Glossary 2 Flashcards
What is Earned Value (EV)?
The estimated (monetary) value of the work accomplished expressed in terms of the budget authorized for that work. It is also referred to as the budgeted cost of work performed (BCWP).
What is Planned Value (PV)?
The authorized budget assigned to scheduled work.
What is a Control Account?
A management control point in the WBS where Earned Value measurements take place. It is also known as a Cost Account.
Define Earned Value Management (EVM).
A project management methodology that integrates scope, schedule and cost to measure project performance and progress in an objective manner.
What are Activity Attributes?
Additional details to describe an activity, such as activity codes, predecessor activities, successor activities, logical relationships, leads and lags, resource requirements, imposed dates, constraints, and assumptions.
What is an Activity List?
A list of project activities that shows the activity description, activity identifier and a sufficiently detailed scope of work description so project team members understand what work is to be performed.
What is an Approved Change Request?
A change request that has been processed through the integrated change control process and approved.
What is a Change Request?
A formal proposal to modify any document, deliverable, or baseline. It may include corrective actions, preventive actions, defect repairs, and updates to project documentation and plans.
What is a Communications Management Plan?
A component of the project, program, or portfolio management plan that describes how, when, and by whom information about the project will be administered and disseminated.
Define Contract.
A mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.
What is a Cost Management Plan?
A component of a project or program management plan that describes how costs will be planned, structured, and controlled.
What is a Cost Baseline?
The approved time-phased budget of the project (excluding any management reserves) that is used to compare actual costs to planned costs in order to determine variance and need for preventive or corrective action.
What is a Deliverable?
Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.
What is an Estimate?
A quantitative assessment of the likely amount or outcome of a variable, such as project costs, resources, effort, or durations. It should always include some indication of accuracy (e.g., ± x percent).
What is Estimate at Completion (EAC)?
The expected total cost of completing all the work on a project expressed as the sum of the actual cost to date and the estimate to complete.
What is Estimate to Complete (ETC)?
The expected cost to complete all the “remaining work” on a project.
What is a Resource Management Plan?
A component of the project management plan that describes how project resources are acquired, allocated, monitored, and controlled.
What is an Input?
Any item, whether internal or external to the project, which is required by a process before that process proceeds. May be an output from a predecessor process.
What are Lessons Learned?
The knowledge gained during a project which shows how project events were addressed or should be addressed in the future with the purpose of improving future performance. They can be identified at any point during the project.
What is an Output?
A product, result, or service generated by a process.
What are Work Performance Reports?
The physical or electronic representation of work performance information compiled in project documents, intended to generate decisions, actions, or awareness.
What are Procurement Documents?
The documents utilized in bid and proposal activities, including Invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal and seller’s responses.
What is a Procurement Management Plan?
A component of the project or program management plan that describes how a project team will acquire goods and services from outside of the performing organization.
What is a Project Calendar?
A calendar of working and non-working days for a project. It typically defines holidays, weekends, and shift hours.
What is a Project Charter?
A document issued by the project initiator or sponsor that formally authorizes the project. It outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager.
What is a Project Management Plan?
The document that describes how the project will be executed, monitored and controlled, and closed.
What is a Project Organization Chart?
A document that graphically depicts the project team members and their interrelationships for a specific project.
What is a Project Schedule?
An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.
What is a Project Schedule Network Diagram?
A graphical representation of the logical relationships among the project schedule activities. Always drawn from left to right to reflect project work chronology.
What is a Project Scope Statement?
The description of the project scope, including major deliverables, and exclusions. It provides a basis for making future project decisions and provides a common understanding of project scope among the stakeholders.
What is a Quality Management Plan?
A component of the project or program management plan that describes how applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives.
What is a Requested Change?
A formally documented change request that is submitted for approval to the integrated change control process.
What is a Risk Management Plan?
A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.
What is a Risk Register?
A repository in which outputs of risk management processes are recorded. It typically includes the list of identified risks along with their description, category, probability, impact, planned responses, owners and status.
What is a Schedule Baseline?
The approved version of a schedule model that can be changed only through formal change control procedures and is used as a basis for comparison to actual results.
What is a Schedule Management Plan?
A component of the project or program management plan that establishes the criteria and the activities for developing, monitoring, and controlling the schedule.
What is a Scope Management Plan?
A component of the project or program management plan that describes how the scope will be defined, developed, monitored, controlled, and validated.
What is a Work Breakdown Structure (WBS)?
A deliverable-oriented hierarchical breakdown of all the work that needs to be done in order to achieve the project objectives.
What is a Work Breakdown Structure (WBS) Dictionary?
A document that provides additional details on each element of the WBS, such as a unique ID for each element, description of the work to be done, deliverables, assumptions, milestones, etc.
What is Work Performance Information?
The performance data collected from controlling processes, analyzed in comparison with project management plan components, project documents, and other work performance information.
What are Accepted Deliverables?
The deliverables that meet the acceptance criteria and have been formally signed off by the customer or sponsor through the Validate Scope process. These deliverables may be reviewed by the customer before giving a final sign-off on the entire project.
Define Acquisition.
Obtaining human and material resources necessary to perform project activities.
What is Activity Duration Estimate?
A quantitative assessment of the likely amount of time required to complete an activity.
What are Resource Requirements?
The types and quantities of resources required for each activity in a work package.
What is an Agreement?
Any document or communication that defines the initial intentions of a project. This can take the form of a contract, memorandum of understanding (MOU), letters of agreement, verbal agreements, email, etc.
What is Basis of Estimates?
Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels.
What is a Business Case?
A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition, and that is used as a basis for the authorization of further project management activities. In simple terms, it’s the justification for doing a project.
What are Closed Procurements?
Project contracts or other procurement agreements that have been formally acknowledged by the proper authorizing agent as being finalized and signed off.
What are Cost Forecasts?
An estimate or prediction of project’s future cost performance based on information and knowledge available at the time of the forecast. These are typically expressed as estimate to complete (ETC), estimate at completion (EAC), budget at completion (BAC), and to-complete performance index (TCPI).
What is a Milestone List?
A list identifying all project milestones and normally indicates whether the milestone is mandatory or optional.
What are Quality Control Measurements?
The documented results of Control Quality activities.
What are Quality Metrics?
A description of a project or product attribute and how to measure it.
What is Requirements Documentation?
A description of how individual requirements meet the business need for the project.
What is Schedule Data?
The collection of information for describing and controlling the schedule.
What are Schedule Forecasts?
An estimate or prediction of a project’s future schedule performance based on information and knowledge available at the time of the forecast. These are typically expressed in terms of schedule variance (SV) and schedule performance index (SPI).
What is meant by Selected Sellers?
The sellers who have been selected to provide a contracted set of services or products.
What are Seller Proposals?
Formal responses from sellers to a request for proposal or other procurement document specifying the price, commercial terms of sale, and technical specifications or capabilities the seller will do for the requesting organization that, if accepted, would bind the seller to perform the resulting agreement.
What are Source Selection Criteria?
A set of attributes desired by the buyer which a seller is required to meet or exceed to be selected for a contract.
What are Team Performance Assessments?
Assessments of the entire project team’s performance.
What is Work Performance Data?
The raw observations and measurements made while activities are being performed. It includes % work complete, technical performance measures, activity start and finish dates, actual costs and durations, no. of defects, etc. It is collected as part of the Direct and Manage Project Work process, and is input to most M&C processes. It is combined with forecasts to generate Work Performance Reports.
What is an Assumption Log?
A project document used to record all assumptions and constraints throughout the project life cycle.
What is a Benefits Management Plan?
The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program.
What are Bid Documents?
All documents used to solicit information, quotations, or proposals from prospective sellers.
What is a Change Management Plan?
A component of the project management plan that establishes the change control board, documents the extent of its authority, and describes how the change control system will be implemented.
What is a Configuration Management Plan?
A component of the project management plan that describes how to identify and account for project artifacts under configuration control, and how to record and report changes to them.
What is a Lessons Learned Register?
A project document used to record knowledge gained during a project so that it can be used in the current project and entered into the lessons learned repository for future projects.
What are Test and Evaluation Documents?
Project documents that describe the activities used to determine if the product meets the quality objectives stated in the quality management plan.
What is a Requirements Management Plan?
A component of the Project Management Plan that describes how project and product requirements will be analyzed, documented, and managed throughout the project.
What are Project Funding Requirements?
Requirements that specify when funds need to be pumped into the project. They are derived from the cost baseline. Usually, funds are supplied in lump sum at specific times during the project.
What is a Change Log?
A document used for recording all the changes that occur during a project and their current status. It also includes the dates when changes were made and the corresponding impact to schedule, cost and risk.
What is an Issue Log?
A document used for recording and monitoring the resolution of issues.
What is a Stakeholder Register?
A document that contains the name and contact information of all the stakeholders, their assessment (major requirements, expectations, influence), and their classification (internal/external and supporter/neutral/resistor).
What is a Procurement Statement of Work?
A description of the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results. It includes specifications, quantity desired, quality levels, performance data, period of performance, work location, and other requirements.
What are Organizational Process Assets?
Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization.
What is Contingency Reserve?
Time or money allocated in the schedule or cost baseline for known risks (or “known-unknowns”) with active response strategies. It is also known as Contingency Allowance.
What is Leadership?
Leadership is the ability to lead a team and inspire them to do their jobs well.
What does the term Laissez-faire mean?
It literally means “let do”, but broadly implies “let it be”, or “leave it alone”. In the context of project management, it is one of the leadership styles.
What are Operations?
Ongoing activities that produce repetitive outputs (e.g. manufacturing, accounting, etc.).
What is the PMBOK® Guide?
The standard for managing most projects most of the time across many types of industries. It describes the project management processes used to manage a project toward a more successful outcome.
What is Organizational Project Management (OPM)?
It is a framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.
Define Methodology.
A system of practices, techniques, procedures, and rules used by those who work in a discipline.
What is an Objective?
Something toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.
Define Portfolio.
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Define Practice.
A specific type of professional or management activity that contributes to the execution of a process and that may employ one or more techniques and tools.
Define Product.
An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item. It is also described as material and goods.
What is a Product Life Cycle?
A series of phases, from concept to end-of-life, that a product passes through. A typical product life cycle may include the following phases: concept, definition, production, operation, and obsolescence (retirement or disposal).
Define Program.
A group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually.
What is Program Management?
The application of knowledge, skills, and principles to a program to achieve the program objectives and obtain benefits and control not available by managing program components individually.
Define Project.
A temporary endeavor undertaken to create a unique product, service, or result.
What is a Project Life Cycle?
A series of phases from concept to closure through which a project passes through. For example, phases for an IT project could be requirements, design, development, testing and implementation.
What is Project Management Body of Knowledge?
A term that describes the knowledge within the profession of project management. The project management body of knowledge includes proven traditional practices that are widely applied as well as innovative practices that are emerging in the profession.
What is a Project Management Office (PMO)?
A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Who is a Project Manager (PM)?
The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives.
Who is a Sponsor?
A person or group who provides resources and support for the project, program, or portfolio and is accountable for enabling success.
What is an Adaptive Life Cycle?
A project life cycle that is iterative or incremental. Its iterations are very rapid (usually 2-4 weeks in length) and are fixed in time and resources.
What is Business Value?
The tangible and intangible benefits from an investment.
What is an Incremental Life Cycle?
An adaptive project life cycle in which the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.
What is an Iterative Life Cycle?
A project life cycle where the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases. The product is developed through a series of repeated cycles, while increments successively add to the functionality of the product.
What is a Life Cycle?
It’s a general term for Project Life Cycle.
What is a Predictive Life Cycle?
A form of project life cycle in which the project scope, time, and cost are determined in the early phases of the life cycle.
What is a Sponsoring Organization?
The entity responsible for providing the project’s sponsor and a conduit for project funding or other project resources.
What are Enterprise Environmental Factors?
The external or internal factors, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio. Examples include organizational culture, industry standards, existing infrastructure and human capital, marketplace conditions.
What is Progressive Elaboration?
Continuously improving and detailing a plan as more detailed and specific information is available, and thereby producing more accurate and complete plans.
What is McGregor’s Theory X?
A theory that assumes that the average worker is inherently lazy, avoids work and responsibility, and requires supervision.
What is McGregor’s Theory Y?
A theory that assumes that the average worker is willing to get the job done without constant supervision and seeks opportunity for personal improvement and self-respect.
What is McClelland’s Theory of Needs?
A theory that says that an individual’s needs are acquired over time and are shaped by his/her life experiences. Most of the needs can be classified into 3 categories - Achievement, Affiliation and Power. It is also known as Acquired Needs Theory, Three Needs Theory, or Learned Needs Theory.
What is the Expectancy Theory?
A theory that says that individuals have different sets of goals and can be motivated if they have certain expectations. It explains the processes that an individual undergoes to make choices.
What is the definition of Respect, in the context of ethics and professional conduct?
Our duty to show a high regard for ourselves, others, and the resources entrusted to us.
What is the definition of Fairness, in the context of ethics and professional conduct?
Our duty to make decisions and act impartially and objectively.
What is the definition of Honesty, in the context of ethics and professional conduct?
Our duty to understand the truth and act in a truthful manner both in our communications and in our conduct.
What is Point of Total Assumption (PTA)?
The total cost on a Fixed Price Incentive Fee (FPIF) contract, above which the seller bears all cost overruns.
Define System.
A collection of various components that together can produce results not obtainable by the individual components alone.
Define Governance.
The framework within which authority is exercised in organizations.
Who is a Functional Manager?
Someone with management authority over an organizational unit (such as manufacturing, finance, IT, etc.) within a functional organization. The manager of any group that actually makes a product or performs a service. Sometimes called a Line Manager.
What is a Functional Organization?
An organizational structure in which staff is grouped by areas of specialization (such as engineering, marketing, IT, production, finance, etc.) and the project manager has limited authority to assign work and apply resources.
What is Historical Information?
Documents and data on prior projects including project files, records, correspondence, closed contracts, and closed projects.
What is a Lessons Learned Repository?
A store of historical information about lessons learned from previous projects, such as issues faced, things done right, things gone wrong, decisions made, etc. This is an integral part of the process of continuous improvement.
What is a Matrix Organization?
Any organizational structure, which is a hybrid of functional organization and projectized organization, where resources are controlled functionally by their functional manager, and for the project requirements by the project manager.
What is a Performing Organization?
An enterprise whose personnel are most directly involved in doing the work of the project or program.
What is a Projectized (or project-oriented) Organization?
An organizational hierarchy where resources are allocated on a dedicated basis to a project and are controlled by the project manager.
What are Regulations?
Requirements imposed by a governmental body.
Define Seller.
A vendor, supplier, or contractor that provides products, services, or results to an organization.
What is Project Governance?
The framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet organizational, strategic, and operational goals.
What is a Weak Matrix Organization?
An organizational hierarchy that maintains many of the characteristics of a functional organization, and the project manager role is more of a coordinator or expediter than that of a true project manager.
What is a Strong Matrix Organization?
An organizational hierarchy that has many of the characteristics of the projectized organization, and can have full-time project managers with considerable authority and full-time project administrative staff.
What is a Balanced Matrix Organization?
An organizational hierarchy that recognizes the need for a project manager, but does not provide the project manager with the full authority over the project and project funding.
What is a Composite Organization?
An organizational hierarchy which may involve all structures (such as functional, matrix or projectized) at various levels.
What is the Acquire Resources process?
The process of obtaining team members, facilities, equipment, materials, supplies, and other resources necessary to complete project work.
What is the Control Procurements process?
The process of managing procurement relationships, monitoring contract performance, making changes and corrections as appropriate, and closing out contracts.
What is the Close Project or Phase process?
The process of finalizing all activities for the project, phase, or contract.
What is the Closing Process Group?
The process(es) performed to formally complete or close a project, phase, or contract.
What is the Collect Requirements process?
The process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives.
What is the Conduct Procurements process?
The process of obtaining seller responses, selecting a seller, and awarding a contract.
What is the Control Costs process?
The process of monitoring the status of the project to update the project costs and manage changes to the cost baseline.
What is the Control Schedule process?
The process of monitoring the status of the project to update the project schedule and manage changes to the schedule baseline.
What is the Control Scope process?
The process of monitoring the status of project and product scope, and managing changes to the scope baseline.
What is the Create WBS process?
The process of subdividing project deliverables and project work into smaller, more manageable components.
What is the Define Activities process?
The process of identifying and documenting the specific actions to be performed to produce the project deliverables.
