Glossary terms Flashcards
Accept
A response to a threat where no course of action is taken
Acceptance
The formal process of accepting delivery of a deliverable or a product
Acceptance criteria
The requirements and essential conditions that have to be achieved before a deliverable is accepted
Accrual Work done
For which payment is due but has not been made
Acquisitional strategy
The establishment of the most appropriate means of procuring the component parts or services of a project
Activity
1 - A task, job, operation or process consuming time and possibly other resources.
2 - The smallest self-contained unit of work in a project
Activity duration
The length of time that it takes to complete an activity
Activity ID
A unique code identifying each activity in a project
Activity network
Similar to network diagram - a model of activities and their dependencies used in scheduling. Also known as a Precedence network
Activity status
The state of completion of an activity
Actual cost
The incurred costs that are charged to the project budget and for which payment has been made, or accrued
Actual cost of work performed (ACWP)
The total costs actually incurred (paid or accrued) and recorded in accomplishing work performed during a given time period
Actual dates
The dates on which activities started and finished as opposed to planned or forecast dates
Actual expenditure
The costs that have been charged to the budget and for which payment has been made or accrued
Actual finish
The date on which an activity was compeleted
Actual progress
A measure of the work that has been completed in comparison with the baseline
Actual start
The date on which an activity was started
Actual time expected
The elapsed time from the beginning of an activity to date
Adoption
The optional additional phase in a linear life cycle that facilitates the use of project outputs to enable the acceptance and use of benefits
Agile
A family of development methodologies where requirements and solutions are developed iteratively and incrementally throughout the life cycle
Alliancing
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
Alternative dispute resolution (ADR)
The collective term for settling disputes with the help of an independent third party without a court hearing, for example, arbitration, adjudication and mediation
Analogous estimating
An estimating technique based on the comparison with, and factoring from, the cost of similar, previous work. Also known as comparative estimating
Analytical estimating
An estimating technique that uses detailed specifications to estimate time and cost for each product or activity. Also known as bottom-up estimating
As late as possible (ALAP)
An activity for which the early start date is set as late as possible without delaying the early dates of any successor
As soon as possible (ASAP)
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
Assumptions
Statements that will be taken for granted as fact and upon which the project business case will be justified
Assurance
The process of providing confidence to stakeholders that projects, programmes and portfolios will achieve their objectives for beneficial change
Audit
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
Authorisation points
The points at which the business case is reviewed and approved
Avoid
A response to a threat that eliminates its probability or impact on the project
Backward pass
A technique used to calculate the latest start and finish dates for each activity, based on the activity durations and their logic
Balance
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
Balanced matrix
An organisational matrix where functions and projects have the same priority
Base date
A reference date used as a basis for the start of a project calendar
Baseline
The reference levels against which a project, programme or portfolio is monitored and controlled
Baseline cost(s)
The amount of money a project or activity was intended to cost when the project plan was baselined
Baseline date(s)
The original planned start and finish dates for a project or an activity when the schedule was baselined
Baseline plan
The fixed project plan. It is the standard by which performance against the project plan is measured
Baseline schedule
The fixed project schedule. It is the standard by which project schedule performance is measured
Benchmarking
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
Benefit
A positive and measurable impact of change
Benefits framework
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
Benefits management
The identification, definition, planning, tracking and realisation of benefits
Benefits management plan
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
Benefits profile
A representation of when the benefits are planned to be realised
Benefits realisation
The practice of ensuring that benefits are derived from outputs and outcomes
Benefits realisation review
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
Bid
A tender, quotation or any offer to enter into a contract
Bid analysis
An analysis of bids or tenders
Bid list
A list of contractors or suppliers invited to submit bids for goods or services
Bidding
The process of preparing and submitting a bid or tender
Blueprint
A document defining and describing what a programme is designed to achieve in terms of the business and operational vision
Board
A body that provides sponsorship to a project, programme or portfolio. The board will represent financial, provider and user interests
APM Body of Knowledge
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
Bottleneck
A process constraint that determines the capacity or capability of a system and restricts the rate, volume or flow of a process
Bottom-up estimating
An estimating technique that uses detailed specifications to estimate time and cost for each product or activity. Also known as analytical estimating
Breaches of contract
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
Breakdown structure
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)
Brief
The output of the concept phase of a project or programme
Budget
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
Budget at completion (BAC)
The sum total of the time-phased budgets
Budget cost
The cost anticipated at the start of a project
Budget element
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
Budget estimate
An approximate estimate prepared in the early stages of a project to establish financial viability or to secure resources
Budgeted cost of work performed (BCWP)
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
Budgeted cost of work scheduled (BCWS)
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)
