Definitions / Acronyms

Question 1

AC

Answer 1

Actual Cost are used in earned value management & represents the actual cost of the work performed

Question 2

AON

Answer 2

Activity On Node - Diagramming method that maps relationships between activities. Method focus on Activities rather then on the start/end of activities.

Question 3

AOA

Answer 3

Activity On Arrow - Diagramming where arrow is the begin activity sign, and the end of the arrow is the end activity.

Question 4

Administrative Closure

Answer 4

When customer or sponsor documents and accepts the project results. Is also needed when a project is terminated.

Question 5

Analogous Estimating

Answer 5

Relies on Historical Info to predict estimates for current projects. Also known as top-down estimating & is a form of expert judgment.

Question 6

ALAP & ASAP

Answer 6

As Late As Possible & As Soon As Possible. Both are flexible constraints

Question 7

Benchmarking

Answer 7

Process of using prior projects within, or external to the performing organization to compare and set quality standards for processes & results.

Question 8

Bottom-up cost estimating

Answer 8

Creating a detailed estimate for each work component & account for each cost burden. Based on WBS/WBD dictionary

Question 9

BAC

Answer 9

Budget at Completion - estimated grand total of project

Question 10

Budget Estimate

Answer 10

Used in early in the planning process & top-down est. Range of variance for estimate can be -10% to +25%

Question 11

Business Case

Answer 11

Doc helps organization determine if the organization can justify the cost of the project in proportion to the return on invest.

Question 12

Ishikawa Diagram & Fishbone Diagram

Answer 12

Cause & Effect Diagrams, used for root cause analyses for what factors are creating risks within the project

Question 13

CCB

Answer 13

Change Control Board - Board determines the validity and need for project change requests/approves or denies them

Question 14

CCS

Answer 14

Change Control System

Question 15

Change Log

Answer 15

Doc that records all proposed changes in the project, the effect of the change, change request status & info about change

Question 16

Chart of Accounts

Answer 16

Coding system used by the performing organizations accounting system to account for the project work.

Question 17

Code of Accounts

Answer 17

Is a numbering system that shows the different levels of WBS components & identifies which components belong to which part of the WBS.

Question 18

Communication Channel Formula

Answer 18

N (N-1) /2

N is Stakeholders

Question 19

Communication Management Plan

Answer 19

Plan that doc & organizes stakeholder needs for communication

Question 20

Contingency Reserve

Answer 20

A time or dollar amount allotted as a response to risk events that may occur within a project

Question 21

CPI

Answer 21

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

Question 22

Cost Variance

Answer 22

Difference in the amount of budgeted expense & actual expense. A -Neg - variance means more money was spent on the services/goods then was budgeted.

Question 23

CPM

Answer 23

Critical Path Method - most common approach to calculating when a project may finish.

Question 24

Critical Path

Answer 24

shows the latest finish & the early finish for the project activities.

Question 25

Definitive Estimates

Answer 25

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%

Question 26

Delphi Technique

Answer 26

Query experts anonymously on foreseeable risks within the project.

Question 27

EV

Answer 27

Earned Value - value of the work that has been completed and budget for that work.
EV = % Completed * BAC

Question 28

EVM

Answer 28

Earned Value Management - integrates scope, schedule, cost to give an objective, scalable point in time assessment of the project.

Question 29

EAC

Answer 29

Estimate AT Completion - Hypothesis of what the total cost of the project will be.

Question 30

ETC

Answer 30

Estimate TO Completion - how much more money is need to complete project work.
ETC = EAC - AC

Question 31

FNET
FNLT
FF
FS

Answer 31

Finish No Earlier Then (task)
Finish No Later Then (task)
Finish-to-Finish (task)
Finish-to-Start (task)

Question 32

Forcing

Answer 32

Person with the power makes decisions. May not be the best but is the fastest.

Question 33

Gantt Chart

Answer 33

Chart that allows PM to see the intersection of dates until completion & the tasks within a project

Question 34

GERT

Answer 34

Graphical Evaluation & Review Technique

Question 35

IFB

Answer 35

Invitation for Bid

Question 36

Management Summary Reports

Answer 36

Reports detail the overall status of the project, changes from original plan, change in execution, cost variances within budget. - Ideal for upper management.

Question 37

Monte Carlo Analysis

Answer 37

Process predicts how scenarios may work out given any number of variables.