70 Acronyms

Question 1

Activity

Answer 1

A task or process to be accomplished in set period of time as part of working towards a larger project goal. An activity can be assigned resources and have an associated cost. Activities are ordered with logic links.

Question 2

Actual cost

Answer 2

The real amount paid or incurred for labour or materials

Question 3

Activity relationship

Answer 3

An ordered link between 2 activities representing the order of execution
The 4 relationship types are
FS finish to start
SS start to start 
FF Finish to start
SF Start to Finish

Question 4

Approved change request

Answer 4

Documents of approved changes made to the project contract as a whole ( cost schedule plan) These are first reviewed by all stakeholders before being approved .

Question 5

Arrow Diagraming Method (ADM)

Answer 5

Arrow diagramming method is a network diagramming technique used in Project Management in which activities are represented by arrows . ADM is also known as the activity-on-arrow (AOA) method.

ADM is used for scheduling activities in a project plan. Precedence relationships between activities are represented by circles connected by one or more arrows. The length of the arrow represents the duration of the relevant activity. ADM only shows finish- to-start (FS) relationships, where each activity is completed before the successor activity starts.

Question 6

Backward pass( backwards plan)

Answer 6

Critical path analysis calculation process which having calculated earliest date for activities on the network. Works backwards to find activities latest start and finish dates/ float.

Question 7

Budgeted cost

Answer 7

The amount planned ahead and placed aside to execute an activity or an entire project from start to finish.

Question 8

Change estimate

Answer 8

An estimate evaluating a potential change to a project. Often the estimate focus on cost , schedule,and resource changes.

Question 9

Change impact

Answer 9

The effect of a project change on project cost , schedule and resourcing.

Question 10

Committed cost

Answer 10

A cost which has not been paid , but agreed upon ( purchase order , contract) so that the cost is no longer recoverable

Question 11

Cost Breakdown Structure

Answer 11

Breakdown of the project into elements for costs control planning. A CBS will deconstruct a project into various cost elements or types such as area , phase , discipline or materials.

Question 12

Critical activity

Answer 12

An activity which is on the projects critical path

Question 13

Critical path

Answer 13

A projects critical path is a sequence of network activities which add up to the longest overall duration . This determines the shortest time possible to complete the project.

Question 14

Critical path method (CPM) scheduling

Answer 14

A project modelling technique and algorithm for scheduling a set of projects activities. Developed in late 1950s , CPN scheduling aims to build a model of a project that contains

1. A list of all activities required to complete the project (typically categorised within a end)
2. The time ( duration) that each activity will take to complete
3. The dependencies between activities and,
4. Logical end pints such as milestones of deliverables items.

It then uses an algorithm that computes early and late dates for activity in order to determine the projects critical path.

It is also analysis of a project schedule by its critical path or longest path.

Question 15

double resource estimated duration (DRED)

Answer 15

Measures length of an activity duration if assigned level of resource have doubled.

Question 16

Duration

Answer 16

Number of calendar periods it takes from the time of execution if an element starts to moment it is completed.

Question 17

Early start

Answer 17

Earliest time an activity can start within logic and imposed targets in the network.

Question 18

Estimate to complete

Answer 18

The estimate of remaining costs, man-hours or quantities to the completion of defined scope.

Question 19

What is a negative lag and why is it used?

Answer 19

Negative lag is known as a lead and is used to accelerate a successor activity.

Question 20

What is the difference between lag and lead in terms of resources in a schedule?

Answer 20

Lag denotes the passage of time while leads denote the acceleration of a successor relationship.