Explanation/Reference:
Explanation:
Three-Point Estimate. A technique used to estimate cost or duration by applying an average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.

Explanation/Reference:
Explanation:
6.6.2.3 Critical Chain Method
The critical chain method (CCM) is a schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project uncertainties. It is developed from the critical path method approach and considers the effects of resource allocation, resource optimization, resource leveling, and activity duration uncertainty on the critical path determined using the critical path method. To do so, the critical chain method introduces the concept of buffers and buffer management. The critical chain method uses activities with durations that do not include safety margins, logical relationships, and resource availability with statistically determined buffers composed of the aggregated safety margins of activities at specified points on the project schedule path to account for limited resources and project uncertainties. The resource-constrained critical path is known as the critical chain.

Explanation/Reference:
Explanation:
Control charts, are used to determine whether or not a process is stable or has predictable performance.
Upper and lower specification limits are based on requirements of the agreement. They reflect the maximum and minimum values allowed. There may be penalties associated with exceeding the specification limits. Upper and lower control limits are different from specification limits. The control limits are determined using standard statistical calculations and principles to ultimately establish the natural capability for a stable process. The project manager and appropriate stakeholders may use the statistically calculated control limits to identify the points at which corrective action will be taken to prevent unnatural performance. The corrective action typically seeks to maintain the natural stability of a stable and capable process. For repetitive processes, the control limits are generally set at ±3 s around a process mean that has been set at 0 s. A process is considered out of control when: (1) a data point exceeds a control limit; (2) seven consecutive plot points are above the mean; or (3) seven consecutive plot points are below the mean. Control charts can be used to monitor various types of output variables.
Although used most frequently to track repetitive activities required for producing manufactured lots, control charts may also be used to monitor cost and schedule variances, volume, and frequency of scope changes, or other management results to help determine if the project management processes are in control.

Section: Volume E
Explanation:
12.4.3.2 Organizational Process Assets Updates
Elements of the organizational process assets that may be updated include, but are not limited to:
Procurement file. A complete set of indexed contract documentation, including the closed contract, is

prepared for inclusion with the final project fles.
Deliverable acceptance. Documentation of formal acceptance of seller-provided deliverables may be

required to be retained by the organization. The Close Procurement process ensures this documentation requirement is satisfed. Requirements for formal deliverable acceptance and how to address nonconforming deliverables are usually defined in the agreement.
Lessons learned documentation. Lessons learned, what has been experienced, and process improvement

recommendations, should be developed for the project fle to improve future procurements.