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Make-or-buy analysis

Used in determining what part of the project scope to make and what part to purchase.

Management by projects

This approach characterizes organizations that manage their operations as projects. These project-centric entities could manage any level of their work as a project. These organizations apply general business skills to each project to determine their value, efficiency, and ultimately, return on investment.

Mandatory dependencies

This refers to the logical relationship between activities based on the type of work. For example, the foundation of a house must be created before the frame of the house can be built. This is also known as hard logic.

Maslow's hierarchy of needs

A theory that states that there are five layers of needs for all humans; physiological, safety, social, esteem, and the crowning jewel, self-actualization.

Matrix Structures

An organizational structure. There are three matrix structures: weak, balanced, and strong. The different structures are reflective of the project manager's authority in relation to the functional manager's authority.

McGregor's theory of X and Y

This theory states that 'X' people are lazy, don't want to work, and need to be micromanaged. 'Y' people are self-led, motivated, and strive to accomplish.

Medium

Part of the communications model; this is the path the message takes from the sender to the receiver. This is the modality in which the communication travels typically refers to an electronic model, such as e-mail or the telephone.

Mitigation

Reducing the probability or impact of a risk.

Monte Carlo Analysis

Predicts how scenarios may work out given any number of variables. The process doesn't actually create out a specific answer, but a range of possible answers. When Monte Carlo is applied to a schedule, it can present, for example, the optimistic completion date, the pessimistic completion date, and the most likely completion date for each activity in the project.

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