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APM > Glossary terms > Flashcards

Glossary terms Flashcards

1
Q

Accept

A

A response to a threat where no course of action is taken

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2
Q

Acceptance

A

The formal process of accepting delivery of a deliverable or a product

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3
Q

Acceptance criteria

A

The requirements and essential conditions that have to be achieved before a deliverable is accepted

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4
Q

Accrual Work done

A

For which payment is due but has not been made

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5
Q

Acquisitional strategy

A

The establishment of the most appropriate means of procuring the component parts or services of a project

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6
Q

Activity

A

1 - A task, job, operation or process consuming time and possibly other resources.
2 - The smallest self-contained unit of work in a project

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7
Q

Activity duration

A

The length of time that it takes to complete an activity

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8
Q

Activity ID

A

A unique code identifying each activity in a project

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9
Q

Activity network

A

Similar to network diagram - a model of activities and their dependencies used in scheduling. Also known as a Precedence network

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10
Q

Activity status

A

The state of completion of an activity

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11
Q

Actual cost

A

The incurred costs that are charged to the project budget and for which payment has been made, or accrued

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12
Q

Actual cost of work performed (ACWP)

A

The total costs actually incurred (paid or accrued) and recorded in accomplishing work performed during a given time period

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13
Q

Actual dates

A

The dates on which activities started and finished as opposed to planned or forecast dates

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14
Q

Actual expenditure

A

The costs that have been charged to the budget and for which payment has been made or accrued

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15
Q

Actual finish

A

The date on which an activity was compeleted

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16
Q

Actual progress

A

A measure of the work that has been completed in comparison with the baseline

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17
Q

Actual start

A

The date on which an activity was started

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18
Q

Actual time expected

A

The elapsed time from the beginning of an activity to date

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19
Q

Adoption

A

The optional additional phase in a linear life cycle that facilitates the use of project outputs to enable the acceptance and use of benefits

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20
Q

Agile

A

A family of development methodologies where requirements and solutions are developed iteratively and incrementally throughout the life cycle

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21
Q

Alliancing

A

An arrangement whereby two or more organisations agree to manage a contract or range of contracts between them jointly.
Similar to partnering - An arrangement between two or more organisations to manage a contract between them cooperatively, as distinct from a legally established partnership

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22
Q

Alternative dispute resolution (ADR)

A

The collective term for settling disputes with the help of an independent third party without a court hearing, for example, arbitration, adjudication and mediation

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23
Q

Analogous estimating

A

An estimating technique based on the comparison with, and factoring from, the cost of similar, previous work. Also known as comparative estimating

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24
Q

Analytical estimating

A

An estimating technique that uses detailed specifications to estimate time and cost for each product or activity. Also known as bottom-up estimating

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25
Q

As late as possible (ALAP)

A

An activity for which the early start date is set as late as possible without delaying the early dates of any successor

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26
Q

As soon as possible (ASAP)

A

An activity for which the early start date is set to be as soon as possible. This is the default activity type in most project scheduling systems

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27
Q

Assumptions

A

Statements that will be taken for granted as fact and upon which the project business case will be justified

28
Q

Assurance

A

The process of providing confidence to stakeholders that projects, programmes and portfolios will achieve their objectives for beneficial change

29
Q

Audit

A

A means to provide assurance that enables the sponsor to have confidence that the governance is working and that the project is being managed as intended

30
Q

Authorisation points

A

The points at which the business case is reviewed and approved

31
Q

Avoid

A

A response to a threat that eliminates its probability or impact on the project

32
Q

Backward pass

A

A technique used to calculate the latest start and finish dates for each activity, based on the activity durations and their logic

33
Q

Balance

A

A phase in the portfolio life cycle where the component projects and programmes are balanced in terms of risk, resource usage, cash flow and impact across the business

34
Q

Balanced matrix

A

An organisational matrix where functions and projects have the same priority

35
Q

Base date

A

A reference date used as a basis for the start of a project calendar

36
Q

Baseline

A

The reference levels against which a project, programme or portfolio is monitored and controlled

37
Q

Baseline cost(s)

A

The amount of money a project or activity was intended to cost when the project plan was baselined

38
Q

Baseline date(s)

A

The original planned start and finish dates for a project or an activity when the schedule was baselined

39
Q

Baseline plan

A

The fixed project plan. It is the standard by which performance against the project plan is measured

40
Q

Baseline schedule

A

The fixed project schedule. It is the standard by which project schedule performance is measured

41
Q

Benchmarking

A

A review of what other organisations are doing in the same area. For those organisations who appear to be particularly successful in what they do and how they do it and are taken to be examples to be emulated, i.e. used as benchmarks

42
Q

Benefit

A

A positive and measurable impact of change

43
Q

Benefits framework

A

An outline of the expected benefits of the project (or programme), the business operations affected and current and target performance measures. The totality of plans and arrangements to enable the organisation to realise the defined benefits from a project or programme of projects

44
Q

Benefits management

A

The identification, definition, planning, tracking and realisation of benefits

45
Q

Benefits management plan

A

A plan that specifies who is responsible for achieving the benefits set out in the benefits profiles and how achievement of the benefits is to be measured, managed and monitored

46
Q

Benefits profile

A

A representation of when the benefits are planned to be realised

47
Q

Benefits realisation

A

The practice of ensuring that benefits are derived from outputs and outcomes

48
Q

Benefits realisation review

A

A review undertaken after a period of operations of the project deliverables. It is intended to establish that project benefits have been or are being realised

49
Q

Bid

A

A tender, quotation or any offer to enter into a contract

50
Q

Bid analysis

A

An analysis of bids or tenders

51
Q

Bid list

A

A list of contractors or suppliers invited to submit bids for goods or services

52
Q

Bidding

A

The process of preparing and submitting a bid or tender

53
Q

Blueprint

A

A document defining and describing what a programme is designed to achieve in terms of the business and operational vision

54
Q

Board

A

A body that provides sponsorship to a project, programme or portfolio. The board will represent financial, provider and user interests

55
Q

APM Body of Knowledge

A

An inclusive term that describes the sum of knowledge within the profession of project management. As with other professions, such as law and medicine, the body of knowledge rests with the practitioners and academics that apply and advance it

56
Q

Bottleneck

A

A process constraint that determines the capacity or capability of a system and restricts the rate, volume or flow of a process

57
Q

Bottom-up estimating

A

An estimating technique that uses detailed specifications to estimate time and cost for each product or activity. Also known as analytical estimating

58
Q

Breaches of contract

A

A legal concept in which a binding agreement (contract) is not honoured by one of the parties to the contract, by non-performance or interference with the other party’s performance

59
Q

Breakdown structure

A

A hierarchical structure by which project elements are decomposed. Examples include: cost breakdown structure (CBS), organisational breakdown structure (OBS), product breakdown structure (PBS) and work breakdown structure (WBS)

60
Q

Brief

A

The output of the concept phase of a project or programme

61
Q

Budget

A

The agreed cost of the project or a quantification of resources needed to achieve an activity by a set time, within which the activity owners are required to work

62
Q

Budget at completion (BAC)

A

The sum total of the time-phased budgets

63
Q

Budget cost

A

The cost anticipated at the start of a project

64
Q

Budget element

A

Budget elements are the same as resources, the people, materials or other entities needed to do the work. They are typically assigned to a work package but can also be defined at the cost account level

65
Q

Budget estimate

A

An approximate estimate prepared in the early stages of a project to establish financial viability or to secure resources

66
Q

Budgeted cost of work performed (BCWP)

A

A term used in earned value management. The planned cost of work completed to date. BCWP is also the ‘earned value’ of work completed to date.

Similar to earned value - a measure of progress that expresses costs committed and work achieved in the same units

67
Q

Budgeted cost of work scheduled (BCWS)

A

A term used in earned value management. The planned cost of work that should have been achieved according to the project baseline dates.

See Planned cost - The authorised budget assigned to the scheduled work to be completed. The total planned cost is also known as budget at completion (BAC) or budgeted cost of work scheduled (BCWS)

APM (1 decks)

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