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PMBOK Glossary > Common Acronyms > Flashcards

Common Acronyms Flashcards

1
Q

AC

A

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.

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2
Q

ACWP

A

TERM:

ACWP (Actual Cost of Work Performed)

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3
Q

BAC

A

TERM:

BAC (Budget At Completion)

DESCRIPTION:

The sum of all budgets allocated to a project.

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4
Q

BCR

A

TERM:

BCR (Benefit Cost Ratio)

DESCRIPTION:

Ratio that compares benefits to cost

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5
Q

CBR

A

TERM:

CBR (Cost Benefit Ratio)

DESCRIPTION:

Ratio that compares cost to benefit (Inversion of BCR)

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6
Q

CCB

A

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.

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7
Q

COQ

A

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.

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8
Q

CPAF

A

TERM:

CPAF (Cost Plus Award Fee)

DESCRIPTION:

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9
Q

CPFF

A

TERM:

CPFF (Cost Plus Fixed Fee)

DESCRIPTION:

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10
Q

CPI

A

TERM:

CPI (Cost Performance Index)

DESCRIPTION:

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11
Q

CPIF

A

TERM:

CPIF (Cost Plus Incentive Fee)

DESCRIPTION:

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12
Q

CPM

A

TERM:

CPM (Critical Path Method)

DESCRIPTION:

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13
Q

CV

A

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).

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14
Q

EAC

A

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.

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15
Q

EF

A

TERM:

EF (Early Finish Date)

DESCRIPTION:

Early finish of an activity

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16
Q

EMV

A

TERM:

EMV (Expected Monetary Value)

DESCRIPTION:

This is a statistical technique that calculates the probable financial results of events.

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17
Q

ES

A

TERM:

ES (Early Start Date)

DESCRIPTION:

Early start of an activity

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18
Q

ETC

A

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.

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19
Q

EV

A

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.

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20
Q

EVM

A

TERM:

EVM (Earned Value Management)

DESCRIPTION:

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21
Q

FF

A

TERM:

FF (Finish-To-Finish)

DESCRIPTION:

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22
Q

FFP

A

TERM:

FFP (Firm Fixed Price Contract)

DESCRIPTION:

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23
Q

FMEA

A

TERM:

FMEA (Failure Mode and Effect Analysis)

DESCRIPTION:

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24
Q

FP- EPA

A

TERM:

FP- EPA (Fixed Price with Economic Price Adjustment)

DESCRIPTION:

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25
Q

FPIF

A

TERM:

FPIF (Fixed Price Incentive Fee)

DESCRIPTION:

26
Q

FS

A

TERM:

FS (Finish-to-Start)

DESCRIPTION:

27
Q

FV

A

TERM:

FV (Future Value)

DESCRIPTION:

Value of money on a given date in the future

28
Q

IFB

A

TERM:

IFB (Invitation For Bid)

DESCRIPTION:

29
Q

IRR

A

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.

30
Q

JIT

A

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

31
Q

LF

A

TERM:

LF (Late Finish date)

DESCRIPTION:

Late finish of an activity

32
Q

LOE

A

TERM:

LOE (Level Of Effort)

DESCRIPTION:

33
Q

LS

A

TERM:

LS (Late Start date)

DESCRIPTION:

Laste start of an activity

34
Q

NPV

A

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.

35
Q

OBS

A

TERM:

OBS (Organizational Breakdown Structure)

DESCRIPTION:

36
Q

PDM

A

TERM:

PDM (Precedence Diagramming Method)

DESCRIPTION:

37
Q

PERT

A

TERM:

PERT (Program Evaluation and Review Technique)

DESCRIPTION:

Method that allows the estimation of the weighted average duration of tasks

38
Q

PMBOK

A

TERM:

PMBOK (Project Management Body of Knowledge)

DESCRIPTION:

39
Q

PTA

A

TERM:

PTA (Point of Total Assumption)

DESCRIPTION:

Contract price above which the seller bears all the loss of a cost overrun.

40
Q

PV

A

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.

41
Q

PV

A

TERM:

PV (Present Value)

DESCRIPTION:

Value of money received today instead of in the future

42
Q

QFD

A

TERM:

QFD (Quality Function Deployment)

DESCRIPTION:

43
Q

RACI

A

TERM:

RACI (Responsible, Accountable, Consult, and Inform)

DESCRIPTION:

44
Q

RAM

A

TERM:

RAM (Responsibility Assignment Matrix)

DESCRIPTION:

45
Q

RBS

A

TERM:

RBS (Risk Breakdown Structure)

DESCRIPTION:

46
Q

RFI

A

TERM:

RFI (Request For Information)

DESCRIPTION:

47
Q

RFP

A

TERM:

RFP (Request For Proposal)

DESCRIPTION:

48
Q

RFQ

A

TERM:

RFQ (Request For Quotation)

DESCRIPTION:

49
Q

ROI

A

TERM:

ROI (Return On Investment)

DESCRIPTION:

Ratio of money gained or lost on an investment relative to the amount of money invested

50
Q

SF

A

TERM:

SF (Start-to-Finish)

DESCRIPTION:

51
Q

SOW

A

TERM:

SOW (Statement Of Work)

DESCRIPTION:

52
Q

SPI

A

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.

53
Q

SS

A

TERM:

SS (Start-to-Start)

DESCRIPTION:

54
Q

SV

A

TERM:

SV (Schedule Variance)

DESCRIPTION:

A measure of schedule performance on the project, expressed as the difference between earned value and planned value.

55
Q

SWOT

A

TERM:

SWOT (Strengths, Weaknesses, Opportunities, and Threats)

DESCRIPTION:

56
Q

TCPI

A

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.

57
Q

T&M

A

TERM:

T&M (Time and Material contract)

DESCRIPTION:

58
Q

VAC

A

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.

59
Q

WBS

A

TERM:

WBS (Work Breakdown Structure)

DESCRIPTION:

60
Q

σ

A

TERM:

σ (Sigma)

DESCRIPTION:

The lower case Greek letter sigma is used to denote the standard deviation.

PMBOK Glossary (2 decks)

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