Definitions / Acronyms Flashcards
AC
Actual Cost are used in earned value management & represents the actual cost of the work performed
AON
Activity On Node - Diagramming method that maps relationships between activities. Method focus on Activities rather then on the start/end of activities.
AOA
Activity On Arrow - Diagramming where arrow is the begin activity sign, and the end of the arrow is the end activity.
Administrative Closure
When customer or sponsor documents and accepts the project results. Is also needed when a project is terminated.
Analogous Estimating
Relies on Historical Info to predict estimates for current projects. Also known as top-down estimating & is a form of expert judgment.
ALAP & ASAP
As Late As Possible & As Soon As Possible. Both are flexible constraints
Benchmarking
Process of using prior projects within, or external to the performing organization to compare and set quality standards for processes & results.
Bottom-up cost estimating
Creating a detailed estimate for each work component & account for each cost burden. Based on WBS/WBD dictionary
BAC
Budget at Completion - estimated grand total of project
Budget Estimate
Used in early in the planning process & top-down est. Range of variance for estimate can be -10% to +25%
Business Case
Doc helps organization determine if the organization can justify the cost of the project in proportion to the return on invest.
Ishikawa Diagram & Fishbone Diagram
Cause & Effect Diagrams, used for root cause analyses for what factors are creating risks within the project
CCB
Change Control Board - Board determines the validity and need for project change requests/approves or denies them
CCS
Change Control System
Change Log
Doc that records all proposed changes in the project, the effect of the change, change request status & info about change
Chart of Accounts
Coding system used by the performing organizations accounting system to account for the project work.
Code of Accounts
Is a numbering system that shows the different levels of WBS components & identifies which components belong to which part of the WBS.
Communication Channel Formula
N (N-1) /2
N is Stakeholders
Communication Management Plan
Plan that doc & organizes stakeholder needs for communication
Contingency Reserve
A time or dollar amount allotted as a response to risk events that may occur within a project
CPI
Cost Performance Index - ratio of the amount of actual cumulative dollars spent on a projects work & how closely the value is to the predicted budgeted amount
Cost Variance
Difference in the amount of budgeted expense & actual expense. A -Neg - variance means more money was spent on the services/goods then was budgeted.
CPM
Critical Path Method - most common approach to calculating when a project may finish.
Critical Path
shows the latest finish & the early finish for the project activities.
Definitive Estimates
Estimate is one of the most accurate. It is used late in the planning and is associated with Bottom-up estimates. Range is -5% to +10%
Delphi Technique
Query experts anonymously on foreseeable risks within the project.
EV
Earned Value - value of the work that has been completed and budget for that work.
EV = % Completed * BAC
EVM
Earned Value Management - integrates scope, schedule, cost to give an objective, scalable point in time assessment of the project.
EAC
Estimate AT Completion - Hypothesis of what the total cost of the project will be.
ETC
Estimate TO Completion - how much more money is need to complete project work.
ETC = EAC - AC
FNET
FNLT
FF
FS
Finish No Earlier Then (task)
Finish No Later Then (task)
Finish-to-Finish (task)
Finish-to-Start (task)
Forcing
Person with the power makes decisions. May not be the best but is the fastest.
Gantt Chart
Chart that allows PM to see the intersection of dates until completion & the tasks within a project
GERT
Graphical Evaluation & Review Technique
IFB
Invitation for Bid
Management Summary Reports
Reports detail the overall status of the project, changes from original plan, change in execution, cost variances within budget. - Ideal for upper management.
Monte Carlo Analysis
Process predicts how scenarios may work out given any number of variables.
