Glossary of PM

Question 1

Agile software development

Answer 1

set of fundamental principles about how software should be developed based on an agile way of working in contrast to previous heavy-handed software development methodologies.

Question 2

Aggregate planning

Answer 2

an operational activity which does an aggregate plan for the production process, in advance of 2 to 18 months, to give an idea to management as to what quantity of materials and other resources are to be procured and when, so that the total cost of operations of the organization is kept to the minimum over that period.

Question 3

Allocation

Answer 3

assignment of available resources in an economic way

Question 4

Budget

Answer 4

generally refers to a list of all planned expenses and revenues.

Question 5

BCWP

Answer 5

Budgeted cost of work performed: Measures the budgeted cost of work that has actually been performed, rather than the cost of work scheduled.

Question 6

Budgeted cost of work performed (BCWP)

Answer 6

Measures the budgeted cost of work that has actually been performed, rather than the cost of work scheduled.

Question 7

BCWS

Answer 7

Budgeted cost of work scheduled: the approved budget that has been allocated to complete a scheduled task (or Work Breakdown Structure, WBS, component) during a specific time period.

Question 8

Budgeted cost of work scheduled (BCWS)

Answer 8

the approved budget that has been allocated to complete a scheduled task (or Work Breakdown Structure, WBS, component) during a specific time period.

Question 9

Business model

Answer 9

profit-producing system that has an important degree of independence from the other systems within an enterprise.

Question 10

Business analysis

Answer 10

set of tasks, knowledge, and techniques required to identify business needs and determine solutions to business problems. Solutions often include a systems development component, but may also consist of process improvement or organizational change.

Question 11

Business operations

Answer 11

ongoing recurring activities involved in the running of a business for the purpose of producing value for the stakeholders. They are contrasted with project management, and consist of business processes.

Question 12

Business process

Answer 12

collection of related, structured activities or tasks that produce a specific service or product (serve a particular goal) for a particular customer or customers. There are three types of business processes: Management processes, Operational processes, and Supporting processes.

Question 13

Work Measurement

Answer 13

Also called “Time Study”. determination of the amount of time required to perform a unit of work. Work measurement is very important for promoting productivity of an organization. It enables management to compare alternate methods and also to do initial staffing. Work measurement provides basis for proper planning.
-via economicsdiscussion.net

Question 14

Time Study

Answer 14

Also called “Work Measurement” “the art of observing and recording the time required to do each detailed element of an industrial operation” -via economicsdiscussion.net

Question 15

grapevine

Answer 15

the internal and non-systematic channel of communication within an organization

Question 16

PERT chart

Answer 16

PERT stands for Program Evaluation and Review Technique. A PERT chart illustrates a project as a network diagram.

PERT charts are generally used before a project begins to plan and determine the duration of each task.

Gantt charts are used while a project is happening to break projects into smaller tasks and highlight scheduling constraints.

via www.lucidchart.com

Question 17

Accrual Budget

Answer 17

Accrual budgeting consists of the use of accrual accounting measures in the budgeting process and it entails planning on an accrual basis, that is, budgetary spending authorizations and income forecasts are formulated in accrual terms. Under the accrual basis, the effects of transactions and other economic events are recognized when the underlying economic events occur, regardless of the timing of related cash flows. Following this basis, revenues are recognized when income is earned, and expenses are recognized when liabilities are incurred or resources are consumed. Accrual budgets incorporate in addition to cash flows, all projected noncash transactions and stocks of assets and liabilities.
-via links.springer.com

Question 18

Program Budget

Answer 18

The program budget is a budget that is prepared specifically for a project or program. This type of budget includes expenses and revenues related to a specific project only. No revenues or expenses of any other project are mixed with this particular project.
- via efinancemanagement.com

Question 19

allotment

Answer 19

Allotment
An authorization by the head (or other authorized employee) of an agency to subordinates/grantees to incur obligations within a specified amount. The amount allotted by an agency cannot exceed the amount apportioned by the Office of Management and Budget.
via www.doleta.gov , Budget dictionary

Question 20

Appropriation

Answer 20

Appropriation
An authorization by an act of Congress and signed by the President that provides authority to permit Federal agencies to incur obligations and to make payments out of the Treasury for specified purposes.

An appropriation act generally follows enactment of authorizing legislation unless the authorizing legislation itself provides the budget authority. Currently there are 13 regular appropriation acts enacted annually. From time to time, Congress also enacts supplemental appropriation acts.

via www.doleta.gov , Budget dictionary

Question 21

Budget Cycle

Answer 21

The budget cycle refers to the life of a budget from creation to evaluation.

The budgeting process progresses in stages as plans are made, funds are allocated and new information leads to revisions.

The four segments of the budget cycle —

• preparation and submission,
• approval,
• execution
• audit and evaluation

via yourbusiness.azcentral.com

Question 22

PPBS

Answer 22

Planning Programming Budgeting System

PPBS is an integrated management system that places emphasis on the use of analysis for program decision making. The purpose of PPBS is to provide management with a better analytical basis for making program decisions, and for putting such decisions into operation through an integration of the planning, programming and budget functions.

-via readytothink.net

Question 23

Planning Programming Budgeting System

PPBS

Answer 23

Planning Programming Budgeting System

PPBS is an integrated management system that places emphasis on the use of analysis for program decision making. The purpose of PPBS is to provide management with a better analytical basis for making program decisions, and for putting such decisions into operation through an integration of the planning, programming and budget functions.

-via readytothink.net

Question 24

Performance Budget

Answer 24

Performance budgeting focuses primary attention upon general character and relative importance of the work to be done or the service to be rendered.

A performance budget is a budget that reflects the input of resources and the output of services for each unit of an organization.

This type of budget is commonly used by government bodies to show the link between taxpayer funds and the outcome of services provided by federal, state or local governments.

-via investopedia.com

Question 25

Object of Expenditure

Answer 25

A classification of expenditures based on the type of goods or services received. For example, the budget category of Personal Services includes the objects of Salaries and Wages and Staff Benefits.

These objects may be further subdivided into line items such as State Employees’ Retirement and Workers’ Compensation.

via definedterm.com
as defined in Finance Glossary of Accounting and Budgeting Terms
by California Department of Finance

Question 26

Business Process Modeling (BPM)

Answer 26

Business Process Modeling (BPM) is the activity of representing processes of maturity of the an enterprise, y stcapaobilio that the current (as is) process may be analyzed and improved in future (to be)

Question 27

Capability Maturity Model (CMM)

Answer 27

Capability Maturity Model (CMM) in software engineering is a model of the maturity of the cap ability of certain business processes. A maturity model can be described as a structured collection of elements that describe certain aspects of maturity in an organization, and aids in the definition and understanding of an organization’s processes.

Question 28

process

Answer 28

process is an ongoing collection of activities, with an inputs, outputs and the energy required to transform inputs to outputs.

Question 29

product breakdown structure (PBS)

Answer 29

product breakdown structure (PBS) in project management is an exhaustive, hierarchical tree structure of components that make up an item, arranged in whole-part relationship

Question 30

project management triangle

Answer 30

Constraints are Scope, Cost, Schedule
–> quality.
project management triangle is a model of the constraints of project management

Question 31

Work Breakdown Structure (WBS)

Answer 31

Work Breakdown Structure (WBS) is a tool that defines a project and groups the project’s discrete work elements in a way that helps organize and define the total work scope of the project. A work breakdown structure element may be a product, data, a service, or any combination. WBS also provides the necessary framework for detailed cost estimating and control along with providing guidance for schedule development and control.

Question 32

WBS

Answer 32

Work Breakdown Structure (WBS) is a tool that defines a project and groups the project’s discrete work elements in a way that helps organize and define the total work scope of the project. A work breakdown structure element may be a product, data, a service, or any combination. WBS also provides the necessary framework for detailed cost estimating and control along with providing guidance for schedule development and control.