CAPM Glossary Pt. 2 Flashcards
The earliest a project activity can finish. Used in the forward pass procedure to discover the critical path and the project float.
Early finish
The earliest a project activity can begin. Used in the forward pass procedure to discover the critical path and the project float.
Early start
The physical work completed to date and the authorized budget for that work. It is the percentage of the budget at completion (BAC) that represents the actual work completed in the project.
Earned value (EV)
The process of measuring the performance of project work against what was planned to identify variances, to note opportunities to improve the project, or to just check the project’s health.
Earned value management (EVM)
A communication tool in which the receiver is involved in the listening experience by paying attention to the visual cues from the speaker and paralingual characteristics, and by asking relevant questions.
Effective listening
A device that encodes the message being sent.
Encoder
A risk response that attempts to adjust the odds or conditions to ensure that a positive risk event will likely happen.
Enhancing
Conditions that affect how the project manager may manage the project. These come from within the project, such as policy, or they may be external to the organization, such as low or regulation.
Enterprise environmental factors (EEF)
A risk response that is appropriate for both positive and negative risk events that may be outside of the project manager’s authority to act upon.
Escalating
A forecasting formula that predicts the likely completed costs of the project based on current scenarios within the project.
Estimate at completion (EAC)
An earned value management formula that predicts how much funding the project will require to be completed. Three variations of this formula are based on conditions the project may be experiencing.
Estimate to complete (ETC)
The monetary value of a risk exposure based on the risk’s probability and impact in the risk matrix. This approach is typically used in quantitive risk analysis because it quantifies the risk exposure.
Expected monetary value (EMV)
The project manager’s authority comes from both their experience with the technology the project focuses on and from their expertise in managing projects
Expert power
Knowledge that can be quickly and easily expressed and communicated through conversations, documentation, figures, or numbers.
Explicit knowledge
A risk response that takes advantage of the positive risks within a project.
Exploit
Dependencies outside of the project’s control. Examples include the delivery of equipment from a vendor, the deliverable of another project, a decision of a committee, a lawsuit, or an unexpected new law.
External dependencies
Quality assurance provided to the external customers of the project.
External QA
Risks that are outside of the project, but directly affect it – for example, legal issues, labor issues, a shift in project priorities, or weather. “Force majeure” risks call for disaster recovery rather than project management. These are risks caused by earthquakes, tornadoes, floods, civil unrest, and other disasters.
External risks
A schedule compression method that changes the relationship of activities. With this method, activities that would normally be done in sequence are allowed to be done in parallel or with some overlap. This can be accomplished by changing the relationship of activities from finish-to-start (FS) to start-to-start (SS) or even finish-to-finish (FF) or by adding lead time to downstream activities. However, utilizing this method does add risk to the project.
Fast tracking
A communication tool in which the sender confirms that the receiver understands the message by directly asking for a response, questions for clarification, or other confirmation.
Feedback
An activity relationship type that requires the current activity to be finished before its successor can finish.
Finish-to-finish (FF)
An activity relationship type that requires the current activity to be finished before its successor can start.
Finish-to-start (FS)
Costs that remain constant throughout the life of the project, such as the cost of a piece of rented equipment for the project, the cost of a consultant brought on to the project, and so on.
Fixed costs
Agreements that define a total price of the product the seller is to provide. Also known as firm and lump-sum./
Fixed-price contracts
A fixed-price contract with opportunities for bonuses for meeting goals on costs, schedules, and other objectives. These contracts usually have a price ceiling for costs and associated bonuses.
Fixed-price incentive fee
A fixed-price contract with a special allowance for price increases based on economic reasons such as inflation or the cost of raw materials.
Fixed-price with economic price adjustments
A diagram illustrating how components within a system are related. Flowcharts show the relationship between components and help the project team determine where quality issues may be present so that they can plan accordingly. System or process versions of this diagram type show the relationship between components and how the overall process works. These are useful for identifying risks between system components.
Flowchart
A moderator-led requirements collection method to elicit requirements from stakeholders.
Focus group
An “act of God” that may have a negative impact on the project. Examples include fire, hurricanes, tornadoes, and earthquakes.
Force majeure
The person with power makes the decision
Forcing power
The project manager has been assigned the role of project manager by senior management and is in charge of the project.
Formal power
The team development state in which the project team meets and learns about their roles and responsibilities on the project. Little interaction among the project team happens in this stage as the team is learning about the project and project manager.
Forming
A representation of a project network diagram that is often used for outsourced portions of a project, repetitive work within a project, or subproject. Also called a subnet.
Fragnet
The total time a single activity can be delayed without affecting the early start of its immediately following successor activities.
Free float
The study of the functions within a system, project, or, what’s’r more likely in the project scope statement, the product the project will be creating. This studies the goals of the product, how the product will be used, and the expectations the customer has of the product once it leaves the project and moves into operations. It may also consider the cost of the product in operations, which is known as life-cycle costing.
Functional analysis
An organization that is divided into functions, in which each employee has one clear functional manager. Each department acts independently of the other departments. A project manager in this structure has little to no power and may be called a project coordinator.
Functional structure
Determined budget in relation to the project scope. There may be a qualifier on this budget, such as plus or minus 10 percent based on the type of cost estimate created.
Funding limit
An organization’s approach to managing cash flow against the project deliverables based on a schedule, milestone accomplishment, or data constraints.
Funding limit reconciliation
A benefit comparison model with a formula of FV = PV(1+I)^n, where PV is present value, I is the given interest rate, and n is the number of periods.
Future value
SKills that include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, human resource management, standards and regulations, and information technology.
General management skills
Describes the rules, policies, and procedures that people within an organization abide by. It addresses the organization but also addresses portfolios, programs, and projects. Regarding those things, it addresses alignment with organizational vision, risk management, performance factors, and communication.
Governance framework
The project manager can make the team and stakeholders feel guilty to gain compliance in the project.
Guilt-based power
Logic that describes activities that must happen in a particular order. For example, dirt must be excavated before the foundation can be built. The foundation must be in place before the framing can begin. Also known as mandatory dependency.
Hard logic
Theory of the motivation agents and hygiene agents that affect a person’s willingness to excel in their career.
Herzberg’s Theory of Motivation
A chart showing the relationship between superior and subordinate employees, groups, disciplines, and even departments.
Hierarchical organization chart
An organization that creates a blend of the functional, matrix, and project-oriented structures.
Hybrid structure
The project deliverable is created through a series of functional “steps”. Each “step” adds value to the project deliverables.
Incremental life cycle
Estimates that are created by the performing organization or outside experts to predict what the cost of the procured product should be. Also known as should-cost estimates.
Independent estimates
Costs that are representative of more than one project, such as utilities for the performing organization, access to a training room, project management software license, and so on.
Indirect costs
A diagram that charts out a decision problem. It identifies all of the elements, variables, decisions, and objectives and also how each factor may influence another.
Influence diagram
A grid in which stakeholders are mapped based on their influence over the project in relation to their influence over the project execution.
Influence/Impact grid
A software package that enables the project management team to present the project’s health through graphics, spreadsheets, and text. (i.e., Microsoft Project)
Information presentation tool
A system to store, archive, and access project information quickly and effectively.
Information retrieval system
The individual has power and control of the data gathering and distribution of information.
Informational power
The project manager aims to gain favor with the project team and stakeholders through flattery.
Ingratiating power
A process to consider and control the impact of a proposed change on the project’s knowledge areas.
Integrated change control
The leader is a hybrid of transactional, transformational, and charismatic leadership styles. This type of leader wants the team to act, is excited and inspired about the project work, but still holds the team accountable for their results.
Interactional leadership
A type of communication in which information is happening among stakeholders, such as in a forum. Examples are meetings, videoconferences, phone calls, and ad hoc conversations. Participants are actively communicating with each other.
Interactive communication
Internal relationships that affect the project or the organization. For example, the project team must create the software as part of the project’s deliverable before the software can be tested for quality control.
Internal dependencies
Quality assurance provided to management and the project team.
Internal QA
The consideration of the local and international laws, languages, communication challenges, time zone differences, and other non-collocated issues that affect a project’s ability to progress.
International and political environment
The ability to interact, lead, motivate, and manage people.
Interpersonal skills
A requirements collection method used to elicit requirements from stakeholders in a one-on-one conversation.
Interviews.
A document the buyer provides to the seller that requests that the seller provide a price bid for the procured product or service.
Invitation for bid (IFB)
A triangle model in which time, cost, and scope each constitute one side of the triangle. If any side of the triangle is not in balance with the other sides, the project will suffer. Also known as the Triple Constraints of Project Management, as all projects are constrained by time, cost and scope.
Iron Triangle of Project Management
A cause-and-effect diagram used to find the root cause of factors that are causing risks within the project. Also called a fishbone diagram.
Ishikawa diagram
An independent, nongovernmental international organization that sets standards and specifications for products, services, and systems, to ensure quality, safety, and efficiency. This body is instrumental in facilitation international trade.
International Organization for Standardization (ISO)
A logbook of the issues the project team has identified and dates that indicate when the issues must be resolved. It may also include team members or stakeholders who are responsible for finding a solution to the identified issues. Identified issues are documented along with an issue owner and a deadline to resolve the issue. The outcome of the issue is also recorded.
Issue log
The project work is divided into chunks of time, that enable the project team to tackle the top requirements first and also apply lessons learned to future chunks of project work. Cycles have predefined types of work to create and the project requirements, such as features defined, designed, developed, and tested.
Iterative life cycle
A sign board to show work in progress as requirements move through the predefined stages of a project. Most often used in lean and agile environments.
Kanban
A person or group of people – such as management, the project manager, program manager, or customers – who have the authority to make decisions and are affected by the decisions in the project.
Key stakeholder
An event that will likely happen within the project, but when it will happen and to what degree is unknown. These events, such as delays, are usually risk-related.
Known unknown
Positive time that moves two or more activities further apart.
Lag time
The leader takes a “hands-off” approach to the project. This means the project team makes decisions, takes initiative in the actions, and creates goals. While this approach can provide autonomy, it can make the leader appear absent when it comes to project decisions.
Laissez-faire leadership
The latest a project activity can finish. Used in the backward pass procedure to discover the critical path and the project float
Late finish
The latest a project activity can begin. Used in the backward pass procedure to discover the critical path and the project float.
Late start
Negative time that allows two or more activities to overlap where ordinarily these activities would be sequential.
Lead time
A project manager’s ability to align, motivate and inspire the project team members to do the right thing, build trust, think creatively, and challenge the status quo.
Leadership
Part of stakeholder analysis classification. This type of stakeholder is aware of your project, wants your project to be successful, and is working to make certain the project is a success.
Leading stakeholder
An approach that assumes the cost per unit decreases the more units workers complete because workers learn as they complete the required work.
Learning curve
Documentation of what did and did not work in the project implementation. This documentation is created throughout the project by the entire project team. When sessions are completed, they become part of the organizational process assets and are available to be used and applied by the entire organization.
Lessons learned
An informal stopgap agreement that takes less time to create than a formal contract and that enables a vendor to begin working on the project immediately.
Letter contract
A letter stating that the buyer is intending to create a contractual relationship with the seller. It is not a contract.
Letter of intent
A list of identified low-priority project risks that are periodically monitored.
Low-priority risk watch list
A group decision method in which more than 50 percent of the group must be in agreement.
Majority
A process in which the project management team determines the cost-effectiveness, benefits, and feasibility of making a product or buying it from a vendor.
Make-or-buy decision
Utilization of positional power to maintain, administrate, control, and focus on getting things done without challenging the status quo of the project and organization.
Management
A percentage of the project duration to combat Parkinson’s Law. When activities become late, their lateness is subtracted from this.
Management reserve
Dependencies that are the natural order of activities. For example, you can’t begin building your house until your foundation is in place. These relationships are called hard logic.
Mandatory dependencies
A theory that identifies the five needs all humans have and work toward resolving: physiological, safety, social, esteem, and self-actualization. One cannot attain a higher level until the lower is satisfied.
Maslow’s Hierarchy of Needs
A project selection method to determine the likelihood of success. These models include linear programming, nonlinear programming, dynamic programming, integer programming, and multiobjective programming.
Mathematical model
A data analysis table that shows the strength between variables and relationships in the table.
Matrix diagram
A theory that states that our needs are acquired and developed by our experiences over time. According to this theory, all people are driven by one of three needs: achievement, affiliation, or power
McClelland’s Theory of Needs
A theory that states that management views workers in the Y category as competent and self-led and workers in the X category as incompetent, lazy, and needing to be micromanaged.
McGregor’s Theory of X and Y
Based on the audience and the message being sent, the media should be in alignment with the message.
Media selection
The device or technology that transports a message.
Medium
Because meetings are a form of communication, how the meeting is led, managed, and controlled all influence the message being delivered. Agendas, minutes, and order are mandatory for effective communications within a meeting.
Meeting management
Significant points or events in the project’s progress that that represent accomplishments in the project. Projects usually create milestones as the result of completing phases within the project.
Milestones
A list that details the project milestones and their attributes. It is used for several areas of project planning but also helps determine how quickly the project may be achieving its objectives.
Milestone list
An approach that maps ideas to show the relationship among requirements and the differences between requirements. The map can be reviewed to identify new solutions or to rank the identified requirements.
Mind mapping
A risk response effort to reduce the probability and/or impact of an identified risk in the project.
Mitigation
A project simulation approach named after the world-famous gambling district in Monaco. This predicts how scenarios may work out, given any number of variables. The process doesn’t provide a specific answer, but a range of possible answers. When applied to a schedule, for example, it can examine, the optimistic completion date, the pessimistic completion date, and the most likely completion date for each activity in the project and then predict a mean for the project schedule.
Monte Carlo analysis
A method to rate potential project team members based on criteria such as education, experience, skills, knowledge, and more.
Multicriteria Decision Analysis
An organizational structure that has duplication of efforts within the organization, but not within each department or division of the organization. The project manager has little authority in this structure and the functional manager controls the project budget.
Multidivisional structure
Committee that asks every conceivable negative question about the proposed project. The goals are to expose the project’s strengths and weaknesses and to kill the project if it is deemed unworthy for the organization to commit to. Also known as a project steering committee or project committee.
Murder board
A stakeholder who does not want the project to exist and is opposed to the project.
Negative stakeholder
Evaluates the monies returned on a project for each period the project lasts.
Net present value
Part of stakeholder analysis classification. A neutral stakeholder is aware of your project and is not concerned if the project succeeds or fails.
Neutral stakeholder status
Anything that interferes with or disrupts a message.
Noise
As with brainstorming, participants are encouraged to generate as many ideas as possible, but the suggested ideas are ranked by a voting process.
Nominal group technique
Facial expressions, hand gestures, and body language that are cues and contribute to a message. Approximately 55 percent of communication falls into this category.
Nonverbal
A project team development stage in which project team members go about getting the project work, begin to rely on one another, and generally complete their project assignments.
Norming
