Key Terms E-K

Question 1

early finish

Answer 1

The earliest date an activity may finish as logically constrained by the network diagram

Question 2

early start

Answer 2

The earliest date an activity may start as logically constrained by the network
diagram.

Question 3

earned value (EV)

Answer 3

The value of the work completed to date as it compares to the budgeted
amount for the work component

Question 4

earned value measurement (EVM)

Answer 4

EVM is a tool and technique of the Cost Control process that compares what you ’ re received or produced as of the measurement date to what you’ve spent. The three measurements needed to perform earned value measurement are planned value (PV), actual cost (AC), and earned value (EV).

Question 5

economic model

Answer 5

A type of benefit measurement method. It is a series of financial calculations that provide data on the overall financials of the project and is generally used as a project selection technique.

Question 6

enterprise project

Answer 6

A project that will be used by users throughout the enterprise

Question 7

equipment

Answer 7

(a) Resources such as servers, specialized test equipment, or additional PCs that are required for a project. (b) One of the categories of project resources. It includes test
tools, servers, PCs, or other related items required to complete the project.

Question 8

estimate at completion (EAC)

Answer 8

A forecast of the total cost of the project based on both current project performance and the remaining work. The formula is EAC = AC + ETC.

Question 9

executing

Answer 9

This project process group is where the work of the project is performed

Question 10

expert judgment

Answer 10

A technique used in project selection, determining estimates, and determining other related project information that relies on the knowledge of those with expertise on the requested subject matter. Expert judgment can come from stakeholders, other departments, consultants, team members, vendors, or industry groups

Question 11

external dependency

Answer 11

A type of dependency where a relationship between a project task and a factor outside the project, such as weather conditions, drives the scheduling of that task.

Question 12

extinction

Answer 12

This is a type of project ending that occurs when the project is completed and
accepted by the stakeholders.

Question 13

failure costs

Answer 13

The cost if the product fails, including downtime, user support, rework, and
scrapping the project.

Question 14

fast - tracking

Answer 14

A schedule compression technique where two activities that were previously scheduled to start sequentially start at the same time. Fast - tracking reduces schedule duration.

Question 15

feasibility study

Answer 15

A formal endeavor that is undertaken to determine whether the project is a viable project, the probability of project success, and the viability of the product of the project

Question 16

finish - to - finish

Answer 16

A project task relationship in which the finish of the successor task is
dependent on the finish of the predecessor task.

Question 17

finish - to - start

Answer 17

A project task relationship in which the successor task cannot begin until
the predecessor task has completed

Question 18

fixed - price contracts

Answer 18

A contract that states a fixed fee for the work that the vendor will perform.

Question 19

float time

Answer 19

The amount of time the early start of a task may be delayed without delaying the finish date of the project. Also known as slack time .

Question 20

flowchart

Answer 20

A diagram that shows the logical steps that must be performed in order to accomplish an objective. It can also show how the individual elements of a system interrelate.

Question 21

forcing

Answer 21

This is a conflict - resolution technique where one party forces their solution on the
others. This is an example of a win - lose conflict resolution technique

Question 22

formal communications

Answer 22

Planned communications such as project kickoff meetings, team
status meetings, written status reports, or team - building sessions.

Question 23

forward pass

Answer 23

The process of working from the left to the right of a network diagram in order to calculate early start and early finish dates for each activity.

Question 24

functional organization

Answer 24

A form of organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures.

Question 25

functional requirements

Answer 25

These define what the product of the project will do by focusing on how the end user will interact with the product

Question 26

high - level requirements

Answer 26

These explain the major characteristics of the product and describe the relationship between the business need and the product requested. This is also referred to as a product description

Question 27

human resources

Answer 27

The people with the background and skills to complete the tasks on the project schedule

Question 28

human resources planning

Answer 28

Defining team member roles and responsibilities, establishing an appropriate structure for team reporting, securing the right team members, and bringing them on the project as needed for the appropriate length of time.

Question 29

impact

Answer 29

The consequences imposed if a risk event occurs on the project.

Question 30

informal communications

Answer 30

Unplanned or ad hoc communications, including phone calls,emails, conversations in the hallway, or impromptu meetings.

Question 31

information distribution

Answer 31

Providing stakeholders with information regarding the project in a timely manner via status reports, project meetings, review meetings, email, and so on. The communications management plan is put into action during this process.

Question 32

initiating

Answer 32

The first process in a project life cycle and the first of the five project process
groups. This is the formal acknowledgment that the project should begin. The primary
result of this process is the project charter.

Question 33

inspection

Answer 33

A quality control technique that includes examining, measuring, or testing work results.

Question 34

integrated change control

Answer 34

A process that influences the factors that cause change, determines that a change is needed or has happened, and manages and monitors change. All other change control processes are integrated with this process.

Question 35

integration

Answer 35

A type of project ending where the resources of the project are reassigned or redeployed to other projects or other activities within the organization.

Question 36

internal rate of return (IRR)

Answer 36

The discount rate when the present value of the cash inflows equals the original investment. Projects with higher IRR values are generally considered better than projects with lower IRR values. Assumes that cash inflows are reinvested at the
IRR value.

Question 37

Ishikawa diagram

Answer 37

A Quality Control technique that shows the relationship between the effects of problems and their causes. This is also known as a cause - and - effect diagram and
fishbone diagram

Question 38

iterative process

Answer 38

Any process that is repeated more than once. The five process groups
are repeated throughout the project ’ s life because of change requests, responses to change,
corrective action, and so on.

Question 39

key performance indicators (KPIs)

Answer 39

Help you determine whether the project is on track and progressing as planned by monitoring the project against predetermined criteria.