk assessment technique
that performs a project simulation many times in order to calculate
a distribution of likely results.
N
Near-Critical Activity
An activity that has low total float.
Network
See project network
diagram.
Network Analysis
The process of identifying early and
late start and finish dates for the uncompleted portions of project
activities. See also Critical Path Method,
Program Evaluation and Review Technique,
and Graphical Evaluation and Review Technique.
Network Logic
The collection of activity dependencies
that make up a project network diagram.
Network Path
Any continuous series of connected activities
in a project network diagram.
Node
One of the defining points of a network;
a junction point joined to some or all of the other dependency lines.
See also arrow diagramming method and precedence
diagramming method.
©2001, Strategic Management Group, Inc.
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