Common Acronyms Flashcards
AC
TERM:
AC (Actual Cost)
DESCRIPTION:
Total cost expended and reported during the accomplishment of a project task or project. This can be labor hours alone; direct costs alone; or all costs, including indirect costs.
ACWP
TERM:
ACWP (Actual Cost of Work Performed)
BAC
TERM:
BAC (Budget At Completion)
DESCRIPTION:
The sum of all budgets allocated to a project.
BCR
TERM:
BCR (Benefit Cost Ratio)
DESCRIPTION:
Ratio that compares benefits to cost
CBR
TERM:
CBR (Cost Benefit Ratio)
DESCRIPTION:
Ratio that compares cost to benefit (Inversion of BCR)
CCB
TERM:
CCB (Change Control Board)
DESCRIPTION:
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.
COQ
TERM:
COQ (Cost Of Quality)
DESCRIPTION:
A method of determining the costs incurred to ensure quality. Prevention and appraisal costs (cost of conformance) include costs for quality planning, quality control (QC), and quality assurance to ensure compliance to requirements (i.e., training, QC systems, etc.). Failure costs (cost of nonconformance) include costs to rework products, components, or processes that are non- compliant, costs of warranty work and waste, and loss of reputation.
CPAF
TERM:
CPAF (Cost Plus Award Fee)
DESCRIPTION:
CPFF
TERM:
CPFF (Cost Plus Fixed Fee)
DESCRIPTION:
CPI
TERM:
CPI (Cost Performance Index)
DESCRIPTION:
CPIF
TERM:
CPIF (Cost Plus Incentive Fee)
DESCRIPTION:
CPM
TERM:
CPM (Critical Path Method)
DESCRIPTION:
CV
TERM:
CV (Cost Variance)
DESCRIPTION:
A measure of cost performance on the project, expressed as the difference between Earved Value (EV) and Actual Cost (AC).
EAC
TERM:
EAC (Estimate At Completion)
DESCRIPTION:
The expected total cost for scheduled activity, a group of activities, or the project when the work will be completed.
EF
TERM:
EF (Early Finish Date)
DESCRIPTION:
Early finish of an activity
EMV
TERM:
EMV (Expected Monetary Value)
DESCRIPTION:
This is a statistical technique that calculates the probable financial results of events.
ES
TERM:
ES (Early Start Date)
DESCRIPTION:
Early start of an activity
ETC
TERM:
ETC (Estimate To Complete)
DESCRIPTION:
ETC is the expected cost needed to complete all the remaining work for a scheduled activity, a group of activities, or the project. ETC helps project managers predict what the final cost of the project will be upon completion.
EV
TERM:
EV (Earned Value)
DESCRIPTION:
EV is the value of completed work expressed in terms of the approved budget assigned to that work for a scheduled activity or work breakdown structure component.
EVM
TERM:
EVM (Earned Value Management)
DESCRIPTION:
FF
TERM:
FF (Finish-To-Finish)
DESCRIPTION:
FFP
TERM:
FFP (Firm Fixed Price Contract)
DESCRIPTION:
FMEA
TERM:
FMEA (Failure Mode and Effect Analysis)
DESCRIPTION:
FP- EPA
TERM:
FP- EPA (Fixed Price with Economic Price Adjustment)
DESCRIPTION:
FPIF
TERM:
FPIF (Fixed Price Incentive Fee)
DESCRIPTION:
FS
TERM:
FS (Finish-to-Start)
DESCRIPTION:
FV
TERM:
FV (Future Value)
DESCRIPTION:
Value of money on a given date in the future
IFB
TERM:
IFB (Invitation For Bid)
DESCRIPTION:
IRR
TERM:
IRR (Internal Rate of Return)
DESCRIPTION:
A capital budgeting metric used by firms to decide whether they should make investments. It is an indicator of the efficiency of an investment.
JIT
TERM:
JIT (Just-In-Time)
DESCRIPTION:
Just-in-time is an inventory strategy that strives to improve a business’s return on investment by reducing in-process inventory and associated carrying cost
LF
TERM:
LF (Late Finish date)
DESCRIPTION:
Late finish of an activity
LOE
TERM:
LOE (Level Of Effort)
DESCRIPTION:
LS
TERM:
LS (Late Start date)
DESCRIPTION:
Laste start of an activity
NPV
TERM:
NPV (Net Present Value)
DESCRIPTION:
Standard method for the financial appraisal of long-term projects. Measures the excess or shortfall of cash flows, in Present Value (PV) terms, once financing charges are met.
OBS
TERM:
OBS (Organizational Breakdown Structure)
DESCRIPTION:
PDM
TERM:
PDM (Precedence Diagramming Method)
DESCRIPTION:
PERT
TERM:
PERT (Program Evaluation and Review Technique)
DESCRIPTION:
Method that allows the estimation of the weighted average duration of tasks
PMBOK
TERM:
PMBOK (Project Management Body of Knowledge)
DESCRIPTION:
PTA
TERM:
PTA (Point of Total Assumption)
DESCRIPTION:
Contract price above which the seller bears all the loss of a cost overrun.
PV
TERM:
PV (Planned Value)
DESCRIPTION:
PV is the authorized budget assigned to the scheduled work to be accomplished for a scheduled activity or work breakdown structure component.
PV
TERM:
PV (Present Value)
DESCRIPTION:
Value of money received today instead of in the future
QFD
TERM:
QFD (Quality Function Deployment)
DESCRIPTION:
RACI
TERM:
RACI (Responsible, Accountable, Consult, and Inform)
DESCRIPTION:
RAM
TERM:
RAM (Responsibility Assignment Matrix)
DESCRIPTION:
RBS
TERM:
RBS (Risk Breakdown Structure)
DESCRIPTION:
RFI
TERM:
RFI (Request For Information)
DESCRIPTION:
RFP
TERM:
RFP (Request For Proposal)
DESCRIPTION:
RFQ
TERM:
RFQ (Request For Quotation)
DESCRIPTION:
ROI
TERM:
ROI (Return On Investment)
DESCRIPTION:
Ratio of money gained or lost on an investment relative to the amount of money invested
SF
TERM:
SF (Start-to-Finish)
DESCRIPTION:
SOW
TERM:
SOW (Statement Of Work)
DESCRIPTION:
SPI
TERM:
SPI (Schedule Performance Index)
DESCRIPTION:
Ratio of work accomplished versus work planned, for a specified time period. The SPI is an efficiency rating for work accomplishment, comparing work accomplished to what should have been accomplished.
SS
TERM:
SS (Start-to-Start)
DESCRIPTION:
SV
TERM:
SV (Schedule Variance)
DESCRIPTION:
A measure of schedule performance on the project, expressed as the difference between earned value and planned value.
SWOT
TERM:
SWOT (Strengths, Weaknesses, Opportunities, and Threats)
DESCRIPTION:
TCPI
TERM:
TCPI (To-Complete Performance Index)
DESCRIPTION:
The calculated project of cost performance that must be achieved on the remaining work to meet a specific management goal (e.g. BAC or EAC). It is the work remaining divided by the funds remaining.
T&M
TERM:
T&M (Time and Material contract)
DESCRIPTION:
VAC
TERM:
VAC (Variance At Completion)
DESCRIPTION:
VAC forecasts the difference between the Budget-at-Completion and the expected total costs to be accrued over the life of the project based on current trends.
WBS
TERM:
WBS (Work Breakdown Structure)
DESCRIPTION:
σ
TERM:
σ (Sigma)
DESCRIPTION:
The lower case Greek letter sigma is used to denote the standard deviation.
