Fast Tracking- is a technique used to speed up project work and decrease the project schedule. The project manager will assign tasks to the project team that can be done concurrently rather than in serial or sequence. The project manager should be aware if any additional resources are needed to deploy this tactic as a tradeoff of decreasing the schedule may be increasing the cost of the project.
Feasibility Analysis- Considers the components found within the project charter when reviewing how the technical, economic, operational, and legal factors may impact the project. The feasibility analysis provides an additional perspective on how obstacles or risks could impact the project and can serve as a supplement or additional layer of planning during risk planning.
Features- these are the key functionalities of a product that were identified when user requirements were gathered. Project managers should identify how the features align with the project goals/objectives and needs of the customer. By aligning features correctly, the project manager can ensure the product or service maintains a competitive advantage by focusing on the capabilities the market needs.
Financial Analysis- is the holistic analysis of the value the project is expected to provide to the business as well as how the project is performing against the budget and/or goals identified during project planning. Metrics can include net present value (NPV), return on investment, payback period, and profitability index. By reviewing these metrics, the project manager and leadership can decide on which project(s) to pursue and if a project continues to be a worthwhile pursuit during its execution.
Fishbone Diagram- aka cause-and-effect diagram or Ishikawa diagram is a tool that helps project managers to understand the fundamental causes of issues. By visually displaying a problem, the potential causes, and categories the project manager can determine if the issue stems from a process, personnel, materials, equipment, and/or the environment the project is operating in. Fishbone diagrams can be used during the planning phase of the project or during the execution phase as issues arise.
Float Time- also known as slack time is the amount of time a task can be delayed before the overall project schedule is impacted. Tasks on the critical path (or critical chain) have no float time (see critical path). Tasks not on the critical path do have float time. Knowing a task’s float time helps the project manager plan contingencies. For example, if a task has float time and another task does have as much, the project manager may shift resources to the task with less float time in order to reduce risk to the schedule.
Flowchart- is a visual tool used to depict activity flows or decision paths. Flowcharts can be used to visually depict old processes vs new processes, bottlenecks, and friction points for improvement. Flowcharts allow the project team to better streamline processes and make decisions as to where to focus project resources in order to maximize the project’s return on investment (ROI).
Force Field Analysis- is a visual technique used by project managers and project teams to better understand what or whom is influencing a change. The two components examined include what is pushing for the change versus what is resisting the change. In addition to understanding the dynamics, the project manager can understand the strength as well and develop appropriate strategies to influence the situation and stakeholders involved.
Forecasting- Forecasting is any activity in which the project manager determines future outcomes based on historical data and assumptions. Doing so will allow the project team to better determine what challenges can occur, how to allocate resources, and make other related decisions.
Forecasting Techniques- Related to forecasting include methods such as expert judgment , market research, time series analysis, regression analysis, and/or simulation.
Formal Acceptance- is when a deliverable(s), phase, or the overall project is accepted by internal and/or external stakeholders. The acceptance of the deliverables can be a part of the execution phase of the project but is most common during the closing phase of the project where the project team prepares for and closes out the project. By ensuring formal acceptance of deliverables, the project manager can ensure appropriate change management and stakeholder satisfaction.
Functional Decomposition- is the breaking down of complex systems into smaller, more manageable parts. By understanding the system or processes’ components on a smaller level, the project team and better understand dependencies, responsibilities, and the like. By understanding the changes needed, the project team can effectively plan the scope, schedule, and resources for the project.
Functional Department- is a department that focuses or specializes in a specific area of the business. Functional departments include operations, marketing, finance, information technology (IT), product, support, customer success, and many others. Project managers often coordinate with these departments during a project whether they be a part of the core team or extended team.
Functional Manager Authority- Depending on the organization, the functional manager may have a higher level of influence on the project’s resourcing and monitoring of the individual contributor’s task delivery. The project manager should understand what dynamic is at play in order to appropriately involve and influence the functional manager and ensure project success.
Functional Manager- The functional manager is the manager of a particular subject matter within a cross-functional project. While individual contributors (ICs) may be responsible for the project tasks they are assigned, the functional manager can be the accountable individual. The function manager also helps the project manager plan tasks, assign resources, and provide task estimates.
Functional Requirements- are the capabilities that a product, software, or system must have in order to meet stakeholder needs. Functional requirements focus on the end state of the project which allows the project team to discover how to fulfill the requirements via the project.
Final Thoughts
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