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.
Output
The outcome or end result of a process.
Phase
A distinct stage of the project or lifecycle. There are typically four phases in a project management lifecycle: Initiation and scope definition; planning; execution, control and coordination; and closure, acceptance and support.
Positive variance
The positive number that results from comparing planned project results with actual project results. A positive variance in the project schedule indicates the project is ahead of schedule. A positive variance in the budget schedule indicates the project is under budget.
Probability impact matrix
A method of determining the severity of risk by looking at the probability of occurrence and impact on project objectives.
Procurement planning
The process of determining which goods and services should be purchased or performed outside of the organization and outlines the details of what, how and when the goods should be acquired.
Product verification
Ensuring the stakeholders find the key deliverables to be satisfactorily completed.
Program evaluation and review techniques (PERT)
A weighted average time estimate of project duration using optimistic (O), pessimistic (P) and most likely (ML) estimates of project duration. Also known as three-point estimating. PERT = O + (4)ML + P
Project champion
An individual, who believes in, understands and supports the project.
Project charter
A document that is created in the initiation phase that provides direction about the project’s objectives and management and authorizes the project to begin. Also known as a project initiation document.
Project performance indicators
Measures to determine whether the project is on track.
Project scope
The work required to produce the product of the project.
Projectized organization
An organizational structure that is focused on projects. The project manager has authority over the resources assigned to the project.
Qualitative risk analysis
Uses a subjective approach to determine the likelihood that risks will occur and the impact that risks will have on the project. This information enables the risk to be prioritized.
Request for proposal (RFP)
A document provided to a prospective vendor requesting a proposal for work and or products to be provided. Also known as Invitation for Bid (IFB).
Resource leveling
Resource leveling
Scheduling resource usage to be the same for each time period (e.g. monthly).
Risk mitigation
A risk response that decreases the identified risk to an acceptable level.
Risk register
A formal document that outlines identified project risks.
Schedule variance (SV)
The difference between scheduled activity completion and actual activity completion. SV = EV - PV; SV = Planned Date - Actual Date
Scope creep
The addition of new features or requirements while the project is in process.
Scope Document
A document that contains the project requirements and overall project direction. It should contain the goals, deliverables, budget, success criteria and important milestones.
Scope of work
The amount of work involved to complete the project. Includes identifying the problem to be addressed by the project including the goals and objectives, measures of success and risks, and obstacles and assumptions that may affect the project outcome. Also known as project scope.
Scope statement
Documents the project objectives, business justification and goals. It outlines the deliverables that are to be included in the project along with the functional, business and technical requirements.
Start-to-finish dependency
The completion of an activity is dependent on the start of the previous activity.
Start-to-start dependency
The beginning of an activity is dependent on the start of the previous activity.
Statement of work (SOW)
A document that outlines the details and requirements of the product or service being procured.
Triple constraint
The link between the project constraints of time, cost and quality.
Variance
The difference between actual and planned values
Work breakdown structure (WBS)
A deliverable-oriented hierarchy that depicts the entire project work.
WBS dictionary
A document describing each work package in the WBS.
Work effort
The number of hours that it would take a person to complete an activity if they worked only on that activity.
Work package
The lowest level of the WBS. Includes activities required to fulfill a project deliverable or other project work.
