Definitions & Acronyms Flashcards
RACI Chart
Responsible, Accountable, Consulted, Informed
Resource Breakdown Structure
Illustrates the items the resources are assigned to complete
BAC
Budget at completion
BCWP
Budgeted cost of work performed
Total budgeted cost of all work completed on a project to date. Also known as earned value (EV).
CPM
Critical Path Method
A technique used to determine the duration of a project by looking at the sequence of activities and their flexibility in scheduling.
Estimate at completion (EAC)
The estimated amount of the work that still needs to be completed.
Finish-to-finish dependency
When the completion of an activity is dependent on the completion of the preceding activity.
Finish-to-start dependency
When the start of an activity is dependent on the completion of the previous activity.
Functional manager
The person responsible for the activities of a specific functional department.
Functional organization
An organizational structure that groups staff hierarchically by area of specialty.
Gantt chart
A schedule that shows project activities with associated start and completion dates. Also known as bar chart.
Inputs
Information that is required for a process to begin.
Integrated change control
Coordinating and managing change across the entire project scope, schedule and budget.
Integration management plan
A plan that documents how elements of the project will be integrated and outlines how changes will be managed across the project.
Lag
A mandatory delay between activities.
Matrix organization
An organization where project team members answer to both a functional manager and a project manager.
Negative variance
The negative number that results from comparing planned project results with actual project results. A negative variance in the project schedule indicates the project is behind schedule. A negative variance in the budget indicates the project is over budget.
Network diagram
A method of determining the sequence of activities, including dependencies for a project. Types include the activity-on-node (AON), arrow diagramming method (ADM) and precedence diagramming method (PDM).
Opportunity cost
The opportunity given up by choosing to do one project over another one.
Order of magnitude estimate
A high-level estimate usually made during the initiation phase that assigns a cost estimate range to the project based on a completed similar project. This estimate typically falls between - 25% and +75% of the actual budget.